Common use of Interest Upon Default Clause in Contracts

Interest Upon Default. Immediately upon the occurrence and during the continuance of an Event of Default, interest on the outstanding principal balance of the 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 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) agreement by the Required Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations. The Lenders shall not be required to (1) accelerate the maturity of the Loans, (2) exercise any other rights or remedies under the Loan Documents, or (3) give notice to the Borrower of the decision to charge interest on the Loans 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. Immediately upon the occurrence and during the continuance of an Event of Default, interest on the outstanding principal balance of the 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 by the Majority Lenders 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 Majority Lenders, as applicable) of the applicable Event of Default, (ii) agreement by the Required Majority Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations. The Lenders shall not be required to (1) accelerate the maturity of the Loans, (2) exercise any other rights or remedies under the Loan Documents, or (3) give notice to the Borrower Borrowers of the decision to charge interest on the Loans 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. Immediately upon Upon the occurrence and during the continuance of an Event of DefaultDefault (including notice, if any, for such to occur), interest on the outstanding principal balance of the Loans 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 demand, each date interest is payable 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 Required Lenders Lender to rescind the charging of interest at the Default Rate, or (iii) payment in full of the ObligationsIndebtedness. The Lenders Lender shall not be required to (1a) accelerate the maturity of the LoansLoan, (2b) exercise any other rights or remedies under the Loan Documents, or (3c) give notice to the Borrower of the decision to charge interest on the Loans Loan 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. Immediately upon the occurrence and during --------------------- the continuance of an Event of Default, interest on the outstanding principal balance of the 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 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 applicableMajority Banks) of the applicable Event of Default, (ii) agreement by the Required Lenders Majority Banks to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations. The Lenders Banks shall not be required to (1) accelerate the maturity of the Loans, (2) exercise any other rights or remedies under the Loan Documents, or (3) give notice to the Borrower of the decision to charge interest on the Loans at the Default Rate in accordance 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.