Common use of Default Rate and Payment Dates Clause in Contracts

Default Rate and Payment Dates. (a) If (i) all or a portion of the principal amount of any EURIBOR/LIBOR Rate Loan shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is equal to the rate that would otherwise be applicable thereto plus 2%, until the end of the Interest Period applicable thereto and thereafter the unpaid portion of such Revolving Loan shall, if such Revolving Loan is not denominated in Dollars, automatically be redenominated in Dollars on the last day of such Interest Period in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such overdue amount shall bear interest at a rate per annum which is equal to the Alternate Base Rate applicable to Dollars plus 2% (the “ABR Default Rate”), (ii) all or a portion of the principal amount of any Alternate Base Rate Loan shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is equal to the ABR Default Rate, (iii) if any interest payable on the principal amount of any Loan shall not be paid when due (after the applicable grace period), such overdue amount, if such Loan is not denominated in Dollars, shall automatically be redenominated in Dollars on the due date therefor in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such overdue amount shall bear interest at a rate per annum which is equal to the ABR Default Rate, and (iv) if any fee or other amount shall not be paid when due, such overdue amount shall bear interest at a rate per annum which is equal to the ABR Default Rate, in each case noted above from the date of such non-payment until such amount is paid in full (after as well as before judgment).