Common use of Acceleration Interest Clause in Contracts

Acceleration Interest. In addition to any late payment charge which may be due under the Notes, this Loan Agreement, the Portfolio Mortgages or any other Loan Document (but without duplication thereof), following an Event of Default all sums due hereunder or under any other Loan Document shall bear interest at a rate (the “Default Rate”) equal to the lesser of (a) the interest rate set forth in the Notes plus four percent (4%) per annum, or (b) the maximum rate permitted by law, from and after the first to occur of the following events: (i) if Lender elects to cause the acceleration of the Indebtedness; (ii) if a petition under Title 11 of the Bankruptcy Code, shall be filed by or against Borrower or if Borrower shall seek or consent to the appointment of a receiver or trustee for itself or for any of the Portfolio Properties, file a petition seeking relief under the bankruptcy or other similar laws of the United States, any state or any jurisdiction, make a general assignment for the benefit of creditors, or be unable to pay its debts as they become due; (iii) if a court shall enter an order, judgment or decree appointing, with or without the consent of Borrower, a receiver or trustee for any of them or for any of the Portfolio Properties or approving a petition filed against Borrower which seeks relief under the bankruptcy or other similar laws of the United States, any state or any jurisdiction, and any such order, judgment or decree shall remain in force, undischarged or unstayed, sixty (60) days after it is entered; or (iv) if all sums due hereunder are not paid on the Maturity Date as set forth in the Note.

Acceleration Interest. In addition to any late payment charge which may be due under the NotesNote, this Loan Agreement, the Portfolio Mortgages or any other Loan Document (but without duplication thereof), following an Event of Default Grantor shall pay interest on all sums due hereunder or under any other Loan Document shall bear interest at a rate (the “Default Rate”) equal to the lesser of (ai) the interest rate set forth in the Notes Interest Rate plus four three percent (43%) per annum, or (bii) the maximum rate permitted by law, from and after the first to occur of the following events: (iA) if Lender Beneficiary sends notice to Grantor that it elects to cause the acceleration of the Indebtedness; (iiB) if a petition under Title 11 of the Bankruptcy Xxxxx 00, Xxxxxx Xxxxxx Code, shall be filed by or against Borrower Grantor or if Borrower Grantor shall seek or consent to the appointment of a receiver or trustee for itself or for any of the Portfolio PropertiesSecurity, file a petition seeking relief under the bankruptcy or other similar laws of the United States, any state or any other jurisdiction, make a general assignment for the benefit of creditors, or be unable to pay its debts as they become due; (iiiC) if a court shall enter an order, judgment or decree appointing, with or without the consent of BorrowerGrantor, a receiver or trustee for any of them it or for any of the Portfolio Properties Security or approving a petition filed against Borrower Grantor which seeks relief under the bankruptcy or other similar laws of the United States, any state or any other jurisdiction, and any such order, judgment or decree shall remain in force, undischarged or unstayed, sixty (60) days after it is entered; or (ivD) if all sums due hereunder are not paid on the Maturity Date (as set forth defined in the Note).

Acceleration Interest. In addition to any late payment charge which may be due under the NotesNote, this Loan Agreement, the Portfolio Mortgages or any other Loan Document (but without duplication thereof), following an Event of Default Trustor shall pay interest on all sums due hereunder or under any other Loan Document shall bear interest at a rate (the “Default Rate”) equal to the lesser of (ai) the interest rate set forth in the Notes Interest Rate plus four three percent (43%) per annum, or (bii) the maximum rate permitted by law, from and after the first to occur of the following events: (iA) if Lender Beneficiary sends notice to Trustor that it elects to cause the acceleration of the Indebtedness; (iiB) if a petition under Title 11 of the Bankruptcy Xxxxx 00, Xxxxxx Xxxxxx Code, shall be filed by or against Borrower Trustor or if Borrower Trustor shall seek or consent to the appointment of a receiver or trustee for itself or for any of the Portfolio PropertiesSecurity, file a petition seeking relief under the bankruptcy or other similar laws of the United States, any state or any other jurisdiction, make a general assignment for the benefit of creditors, or be unable to pay its debts as they become due; (iiiC) if a court shall enter an order, judgment or decree appointing, with or without the consent of BorrowerTrustor, a receiver or trustee for any of them it or for any of the Portfolio Properties Security or approving a petition filed against Borrower Trustor which seeks relief under the bankruptcy or other similar laws of the United States, any state or any other jurisdiction, and any such order, judgment or decree shall remain in force, undischarged or unstayed, sixty (60) days after it is entered; or (ivD) if all sums due hereunder are not paid on the Maturity Date (as set forth defined in the Note).