If the Lender doesn’t pay the interest when due, or another Event of Default occurs, the note will usually carry a Penalty Rate, or Default Rate, that is applied on both the Principal and outstanding interest until the default has been remedied or cured (fixed). Carofin and its affiliates typically apply a 5% Default Rate if there is a default by the Borrower. Relates to debt.
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by [email protected] | Oct 4, 2022
