The Term Loans shall bear interest at a rate equal to five percent (5.00%) per annum (the “ Interest Rate ”). Interest accrued shall be payable in arrears (through and including the Payment Date) on each Payment Date; provided that (i) interest payable on June 15, 2017 shall be the interest that accrued from the earlier of the initial Funding Date any Term Loans were funded into escrow (if applicable) or the Closing Date through and including June 15, 2017 and (ii) interest accruing at the Default Rate shall be payable from time to time on demand. If all or a portion of the principal amount of the Term Loans, any interest payable thereon or any fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise) or if any Event of Default has occurred and is continuing, the entire outstanding amount of the Term Loans (whether or not overdue) and all other Obligations (to the extent legally permitted) shall bear interest at a rate per annum that is equal to the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus two percent (2.00)% (the “ Default Rate ”), in each case, from the date of such non-payment until such amount is paid in full (after as well as before judgment) or from the date of the applicable Event of Default until such Event of Default is waived.