Common use of Highest Lawful Interest Rate Clause in Contracts

Highest Lawful Interest Rate. Regardless of any provision contained in any of the Loan Papers, the Lender shall never be entitled to receive, collect, or apply as interest on all or any part of the Loan, any amount in excess of the Highest Lawful Rate in effect from day to day, and, in the event the Lender ever receives, collects, or applies as interest any such excess, such amount which would be deemed excessive interest shall be deemed a partial prepayment of the principal of the Loan and treated hereunder as such; and, if the entire principal amount of the Loan owed to the Lender is paid in full, any remaining excess shall be repaid to the Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate in effect from day to day, the Borrower and the Lender shall, to the maximum extent permitted under applicable law, (i) characterize any nonprincipal payment as an expense, fee, or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided that, if the interest received by the Lender for the actual period of existence thereof exceeds the Highest Lawful Rate in effect from day to day, the Lender shall apply or refund to the Borrower the amount of such excess as provided in this Section, and, in such event, the Lender shall not be subject to any penalties provided by any laws for contracting for, charging, taking, reserving, or receiving interest in excess of the Highest Lawful Rate in effect from day to day.

Highest Lawful Interest Rate. Regardless of any provision contained in any of the Loan Papers, the Lender shall never be entitled to receive, collect, or apply as interest on all or any part of the LoanLoans, any amount in excess of the Highest Lawful Rate in effect from day to day, and, in the event the Lender ever receives, collects, or applies as interest any such excess, such amount which would be deemed excessive interest shall be deemed a partial prepayment of the principal of the Loan Loans and treated hereunder as such; and, if the entire principal amount of the Loan Loans owed to the Lender is paid in full, any remaining excess shall be repaid to the Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate in effect from day to day, the Borrower and the Lender shall, to the maximum extent permitted under applicable law, (i) characterize any nonprincipal payment as an expense, fee, or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the Loan Loans so that the interest rate is uniform throughout the entire term of the LoanLoans; provided PROVIDED that, if the interest received by the Lender for the actual period of existence thereof exceeds the Highest Lawful Rate in effect from day to day, the Lender shall apply or refund to the Borrower the amount of such excess as provided in this Section, and, in such event, the Lender shall not be subject to any penalties provided by any laws for contracting for, charging, taking, reserving, or receiving interest in excess of the Highest Lawful Rate in effect from day to day.

Highest Lawful Interest Rate. Regardless of any provision contained in any of the thc Loan PapersDocuments, the Lender shall never be entitled to receive, collect, or apply as interest on all al or any part p~ of the LoanLoans, any amount in excess of the Highest Lawful Rate in effect from day to day, and, in III the event the Lender ever receives, collects, or applies as interest any such excess, excess such amount which would be deemed excessive interest shall be deemed a partial prepayment 0 the pnncipal of the principal of the Loan Loans and treated hereunder as such; and, if the entire principal amount of 40 the Loan Loans owed to the Lender is paid in full, any remaining excess shall be repaid repaid-to the Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate in effect from day to day, the Borrower and the Lender shall, to the maximum extent permitted under applicable law, (i) characterize any nonprincipal payment as an expense, fee, or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the Loan Loans so that the interest rate is uniform throughout the entire term of the LoanLoans; provided that, if the interest received by the Lender for the actual period of existence thereof exceeds the Highest Lawful Rate in effect from day to day, the Lender shall apply or refund to the Borrower the amount of such excess as provided in this Section, and, in such event, the Lender shall not be subject to any penalties provided by any laws for contracting for, charging, taking, reserving, or receiving interest in excess of the Highest Lawful Rate in effect from day to day.

Highest Lawful Interest Rate. Regardless of any provision contained in any of the Loan Papers, the Lender shall never be entitled to receive, collect, or apply as interest on all or any part of the LoanLoans, any amount in excess of the Highest Lawful Rate in effect from day to day, and, in the event the Lender ever receives, collects, or applies as interest any such excess, such amount which would be deemed excessive interest shall be deemed a partial prepayment of the principal of the Loan Loans and treated hereunder as such; and, if the entire principal amount of the Loan Loans owed to the Lender is paid in full, any remaining excess shall be repaid to the Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate in effect from day to day, the Borrower and the Lender shall, to the maximum extent permitted under applicable law, (i) characterize any nonprincipal payment as an expense, fee, or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the Loan Loans so that the interest rate is uniform throughout the entire term of the LoanLoans; provided that, if the interest received by the Lender for the actual period of existence thereof exceeds the Highest Lawful Rate in effect from day to day, the Lender shall apply or refund to the Borrower the amount of such excess as provided in this Section, and, in such event, the Lender shall not be subject to any penalties provided by any laws for contracting for, charging, taking, reserving, or receiving interest in excess of the Highest Lawful Rate in effect from day to day.

Highest Lawful Interest Rate. Regardless of any provision contained in any of the Loan Papers, the Lender shall never be entitled to receive, collect, or apply as interest on all or any part of the LoanLoans, any amount in excess of the Highest Lawful Rate in effect from day to day, and, in the event the Lender ever receives, collects, or applies as interest any such excess, such amount which would be deemed excessive interest shall be deemed a partial prepayment of the principal of the Loan Loans and treated hereunder as such; and, if the entire principal amount of the Loan Loans owed to the Lender is paid in full, any remaining excess shall be repaid to the BorrowerBorrowers. In determining whether the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate in effect from day to day, the Borrower Borrowers and the Lender shall, to the maximum extent permitted under applicable law, (i) characterize any nonprincipal payment as an expense, fee, or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the Loan Loans so that the interest rate is uniform throughout the entire term of the LoanLoans; provided that, if the interest received by the Lender for the actual period of existence thereof exceeds the Highest Lawful Rate in effect from day to day, the Lender shall apply or refund to the Borrower the amount of such excess as provided in this Section, and, in such event, the Lender shall not be subject to any penalties provided by any laws for contracting for, charging, taking, reserving, or receiving interest in excess of the Highest Lawful Rate in effect from day to day.

Highest Lawful Interest Rate. Regardless of any provision contained in any of the Loan PapersDocuments, the Lender Lenders shall never be entitled to receive, collect, or apply as interest on all or any part of the LoanLoans, any amount in excess of the Highest Lawful Rate in effect from day to day, and, in the event the any Lender ever receives, collects, or applies as interest any such excess, such amount which would be deemed excessive interest shall be deemed a partial prepayment of the principal of the Loan Loans and treated hereunder as such; and, if the entire principal amount of the Loan Loans owed to the Lender is paid in full, any remaining excess shall be repaid to the Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate in effect from day to day, the Borrower and the Lender Lenders shall, to the maximum extent permitted under applicable law, (i) characterize any nonprincipal payment as an expense, fee, or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the Loan Loans so that the interest rate is uniform throughout the entire term of the LoanLoans; provided that, if the interest received by the Lender Lenders for the actual period of existence thereof exceeds the Highest Lawful Rate in effect from day to day, the Lender Lenders shall apply or refund to the Borrower the amount of such excess as provided in this Section, and, in such event, the Lender Lenders shall not be subject to any penalties provided by any laws for contracting for, charging, taking, reserving, or receiving interest in excess of the Highest Lawful Rate in effect from day to day.