POST ARD DEFAULT INTEREST STRIP

Example Definitions of "POST ARD DEFAULT INTEREST STRIP"
POST ARD DEFAULT INTEREST STRIP. Shall mean, with respect to each Interest Period from and after the Anticipated Repayment Date, default interest accrued at a rate equal to the lesser of (x) 5.0% and (y) the amount by which the Maximum Legal Rate exceeds the Applicable Interest Rate.
Found in ALEXANDERS INC contract
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