Common use of Interest After Maturity Clause in Contracts

Interest After Maturity. In the event the Company shall fail to make any payment of the principal amount of, or interest on, any Note when due, the Company shall pay interest on such unpaid amount, payable from time to time on demand, from the date such amount shall have become due to the date of payment thereof (after as well as before judgment), accruing on a daily basis, at a per annum rate of 12%.

Interest After Maturity. In the event the Company shall fail to make any payment of the principal amount of, or interest on, any Note Loan when duedue (whether by acceleration or otherwise), after giving effect to any applicable grace period provided for in this Agreement, the Company shall pay interest on such unpaid amount, payable from time to time on demand, from the date such amount shall have become due to the date of payment thereof (after as well as before judgment)thereof, accruing on a daily basis, at a per annum rate (the "Default Rate") equal to the sum of 12the interest rate on such Loan in effect immediately before such amount became due, plus two percent (2.0%).