COMPENSATORY INTEREST. Any interest installment unpaid on maturity and any sum advanced or disbursed by the Lender for the preservation, protection or recovery of his claim in capital, interests and incidental costs, for the repair and upkeep of property securing the line of credit, for ensuring the performance of any obligation of the Borrower, for the payment of taxes or other land taxes, of insurance premiums or fees and other charges, shall be capitalized and bear interest, of right and without formal notice, from the date of maturity or the date of disbursement, as the case may be, at the annual rate in force at that time under section 7 of this agreement, subject, however, to the change in the interest rate provided for in that section. Every sum referred to in the above paragraph is payable at any time and without notice.
Appears in 7 contracts
Samples: Line of Credit Agreement, Line of Credit Agreement, Line of Credit Agreement
