Common use of Payments after Default Clause in Contracts

Payments after Default. Upon the occurrence and during the continuance of an Event of Default, interest on the outstanding principal balance of the Loan and, to the extent permitted by law, overdue interest and other amounts due in respect of the Loan shall accrue at the Default Rate, calculated from the date such payment was due without regard to any grace or cure periods contained herein, if any. Any and all payments and other sums received by Lender hereunder during the continuance of an Event of Default may be applied to the Indebtedness in such order and priority as Lender shall determine in its sole discretion, including without limitation, alternating applications thereof between interest and principal. Interest at the Default Rate shall be computed from the occurrence of the Event of Default until the actual receipt and collection of the Indebtedness (or that portion thereof that is then due). To the extent permitted by applicable law, interest at the Default Rate shall be added to the Indebtedness, shall itself accrue interest at the same rate as the Loan and shall be secured by the Security Instrument. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the Indebtedness, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default. Notwithstanding anything contained herein to the contrary, upon the occurrence and during the continuance of any Event of Default, any payment of principal from whatever source may be applied by Lender among the Components in Lender’s sole discretion.

Payments after Default. Upon the occurrence and during the continuance of an Event of Default, interest on the outstanding principal balance of the Loan and, to the extent permitted by lawApplicable Law, overdue interest and other amounts due in respect of the Loan Loan, shall accrue at the Default Rate, calculated from the date such payment was due without regard to any grace or cure periods contained herein, if any. Any and all payments and other sums received by Lender hereunder during the continuance of an Event of Default may be applied to the Indebtedness in such order and priority as Lender shall determine in its sole discretion, including without limitation, alternating applications thereof between interest and principal. Interest at the Default Rate shall be computed from the occurrence of the Event of Default default until the actual receipt and collection of the Indebtedness Debt (or that portion thereof that is then due). To the extent permitted by applicable lawApplicable Law, interest at the Default Rate shall be added to the IndebtednessDebt, shall itself accrue interest at the same rate as the Loan and shall be secured by the Security InstrumentInstruments. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the IndebtednessDebt, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default. Notwithstanding anything contained herein to the contrarycontrary contained herein, upon any amounts paid to or received by Lender in connection with the occurrence and Loan during the continuance continuation of any an Event of Default, any payment of principal from whatever source may Default shall be applied by Lender among to the Components Debt in Lender’s sole discretion.the following order of priority:

Payments after Default. (a) Upon the occurrence and during the continuance of an Event of Default, interest on the outstanding principal balance of the Loan and, to the extent permitted by lawApplicable Law, overdue interest and other amounts due in respect of the Loan Loan, shall accrue at the Default Rate, calculated from the date such payment was due without regard to any grace or cure periods contained herein, if any. Any and all payments and other sums received by Lender hereunder during the continuance of an Event of Default may be applied to the Indebtedness in such order and priority as Lender shall determine in its sole discretion, including without limitation, alternating applications thereof between interest and principal. Interest at the Default Rate shall be computed from the occurrence of the Event of Default default until the actual receipt and collection of the Indebtedness Debt (or that portion thereof that is then due). To the extent permitted by applicable lawApplicable Law, interest at the Default Rate shall be added to the IndebtednessDebt, shall itself accrue interest at the same rate as the Loan and shall be secured by the Security InstrumentInstruments. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the IndebtednessDebt, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default. Notwithstanding anything contained herein to the contrarycontrary contained herein, upon any amounts paid to or received by Lender in connection with the occurrence and Loan during the continuance continuation of any an Event of Default, any payment of principal from whatever source may Default shall be applied by Lender among to the Components Debt in Lender’s sole discretionthe following order of priority: (i) First, to the payment of interest on the outstanding principal balance of the Note at the Applicable Interest Rate; (ii) Second, to the payment of the outstanding principal balance of the Note until the Note is reduced to zero ($0); and (iii) Third, to the payment of any other amounts then due the holder of the Note.

Payments after Default. Upon the occurrence and during the continuance of an Event of DefaultDefault (including, without limitation, failure to repay the Debt on the Maturity Date), interest on the outstanding principal balance of the Loan and, to the extent permitted by lawLaw, overdue interest and other amounts due in respect of the Loan shall accrue at the Default Rate, calculated from the date such payment was due without regard to any grace or cure periods contained herein, if any. Any and all payments and other sums received by Lender hereunder during the continuance of an Event of Default may be applied to the Indebtedness in such order and priority as Lender shall determine in its sole discretion, including without limitation, alternating applications thereof between interest and principal. Interest at the Default Rate shall be computed from the occurrence of the Event of Default until the actual receipt and collection of the Indebtedness (Debt in full or that portion thereof that is then due)until such Event of Default has been waived by Lender. To the extent permitted by applicable lawLaw, interest at the Default Rate shall be added to the IndebtednessDebt, shall itself accrue interest at the same rate as the Loan and shall be secured by the Security Instrument. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the IndebtednessDebt, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default. Notwithstanding anything contained Anything herein to the contrarycontrary notwithstanding, all interest accrued at the Default Rate shall be immediately due and payable upon the occurrence and during the continuance of any Event of Default, any payment of principal from whatever source may be applied demand by Lender among the Components in Lender’s sole discretion.

