2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 15 - Corporate Powers, Duties and Safeguards
1510 - Certain specifically authorized debt terms.

     § 1510.  Certain specifically authorized debt terms.
        (a)  Interest rates.--A business corporation shall not plead
     or set up usury, or the taking of more than the lawful rate of
     interest, or the taking of any finance, service or default
     charge in excess of any maximum rate therefor provided or
     prescribed by law, as a defense to any action or proceeding
     brought against it to recover damages on, or to enforce payment
     of, or to enforce any other remedy on, any obligation executed
     or effected by the corporation.
        (b)  Yield maintenance premiums.--A prepayment premium
     determined by reference to the approximate spread between the
     yield at issuance, or at the date of amendment of any of the
     terms, of an obligation of a corporation and the yield at or
     about such date of an interest rate index of independent
     significance and contingent upon a change in the ownership of
     the shares of or a default by or other change in the condition
     or prospects of the issuer or any affiliate of the issuer shall
     be deemed liquidated damages and shall not constitute a penalty.
        (c)  Definitions.--As used in this section, the following
     words shall have the meanings given to them in this subsection:
        "Affiliate."  An affiliate or associate as defined in section
     2552 (relating to definitions).
        "Obligation."  Includes an installment sale contract.
        (d)  Cross reference.--See section 4146 (relating to
     provisions applicable to all foreign corporations).
     (Dec. 19, 1990, P.L.834, No.198, eff. imd.)

        Cross References.  Section 1510 is referred to in sections
     4146, 8926, 8981, 9506, 9507 of this title.