Deferred Interest Loan definition
Deferred Interest Loan means a Loan that requires the related Obligor to pay only a portion of the accrued and unpaid interest on a current basis, with the remaining interest being deferred and paid later, together with any unpaid interest thereon, in a lump sum, which amount shall be treated as Interest Collections at the time it is received.
Deferred Interest Loan has the meaning given to such term in the Servicing Agreement.
Deferred Interest Loan means either (i) a Loan that is in a Deferral Period and for which all Billed interest thereon will be waived if the related Borrower repays such Deferred Interest Loan in full prior to the end of such Deferral Period and/or (ii) a Loan that is in a Deferral Period and with respect to which Lender is obligated to rebate all or some portion of interest payments made on such Loan and reverse interest Billed but not paid on such Loan if such Loan is repaid or prepaid in full during such Deferral Period. For avoidance of doubt, Loans for which a Deferral Period has ended are no longer Deferred Interest Loans as of the first day after the last day of such Deferral Period. “[*****].
Examples of Deferred Interest Loan in a sentence
In connection with any 0% Interest Loan or Deferred Interest Loan subject to a Release, an amount equal to the Discounted Amount with respect to each such 0% Interest Loan or Deferred Interest Loan shall be deposited by the Borrower to the Collection Account.
More Definitions of Deferred Interest Loan
Deferred Interest Loan means a Receivable (a) on which interest is billed during a specified period of time determined at the time of origination, [*****]; provided, that, in each case, such interest shall be reversed so long as the payments made in such specified period equal, in the aggregate, the total principal amount of such Receivable, and (b) which has an annual interest rate of 0% for a promotional period not to exceed one (1) year, and which after such promotional period resets to become interest bearing. [*****]
Deferred Interest Loan means either (i) a Loan that is in a Deferral Period and for which all Billed interest thereon will be waived if the related Borrower repays such Deferred Interest Loan in full prior to the end of such Deferral Period and/or (ii) a Loan that is in a Deferral Period and with respect to which Lender is obligated to rebate all or some portion of interest payments made on such Loan and reverse interest Billed but not paid on such Loan if such Loan is repaid or prepaid in full during such Deferral Period. For avoidance of doubt, Loans for which a Deferral Period has ended are no longer Deferred Interest Loans as of the first day after the last day of such Deferral Period.
Deferred Interest Loan means a Receivable on which interest is billed during a specified period of time determined at the time of origination [*****]; provided, that, in each case, such interest shall be reversed so long as the payments made in such specified period equal, in the aggregate, the total principal amount of such Receivable. [*****] “Deferred Interest Payments” means, as of any date of determination, the aggregate amount of interest Collections received by the Borrower with respect to a Receivable that is a Deferred Interest Loan during the deferral period for such Deferred Interest Loan. For Deferred Interest Loans no longer in the deferral period, Deferred Interest Payments will be deemed to equal the current principal balance of each Receivable multiplied by the annual interest rate of the Receivable. [*****] [*****]