Applicable Usury Laws Clause Samples

Applicable Usury Laws. See Section 12.

Applicable Usury Laws. Laws regarding the use, forbearance or detention of any indebtedness arising under this Agreement whether such laws are now or hereafter in effect, including the laws of the United States of America or any other jurisdiction whose laws are applicable, and including any subsequent revisions to or judicial interpretations of those laws. Asset Contribution Agreement. In the case of Lyondell LP and Lyondell GP, the Asset Contribution Agreement shall mean the Asset Contribution Agreement to be entered into between the Partnership and Lyondell. In the case of Millennium LP and Millennium GP, the Asset Contribution Agreement shall mean the Asset Contribution Agreement to be entered into between the Partnership and Millennium Petrochemicals.

Applicable Usury Laws. It is the intention of Agent, each Lender and Borrower to conform strictly to all applicable usury laws. It is therefore agreed that: (i) in the event that the maturity hereof is accelerated by reason of an election by Agent or any Lender, all unearned interest shall be cancelled automatically or, if theretofore paid, shall either be refunded to Borrower or credited on the unpaid principal amount of this Agreement, whichever remedy is chosen by Agent or such Lender; (ii) the aggregate of all interest and other charges constituting interest under applicable law and contracted for, chargeable or receivable under this Agreement or otherwise in connection with the transaction for which this Agreement is entered into shall never exceed the maximum amount of interest, nor produce a rate in excess of the maximum rate of interest that Agent or any Lender may charge Borrower under applicable law and in regard to which Borrower may not successfully assert the claim or defense of usury; and (iii) if any excess interest is provided for, it shall be deemed a mistake and the same shall either be refunded to Borrower or credited on the unpaid principal amount hereof and this Agreement shall be automatically deemed reformed so as to permit only the collection of the maximum legal non-usurious rate and amount of interest. All sums paid or agreed to be paid to Agent or any Lender for the use, forbearance or detention of the indebtedness evidenced hereby to the full extent allowed by applicable law, shall be amortized, prorated, allocated and spread through the full term of this Agreement. The provisions of Chapter 346 of the Texas Finance Code are specifically declared by the parties not to be applicable to any of the Loan Documents or the transactions contemplated thereby.