Maximum Legal Rate of Interest means the maximum rate of interest that a holder of Notes may from time to time legally charge the Company by agreement and in regard to which the Company would be prevented successfully from raising the claim or defense of usury under the Applicable Interest Law as now or hereafter construed by courts having appropriate jurisdiction.
Maximum Legal Rate of Interest means the maximum rate of interest that Agency may from time to time charge Developer, and under which Developer would have no claim or defense of usury under the Interest Law.
Maximum Legal Rate of Interest means the maximum effective contract rate of interest that Lender may from time to time, by agreement with the Buyer, legally charge Buyer and in regard to which Buyer would be prevented from successfully raising the claim or defense of usury under the Interest Law as now or hereafter construed by courts of appropriate jurisdiction.
Examples of Maximum Legal Rate of Interest in a sentence
Interest determined at the Maximum Legal Rate of Interest shall be determined in accordance with Applicable Interest Law.
Accordingly, so long as any of the Notes are held by an institution of the Farm Credit System, there shall be no Maximum Legal Rate of Interest with respect to such Notes.
Maximum Legal Rate of Interest...............................................................
Notwithstanding anything to the contrary herein or in the Notes, the rate of interest payable with respect to the Notes shall at no time directly or indirectly exceed the Maximum Legal Rate of Interest.
The effective rate of interest shall be automatically subject to reduction to the Maximum Legal Rate of Interest allowed under the Interest Law, as now or hereafter construed by courts of appropriate jurisdiction.
More Definitions of Maximum Legal Rate of Interest
Maximum Legal Rate of Interest means, with respect to any Note, the maximum rate of interest that the holder of such Note may from time to time legally charge the Company by agreement and in regard to which the Company would be prevented successfully from raising the claim or defense of usury under the Applicable Interest Law as now or hereafter construed by courts having appropriate jurisdiction. The Company acknowledges and agrees that 12 U.S.C. section 2205 provides that institutions of the Farm Credit System are not subject to any interest rate limitation imposed by any state constitution or statute or other laws, and that any such limitations are preempted, and therefore any interest owing under the Notes, to the extent purchased or held by an institution of the Farm Credit System, is not subject to any ceiling.
Maximum Legal Rate of Interest means and refer to the maximum rate of nonusurious interest, if any, that Mortgagee may from time to time charge Mortgagor and the Obligors and in regard to which Mortgagor and the Obligors would be prevented successfully from raising the claim or defense of usury under applicable law as now, or to the extent permitted by law, as may hereafter be, in effect (said law permitting the highest rate being herein referred to as the "Interest Law"). Unless changed in accordance with law, the applicable rate ceiling under Texas law shall be the indicated (weekly) rate ceiling, from time to time in effect, as provided in Article 5069-1.04 of the Texas Revised Civil Statues, as amended. It is the intention of Mortgagor and the Obligors and Mortgagee to conform strictly to the Interest Law applicable to this loan transaction. Accordingly, it is agreed that notwithstanding any provision to the contrary in this Mortgage, the Notes or in any other Loan Document, the aggregate of all interest and any other charges or consideration constituting interest under applicable Interest Law that is taken, reserved, contracted for, charged or received under this Mortgage, or under any of the other aforesaid agreements or otherwise in connection with this loan transaction shall under no circumstances exceed the maximum amount of interest allowed by the Interest Law applicable to this loan transaction. If any excess of interest in such respect is provided for, or shall be adjudicated to be so provided for, in this Mortgage, in the Notes or in any other Loan Document, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Mortgagor, the Obligors nor their respective heirs, legal representatives, successors or assigns or any other party liable for the payment of Said Indebtedness shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest allowed by the Interest Law applicable to this loan transaction, (c) any excess shall be deemed a mistake and canceled automatically and, if thereto paid, shall be credited on Said Indebtedness by Mortgagee (or if Said Indebtedness shall have been paid in full, refunded to Mortgagor or the Obligors, as applicable), and (d) the effective rate of interest shall be automatically subject to reduction to the Maximum Legal Rate of Interest allowed under such Interest Law as now or hereafter construed by courts of appropriate jurisdiction. All sums paid or ...
Maximum Legal Rate of Interest means the maximum rate of interest that DLG may from time to time charge Maker and in regard to which Maker would be prevented successfully from raising the claim or defense of usury under the Interest Law.
Maximum Legal Rate of Interest means the maximum rate of interest that the Lenders may charge the Borrower, and under which the Borrower would have no claim or defense of usury under the Interest Law.
Maximum Legal Rate of Interest means the maximum rate of interest that City may from time to time charge Borrower, and under which Borrower would have no claim or defense of usury under the Interest Law.
Maximum Legal Rate of Interest means, with respect to any Note, the maximum rate of interest that the holder of such Note may from time to time legally charge the Company by agreement and in regard to which the Company would be prevented successfully from raising the claim or defense of usury under the Applicable Interest Law as now or hereafter construed by courts having appropriate jurisdiction. Moody’s — means Xxxxx’x Investors Service, Inc. Xxxxxxx — means Xxxx Xxxxxxx & Co., a Delaware corporation, and its successors and assigns. Xxxxxxx Pension Plans — means, collectively, the defined benefit Pension Plan administered for salaried employees of Xxxxxxx and the defined benefit Pension Plan administered for hourly employees of Xxxxxxx, in each case as maintained on the Restatement Date by Xxxxxxx. Multiemployer Plan — means any multiemployer plan (as defined in Section 3(37) of ERISA) in respect of which the Company or any ERISA Affiliate is an “employer” (as such term is defined in Section 3(5) of ERISA).
Maximum Legal Rate of Interest means the maximum rate of interest that Sub-Debt Lender may charge Borrower, and under which Borrower would have no claim or defense of usury under the Interest Law.