Common use of Default Amounts Clause in Contracts

Default Amounts. In the case of any past-due amounts of the principal of, or (to the fullest extent permitted by law) interest on, any Advance, from the date such amount becomes due until paid in full, payable on demand, a rate per annum equal at all times to (i) 2% above the Eurodollar Rate in the case of any outstanding Eurodollar Rate Advances until the end of their respective Interest Periods, (ii) 2% above the US Alternate Base Rate in the case of amounts payable with respect to a US Advance other than a Eurodollar Rate Advance, or (iii) 2% above the Canadian Prime Rate in the case of amounts payable with respect to a Canadian Advance other than a Eurodollar Rate Advance, in effect from time to time.