ACCELERATION; DEFAULT INTEREST Sample Clauses

ACCELERATION; DEFAULT INTEREST. The occurrence of any one or more of the following events shall each be an "EVENT OF DEFAULT" hereunder: (i) the occurrence of a default in the payment of any amount due hereunder or (ii) the occurrence of Default Rate Event of Default. After an Event of Default shall have occurred and be continuing, (A) at the option of PMC, which may be exercised at any time, the whole of the Proceeds Deficits Loan then outstanding, together with all interest, and other charges due hereunder shall immediately become due and payable In full and (B) the amount of the Proceeds Deficits Loan outstanding will thereafter bear interest at the annual rate of fifteen percent (15%) (the "DEFAULT RATE") until all amounts due hereunder are paid in full.
Sample 1
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ACCELERATION; DEFAULT INTEREST. (A) If an Event of Default with respect to the Company described in paragraph (F) or (G) of the definition of Event of Default contained in Section 10.1 has occurred, all the Notes then outstanding shall automatically become immediately due and payable. (B) If any Event of Default described in paragraph (A) or (B) of the definition of Event of Default contained in Section 10.1 has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. (C) If any other Event of Default has occurred and is continuing, the Buyers which hold more than 51% of the aggregate outstanding principal amount of the Notes (the "MAJORITY BUYERS") may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. (D) To the extent permitted by applicable law, upon the occurrence and continuance of an Event of Default, for the period from the date of such Event of Default to and including the date such Event of Default is either cured or waived, the interest rate applicable to the Notes shall be increased from 8% to 15%, and in the case of any Event of Default arising as a result of the failure to make an interest payment, such increased interest rate of 15% shall be applicable to the amount of such defaulted interest payment. Upon any Notes becoming due and payable under this Section 10.2(a), whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus all accrued and unpaid interest thereon shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived.
Sample 1
ACCELERATION; DEFAULT INTEREST. Upon the occurrence of a Continuing Event of Default, (a) the aggregate unpaid principal balance of this Note, plus accrued interest hereon and all other unpaid Obligations with respect hereto, may become or may be declared to be due and payable in the manner and with the effect provided in the Credit Agreement, and (b) the unpaid principal balance of this Note shall, at the option of the Lender, bear interest at the Default Rate.
Sample 1
ACCELERATION; DEFAULT INTEREST. Upon the occurrence of an Event of Default, as defined in the Note Issuance and Purchase Agreement, this Note shall immediately become due and payable, without presentment, demand, or protest, all of which are hereby expressly waived by the Issuer, whereupon all outstanding principal and accrued interest shall become immediately due and payable, upon notice from the Holder to the Issuer. From and after the occurrence of an Event of Default, interest shall accrue on the outstanding principal balance of this Note at a default rate equal to the Interest Rate plus six percent (6.00%) per annum until paid in full.
Sample 1
ACCELERATION; DEFAULT INTEREST. In accordance with the terms of the Loan Documents, in the event that any portion of the outstanding indebtedness due to Bank under the terms of the Loan Documents remains unpaid as of December 1, 2006, all such outstanding amounts shall be immediately due and payable in full on December 2, 2006, and the default rate of interest applicable thereto shall continue to accrue on the unpaid principal balance until paid in full.
Sample 1

Related to ACCELERATION; DEFAULT INTEREST

  • Post-Default Interest Upon the occurrence, and during the continuance, of any Event of Default, the unpaid principal amount of each Advance shall bear interest at a rate per annum equal at all times to 2% per annum above the rate per annum otherwise required to be paid on such Advance in accordance with subsection (a), (b) or (c) above; provided that any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal at all times to the greater of (x) 2% per annum above the Base Rate in effect from time to time and (y) 2% per annum above the rate per annum required to be paid on such Advance immediately prior to the date on which such amount became due.

  • Termination; Default We may reduce the Credit Limit or terminate your ability to receive further credit under this Agreement at any time without notice. You may terminate your ability to receive further credit under this Agreement by giving us notice of termination and returning to us all Cards and Credit Devices. Termination by you will be effective on the date we receive written notice from you along with the Cards and Credit Devices (unless they are lost or stolen, in which case you agree to sign an affidavit to that effect and stating that no credit received after the date of loss or theft was authorized by you).

  • Upon Default Landlord shall have the right to pursue any one or more of the following remedies: (a) Terminate this Lease, in which case Tenant shall immediately surrender the Premises to Landlord. If Tenant fails to surrender the Premises, Landlord, in compliance with Law, may enter upon and take possession of the Premises and remove Tenant, Tenant’s Property and any party occupying the Premises. Tenant shall pay Landlord, on demand, all past due Rent and other losses and damages Landlord suffers as a result of Tenant’s Default, including, without limitation, all Costs of Reletting (defined below) and any deficiency that may arise from reletting or the failure to relet the Premises. “Costs of Reletting” shall include all reasonable costs and expenses incurred by Landlord in reletting or attempting to relet the Premises, including, without limitation, legal fees, brokerage commissions, the cost of alterations and the value of other concessions or allowances granted to a new tenant.

  • Default Interest Rate From and after the occurrence of any Event of Default, and so long as any such Event of Default remains unremedied or uncured thereafter, the Obligations outstanding under the Agreement shall bear interest at a per annum rate of five percent (5%) above the otherwise applicable interest rate hereunder, which interest shall be payable upon demand. In addition to the foregoing, a late payment charge equal to five percent (5%) of each late payment hereunder may be charged on any payment not received by Bank within ten (10) calendar days after the payment due date therefor, but acceptance of payment of any such charge shall not constitute a waiver of any Event of Default under the Agreement. In no event shall the interest payable under this Addendum and the Agreement at any time exceed the maximum rate permitted by law.

  • Default Interest Upon the occurrence and during the continuance of an Event of Default under Section 6.01(a), the Agent may, and upon the request of the Required Lenders shall, require the Borrower to pay interest (“Default Interest”) on (i) the unpaid principal amount of each Advance owing to each Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii) above, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Advance pursuant to clause (a)(i) or (a)(ii) above and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on Base Rate Advances pursuant to clause (a)(i) above; provided, however, that following acceleration of the Advances pursuant to Section 6.01, Default Interest shall accrue and be payable hereunder whether or not previously required by the Agent.

  • Compounding of default interest Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded.

  • Reservation Default Failure by the Borrower to have reserve for issuance upon conversion of the Note the amount of Common stock as set forth in the Subscription Agreement.

  • Payment of accrued default interest Subject to the other provisions of this Agreement, any interest due under this Clause shall be paid on the last day of the period by reference to which it was determined; and the payment shall be made to the Agent for the account of the Creditor Party to which the overdue amount is due.

  • Payment of default interest on overdue amounts The Borrower shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by the Borrower under any Finance Document which the Agent, the Security Trustee or the other designated payee does not receive on or before the relevant date, that is: (a) the date on which the Finance Documents provide that such amount is due for payment; or (b) if a Finance Document provides that such amount is payable on demand, the date on which the demand is served; or (c) if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable.

  • Late Fee; Default Rate If any payment is not made within ten (10) days after the date such payment is due, Borrower shall pay Bank a late fee equal to the lesser of (i) five percent (5%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law. All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to five (5) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default.

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