Common use of Interest on Past Due Rent Clause in Contracts

Interest on Past Due Rent. All past due installments of Rent shall bear interest until paid at a rate per annum equal to four percent (4%) above the prime rate of interest from time to time publicly announced by NationsBank, N.A., or any successor thereof (the "DEFAULT RATE"); provided, however, that if at the time such interest is sought to be imposed the rate of interest exceeds the maximum rate permitted under federal law or under the laws of the Commonwealth of Virginia, the rate of interest shall be the maximum rate of interest then permitted by applicable law.

Interest on Past Due Rent. All past due installments of Rent shall bear interest until paid at a rate per annum equal to four percent (4%) above the prime rate of interest from time to time publicly announced by NationsBankBank of America, N.A., or any successor thereof (the "DEFAULT RATEDefault Rate"); provided, however, that if at the time such interest is sought to be imposed the rate of interest exceeds the maximum rate permitted under federal law or under the laws of the Commonwealth of Virginia, the rate of interest shall be the maximum rate of interest then permitted by applicable law.