A waiver is treated differently from an exemption in the base product algorithms. The assumption is that when an obligation is exempt from penalty and interest, calculations should not even be performed. Refer to Eligibility for more information.
For a waiver, the base product calculates the penalty or interest charge as normal and then creates appropriate waiver adjustments to offset the waived amounts. This allows an implementation to keep track of the amount of penalty and interest that has been waived.
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