Penalty Interest definition

Penalty Interest. With respect to any Mortgage Loan or Companion Loan (or successor REO Loan), any amounts collected thereon, other than late payment charges, Additional Interest, Prepayment Premiums or Yield Maintenance Charges, that represent penalty interest (arising out of a default) in excess of interest on the Stated Principal Balance of such Mortgage Loan or Companion Loan (or successor REO Loan) accrued at the related Mortgage Rate.

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Penalty Interest has the meaning it has in clause 4.2(a).

Penalty Interest shall have the meaning assigned thereto in Section 2(d) hereof.

Examples of Penalty Interest in a sentence

• Interest at a rate of 2% per annum plus the rate for the time being fixed by section 2 of the Penalty Interest Rates Act 1983 is payable on any money owing under the contract during the period of default, without affecting any other rights of the offended party.

• To the extent that the Master Servicer is not entitled to late payment charges or Penalty Interest pursuant to the immediately preceding sentence, the Master Servicer shall deposit such late payment charges and Penalty Interest in the Certificate Account.

• Interest at a rate of 2% per annum plus the rate for the time being fixed by section 2 of the Penalty Interest Rates Act 1983 is payable at settlement on any money owing under the contract during the period of default, without affecting any other rights of the offended party.

• Penalty Interest or late payment charges in respect of any Mortgage Loan or Companion Loan which has accrued during the period when the related Mortgage Loan or Companion Loan is not a Specially Serviced Mortgage Loan shall be additional compensation to the Master Servicer even if collected during the period when the related Mortgage Loan or Companion Loan is a Specially Serviced Mortgage Loan.

• As to each Corrected Mortgage Loan, the Workout Fee shall be payable out of, and shall be calculated by application of the Workout Fee Rate to, each collection of interest (other than Additional Interest and Penalty Interest) and principal received on such Mortgage Loan for so long as it remains a Corrected Mortgage Loan.

More Definitions of Penalty Interest

Penalty Interest means interest at the rate of 10 per cent per annum, or such other rate as may be fixed by section 2 of the Penalty Interest Rates Act 1983 from time to time.

Penalty Interest. With respect to any Trust Mortgage Loan or Serviced Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), any amounts collected thereon, other than late payment charges, Additional Interest, Prepayment Premiums or Yield Maintenance Charges, that represent penalty interest (arising out of a default) in excess of interest on the Stated Principal Balance of such Trust Mortgage Loan or Serviced Non-Trust Mortgage Loan (or such successor REO Mortgage Loan) accrued at the related Mortgage Rate. Penalty Interest with respect to an Outside Serviced Trust Mortgage Loan will be allocated to such Trust Mortgage Loan as provided in the related Co-Lender Agreement and the related Outside Servicing Agreement, and to the extent not inconsistent with the related Co-Lender Agreement and the related Outside Servicing Agreement, as provided in this Agreement.

Penalty Interest has the meaning ascribed thereto in clause 16.1;

Penalty Interest has the meaning given in clause 5.5.

Penalty Interest. As such term is defined in the Note.

Penalty Interest means that maximum amount of penalty interest as permitted by applicable legislation.

Penalty Interest means an interest rate of 12% per annum and calculated on a daily basis, or otherwise the penalty interest rate as provided by applicable legislation.