Common use of Interest Savings Clause Clause in Contracts

Interest Savings Clause. Notwithstanding anything to the contrary contained herein, no provision of this Note shall require the payment or permit the collection of interest in excess of the maximum rate (the "Maximum Rate") permitted by applicable law. If any excess of interest in such respect is herein provided for, or shall be adjudicated to be so provided, in this Note or otherwise in connection with the transaction that gave rise to the indebtedness evidenced by this Note, the provisions of this Section shall govern and prevail, and neither Maker nor the successors or assigns of Maker shall be obligated to pay the excess amount of such interest, or any other excess sun paid for the use, forbearance or detention of sums loaned pursuant hereto. If for any reason interest in excess of the maximum rate of interest permitted by applicable law shall be deemed charged, required or permitted by any court of competent jurisdiction, any such excess shall be applied as a payment and reduction of the principal indebtedness evidenced by this Note, and, if the principal amount hereto has been paid in full, any remaining excess shall forthwith be paid to Maker. In determining whether the amount of interest paid or payable under any contingency exceeds the amount of interest paid or payable, if the indebtedness evidenced by this Note had at all times accrued interest at the Maximum Rate, Maker agrees that, to the maximum extent permitted under applicable law, (a) any non principal payment shall be characterized as an expense fee, or premium rather than as interest, (b) prepayments and the effects thereof shall be excluded, (c) the total amount of interest shall be "spread" throughout the entire contemplated term of the Note to and including the maturity date of this Note, and (d) if the indebtedness evidenced by this Note is paid and performed in full prior to the end of the full stated term of this Note and if the aggregate amount of interest received by Payee for the actual period of existence hereof exceeds the amount of interest that would have accrued on the indebtedness evidenced by this Note had such indebtedness at all times from the inception thereof borne interest at the Maximum Rate, Payee shall refund to Maker the amount of such excess, and, in such event Payee shall not be subject to any penalties provided by any laws for contracting for, charging, reserving, taking or receiving interest in any amount in excess of the amount which would have accrued on the indebtedness evidenced by this Note if such indebtedness had, at all times from the inception thereof, borne interest at the Maximum Rate.

