Examples of Mortgage Default Rate in a sentence
For purposes of this Mortgage, "Default Rate" shall mean the rate per annum as set forth in Section 2.1 of the Credit Agreement.
At the written request of Tenant Landlord will advise Tenant of the amount of the Mortgage Default Rate in a Landlord's certificate delivered to Tenant pursuant to Subparagraph 25(b) hereof.
In the event the Defaulting Holder fails to advance or repay the Deficiency, the interest of such Defaulting Holder in the Loan to the extent of the Deficiency, shall be subordinate to the interests of the other Holders, and all payments otherwise payable to the Defaulting Holder shall be used to advance or repay the Deficiency, as applicable, until such time such Defaulting Holder advances or repays all Deficiencies (with interest at the Mortgage Default Rate) attributable to such Holder.
To the extent that the Defaulting Holder thereafter funds such Deficiency with interest thereon at the Mortgage Default Rate, such Holder shall no longer be a Defaulting Holder.
In the event any Holder fails to pay its share of any Costs (based on such Holder’s Percentage Interest), each other Holder shall be permitted to pay such Costs and shall be entitled to accrue interest at the Mortgage Default Rate on such additional costs paid by such Holder, which such additional costs and interest thereon shall be reimbursed to the applicable Holder pursuant to Section 3 hereof.
For purposes of this Mortgage, "Default Rate" shall mean the rate per annum (computed on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days elapsed) determined by adding 2% to the rate per annum from time to time announced by Harrxx xx its prime commercial rate (with any change in the Default Rate resulting from a change in such prime commercial rate to be and become effective as of and on the date of the relevant change in such prime commercial rate).