Common use of After the occurrence and during the continuance of an Event of Default hereunder (and after giving of any required notice Clause in Contracts

After the occurrence and during the continuance of an Event of Default hereunder (and after giving of any required notice. and the expiration of any applicable cure period), the per annum effective rate of interest on all outstanding principal under the Loans, shall be increased by five hundred (500) basis points. All such increases may be applied retroactively to the date of the occurrence of such Event of Default. Xxxxxxxx agrees that the default rate payable to Lender is a reasonable estimate of Xxxxxx's damages and is not a penalty.

After the occurrence and during the continuance of an Event of Default hereunder (and after giving of any required notice. and the expiration of any applicable cure period), the per annum effective rate of interest on all outstanding principal under the Loans, shall be increased by five hundred (500) basis points. All such increases may be applied retroactively to the date of the occurrence of such Event of Default. Xxxxxxxx Bxxxxxxx agrees that the default rate payable to Lender is a reasonable estimate of XxxxxxLxxxxx's damages and is not a penalty.