Interest Rate Limitation definition

Interest Rate Limitation means, on any date of determination, the lesser of (a) the highest rate the Issuer may legally pay from time to time or (b) 17%.
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Interest Rate Limitation means that the interest rate allowed for working capital loans and for loans for major movable equipment for intermediate care facilities for people with intellectual disabilities shall be the prime rate as published in the western edition of the Wall Street Journal or successor publication, plus one percent (1%) at the date the loan is made. All interest expense greater than the amount derived by using the limitation above shall be nonreimbursable; provided, however, that this interest rate limitation shall not be imposed against loans or leases which
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Interest Rate Limitation f c \l “2” \* MERGEFORMAT AUTONF D3_TC. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate or result in any Lender receiving interest at a criminal rate (as such term is construed under the Criminal Code (Canada)) (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.
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Examples of Interest Rate Limitation in a sentence

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More Definitions of Interest Rate Limitation

Interest Rate Limitation means that the interest rate allowed
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Interest Rate Limitation means, on any date of determination, the lesser of (a) the highest rate the Issuer may legally pay from time to time and (b) 17%.
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Related to Interest Rate Limitation

  • Applicable Interest Rate means the rate of interest prescribed under the Act from time to time;

  • Subsequent Reset Rate of Interest means, in respect of any Subsequent Reset Period and subject to Condition 4(b)(ii), the rate of interest determined by the Calculation Agent on the relevant Reset Determination Date as the sum of the relevant Mid-Swap Rate and the relevant Subsequent Margin.

  • Interest Rate shall have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.

  • Initial Rate of Interest means the initial rate of interest per annum specified as such in the relevant Final Terms;