Example ContractsClausesMaximum Lawful Rate
Maximum Lawful Rate
Maximum Lawful Rate contract clause examples

Maximum Lawful Rate” has the meaning ascribed to it in Section 1.07(e).

Maximum Lawful Rate” has the meaning set forth in Section 2.7.

Maximum Lawful Rate” has the meaning set forth in Section 2.7.

Maximum Lawful Rate” has the meaning set forth in Section 2.7.

Maximum Lawful Rate” has the meaning set forth in Section 2.7.

Maximum Lawful Rate” has the meaning set forth in Section 2.7.

Maximum Lawful Rate” has the meaning set forth in Section 2.7.

Maximum Lawful Rate: As such term is defined in Section 5.3.

Maximum Lawful Rate” has the meaning given it in Section 2.6(g).

Maximum Lawful Rate. In no event shall the interest charged hereunder with respect to the Obligations exceed the maximum amount permitted under the Laws of the State of New York. Notwithstanding anything to the contrary in any Financing Document, if at any time the rate of interest payable hereunder (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable Law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, Borrower shall, to the extent permitted by Law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received, had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of such Lender’s Credit Extensions or to other amounts (other than interest) payable hereunder, and if no such Credit Extensions or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrower. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.

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