Examples of Capped Interest Rate in a sentence
If any of the Loans provides for a variable interest rate and the Note provides for a “Capped Interest Rate”, in the calculating DSCRs, Lender shall use the applicable Capped Interest Rate as the interest rate for such Loans.
SAMPLEThe Annual Floating Interest Rate will apply at all times your Loan is not on the Annual Fixed Interest Rate or the Annual Capped Interest Rate.
However, in no event will the Floating Interest Rate exceed the Capped Interest Rate, if applicable.
Promptly following each date on which the Required Amount is (i) reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise or (ii) increased as a result of an increase in the Capped Interest Rate for the Class B Certificates, the Maximum Commitment shall automatically be reduced or increased, as the case may be, to an amount equal to such reduced or increased, as the case may be, Required Amount (as calculated by the Borrower).
When the Fixed Rate Period or Capped Rate Period ends, or if no Fixed Rate Period or Capped Rate Period applies to your Loan, the Annual Floating Interest Rate will apply unless you request, and Westpac NZ agrees, for a new Annual Fixed Interest Rate or Annual Capped Interest Rate for a new Fixed Rate Period or Capped Rate Period to apply to your Loan.