Common use of Past Due Rate Clause in Contracts

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 (as defined herein) 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 equal to the Applicable Rate plus FOUR HUNDRED (400) basis points (the “Past Due Rate”).

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 (as defined hereinbelow) to the fullest extent permitted by applicable lawLaw. Accrued and unpaid interest on or past due amounts (including interest on past due interest) shall be due and payable on demand, at a fluctuating rate per annum (the "PAST DUE RATE") equal to the Applicable Interest Rate plus FOUR HUNDRED 100 (400One hundred) basis points (the “Past Due Rate”)points.