Past Due Rate. If any amount payable by Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Past Due Rate to the fullest extent permitted by applicable Law. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable on demand, at a rate per annum (the “Past Due Rate”) equal to the lesser of (i) the maximum non-usurious rate of interest allowed by applicable law or (ii) two percent (2%) plus the higher of (a) the Prime Rate, or (b) the Adjusted LIBOR Rate, or (c) the BBA LIBOR Daily Rate.
Appears in 3 contracts
Samples: Construction Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.), Construction Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.), Loan Agreement (Behringer Harvard Short Term Opportunity Fund I Lp)
Past Due Rate. If any amount payable by Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Past Due Rate to the fullest extent permitted by applicable Law. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable on demand, at a rate per annum (the “Past Due Rate”"PAST DUE RATE") equal to the lesser of (i) the maximum non-usurious rate of interest allowed by applicable law Law or (ii) two percent (2%) plus the higher of (a) the Prime Rate, Rate or (b) the Adjusted LIBOR Rate, or (c) the BBA LIBOR Daily Rate.
Appears in 1 contract
Samples: Credit Agreement (Behringer Harvard Short Term Opportunity Fund I Lp)
Past Due Rate. If any amount payable by Borrower Borrowers under any Loan Document is not paid when due (without regard to any applicable grace periods), such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Past Due Rate to the fullest extent permitted by applicable Law. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable on demand, at a rate per annum (the “Past Due Rate”) equal to the lesser of (i) the maximum non-usurious rate of interest allowed by applicable law Law, or (ii) two three percent (23%) plus the higher of (a) the Prime Rate, Rate or (b) the Adjusted LIBOR Rate, or (c) the BBA LIBOR Daily Rate.
Appears in 1 contract
Samples: Credit Agreement (Behringer Harvard Opportunity REIT I, Inc.)
Past Due Rate. If any amount payable by Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Past Due Rate to the fullest extent permitted by applicable Law. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable on demand, at a rate per annum (the “Past Due "PAST DUE Rate”") equal to the lesser of (i) the maximum non-usurious rate of interest allowed by applicable law Law or (ii) two percent (2%) plus the higher of (a) the Prime Rate, Rate or (b) the Adjusted LIBOR Rate, or (c) the BBA LIBOR Daily Rate.
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