Default Loan Rate definition

Default Loan Rate shall have the meaning provided in Section 5.2(b)(1).
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Default Loan Rate is defined as a cumulative annual rate equal to twenty percent (20%), compounded quarterly (pro-rated for periods of less than one year), on the daily average outstanding balance during each fiscal year of the Member’s aggregate unreturned Default Loan.
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Default Loan Rate. Default Loan Rate" shall have the meaning provided in Section 3.5.1 of this Agreement.
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Examples of Default Loan Rate in a sentence

  • A Default Loan shall not be considered a capital contribution by the Non-Defaulting Member and shall not increase the Capital Account balance or the Percentage Interest of the Non-Defaulting Member, but instead shall be treated as a non-recourse loan by the Non-Defaulting Member to the Defaulting Member (and a capital contribution by the Defaulting Member) and shall bear interest at the lesser of (x) the Default Loan Rate (hereinafter defined) or (y) the maximum amount permitted by law.

  • Any Default Loan shall be evidenced by a promissory note in form reasonably satisfactory to the Contributing Partner and shall bear interest at the rate (the “Default Loan Rate”) equal to sixteen percent (16%) per annum, subject to adjustment as hereinafter provided in this Section 5.2(b)(i) and provided that if compliance with applicable law requires a lesser interest rate, the Default Loan Rate shall be the maximum rate permitted by law.

  • Any Default Loan shall bear interest at the rate of twenty percent (20%) per annum, but in no event in excess of the highest rate permitted by applicable laws (the "Default Loan Rate"), and shall be payable by the Defaulting Member on demand from the non-failing Member and from any Distributions due to the Defaulting Member hereunder.

  • Default Loans shall earn interest on the outstanding principal amount thereof at a rate equal to the lesser of (i) the Default Loan Rate or (ii) the Maximum Rate, from the Due Date until the same is repaid in full.

  • Each Default Loan shall bear interest on the unpaid principal amount thereof at the Default Loan Rate from the date advanced until the date repaid.


More Definitions of Default Loan Rate

Default Loan Rate means the then applicable Prime Rate plus 10% per annum; provided, however, that in no event shall the Default Loan Rate exceed the highest lawful rate of interest allowable under applicable law.
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Default Loan Rate means a twenty percent (20%) per annum interest rate, but in no event in excess of the highest rate permitted by applicable laws;
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Default Loan Rate. Six percent (6%) per annum above the prime or base ----------------- lending rate announced, from time to time, by Citibank, N.A. in New York City or, in the event that Citibank,
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Default Loan Rate. 4% per annum above the Prime Rate.
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Default Loan Rate. As defined in Section 3.3(b).
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Default Loan Rate. Six percent (6%) per annum above the prime or base lending rate announced, from time to time, by Citibank, N.A. in New York City or, in the event that Citibank, N.A. shall no longer announce its prime or base lending rate as aforesaid, six percent (6%) per annum above the prime or base lending rate announced, from time to time, by JPMorgan Chase Bank, N.A. or, in the event that neither Citibank, N.A. nor JPMorgan Chase Bank, N.A. shall announce its prime or base lending rate as aforesaid, six percent (6%) per annum above the prime or base lending rate announced, from time to time, by the largest bank, by assets, with its principal place of business located in New York City to publish its so called “prime” or “base lending” rates.
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Default Loan Rate means eighteen percent (18%) per annum, compounded monthly.
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