Intent not to Violate Usury Laws. It is the intent of the parties hereto not to violate any federal or state law, rule or regulation pertaining either to usury or to the contracting for or charging or collecting of interest, and each of the Payee and Maker agree that should any provision of this Note be deemed to violate any such law, rule or regulation, then the excess of interest contracted for or charged or collected over the maximum lawful rate of interest shall be applied to the principal amount due hereunder, without penalty.
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Samples: Floating Rate Term Note (Dougherty's Pharmacy, Inc.), Floating Rate Term Note (Dougherty's Pharmacy, Inc.), Floating Rate Term Note (Dougherty's Pharmacy, Inc.)
Intent not to Violate Usury Laws. It is the intent of the The parties hereto intend not to violate any federal or state law, rule or regulation pertaining either to usury or to the contracting for or charging or collecting of interest, and each of the Payee Lender and Maker Borrower agree that should any provision of this Note be deemed to violate any such law, rule or regulation, then the excess of interest contracted for or charged or collected over the maximum lawful rate of interest shall be applied to the principal amount due hereunder, without penalty.
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