Compliance With Usury Law. It is expressly stipulated and agreed to be the intent of Trustor and Beneficiary at all times to comply with the applicable Nevada law governing the maximum rate or amount of interest payable on or in connection with the Secured Obligations (or applicable United States federal law to the extent that it permits Beneficiary to contract for, charge, take, reserve or receive a greater amount of interest than under Nevada law). If the applicable Governmental Rule is ever judicially interpreted so as to render usurious any amount called for under the Credit Documents, or contracted for, charged, taken, reserved or received with respect to the extension of credit evidenced by the Credit Documents or if acceleration of the maturity of the Secured Obligations or if any prepayment by Trustor results in Trustor having paid any interest in excess of that permitted by Governmental Rule, then it is Trustor’s and Beneficiary’s express intent that all excess amounts theretofore collected by Beneficiary be credited on the principal balance due under the Credit Documents (or, if the Credit Documents have been or would thereby be paid in full, refunded to Trustor), and the provisions of the Credit Documents immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable Governmental Rule, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder. The right to accelerate maturity of Secured Obligations does not include the right to accelerate any interest which has not otherwise accrued on the date of such acceleration, and Beneficiary does not intend to collect any unearned interest in the event of acceleration. All sums paid or agreed to be paid to Beneficiary for the use, forbearance or detention of the Secured Obligations shall, to the extent permitted by applicable Governmental Rule, be amortized, prorated, allocated and spread throughout the full term of the Secured Obligations until payment in full so that the rate or amount of interest on account of the Secured Obligations does not exceed the applicable usury
Compliance With Usury Law. The Loan Documents are intended to be ------------------------- performed in accordance with, and only to the extent permitted by, all applicable Requirements. This Security Agreement is subject to the provisions set out in the Credit Agreement relating to the payment of interest at the Maximum Rate and to payment or collection of interest in excess of the Maximum Amount, all of which provisions are incorporated herein for all purposes.
Compliance With Usury Law. 25 5.11 Notices........................................................................................26 5.12 Severability...................................................................................26 5.13 Survival of Provisions.........................................................................26 5.14 Successions or Assignments.....................................................................26 5.15
Compliance With Usury Law. It is expressly stipulated and agreed to be the intention of Borrower and Lender to comply at all times with applicable law governing the maximum rate or amount of interest payable on or in connection with the Lender Notes. Accordingly, if any of the transactions contemplated by or in connection with the Subject Documents or any other document or instrument would be usurious under applicable law now or hereafter governing the interest payable hereunder (including applicable United States federal law or applicable state law, to the extent not preempted by United States federal law), then in that event, notwithstanding anything to the contrary in the Subject Documents or otherwise, it is agreed as follows: (a) the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged, taken, reserved, or received under the Lender Notes or any of the other
