Overdue Principal and Interest. Any overdue principal of and, to the extent permitted by law, overdue interest on any Advance (after giving effect to all grace periods) shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the lesser of the Maximum Lawful Rate or the sum of four percent (4%) plus the Base Rate (the "DEFAULT RATE").
Appears in 2 contracts
Sources: Credit Agreement (Iwl Communications Inc), Revolving Credit Agreement (Iwl Communications Inc)
Overdue Principal and Interest. Any overdue principal of and, to the extent permitted by law, overdue interest on any Advance Loan (after giving effect to all grace periods) shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the lesser of the Maximum Lawful Rate or the sum of four percent (4%) plus the Base Rate (the "DEFAULT RATE").
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