Common use of Default Rate and Payment Dates Clause in Contracts

Default Rate and Payment Dates. (a) If all or a portion of the principal amount of any Loan which is a LIBOR Rate Loan shall not be paid when due or continued as a LIBOR Rate Loan in accordance with the provisions of Section 2.11 (whether at the stated maturity, by acceleration or otherwise), such overdue principal amount of such Loan shall be converted to an Alternate Base Rate Loan at the end of the Interest Period applicable thereto. (b) Upon the occurrence, and during the continuance, of an Event of Default, at the election of the Required Lenders, the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents shall bear interest, payable on demand (and monthly if demand is not made), at a per annum rate 2% greater than the rate which would otherwise be applicable (or if no rate is applicable, whether in respect of interest, fees or other amounts, then the ABR Default Rate). (c) Interest on each Loan shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to Section 2.10(b) shall be payable from time to time on demand.

Default Rate and Payment Dates. (a) If all or a portion of the principal amount of any Revolving Loan which is a LIBOR Rate Loan shall not be paid when due or continued as a LIBOR Rate Loan in accordance with the provisions of Section 2.11 2.3 (whether at the stated maturity, by acceleration or otherwise), such overdue principal amount of such Revolving Loan shall be converted to an Alternate a Base Rate Loan at the end of the Interest Period applicable thereto. (b) Upon If all or a portion of (i) the occurrenceprincipal amount of any Revolving Loan, and during the continuance, of an Event of Default, (ii) any interest payable thereon or (iii) any fee or other amount payable hereunder shall not be paid when due (whether at the election stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is in the case of the Required Lendersoverdue principal, the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents shall bear interest, payable on demand (and monthly if demand is not made), at a per annum rate 2% greater than the rate which that would otherwise be applicable (thereto plus 2% or if no rate is applicable, whether in respect the case of overdue interest, fees or other amounts, then the ABR Default RateBase Rate plus 2%, in each case from the date of such non-payment until such amount is paid in full (as well after as before judgment). (c) Interest on each Revolving Loan shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to Section 2.10(bparagraph (b) of this subsection shall be payable from time to time on demand.