Common use of Intent to Limit Charges to Maximum Lawful Rate Clause in Contracts

Intent to Limit Charges to Maximum Lawful Rate. In no event will the interest rates payable under the Loan Documents, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers and Lender, in executing and delivering the Loan Documents, intend to agree upon the rate or rates of interest and manner of payment stated within the Loan Documents. However, if the rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto as of the date of this Agreement, Borrowers are and will be liable only for the payment of the maximum as allowed by law, and payments received from Borrowers in excess of the legal maximum, whenever received, will be applied to reduce the principal balance of the Obligations to the extent of the excess.

Intent to Limit Charges to Maximum Lawful Rate. In no event will shall the interest rate or rates payable under the Loan Documentsthis Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicableapplicable hereto. Borrowers Borrower and Lenderthe Lender Group, in executing and delivering the Loan Documentsthis Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the Loan Documents. Howevercontrary notwithstanding, if the said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto facto, as of the date of this Agreement, Borrowers are Borrower is and will shall be liable only for the payment of the such maximum as allowed by law, and payments payment received from Borrowers Borrower in excess of the such legal maximum, whenever received, will shall be applied to reduce the principal balance of the Obligations to the extent of the such excess.