Interest Rate after Default. At Lender’s option, and to the extent permitted by applicable law, the unpaid principal balance shall bear interest after default and after maturity (whether by acceleration or otherwise) at the Default Interest Rate. The “Default Interest Rate” shall be, at Lender’s option, (i) eighteen percent (18%) per annum, or (ii) such lesser rate of interest as Lender in its sole discretion may choose to charge; but never more than the Maximum Lawful Rate or at a rate that would cause the total interest contracted for, charged or received by Lender to exceed the applicable maximum lawful amount.
Appears in 6 contracts
Samples: Funding Agreement (Impact Biomedical Inc.), Revolving Promissory Note (Impact Biomedical Inc.), Funding Agreement (Impact Biomedical Inc.)
