Common use of Interest on Overdue Payments; Default Interest Rate Clause in Contracts

Interest on Overdue Payments; Default Interest Rate. If any payment of principal or interest, or any other sum payable to the Bank by Borrower pursuant to this Agreement, the Note or any Swap Document, is not paid when due, or prior to the expiration of the applicable period of grace (if any) therefor, the Bank may charge and collect from Borrower a Late Charge. The Bank may charge interest on the Late Charge at the Default Interest Rate until such time as the required payment of principal and interest (together with the Late Charge) is paid hereunder. No failure by the Bank to charge or collect any Late Charge in respect of any delinquent payment shall constitute a waiver by the Bank of any rights it may have hereunder, including without limitation the right subsequently to impose a Late Charge for such delinquent payment or to take such other actions as may then be available to it hereunder, under any other Loan Document, at law or in equity. If the Bank shall accelerate the indebtedness evidenced by the Note pursuant to any provision hereof or of any other Loan Document, or if an Event of Default hereunder or under any other Loan Document shall have occurred and be continuing, the outstanding principal balance of the indebtedness advanced under this Agreement, together with all accrued interest thereon, shall bear interest from the date on which such amount shall have first become due and payable to the date on which such amount shall be paid (whether before or after judgment) at the Default Interest Rate. Interest at the Default Interest Rate will continue to accrue and will (to the extent permitted by applicable law) be compounded daily until the Obligations in respect of such payment are discharged (whether before or after judgment).

Interest on Overdue Payments; Default Interest Rate. If any payment of principal or interest, or any other sum payable to the Bank by Borrower pursuant to this Agreement, the Note or any Swap Document, interest is not paid when due, or prior to the expiration of the applicable period of grace (if any) therefor, the Bank National City may charge and collect from Borrower Borrower, or may add to the unpaid balance of the Notes, a Late Charge. The Bank National City may charge interest on the Late Charge at the Default Interest Rate until such time as the required payment of principal and interest (together with the Late Charge) is paid hereunder. No failure by the Bank National City to charge or collect any Late Charge in respect of any delinquent payment shall constitute be considered to be a waiver by the Bank National City of any rights it they may have hereunder, including without limitation the right subsequently to impose a Late Charge for such delinquent payment or to take such other actions as may then be available to it hereunder, under any other Loan Document, them hereunder or at law or in equity, including but not limited to the right to accelerate the Obligations pursuant to the terms of Section 6.2 hereof. If the Bank shall accelerate the indebtedness evidenced by the Note Notes have been accelerated pursuant to any provision hereof or of any other Loan Document, Section 6.2 or if an Event of Default hereunder or under any other Loan Document shall have occurred and be continuing, the outstanding principal balance of the indebtedness advanced under this Agreement, together with all accrued interest thereonthereon and any and all other Obligations, shall bear interest from the date on which such amount shall have first become due and payable to the date on which such amount shall be paid (whether before or after judgment) at the Default Interest Rate. Interest at the Default Interest Rate will continue to accrue and will (to the extent permitted by applicable law) be compounded daily until the Obligations in respect of such payment are discharged (whether before or after judgment).

Interest on Overdue Payments; Default Interest Rate. If any payment of principal or interest, or any other sum payable to the Bank by Borrower pursuant to this Agreement, the Note or any Swap Document, is not paid when due, or prior to the expiration of at the applicable period of grace (if any) therefor, the Bank may charge and collect from Borrower a Late Charge. The Bank may charge interest on the Late Charge at the Default Interest Rate until such time as the required payment of principal and interest (together with the Late Charge) is paid hereunder. No failure by the Bank to charge or collect any Late Charge in respect of any delinquent payment shall constitute a waiver by the Bank of any rights it may have hereunder, including without limitation the right subsequently to impose a Late Charge for such delinquent payment or to take such other actions as may then be available to it hereunder, under any other Loan Document, at law or in equity. If the Bank shall accelerate the indebtedness evidenced by the Note pursuant to any provision hereof or of any other Loan Document, or if an Event of Default hereunder or under any other Loan Document shall have occurred and be continuing, the outstanding principal balance of the indebtedness advanced under this Agreement, together with all accrued interest thereon, shall bear interest from the date on which such amount shall have first become due and payable to the date on which such amount shall be paid (whether before or after judgment) at the Default Interest Rate. Interest at the Default Interest Rate will continue to accrue and will (to the extent permitted by applicable law) be compounded daily until the Obligations in respect of such payment are discharged (whether before or after judgment).

Interest on Overdue Payments; Default Interest Rate. If any payment of principal or interest, or any other sum payable to the Bank by Borrower pursuant to this Agreement, the Note or any Swap Document, interest is not paid when due, or prior to the expiration of the applicable period of grace (if any) therefor, the Bank may charge and collect from Borrower a Late Charge. The Bank may charge interest on the Late Charge at the Default Interest Rate until such time as the required payment of principal and interest (together with the Late Charge) is paid hereunder. No failure by the Bank to charge or collect any Late Charge in respect of any delinquent payment shall constitute a waiver by the Bank of any rights it may have hereunder, including without limitation the right subsequently to impose a Late Charge for such delinquent payment or to take such other actions as may then be available to it hereunder, under any other Loan Document, at law or in equity. If the Bank shall accelerate the indebtedness evidenced by the Note pursuant to any provision hereof or of any other Loan Document, or if an Event of Default hereunder or under any other Loan Document shall have occurred and be continuing, the outstanding principal balance of the indebtedness advanced under this Agreement, together with all accrued interest thereon, shall bear interest from the date on which such amount shall have first become due and payable to the date on which such amount shall be paid (whether before or after judgment) at the Default Interest Rate. Interest at the Default Interest Rate will continue to accrue and will (to the extent permitted by applicable law) be compounded daily until the Obligations in respect of such payment are discharged (whether before or after judgment).

Interest on Overdue Payments; Default Interest Rate. If any payment of principal or interest, or any other sum payable to the Bank by Borrower pursuant to this Agreement, the Note or any Swap Document, interest is not paid when due, due or prior to the expiration of the applicable period of grace (if any) therefor, the Bank Lender may charge and collect from Borrower a Late Charge. The Bank may late charge interest on as set forth in the Late Charge at the Default Interest Rate until such time as the required payment Line of principal and interest (together with the Late Charge) is paid hereunderCredit Note. No failure by the Bank Lender to charge or collect any Late Charge late charge in respect of any delinquent payment shall constitute be considered to be a waiver by the Bank of any rights it that Lender may have hereunderunder this Agreement, including without limitation the right subsequently to impose a Late Charge late charge for such delinquent payment or to take such other actions action as may then be available to it hereunder, under any other Loan Document, hereunder or at law or in equity. If the Bank shall accelerate the indebtedness evidenced by the any Note pursuant to any provision hereof or of any other Loan Document, has been accelerated or if an Event of Default hereunder or under any other Loan Document shall have occurred and be continuing, the outstanding principal balance of the indebtedness advanced under this AgreementLine of Credit Note, together with all accrued interest thereonthereon and any and all other Obligations not evidenced by a Note, shall bear interest from the date on which such amount shall have first become due and payable to the date on which such amount shall be paid (whether before or after judgment) at the Default Interest Ratedefault interest rate set forth in the Line of Credit Note. Interest at the Default Interest Rate default interest rate will continue to accrue and will (to the extent permitted by applicable law) be compounded daily until the Obligations in respect of such payment are discharged (whether before or after judgment).