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%).
Note Default Interest Spread means a rate per annum equal to three percent (3.0%); provided, however, that if the weighted average of the Senior Note Default Rate and the Note B Default Rate would exceed the maximum rate permitted by applicable law, the note default interest spread shall equal (i) the rate at which the weighted average of the Senior Note Default Rate and the Note B Default Rate equals the maximum rate permitted by applicable law minus (ii) the Mortgage Loan Rate.
Note Default Interest Spread means a rate per annum equal to five percent (5%); provided, however, that if the weighted average of the Note A Default Rate for each A Note and the Note B Default Rate for each B Note would exceed the maximum rate permitted by applicable law, the “Note Default Interest Spread” shall equal (i) the rate at which the weighted average of the Note A Default Rate for each A Note and the Note B Default Rate for each B Note equals the maximum rate permitted by applicable law minus (ii) the Mortgage Loan Rate.
More Definitions of Note Default Interest Spread
Note Default Interest Spread means a rate per annum equal to the difference between the Note Default Rate and the Mortgage Loan Rate.
Note Default Interest Spread means the Note Default Interest Spread set forth on the Mortgage Loan Schedule.
Note Default Interest Spread means a rate per annum equal to five percent (5%); provided, however, that if the weighted average of the Note A-1 Default Rate, the Note A-2 Default Rate, the Note B Default Rate and the Note C Default Rate would exceed the maximum rate permitted by applicable law, the Note Default Interest Spread shall equal (i) the rate at which the weighted average of the Note A-1 Default Rate, the Note A-2 Default Rate, the Note B Default Rate and the Note C Default Rate equals the maximum rate permitted by applicable law minus (ii) the Mortgage Loan Rate.
Note Default Interest Spread means a rate per annum equal to the lesser of (i) the maximum rate permitted by applicable law, or (ii) four percent (4%).
Note Default Interest Spread shall equal (i) the rate at which the weighted average of the Note A Default Rate for each A Note and the Note B Default Rate for each B Note equals the maximum rate permitted by applicable law minus (ii) the Mortgage Loan Rate.
Note Default Interest Spread means a rate per annum equal to five percent (5%); provided, however, that if the weighted average of the Note A-1 Default Rate, the Note A-2 Default Rate, the Note A-3 Default Rate, the Note A-4 Default Rate, the Note A-5 Default Rate and the Note B Default Rate would exceed the maximum rate permitted by applicable law, the Note Default Interest Spread shall equal (i) the rate at which the weighted average of the Note A-1 Default Rate, the Note A-2 Default Rate, the Note A-3 Default Rate, the Note A-4 Default Rate, the Note A-5 Default Rate and the Note B Default Rate equals the maximum rate permitted by applicable law minus (ii) the Mortgage Loan Rate.
Note Default Interest Spread means a rate per annum equal to four percent (4%); provided, however, that if the weighted average of the Note A-1 Default Rate, the Note A-2 Default Rate, the Note A-3 Default Rate, the Note A-4 Default Rate, the Note A-5 Default Rate, the Note A-6 Default Rate, the Note A-7 Default Rate, the Note A-8 Default Rate, the Note A-9 Default Rate and the Note B Default Rate would exceed the maximum rate permitted by applicable law, the Note Default Interest Spread shall equal (i) the rate at which the weighted average of the Note A-1 Default Rate, the Note A-2 Default Rate, the Note A-3 Default Rate, the Note A-4 Default Rate, the Note A-5 Default Rate, the Note A-6 Default Rate, the Note A-7 Default Rate, the Note A-8 Default Rate, the Note A-9 Default Rate and the Note B Default Rate equals the maximum rate permitted by applicable law minus (ii) the Mortgage Loan Rate.