Common use of Interest Upon Default Clause in Contracts

Interest Upon Default. Immediately upon the occurrence of an Event of Default hereunder, the outstanding Obligations (to the extent permitted by Applicable Law) shall bear interest at the Default Rate. Such interest shall be payable on demand by the Majority Banks and shall accrue until the earlier of (i) waiver or cure of the applicable Event of Default, (ii) agreement by the Majority Banks (or, if applicable to the underlying Event of Default, all of the Banks) to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations.

Interest Upon Default. Immediately upon the occurrence of an Event of Default hereunder, the outstanding Obligations (to the extent permitted by Applicable Law) shall bear interest at the Default Rate. Such interest shall be payable on demand by the Majority Banks Lenders and shall accrue until the earlier of (i) waiver or cure of the applicable Event of Default, (ii) agreement by the Majority Banks Lenders (or, if applicable to the underlying Event of Default, all of the BanksLenders) to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations.