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

Interest on Overdue Payments; Default Rate. If any payment of interest or principal is not paid when due, the Lender, at its option, may charge and collect from the Borrower interest at the Default Rate applicable to the Note. Upon the occurrence and during the continuance of any Event of Default, the outstanding principal and all accrued interest as well as any other charges due the Lender hereunder or under the Note, shall bear interest from the date on which such amount shall have first become due and payable to the Lender (or, in the case of other charges due Lender hereunder, five (5) days after demand therefor by Lender) to the date on which such amount shall be paid to the Lender (whether before or after judgment), at the Default Rate. Upon the occurrence and during the continuance of an Event of Default, any accrued and unpaid interest shall become and be absolutely due and payable to the Lender, on demand, at any time. Interest will continue to accrue until the Obligations are discharged (whether before or after judgment).

Interest on Overdue Payments; Default Rate. If any payment of interest or principal is not paid when due, the Lender, at its option, may charge and collect from the Borrower interest at the Default Rate applicable to the Note. Upon the occurrence and during the continuance of any Event of Default, the outstanding principal and all accrued interest as well as any other charges due the Lender hereunder or under the Note, shall bear interest from the date on which such amount shall have first become due and payable to the Lender (or, in the case of other charges due Lender hereunder, five (5) days 5)days after demand therefor by Lender) to the date on which such amount shall be paid to the Lender (whether before or after judgment), at the Default Rate. Upon the occurrence and during the continuance of an Event of Default, any accrued and unpaid interest shall become and be absolutely due and payable to the Lender, on demand, at any time. Interest will continue to accrue until the Obligations are discharged (whether before or after judgment).