Appearance
Interest Rate Cap
Definition
Restriction on the maximum interest rate.
Example
- As used herein, the term " Maximum Rate " shall mean, at any time, the maximum rate of interest under applicable law that Payee may charge Makers. The Maximum Rate shall be calculated in a manner that takes into account any and all fees, payments, and other charges in respect of this Promissory Note or any document executed in connection herewith that constitute interest under applicable law. Each change in any interest rate provided for herein based upon the Maximum Rate resulting from a change in the Maximum Rate shall take effect without notice to Makers at the time of such change in the Maximum Rate.