Common use of Post-Default Rates Clause in Contracts

Post-Default Rates. After the date any principal amount of any Loan, any Synthetic Participation Fee or any Reimbursement Obligation is due and payable (whether on the Stated Maturity Date, upon acceleration or otherwise), or after any other monetary Obligation of the Borrowers shall have become due and payable or after the occurrence of any Event of Default described in clauses (a) through (d) of Section 8.1.9, the Borrowers shall jointly and severally be obligated to pay, but only to the extent permitted by law, interest (after as well as before judgment) on such amounts at a rate per annum equal to (i) in the case of overdue principal on any Loan or any overdue Synthetic Participation Fee, the rate of interest that otherwise would be applicable to such Loan or Synthetic Participation Fee plus 2% per annum; and (ii) in the case of overdue interest, fees, and other monetary Obligations, the Alternate Base Rate plus 2% per annum.