Common use of Default Rate of Interest Clause in Contracts

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any Borrower, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower Loans, Reimbursement Obligations and any other amounts owing by such the Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Adjusted Base Rate Loans plus 2% per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Revolving Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuancecontinuation, of an Event of Default with respect to any BorrowerDefault, the all past due principal of and, to the extent permitted by law, past due interest on on, the Loans outstanding to such Borrower and any other past due amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 2% one percent (1%) plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% one percent (1%) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default under Section 10.1(a) with respect to any Borrower, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum).

Default Rate of Interest. Upon the occurrence, and during the continuancecontinuation, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum)Default Rate.

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 24% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Revolving Loans outstanding to such Borrower that are Base Rate Loans plus 2% four percent (4%) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuancecontinuation, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any Borrowerunder Section 10.1(a), the principal of and, to the extent permitted by law, interest on the Loans outstanding to such the Borrower and any other amounts owing by such the Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum).

Default Rate of Interest. Upon the occurrence, and during the continuancecontinuation, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to two percent (2% %) plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower (but not timely paid) hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Adjusted Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuancecontinuation, of an Event of Default with respect pursuant to any BorrowerSection 9.1(a), the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower (but not timely paid) hereunder or under the other Credit Loan Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are U.S. Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to two percent (2% %) plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Revolving Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any Borrower, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower Borrower, Reimbursement Obligations and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then a rate per annum equal to the rate for Revolving Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to two percent (2% %) plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to (i) two percent (2% %) plus the rate which would otherwise be applicable or (or ii) if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% per annum%).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall at the option of the Required Lenders bear interest, payable on demand, at a per annum rate equal to 2% three percent (3%) plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% three percent (3%) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any Borrowerunder Section 10.1(a), the principal of and, to the extent permitted by law, interest on the Term Loans outstanding to such the Borrower and any other amounts owing by such the Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Adjusted Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuancecontinuation, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to two percent (2% %) plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Revolving Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower Loan and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum)Default Rate.

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such the Borrower and any other amounts owing by such the Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such the Borrower that are Base Rate Loans plus 2% per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any Borrowerunder Section 9.1(a), the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 22.0% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 22.0% per annum).

Default Rate of Interest. Upon After the occurrence, and during the continuancecontinuation, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by lawLaw, interest on the Revolving Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum)Default Rate.

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% four percent (4%) plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Prime Rate Loans plus 2% four percent (4%) per annum).

Default Rate of Interest. Upon the occurrence, and during the ------------------------ continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Term Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 24% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Revolving Loans outstanding to such Borrower that are Base Rate Loans plus 2% four percent (4%) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower Loans, the LOC Obligations and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to two percent (2% %) plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Revolving-A Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the ------------------------ continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower (but not timely paid) hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Revolving Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuancecontinuation, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to two percent (2% %) plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Bridge Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Revolving Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Loan Documents shall shall, after written notice of same to the Borrower, bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any Borrower(unless waived by the Lender), the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum) (the "Default Rate").

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall (including without limitation fees and expenses) shall, after written notice of same to the Borrower, bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Revolving Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Revolving-A Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to two percent (2% %) plus the rate which that would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Term Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% three percent (3%) plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% three percent (3%) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then a per annum rate equal to the rate for the Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Loan Documents shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum).

Default Rate of Interest. Upon the occurrence, and during the ------------------------ continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 24% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Revolving Loans outstanding to such Borrower that are Base Rate Loans plus 2% four percent (4%) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum).four percent

Default Rate of Interest. Upon the occurrence, and during the continuance------------------------ continuation, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate equal to two percent (2% %) plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Revolving Loans outstanding to such Borrower that are Base Rate Loans plus two percent (2% %) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans aggregate amount of the outstanding to such Borrower Loan and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 25% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% per annum)Prime Rate.

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% three percent (3%) plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Base Rate Loans plus 2% three percent (3%) per annum).

Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event of Default with respect to any BorrowerDefault, the principal of and, to the extent permitted by law, interest on the Loans outstanding to such Borrower and any other amounts owing by such Borrower (but not timely paid) hereunder or under the other Credit Documents (including without limitation fees and expenses) shall bear interest, payable on demand, at a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to such Borrower that are Adjusted Base Rate Loans plus two percent (2% %) per annum) (the "Default Rate").