Default Interest definition

Default Interest means interest chargeable in terms of this Agreement to unpaid amounts or outstanding obligations which interest shall be calculated, from the due date until date of payment, on a daily balance and compounded monthly in arrear at an annual rate of two percent (2%) above the prevailing, variable prime rate publicly quoted by ABSA Bank Limited from time to time.

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Default Interest shall have the meaning set forth in Section 2.13(c).

Default Interest has the meaning specified in Section 2.07(b).

Examples of Default Interest in a sentence

• Pledgor acknowledges that Lender, notwithstanding an Event of Default, may elect to not realize on or take any action with respect to the Collateral until the Maturity Date, and Default Interest shall accrue until such action is taken.

• Interest at the Regular Interest Rate and Default Interest Rate shall be payable on the Maturity Date.

• This default interest shall be calculated daily at a rate equal to the then-applicable Contract Interest Rate increased by 50% (Overdue Default Interest Rate).

• Notwithstanding the foregoing, Default Interest shall cease to accrue with such interest as has accrued becoming a fixed amount and the Interest Rate set forth herein shall be reinstated where ▇▇▇▇▇▇ has not commenced an action against Pledgor to recover any or all of ▇▇▇▇▇▇▇’s Obligations hereunder, prior to 180 days after the Maturity Date.

• Borrower acknowledges that ▇▇▇▇▇▇, notwithstanding an Event of Default, may elect to not realize on or take any action with respect to the Collateral until the Maturity Date, and Default Interest shall accrue until such action is taken.

More Definitions of Default Interest

Default Interest means with respect to any Note, interest on such Note at a rate per annum equal to interest accrued thereon at the Default Rate in excess of the Interest Rate applicable to such Note.

Default Interest means interest on the Mortgage Loan at a rate per annum equal to the Note Default Interest Spread.

Default Interest. With respect to any Mortgage Loan or Companion Loan and any Collection Period, all interest accrued in respect of such Mortgage Loan or Companion Loan during such Collection Period provided for in the related Mortgage Note or Mortgage as a result of a default (exclusive of late payment charges) that is in excess of interest at the related Mortgage Rate accrued on the unpaid principal balance of such Mortgage Loan or Companion Loan outstanding from time to time.

Default Interest means interest on the amount payable at the Default Interest Rate from the due date for payment until the date of payment of that amount to the relevant party accruing on a daily basis and compounded monthly;

Default Interest. With respect to any Mortgage Loan or Serviced Companion Loan, all interest other than Excess Interest accrued in respect of such Mortgage Loan or Serviced Companion Loan as provided in the related Note or Mortgage as a result of a default (exclusive of late payment charges) that is in excess of interest at the related Mortgage Rate.

Default Interest. With respect to any Mortgage Loan (or successor REO Mortgage Loan), any amounts collected thereon, other than late payment charges, Prepayment Premiums or Yield Maintenance Charges, that represent interest (exclusive, if applicable, of Post-ARD Additional Interest) in excess of interest accrued on the principal balance of such Mortgage Loan (or REO Mortgage Loan) at the related Mortgage Rate, such excess interest arising out of a default under such Mortgage Loan.

Default Interest. With respect to any Mortgage Loan (or successor REO Mortgage Loan) or Serviced Pari Passu Companion Loan, any amounts collected thereon, other than late payment charges, Prepayment Premiums or Yield Maintenance Charges, that represent interest in excess of interest (exclusive, if applicable, of Post-ARD Additional Interest) accrued on the principal balance of such Mortgage Loan (or REO Mortgage Loan) or Serviced Pari Passu Companion Loan at the related Mortgage Rate, such excess interest arising out of a default under such Mortgage Loan or Serviced Pari Passu Companion Loan.