Common use of Default Interest; Late Charge Clause in Contracts

Default Interest; Late Charge. (a) If any payment of principal, interest or other sum payable hereunder or under any of the other Loan Documents is not paid when due (including by reason of failure to pay all principal, interest and all other amounts due hereunder and under the other Loan Documents on the Maturity Date (or such earlier date as the same may become due, whether by acceleration or otherwise)), such principal amount, interest or other sum shall bear interest at a rate per annum (the "Default Rate") equal to five percent (5%) in excess of the interest rate on the Loan determined in accordance with Section 2(a) above, which Default Rate shall so apply from the date due until the date such amount is indefeasibly paid to Lender. Without limiting the foregoing, upon the occurrence of and during the continuance of an Event of Default hereunder, the entire principal balance of this Note shall bear interest at the Default Rate. Interest at the Default Rate shall be paid immediately upon demand, which demand may be made as frequently as Lender shall elect.

Default Interest; Late Charge. (a) If a)If any payment of principal, interest or other sum payable hereunder or under any of the other Loan Documents is not paid when due (including by reason of failure to pay all principal, interest and all other amounts due hereunder and under the other Loan Documents on the Maturity Date (or such earlier date as the same may become due, whether by acceleration or otherwise)), such principal amount, interest or other sum shall bear interest at a rate per annum (the "Default Rate") equal to five percent (5%) in excess of the interest rate on the Loan determined in accordance with Section 2(a) above, which Default Rate shall so apply from the date due until the date such amount is indefeasibly paid to Lender. Without limiting the foregoing, upon the occurrence of and during the continuance of an Event of Default hereunder, the entire principal balance of this Note shall bear interest at the Default Rate. Interest at the Default Rate shall be paid immediately upon demand, which demand may be made as frequently as Lender shall elect.