Common use of Interest Rate after Default Clause in Contracts

Interest Rate after Default. If Lender has not received the full amount of any monthly payment for 30 days or more after the Payment Date or any other Event of Default has occurred and is continuing, then the interest rate under this Note will increase to the Fixed Annual Interest Rate plus 4% (“Default Annual Interest Rate”) beginning on that Payment Date or the date any other Event of Default commences. If Xxxxxxxx has not paid the entire Principal Amount by the Maturity Date, the Default Annual Interest Rate will continue until and including the date on which the entire unpaid portion of the Principal Amount is paid in full.

Interest Rate after Default. If Lender has not received the full amount of any monthly payment for 30 days or more after the Payment Date or any other Event of Default has occurred and is continuing, then the interest rate under this Note will increase to the Fixed Annual Interest Rate or the Variable Annual Interest Rate, as applicable, plus 4% (“Default Annual Interest Rate”) beginning on that Payment Date or the date any other Event of Default commences. If Xxxxxxxx has not paid the entire Principal Amount by the Maturity Date, the Default Annual Interest Rate will continue until and including the date on which the entire unpaid portion of the Principal Amount is paid in full.

Interest Rate after Default. If Lender has not received the full amount of any monthly payment for 30 days or more after the Payment Date or any other Event of Default has occurred and is continuing, then the interest rate under this Note will increase to the Fixed Variable Annual Interest Rate plus 4% (“Default Annual Interest Rate”) beginning on that Payment Date or the date any other Event of Default commences. If Xxxxxxxx has not paid the entire Principal Amount by the Maturity Date, the Default Annual Interest Rate will continue until and including the date on which the entire unpaid portion of the Principal Amount is paid in full.