Common use of Interest Upon Default Clause in Contracts

Interest Upon Default. Upon the occurrence of an Event of Default (including notice, if any, for such to occur), interest on the outstanding principal balance of the Advances shall accrue at the Default Rate from the date of such Event of Default. Such interest shall be payable on the earlier of demand, each date interest is payable or the Maturity Date and shall accrue until the earlier of (i) waiver or cure of the applicable Event of Default, (ii) written agreement by the Lender to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Indebtedness. The Lender shall not be required to (a) accelerate the maturity of the Loan, (b) exercise any other rights or remedies under the Loan Documents, or (c) give notice to the Borrower of the decision to charge interest on the Loan at the Default Rate in accordance herewith prior to or in conjunction with the effective date of the decision to charge interest at the Default Rate.

Interest Upon Default. Upon Immediately upon the occurrence and during the continuance of an Event of Default (including notice, if any, for such to occur)Default, interest on the outstanding principal balance of the Advances Loans shall accrue at the Default Rate from the date of such Event of Default. Such interest shall be payable on the earlier of demand, each date interest is payable demand or the Maturity Date and shall accrue until the earlier of (i) waiver or cure (to the satisfaction of the Required Lenders or of all Lenders, as applicable) of the applicable Event of Default, (ii) written agreement by the Lender Required Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the IndebtednessObligations. The Lender Lenders shall not be required to (a1) accelerate the maturity of the LoanLoans, (b2) exercise any other rights or remedies under the Loan Documents, or (c3) give notice to the Borrower of the decision to charge interest on the Loan Loans at the Default Rate in accordance herewith herewith, prior to or in conjunction with the effective date of the decision to charge interest at the Default Rate.

Interest Upon Default. Upon Immediately upon the occurrence and during --------------------- the continuance of an Event of Default (including notice, if any, for such to occur)Default, interest on the outstanding principal balance of the Advances Loans shall accrue at the Default Rate from the date of such Event of Default. Such interest shall be payable on the earlier of demand, each date interest is payable demand or the Maturity Date and shall accrue until the earlier of (i) waiver or cure (to the satisfaction of the Majority Banks) of the applicable Event of Default, (ii) written agreement by the Lender Majority Banks to rescind the charging of interest at the Default Rate, or (iii) payment in full of the IndebtednessObligations. The Lender Banks shall not be required to (a1) accelerate the maturity of the LoanLoans, (b2) exercise any other rights or remedies under the Loan Documents, or (c3) give notice to the Borrower of the decision to charge interest on the Loan Loans at the Default Rate in accordance herewith herewith, prior to or in conjunction with the effective date of the decision to charge commencement of any accrual of interest at the Default Rate.

Interest Upon Default. Upon Immediately upon the occurrence and during the continuance of an Event of Default (including notice, if any, for such to occur)Default, interest on the outstanding principal balance of the Advances Loans shall accrue at the Default Rate from the date of such Event of Default. Such interest shall be payable on the earlier of demand, each date interest is payable demand by the Majority Lenders or the 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) written agreement by the Lender Majority Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the IndebtednessObligations. The Lender Lenders shall not be required to (a1) accelerate the maturity of the LoanLoans, (b2) exercise any other rights or remedies under the Loan Documents, or (c3) give notice to the Borrower Borrowers of the decision to charge interest on the Loan Loans at the Default Rate in accordance herewith herewith, prior to or in conjunction with the effective date of the decision to charge interest at the Default Rate.