Common use of Default Interest; Expenses Clause in Contracts

Default Interest; Expenses. The Borrower covenants that if it defaults in the payment of any amount of principal of the Loan hereunder on the Maturity Date, the Borrower shall pay interest upon the overdue principal and, to the extent that payment of such interest shall be legally enforceable, upon overdue installments of interest, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Loan pursuant to Section 2.03, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of the Lender resulting from such default, including the reasonable compensation, expenses, disbursements of the Lender and its counsel. The Borrower shall pay any such default interest and any other amounts pursuant to this Section 2.08 on demand.

Default Interest; Expenses. The Borrower covenants that if it defaults in the payment of any amount of principal of the Loan hereunder on the Maturity Date, the Borrower shall pay interest upon the overdue principal and, to the extent that payment of such interest shall be legally enforceable, upon overdue installments of interest, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Loan pursuant to Section 2.03, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of the Lender resulting from such default, including the reasonable compensation, expenses, disbursements of the Lender and its counsel. The Borrower shall pay any such default interest increase and any other amounts pursuant to this Section 2.08 on demand.