Common use of Interest Upon Default Clause in Contracts

Interest Upon Default. Immediately upon the occurrence of an Event of Default hereunder, all overdue principal in respect of the Loans, together with accrued and unpaid overdue interest, premium and other unpaid sums, shall bear interest at the Default Rate. Such interest shall be payable on demand and shall accrue until the earliest of (a) waiver or cure (to the satisfaction of the Lenders required under Section 11.12 hereof to waive or cure) of such Event of Default, or (b) agreement by the Majority Lenders to rescind the charging of interest at the Default Rate, or (c) payment in full of the Obligations.

Interest Upon Default. Immediately upon the occurrence of an Event of Default hereunder, all overdue the outstanding principal in respect balance of the Loans, together with accrued and unpaid overdue interest, premium interest and other unpaid sums, shall bear interest at the Default Rate. Such interest shall be payable on demand and shall accrue until the earliest of (a) waiver or cure (to the satisfaction of the Lenders required under Section 11.12 hereof to waive or cure) of such the applicable Event of Default, or (b) agreement by the Majority Lenders to rescind the charging of interest at the Default Rate, or (c) payment in full of the Obligations.

Interest Upon Default. Immediately upon the occurrence of an Event of Default hereunder, all overdue and during the continuation thereof, the outstanding principal in respect balance of the Loans, together with accrued and unpaid overdue interest, premium interest and other unpaid sums, shall bear interest at the Default Rate. Such interest shall be payable on demand and shall accrue until the earliest of (a) waiver or cure (to the satisfaction of by the Lenders required under Section 11.12 hereof to waive or cureeffect the waiver) of such the applicable Event of Default, or (b) agreement by the Majority Lenders to rescind the charging of interest at the Default Rate, or (c) payment in full of the Obligations.

Interest Upon Default. Immediately upon the occurrence of an Event of Default hereunder, all overdue the outstanding principal in respect balance of the Loans, together with accrued and unpaid overdue interest, premium interest and other unpaid sums, shall bear interest at the Default Rate. Such interest shall be payable on demand and shall accrue until the earliest of (a) waiver or cure (to the satisfaction of the Lenders required under Section 11.12 hereof to waive or cure) of such the applicable Event of Default, or (b) agreement by the Majority Lenders to rescind the charging of interest at the Default Rate, or (c) payment in full of the Obligations.