Common use of Default Interest Rate Clause in Contracts

Default Interest Rate. In the event that the Borrower fails to pay, in full or in part, any amount under the Agreement, and notwithstanding any other recourse available to the CEB under the Agreement or otherwise, the Borrower shall pay interest on such unpaid amounts from the due date until the date of receipt of such payment by the CEB at the interest rate per annum equal to the one-month EURIBOR quoted on the due date plus two hundred basis points (200 bps) (hereinafter, the “Default Interest Rate”). The applicable Default Interest Rate shall be updated every thirty (30) calendar days.