Common use of Interest Upon Default Clause in Contracts

Interest Upon Default. Upon the occurrence and during the continuance of an Event of Default, the Majority Lenders shall have the option (but shall not be required to give prior notice thereof to the Borrower, accelerate the maturity of the Loans or exercise any other rights or remedies hereunder in connection with the exercise of this right) to charge interest on the outstanding principal balance of the Loans at the Default Rate from the date of such Event of Default; provided, however, notwithstanding the foregoing, interest shall automatically accrue on the outstanding principal balance of the Loans at the Default Rate, without any action necessary on the part of the Majority Lenders or any other Person, from and after the occurrence of an Event of Default under any of Sections 9.1(b), (i) or (j) hereof. Such interest shall be payable on the earlier of demand or the applicable Maturity Date, and shall accrue until the earlier of (i) waiver or cure (to the satisfaction of the Majority Lenders) of the applicable Event of Default, (ii) agreement by the Majority Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations.

Interest Upon Default. Upon Immediately upon the occurrence and during the continuance of an Event of Default--------------------- Default under Section 9.1(b) hereunder (including, the Majority Lenders shall have the option (but shall not be required to give prior notice thereof to the Borrowerwithout limitation, accelerate the maturity any such Event of Default that occurs as a result of the Loans automatic acceleration of the Obligations hereunder upon the occurrence of an Event of Default under Section 9.1(f) or exercise any other rights or remedies hereunder in connection with the exercise of this right9.1(g) to charge hereof), interest on the outstanding principal balance of the Loans overdue Obligations shall accrue at the Default Rate from the date of such Event of Default; provided, however, notwithstanding the foregoing, interest shall automatically accrue on the outstanding principal balance of the Loans . Interest accruing at the Default Rate, without any action necessary Rate on the part of the Majority Lenders or any other Person, from and after the occurrence of an Event of Default under any of Sections 9.1(b), (i) or (j) hereof. Such interest Obligations shall be payable on demand and in any event on the earlier of demand Initial Maturity Date or the applicable Final Maturity Date, as applicable, and shall accrue with respect to such overdue Obligations until the earlier earliest to occur of (iA) waiver or cure (to the satisfaction of the Majority Lenders) of the applicable Event of DefaultDefault in accordance with Section 12.12 hereof, (iiB) agreement by the Majority Required Lenders to rescind the charging of interest at the Default Rate, or (iiiC) payment in full of such overdue Obligations. The Lenders shall not be required to (x) accelerate the Obligationsmaturity of the Loans, (y) terminate the Commitments, or (z) exercise any other rights or remedies available to them under the Loan Documents in order to charge interest hereunder at the Default Rate.

Interest Upon Default. Upon Immediately upon the occurrence and during the continuance of an Event of DefaultDefault under Section 9.1(b) hereunder (including, the Majority Lenders shall have the option (but shall not be required to give prior notice thereof to the Borrowerwithout limitation, accelerate the maturity any such Event of Default that occurs as a result of the Loans automatic acceleration of the Obligations hereunder upon the occurrence of an Event of Default under Section 9.1(f) or exercise any other rights or remedies hereunder in connection with the exercise of this right9.1(g) to charge hereof), interest on the outstanding principal balance of the Loans all Obligations shall accrue at the Default Rate from the date of such Event of Default; provided, however, notwithstanding the foregoing, interest shall automatically accrue on the outstanding principal balance of the Loans . Interest accruing at the Default Rate, without any action necessary Rate on the part of the Majority Lenders or any other Person, from and after the occurrence of an Event of Default under any of Sections 9.1(b), (i) or (j) hereof. Such interest Obligations shall be payable on the earlier of (I) demand by the Required Lenders and (II) the last day of each calendar month during which the Default Rate shall continue to accrue, and in any event, on the Initial Maturity Date or the applicable Final Maturity Date, as applicable, and shall accrue with respect to all Obligations until the earlier earliest to occur of (iA) waiver or cure (to the satisfaction of the Majority Lenders) of the applicable Event of DefaultDefault in accordance with Section 12.12 hereof, (iiB) agreement by the Majority Required Lenders to rescind the charging of interest at the Default Rate, or (iiiC) payment in full of the overdue Obligations. The Lenders shall not be required to (x) accelerate the maturity of the Loans, (y) terminate the Commitments, or (z) exercise any other rights or remedies available to them under the Loan Documents in order to charge interest hereunder at the Default Rate.

Interest Upon Default. Upon the occurrence and during the continuance of an Event of Default, the Majority Lenders shall have the option (but shall not be required to give prior notice thereof to the BorrowerBorrowers, accelerate the maturity of the Loans or exercise any other rights or remedies hereunder in connection with the exercise of this right) to charge interest on the outstanding principal balance of the Loans at the Default Rate from the date of such Event of Default; providedPROVIDED, howeverHOWEVER, notwithstanding the foregoing, interest shall automatically accrue on the outstanding principal balance of the Loans at the Default Rate, without any action necessary on the part of the Majority Lenders or any other Person, from and after the occurrence of an Event of Default under any of Sections 9.1(b), (ij) or (jk) hereof. Such interest shall be payable on the earlier of demand or the applicable Maturity Date, Date and shall accrue until the earlier of (i) waiver or cure (to the satisfaction of the Majority Lenders) of the applicable Event of Default, (ii) agreement by the Majority Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations.

Interest Upon Default. Upon the occurrence and during the continuance of an Event of Default, the Majority Lenders shall have the option (but shall not be required to give prior notice thereof to the Borrower, accelerate the maturity of the Loans or exercise any other rights or remedies hereunder in connection with the exercise of this right) to charge interest on the outstanding principal balance of the Loans at the Default Rate from the date of such Event of Default; providedPROVIDED, howeverHOWEVER, notwithstanding the foregoing, interest shall automatically accrue on the outstanding principal balance of the Loans at the Default Rate, without any action necessary on the part of the Majority Lenders or any other Person, from and after the occurrence of an Event of Default under any of Sections 9.1(b), (ij) or (jk) hereof. Such interest shall be payable on the earlier of demand or the applicable Maturity Date, and shall accrue until the earlier of (i) waiver or cure (to the satisfaction of the Majority Lenders) of the applicable Event of Default, (ii) agreement by the Majority Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations.