Common use of Interest After Event of Default Clause in Contracts

Interest After Event of Default. Notwithstanding the rates of interest specified herein, (i) effective after the occurrence and continuance of any Event of Default (other than the failure to pay Obligations when due) and notice from Administrative Agent or the Majority Lenders and for so long thereafter as any such Event of Default shall be continuing or not waived, and (ii) effective immediately upon any failure to pay any Obligations or any other amounts due under any of the Loan Documents when due, whether by acceleration or otherwise, the principal balance of each Loan then outstanding and, to the extent permitted by applicable law, any interest payment on each Loan not paid when due or other amounts then due and payable shall bear interest payable on demand, after as well as before judgment at a rate per annum equal to the rate at which the Loans are bearing interest pursuant to Section 4.2 above, plus two percent (2.0%). In the event of any change in said applicable interest rate, the rate hereunder shall change, effective as of the day the applicable interest rate changes, so as to remain two percent (2.0%) per annum above the then applicable interest rate.

Interest After Event of Default. Notwithstanding the rates of interest specified herein, (i) effective after the occurrence and continuance of any Event of Default (other than the failure to pay Obligations when due) and notice from Administrative Agent or the Majority Required Lenders and for so long thereafter as any such Event of Default shall be continuing or not waived, and (ii) effective immediately upon any failure to pay any Obligations or any other amounts due under any of the Loan Documents when due, whether by acceleration or otherwise, the principal balance of each Loan then outstanding and, to the extent permitted by applicable law, any interest payment on each Loan not paid when due or other amounts then due and payable shall bear interest payable on demand, after as well as before judgment at a rate per annum equal to the rate at which the Loans are bearing interest pursuant to Section 4.2 above, plus two percent (2.02.00%). In the event of any change in said applicable interest rate, the rate hereunder shall change, effective as of the day the applicable interest rate changes, so as to remain two percent (2.02.00%) per annum above the then applicable interest rate.