Default Interest definition
Examples of Default Interest in a sentence
The Special Servicer may, in connection with a workout or other modification of the Whole Loan and without consent of the Servicer, waive any or all related Default Interest and late payment charges or fees, regardless of who is entitled to receive such payments as compensation.
Failure to waive any Default Interest by the Servicer or the Special Servicer shall not in any way be deemed a violation of Accepted Servicing Practices.
If the Special Servicer has partially waived any Default Interest or late payment fees or charges (part of which accrued prior to the related Special Servicing Loan Event), any collections in respect of such Default Interest or late payment charge or fee shall be shared pro rata by the Servicer and the Special Servicer based on the respective portions of such Default Interest or late payment charges or fees to which each would otherwise have been entitled.
Notwithstanding anything to the contrary contained herein or in the Whole Loan Documents (but subject to Section 1.3), all amounts collected on the Whole Loan shall, for federal income tax purposes, be allocated first to interest due and payable on the Whole Loan (including interest on overdue interest) other than Default Interest.
The Appeal Panel Award shall include Default Interest (with respect to monetary awards) at the rate specified in the Note for Default Interest both before and after the Arbitration Award.