Interest Savings Clause. If any interest payment due hereunder is determined to be in excess of the then legal maximum rate, then that portion of each interest payment representing an amount in excess of the then legal maximum rate shall instead be deemed a payment of principal and applied against the principal of the obligations evidenced by this Note.
Appears in 9 contracts
Samples: Promissory Note (Eastside Distilling, Inc.), Promissory Note (Eastside Distilling, Inc.), Promissory Note (Eastside Distilling, Inc.)
Interest Savings Clause. If In the event any interest payment due hereunder is determined paid on this Note which is deemed to be in excess of the then legal maximum rate, then that portion of each the interest payment representing an amount in excess of the then legal maximum rate shall instead be deemed a payment of principal and applied against the principal of the obligations evidenced by this Note.
Appears in 5 contracts
Samples: Convertible Promissory Note (Calidi Biotherapeutics, Inc.), Secured Promissory Note (Flux Power Holdings, Inc.), Convertible Promissory Note (Flux Power Holdings, Inc.)
Interest Savings Clause. If any interest payment due hereunder is determined to be in excess of the then legal maximum rate, then that portion of each interest payment representing an amount in excess of the then legal maximum rate shall instead be deemed a payment of principal and shall be applied against the principal of the obligations evidenced by this Note.
Appears in 2 contracts
Samples: Convertible Subordinated Promissory Note (Digital Brands Group, Inc.), Convertible Subordinated Promissory Note (Digital Brands Group, Inc.)
Interest Savings Clause. If any interest payment (or other payment which is deemed by law to be interest) due hereunder or due under the other Bridge Loan Documents is determined to be in excess of the then legal maximum rate, then that the portion of each interest payment representing an amount in excess of the then such legal maximum rate shall instead be deemed a payment of principal and applied against the principal amount of the obligations evidenced by this Note.
Appears in 2 contracts
Samples: Bridge Loan and Security Agreement (NationsHealth, Inc.), Bridge Loan and Security Agreement (NationsHealth, Inc.)
Interest Savings Clause. If any interest payment (or other payment which is deemed by law to be interest) due hereunder is determined to be in excess of the then legal maximum rate, then that portion of each interest payment representing an amount in excess of the then legal maximum rate shall instead be deemed a payment of principal and applied against the principal of the obligations evidenced by this NotePrincipal Amount.
Appears in 2 contracts
Samples: Asset Purchase Agreement, Asset Purchase Agreement (Sebring Software, Inc.)
Interest Savings Clause. If any interest payment (or other payment which is deemed by law to be interest) is due hereunder is determined to be in excess of the then legal maximum rate, then that portion of each interest payment representing an amount in excess of the then legal maximum rate shall instead be deemed a payment of principal and applied against the principal of the obligations evidenced by this Note.
Appears in 2 contracts
Samples: Subordinated Convertible Note (BioHorizons, Inc.), Subordinated Convertible Note (BioHorizons, Inc.)
Interest Savings Clause. If any payment made under this Note is deemed by law to be interest payment due hereunder and if such interest amount is determined to be in excess of the then legal maximum rate, then that portion of each interest payment representing an amount in excess of the then legal maximum rate shall instead be deemed a payment of principal and applied against the principal of the obligations evidenced by this NotePrincipal Amount.
Appears in 1 contract
Samples: Securities Purchase Agreement (22nd Century Group, Inc.)
Interest Savings Clause. If any interest payment (or other payment which is deemed by law to be interest) is due hereunder is determined to be in excess of the then legal maximum rate, then that portion of each interest payment representing an amount in excess of the then legal maximum rate shall instead be deemed a payment of principal and applied against the principal of the obligations evidenced by this Bridge Note.
Appears in 1 contract
Samples: Bridge Note (Tumbler Merger Corp.)
