Borrowing Tranches. Lender’s determination of interest rates and any change therein will, in the absence of manifest error, be conclusive and binding upon all parties hereto. If at any time the designated rate applicable to any portion of the Loan made by Lender exceeds such Lender’s Maximum Legal Rate, the rate of interest on such Lender’s Loan is limited to such Lender’s Maximum Legal Rate. Borrower has the right to select from the following Interest Rate Options:
Appears in 2 contracts
Sources: Construction Loan Agreement, Construction Loan Agreement (CNL Growth Properties, Inc.)