Payments after Default. Upon the occurrence and during the continuance of an Event of Default, (a) interest on the outstanding principal balance of the Loan and, to the extent permitted by lawApplicable Law, overdue interest and other amounts due in respect of the Loan Loan, shall accrue at the Default Rate, calculated from the date such payment was due without regard to any grace or cure periods contained herein, if any. Any herein and (b) Lender shall be entitled to apply all payments and other sums received by Lender hereunder during the continuance of an Event of Default may be applied Reserve Funds to the Indebtedness payment of the Debt in such order and priority as Lender shall determine in its sole discretion, including including, without limitation, alternating applications thereof between interest and principal. Interest at the Default Rate shall be computed from the occurrence of the Event of Default until the actual receipt and collection of the Indebtedness Debt (or that portion thereof that is then due). To the extent permitted by applicable lawApplicable Law, interest at the Default Rate shall be added to the IndebtednessDebt, shall itself accrue interest at the same rate as the Loan and shall be secured by the Security InstrumentPledge Agreement. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the IndebtednessDebt, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default. Notwithstanding anything contained herein ; the use of Reserve Funds as provided above shall not be deemed to cure or constitute a waiver of any Event of Default; and Lender retains its rights under the contrary, Note to accelerate and to continue to demand payment of the Debt upon the occurrence and during the continuance happening of any Event of Default, despite any payment such application of principal from whatever source may be applied by Lender among the Components in Lender’s sole discretionReserve Funds.

Payments after Default. Upon the occurrence and during the continuance of an Event of DefaultDefault (including, without limitation, failure to repay the Debt on the Maturity Date), interest on the outstanding principal balance of the Loan and, to the extent permitted by lawLaw, overdue interest and other amounts due in respect of the Loan shall accrue at the Default Rate, calculated from the date such payment was due without regard after giving effect to any grace or cure periods contained herein, if any. Any and all payments and other sums received by Lender hereunder during the continuance of an Event of Default may be applied to the Indebtedness in such order and priority as Lender shall determine in its sole discretion, including without limitation, alternating applications thereof between interest and principal. Interest at the Default Rate shall be computed from the occurrence of the Event of Default until the earliest to occur (x) the waiver by Lender of such Event of Default, (y) actual receipt by Lender of any amount then due and payable (in the event Lender has not accelerated the Loan prior to such receipt) and (z) actual receipt and collection of the Indebtedness (or that portion thereof that is then due)Debt in full. To the extent permitted by applicable lawLaw, interest at the Default Rate shall be added to the IndebtednessDebt, shall itself accrue interest at the same rate as the Loan and shall be secured by the Security Instrument. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the IndebtednessDebt, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default. Notwithstanding anything contained Anything herein to the contrarycontrary notwithstanding, all interest accrued at the Default Rate shall be immediately due and payable upon the occurrence and during the continuance of any Event of Default, any payment of principal from whatever source may be applied demand by Lender among the Components in Lender’s sole discretion.

Payments after Default. Upon Except as provided in Section 3.8 hereof, upon the occurrence and during the continuance of an Event of Default, Default interest on the outstanding principal balance of the Loan and, to the extent permitted by law, overdue interest and other amounts due in respect of the Loan Loan, shall accrue at the Default Rate, calculated from the date such payment was due without regard to any grace or cure periods contained herein, if any. Any and all payments and other sums received such amounts to be applied by Lender hereunder during the continuance of an Event of Default may be applied to the Indebtedness payment of the Debt in such order and priority as Lender shall determine in its sole discretion, including including, without limitation, alternating applications thereof between interest and principal. Interest at the Default Rate shall be computed from the occurrence of the Event of Default until the actual receipt and collection of the Indebtedness Debt (or that portion thereof that is then due). To the extent permitted by applicable law, interest at the Default Rate shall be added to the IndebtednessDebt, shall itself accrue interest at the same rate as the Loan and shall be secured by the Security InstrumentInstruments. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the IndebtednessDebt, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default. Notwithstanding anything contained herein to the contrary, upon the occurrence and during the continuance of any Event of Default, any ; and Lender retains its rights under the Note to accelerate and continue to demand payment of principal from whatever source may be applied by Lender among the Components in Lender’s sole discretionDebt upon the happening and during the continuance of any Event of Default.

Payments after Default. Upon Except as provided in Section 3.18 ---------------------- hereof, upon the occurrence and during the continuance of an Event of Default, Default interest on the outstanding principal balance of the Loan and, to the extent permitted by law, overdue interest and other amounts due in respect of the Loan Loan, shall accrue at the Default Rate, calculated from the date such payment was due without regard to any grace or cure periods contained herein, if any. Any and all payments and other sums received such amount to be applied by Lender hereunder during the continuance of an Event of Default may be applied to the Indebtedness payment of the Debt in such order and priority as Lender shall determine in its sole discretion, including including, without limitation, alternating applications thereof between interest and principal. Interest at the Default Rate shall be computed from the occurrence of the Event of Default until the actual receipt and collection of the Indebtedness Debt (or that portion thereof that is then due). To the extent permitted by applicable law, interest at the Default Rate shall be added to the IndebtednessDebt, shall itself accrue interest at the same rate as the Loan and shall be secured by the Security InstrumentInstruments. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the IndebtednessDebt, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default. Notwithstanding anything contained herein ; and Lender retains its rights under the Note to accelerate and continue to demand payment of the contrary, Debt upon the occurrence and during the continuance happening of any Event of Default, any payment of principal from whatever source may be applied by Lender among the Components in Lender’s sole discretion.