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 DEED OF TRUST AND THE OTHER LOAN DOCUMENTS, WHETHER SUCH LAWS ARE NOW OR HEREAFTER IN EFFECT, INCLUDING THE LAWS OF THE UNITED STATES OF AMERICA, THE LAWS OF THE STATE OF CALIFORNIA 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 DEED OF TRUST AND THE OTHER LOAN DOCUMENTS (THE "APPLICABLE USURY LAWS"); PROVIDED, HOWEVER, IF SUCH LAWS SHALL HEREAFTER PERMIT HIGHER RATES OF INTEREST, THEN THE APPLICABLE USURY LAWS SHALL BE THE LAWS ALLOWING THE HIGHER RATES OF INTEREST. BORROWER ACKNOWLEDGES THAT LENDER IS LICENSED AS A COMMERCIAL FINANCE LENDER UNDER CALIFORNIA FINANCIAL CODE 22000, ET SEQ., AND AS SUCH, IS COMPLETELY EXEMPT FROM CALIFORNIA USURY LAWS. NOTWITHSTANDING ANYTHING SET FORTH IN THIS AGREEMENT, THE INTEREST APPLICABLE TO THE NOTE IS AS SPECIFICALLY SET FORTH THEREIN, AND THE INTEREST APPLICABLE TO THE NOTE SHALL NOT BE AGGREGATED, BLENDED OR OTHERWISE CONSIDERED AS ONE INTEREST RATE APPLICABLE TO THE LOAN. NONETHELESS, THE FOLLOWING SHALL APPLY:
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General Provisions Relating to Interest. IT IS THE INTENTION OF THE PARTIES HERETO TO CONFORM STRICTLY TO APPLICABLE USURY LAWS REGARDING THE USEIt is the intention of the parties hereto to comply strictly with the applicable usury Laws as in effect from time to time; and in this connection, FORBEARANCE OR DETENTION OF THE INDEBTEDNESS EVIDENCED BY THIS AGREEMENTthere shall never be taken, THE NOTEreserved, THE DEED OF TRUST AND THE OTHER LOAN DOCUMENTScontracted for, WHETHER SUCH LAWS ARE NOW OR HEREAFTER IN EFFECTcollected, INCLUDING THE LAWS OF THE UNITED STATES OF AMERICA, THE LAWS OF THE STATE OF CALIFORNIA 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 DEED OF TRUST AND THE OTHER LOAN DOCUMENTS charged or received on any Loan or any other Obligation interest in excess of that which would accrue at the Highest Lawful Rate. If under any circumstances the aggregate amount paid on the Obligations includes amounts that are by Law deemed to be interest which exceed the Highest Lawful Rate (THE the "APPLICABLE USURY LAWSEXCESS INTEREST"); PROVIDED, HOWEVERthe Borrower stipulates that such payment and collection will have been and will be deemed to have been, IF SUCH LAWS SHALL HEREAFTER PERMIT HIGHER RATES OF INTERESTto the fullest extent permitted by applicable Laws, THEN THE APPLICABLE USURY LAWS SHALL BE THE LAWS ALLOWING THE HIGHER RATES OF INTERESTthe result of mathematical error on the part of the Borrower, the Administrative Agent and the Lenders, and the Administrative Agent and the Lenders shall promptly credit the amount of such excess interest on the principal amount of the outstanding Obligations, or if the principal amount of the Obligations shall have been paid in full, refund the excess interest to the Borrower. BORROWER ACKNOWLEDGES THAT LENDER IS LICENSED AS A COMMERCIAL FINANCE LENDER UNDER CALIFORNIA FINANCIAL CODE 22000In the event that the maturity of the Notes is accelerated by reason of an election of the Lenders resulting from any Event of Default or by reason of operation of SECTION 7.2(A), ET SEQor in the event of any prepayment, then such consideration that constitutes interest under Laws applicable to the Administrative Agent or the Lenders may never exceed the Highest Lawful Rate, and excess interest, if any, provided for in the Notes, this Agreement or otherwise shall be cancelled automatically by the Administrative Agent or the Lenders as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Administrative Agent or the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded by the Administrative Agent or the Lenders to the Borrower. All sums paid, or agreed to be paid, to the Administrative Agent or the Lenders for the use, forbearance, and detention of the proceeds of the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full term of the Obligations until paid in full so that the actual rate of interest is uniform, but does not exceed the Highest Lawful Rate, throughout the full term hereof., AND AS SUCH, IS COMPLETELY EXEMPT FROM CALIFORNIA USURY LAWS. NOTWITHSTANDING ANYTHING SET FORTH IN THIS AGREEMENT, THE INTEREST APPLICABLE TO THE NOTE IS AS SPECIFICALLY SET FORTH THEREIN, AND THE INTEREST APPLICABLE TO THE NOTE SHALL NOT BE AGGREGATED, BLENDED OR OTHERWISE CONSIDERED AS ONE INTEREST RATE APPLICABLE TO THE LOAN. NONETHELESS, THE FOLLOWING SHALL APPLY:
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Samples: Senior Secured Advancing Line of Credit Agreement (Mainland Resources Inc.)
