Note Default Rate definition

Note Default Rate means a rate per annum equal to the lesser of (a) the Maximum Legal Rate (as defined in the Mortgage Loan Agreement), or (b) the greater of (i) three percent (3%) above the Mortgage Loan Rate and (ii) the Prime Rate (as defined in the Mortgage Loan Agreement) plus one percent (1%).
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Note Default Rate the rate of interest applicable pursuant to, and upon the occurrence of the conditions set forth in, Section 2(b) of the Note.
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Note Default Rate means, to the extent permitted by applicable law, a rate equal to 2% per annum above the rate of interest then in effect on the Note.
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Examples of Note Default Rate in a sentence

  • The Debt and each part thereof, if not paid when due, shall bear interest at the Default Rate specified in the Note ("Default Rate") from the due date until paid in full.

  • In the event of any default in the performance of any of the Mortgagor's covenants, agreements or provisions herein, the Mortgagee may, at the option of the Mortgagee, perform the same, and all cost thereof, with interest at the Default Rate defined in the Note ("Default Rate"), shall be so much additional indebtedness secured hereby and shall become immediately due and payable from the Mortgagor to the Mortgagee without notice and shall be paid to Mortgagee on demand.

  • Notwithstanding anything to the contrary set forth in this Agreement or in any other Loan Document, from and after the occurrence of an Event of Default, the outstanding principal balance of the Second Note shall bear interest at the Second Note Default Rate until such time as all of the Obligations are paid in full.

  • The phrase "Second Note Default Rate" is hereby added after each reference to "Default Rate" in Section 2.9 of the Loan Agreement.

  • The Company shall promptly, upon demand therefor, reimburse the Mortgagee for the amount of any payments made and the amount of the reasonable expenses incurred, in each case plus interest at the Note Default Rate.

Related to Note Default Rate

  • Post-Default Rate means, (a) in respect of any principal of any Loan or any Reimbursement Obligation, the rate otherwise applicable plus an additional two percent (2.0%) per annum, and (b) with respect to any other Obligation, a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin for Base Rate Loans plus two percent (2.0%).

  • Default Rate means an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate, if any, applicable to Base Rate Loans plus (c) 2% per annum; provided, however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, in each case to the fullest extent permitted by applicable Laws.

  • Note Default Interest Spread means, with respect to the outstanding principal balance of any Note, a rate per annum equal to the lesser of (i) the Maximum Legal Rate minus the Note A Rate or (ii) five percent (5%).