General Provisions Relating to Interest Sample Clauses
General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the usury Laws of the State of Texas and the United States of America and, in this connection, there shall never be collected, charged or received on any sums advanced hereunder interest in excess of the Maximum Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated (weekly) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loans, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate and the obligation of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Rate until such time as there has been paid to each Bank (a) the amount of interest in excess of the Maximum Rate that such Bank would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, and (b) all interest and fees otherwise due to such Bank but for the effect of such Limitation Period. If under any circumstances the aggregate amounts paid on the Notes or under this Agreement include amounts which by Law are deemed interest and which would exceed the amount permitted if the Maximum Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, and each Bank shall promptly refund the amount of such excess (to the extent only of such interest payments above the Maximum Rate which could lawfully have been collected and retained) upon discovery of such error by such Bank or notice thereof from the Borrower.
General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the usury Laws of the State of Texas and the United States of America and, in this connection, there shall never be collected, charged or received on any sums advanced hereunder interest in excess of the Maximum Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated (weekly) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loans, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate and the obligation of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United
General Provisions Relating to Interest g) It is the intention of the parties hereto to comply strictly with the usury laws of the State of Texas and the United States of America. In this connection, there shall never be collected, charged, or received on the sums advanced hereunder interest in excess of that which would accrue at the Highest Lawful Rate. The Borrower agrees that, to the extent the Highest Lawful Rate is determined with reference to the laws of the State to Texas, the Highest Lawful Rate shall be the “weekly” rate as defined in Chapter 303 of the Texas Finance Code, provided that the Agent or any Lender may, at its election, substitute for the “weekly” rate the “annualized” or “quarterly” rate, as such terms are defined in the aforesaid statute, upon the giving of notices provided for in such statute and effective upon the giving of such notices. The Agent and each Lender may also rely, to the extent permitted by applicable laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other laws of the State of Texas or the United States of America applicable to the Agent or the relevant Lender, if greater.
General Provisions Relating to Interest. IT IS THE INTENTION OF THE PARTIES HERETO TO CONFORM STRICTLY TO APPLICABLE USURY LAWS REGARDING THE USE, FORBEARANCE OR DETENTION OF THE INDEBTEDNESS EVIDENCED BY THIS AGREEMENT, THE NOTE, THE MORTGAGE AND THE OTHER LOAN DOCUMENTS, 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, IN EACH CASE TO THE EXTENT THEY ARE APPLICABLE TO THIS AGREEMENT, THE NOTE, THE MORTGAGE AND THE OTHER LOAN DOCUMENTS (THE "APPLICABLE USURY LAWS"). ACCORDINGLY, THE FOLLOWING SHALL APPLY:
(a) if any acceleration of the maturity of the Note or any payment by Borrower or any other person or entity results in Borrower or such other person or entity being deemed to have paid any interest in excess of the Maximum Amount, as hereinafter defined, or if any transaction contemplated hereby would otherwise be usurious under any Applicable Usury Laws, then, in that event, notwithstanding anything to the contrary in this Agreement or any other Loan Document or any other agreement or instrument, it is agreed as follows: (i) the provisions of this Section 17.6 shall govern and control; (ii) the aggregate of all interest under Applicable Usury Laws that is contracted for, charged or received under this Agreement, or under any of the other aforesaid agreements or instruments or otherwise shall under no circumstances exceed the Maximum Amount, and any excess shall, if permitted by Florida law, be retained by Lender as additional cash collateral for the Loan, to be held without interest or trust or, if not permitted to be so held by Lender, shall either be refunded to Borrower or applied in reduction of principal, if permitted by Florida law, in the sole discretion of Lender; (iii) neither Borrower nor any other person or entity shall be obligated to pay the amount of such interest to the extent that it is in excess of the Maximum Amount; and (iv) the effective rate of Interest on the Loan shall be ipso facto reduced to the Highest Lawful Rate (defined below), and the provisions of this Agreement, the Note, the Mortgage and the other Loan Documents immediately shall be deemed reformed, without the necessity of the execution of any new document or instrument, so as to comply with all Applicable Usury Laws. All sums paid, or agreed to be paid, to Lender for the use, forbearance or detention of the indebtedness o...
General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury laws of the State of Texas and the United States of America. In this connection, there shall never be collected, charged, or received on the sums advanced hereunder interest in excess of that which would accrue at the Highest Lawful Rate. For purposes of Article 5069-1.04, Vernon's Texas Civil Statutes, as amended, the Borrower and the Co-Borrowers agrees that the Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in such Article, provided that the Lender may also rely, to the extent permitted by applicable laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other laws of the State of Texas or the United States of America applicable to the Lender, if greater.
(b) Notwithstanding anything herein or in the Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Note shall be the Highest Lawful Rate, and the obligation, if any, of the Borrower and the Co-Borrowers for the payment of fees or other charges deemed to be
General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the usury laws of the State of Texas to the extent applicable to each Lender and the United States of America. In this connection, there shall never be collected, charged, or received on the sums advanced hereunder interest in excess of that which would accrue at the Highest Lawful Rate. For purposes of Tex. Fin. Code Xxx. Section 303.301 (Xxxxxx 1998), the Borrower agrees that the Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in such Article, provided that the Agent and the Lenders may also rely, to the extent permitted by applicable laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other laws of the State of Texas or other states or the United States of America applicable to the Agent and/or such Lender, if greater.
General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury laws of the State of Texas and the United States of
General Provisions Relating to Interest. Subject to the choice of law provision Section 9.12 hereof, (a) it is the intention of the parties hereto to comply strictly with the usury laws of the State of Texas to the extent applicable to each Lender and the United States of America. In this connection, there shall never be collected, charged, or received on the sums advanced hereunder interest in excess of that which would accrue at the Highest Lawful Rate. To the extent deemed applicable, for purposes of Tex. Fin. Code Axx. ss. 303.301 (Vxxxxx 1998), the Borrower and the Co-Borrowers agree that the Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in such Article, provided that the Agent and the Lenders may also rely, to the extent permitted by applicable laws of the State of North Carolina, or if applicable, the State of Texas or the United States of America, on alternative maximum rates of interest under other laws of the State of North Carolina, or if applicable, the State of Texas or other states or the United States of America applicable to the Agent and/or such Lender, if greater.
General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with applicable usury laws including, where applicable, the usury laws of the State of Texas and the United States of America. In this connection, there shall never be collected, charged, or received on the sums advanced hereunder interest in excess of that which would accrue at the Highest Lawful Rate. For purposes of Texas law, to the extent applicable, the Borrower agrees that the Highest Lawful Rate shall be the weekly rate ceiling as defined in Texas Revised Civil Statutes Article 5069- 1D.001 et seq. or any successor statute; provided that any Lender may also rely, to the extent permitted by applicable laws, on alternative maximum rates of interest under other applicable laws, if greater.
General Provisions Relating to Interest. 17 2.20 Taxes...........................................................18 2.21