Common use of RIGHT OF ACCELERATION Clause in Contracts

RIGHT OF ACCELERATION. If an Event of Default shall occur and be continuing, then the Holder may elect to accelerate payment of the Note. If any payment due hereunder, including those due upon acceleration, is not paid within fifteen (15) days after its due date, the entire balance of the Principal Amount and any and all accrued interest on the Principal Amount shall bear interest from the date of default until such payment (including all accrued interest on the Principal Amount through the date of payment) is paid, at the per annum rate of interest equal to twelve percent (12%); provided, however, that in no event shall such interest rate exceed the maximum rate permitted by law.

RIGHT OF ACCELERATION. If an Event of Default shall occur and be continuing, then the Holder may elect to accelerate payment of the Note. If any payment due hereunder, including those due upon acceleration, is not paid within fifteen ten (1510) days after its due date, the entire balance of the Principal Amount and any and all accrued interest on the Principal Amount this Note shall bear interest from the date of default until such payment (including all accrued interest on the Principal Amount through the date of payment) is paid, at the per annum rate of interest equal to twelve the Coupon Rate, plus four percent (124%); providedPROVIDED, howeverHOWEVER, that in no event shall such interest rate exceed the maximum rate permitted by law.