Tax Reserve. Means, on May 31, 2009, $75,000, which amount shall be increased by an additional $75,000 on the last day of each month during the period from June 1, 2009 to and including December 31, 2009 and which amount shall be increased further after December 31, 2009, as determined by the Lender in its sole discretion after good faith negotiations with the Borrowers which negotiations shall not extend beyond January 31, 2010. At any time during any Default Period or following the Termination Date, in
... the Lender's sole discretion and without waiving any of its other rights or remedies, the principal of the Revolving Note, the Term Note and the 2009 Term Note shall bear interest at the Default Rate or such lesser rate as the Lender may determine, effective as of the first day of the month in which any Default Period begins through the last day of such Default Period, or any shorter time period that the Lender may determine. The decision of the Lender to impose a rate that is less than the Default Rate or to not impose the Default Rate for the entire duration of the Default Period shall be made by the Lender in its sole discretion and shall not be a waiver of any of its other rights and remedies, including its right to retroactively impose the full Default Rate for the entirety of any such Default Period or following the Termination Date.
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