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 DEED OF TRUST MORTGAGE AND THE OTHER LOAN DOCUMENTS, WHETHER SUCH LAWS ARE NOW OR HEREAFTER IN EFFECT, INCLUDING THE LAWS OF THE UNITED STATES OF AMERICA, THE LAWS OF THE STATE OF CALIFORNIA 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 DEED OF TRUST MORTGAGE AND THE OTHER LOAN DOCUMENTS (THE "APPLICABLE USURY LAWS"); PROVIDED, HOWEVER, IF SUCH LAWS SHALL HEREAFTER PERMIT HIGHER RATES OF INTEREST, THEN THE APPLICABLE USURY LAWS SHALL BE THE LAWS ALLOWING THE HIGHER RATES OF INTEREST. BORROWER ACKNOWLEDGES THAT LENDER IS LICENSED AS A COMMERCIAL FINANCE LENDER UNDER CALIFORNIA FINANCIAL CODE 22000, ET SEQ., AND AS SUCH, IS COMPLETELY EXEMPT FROM CALIFORNIA USURY LAWS. NOTWITHSTANDING ANYTHING SET FORTH IN THIS AGREEMENT, THE INTEREST APPLICABLE TO THE NOTE IS AS SPECIFICALLY SET FORTH THEREIN, AND THE INTEREST APPLICABLE TO THE NOTE SHALL NOT BE AGGREGATED, BLENDED OR OTHERWISE CONSIDERED AS ONE INTEREST RATE APPLICABLE TO THE LOAN. NONETHELESSACCORDINGLY, 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 of Borrower to Lender evidenced by this Agreement, the Note, the Mortgage and the other Loan Documents shall, to the fullest extent permitted by the Applicable Usury Laws, be amortized, pro rated, allocated and spread throughout the full term of the indebtedness evidenced by this Agreement, the Note, the Mortgage and the other Loan Documents so that the actual rate of Interest does not exceed the Highest Lawful Rate in effect at any particular time during the full term thereof. As used herein, the term "Maximum Amount" means the maximum non-usurious amount of interest which may be lawfully contracted for, charged or received by Lender in connection with the indebtedness evidenced by this Agreement, the Note, the Mortgage and other Loan Documents under all Applicable Usury Laws.
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Samples: Loan Agreement (Newcare Health Corp)
General Provisions Relating to Interest. IT IS THE INTENTION OF THE PARTIES HERETO TO CONFORM STRICTLY TO APPLICABLE USURY LAWS REGARDING THE USEIt is the intention of the --------------------------------------- parties hereto to comply strictly with any applicable usury laws as in effect from time to time and, FORBEARANCE OR DETENTION OF THE INDEBTEDNESS EVIDENCED BY THIS AGREEMENTin this regard, THE NOTEthere shall never be taken, THE DEED OF TRUST AND THE OTHER LOAN DOCUMENTSreceived, WHETHER SUCH LAWS ARE NOW OR HEREAFTER IN EFFECTcontracted for, INCLUDING THE LAWS OF THE UNITED STATES OF AMERICAcollected, THE LAWS OF THE STATE OF CALIFORNIA OR ANY OTHER JURISDICTION WHOSE LAWS ARE APPLICABLEcharged or received on any sums advanced hereunder interest in excess of that which would accrue at the Highest Lawful Rate. If, AND INCLUDING ANY SUBSEQUENT REVISIONS TO OR JUDICIAL INTERPRETATIONS OF THOSE LAWSunder any circumstances, IN EACH CASE TO THE EXTENT THEY ARE APPLICABLE TO THIS AGREEMENTthe aggregate amounts paid on the Note or under this Agreement or any other Loan Document include amounts which by law are deemed interest and which would exceed the amount permitted if the Highest Lawful Rate were in effect, THE NOTEthe Borrower stipulates that such payment and collection will have been and will be deemed to have been, THE DEED OF TRUST AND THE OTHER LOAN DOCUMENTS to the fullest extent permitted by applicable laws of the State of Oklahoma or the United States of America, the result of mathematical error on the part of the Borrower and the Lender; and the Lender shall promptly credit the amount of such excess to the principal amount of the outstanding Obligations, or if the principal amount of the Obligations shall have been paid in full, refund the amount of such excess to the Borrower (THE "APPLICABLE USURY LAWS"); PROVIDEDto the extent only of such interest payments in excess of that which would have accrued and been payable on the basis of the Highest Lawful Rate) upon discovery of such error by the Lender or notice thereof from the Borrower. If the maturity of the Note is accelerated by reason of an election of the Lender resulting from any Event of Default or otherwise, HOWEVERor in the event of any prepayment, IF SUCH LAWS SHALL HEREAFTER PERMIT HIGHER RATES OF INTERESTthen such consideration that constitutes interest under applicable laws may never include amounts which are more than the Highest Lawful Rate, THEN THE APPLICABLE USURY LAWS SHALL BE THE LAWS ALLOWING THE HIGHER RATES OF INTERESTand the amount of such excess, if any, provided for in this Agreement or otherwise shall be canceled automatically by the Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded by the Lender to the Borrower. BORROWER ACKNOWLEDGES THAT LENDER IS LICENSED AS A COMMERCIAL FINANCE LENDER UNDER CALIFORNIA FINANCIAL CODE 22000All sums paid, ET SEQor agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any Advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof., AND AS SUCH, IS COMPLETELY EXEMPT FROM CALIFORNIA USURY LAWS. NOTWITHSTANDING ANYTHING SET FORTH IN THIS AGREEMENT, THE INTEREST APPLICABLE TO THE NOTE IS AS SPECIFICALLY SET FORTH THEREIN, AND THE INTEREST APPLICABLE TO THE NOTE SHALL NOT BE AGGREGATED, BLENDED OR OTHERWISE CONSIDERED AS ONE INTEREST RATE APPLICABLE TO THE LOAN. NONETHELESS, THE FOLLOWING SHALL APPLY:
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