Interest Savings Clause. Notwithstanding anything It is the intent of the Borrower and the Lenders to conform strictly to all applicable state and federal usury laws. All agreements between the contrary contained hereinBorrower and Lenders, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no provision contingency or event whatsoever, whether by reason of this Note acceleration of the maturity hereof or otherwise, shall require the amount contracted for, charged, received or collected by Lenders for the use, forbearance, or detention of the money loaned hereunder or otherwise, or for the payment or permit performance of any covenant or obligation contained herein or in any other document evidencing, securing or pertaining to the collection of interest in excess of the maximum rate (the "Maximum Rate") permitted by applicable law. If any excess of interest in such respect is herein provided for, or shall Obligations evidenced hereby which may be adjudicated legally deemed to be so provided, in this Note or otherwise in connection with the transaction that gave rise to the indebtedness evidenced by this Note, the provisions of this Section shall govern and prevail, and neither Maker nor the successors or assigns of Maker shall be obligated to pay the excess amount of such interest, or any other excess sun paid for the use, forbearance or detention of sums loaned pursuant heretomoney, exceed the maximum amount which the Borrower is legally entitled to contract for, charge, receive or collect under applicable Governmental Rules. If for from any reason circumstances whatsoever fulfillment of any provision hereof or of such other documents, at the time performance of such provision shall be due, shall involve transcending the limit of validity prescribed by Governmental Rules, then the obligation to be fulfilled shall be automatically reduced to the limit of such validity, and if from any such circumstance Lenders shall ever receive as interest or otherwise an amount in excess of the maximum rate of that can be legally collected, then such amount which would be excessive interest permitted by applicable law shall be deemed charged, required or permitted by any court of competent jurisdiction, any such excess shall be applied as a payment and to the reduction of the principal indebtedness hereof and any other amounts due with respect to the Obligations evidenced by this Notehereby, andbut not to the payment of interest and if such amount which would be excess interest exceeds the Obligations and all other non-interest indebtedness described above, if then such additional amount shall be refunded to the principal amount hereto has been paid in full, any remaining excess shall forthwith be paid to MakerBorrower. In determining whether the amount of interest or not all sums paid or payable agreed to be paid by the Borrower for the use, forbearance or detention of the Obligations hereunder to Lenders, under any contingency specific contingency, exceeds the maximum amount of interest paid or payablepermitted by applicable Governmental Rules, if the indebtedness evidenced by this Note had at all times accrued interest at the Maximum Rate, Maker agrees that, Borrower and Lenders shall to the maximum extent permitted under applicable lawGovernmental Rules, (a) treat all Obligations evidenced hereby as but a single extension of credit, (b) characterize any non non-principal payment shall be characterized as an expense feeexpense, fee or premium rather than as interestsums paid or agreed to be paid by the Borrower for the use, (b) prepayments and forbearance or detention of the effects thereof shall be excludedObligations evidenced hereby, (c) exclude voluntary prepayments and the effect thereof, and (d) amortize, prorate, allocate and spread in equal parts, the total amount of interest shall such sums paid or agreed to be "spread" paid by the Borrower for the use, forbearance or detention of the Obligations to Lenders evidenced hereby throughout the entire contemplated term of such Obligations so that the Note to interest rate is uniform through the entire term of such Obligations. The terms and including the maturity date provisions of this Note, paragraph shall control and (d) if supersede every other provision hereof and all other agreements between the indebtedness evidenced by this Note is paid Borrower and performed in full prior to the end of the full stated term of this Note and if the aggregate amount of interest received by Payee for the actual period of existence hereof exceeds the amount of interest that would have accrued on the indebtedness evidenced by this Note had such indebtedness at all times from the inception thereof borne interest at the Maximum Rate, Payee shall refund to Maker the amount of such excess, and, in such event Payee shall not be subject to any penalties provided by any laws for contracting for, charging, reserving, taking or receiving interest in any amount in excess of the amount which would have accrued on the indebtedness evidenced by this Note if such indebtedness had, at all times from the inception thereof, borne interest at the Maximum RateLenders.

Interest Savings Clause. Notwithstanding anything It is expressly stipulated and agreed to be the intent of Borrower and Lender at all times to comply with applicable law governing the maximum rate or amount of interest payable on the Obligations. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under this Agreement, the Note or under any other Loan Document, or contracted for, charged, taken, reserved or received with respect to the contrary contained hereinObligations, no provision or if Lender's exercise of this the option to accelerate the maturity of the Note shall require the payment or permit the collection of if any prepayment by Borrower results in Borrower having paid any interest in excess of the maximum rate (the "Maximum Rate") that permitted by applicable law. If , then it is Borrower's and Lender's express intent that all excess amounts theretofore collected by Lender be credited on the principal balance of the Note (or if the Note and all other Obligations have been or would thereby be paid in full, refunded to Borrower), and provisions of the Note and the other Loan Documents shall be immediately deemed reformed and the amounts thereafter collectible hereunder or thereunder reduced, without the necessity of the execution of any excess new documents, so as so comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for under this Agreement and the Note, not exceeding the highest lawful amount of interest in such respect is herein provided for, on the Obligations. All sums paid or shall be adjudicated agreed to be so provided, in this Note or otherwise in connection with the transaction that gave rise paid to the indebtedness evidenced by this Note, the provisions of this Section shall govern and prevail, and neither Maker nor the successors or assigns of Maker shall be obligated to pay the excess amount of such interest, or any other excess sun paid Lender for the use, forbearance or detention of sums loaned pursuant hereto. If for any reason interest in excess of money shall, to the maximum rate of interest extent permitted by applicable law shall be deemed charged, required or permitted by any court of competent jurisdiction, any such excess shall be applied as a payment and reduction of the principal indebtedness evidenced by this Note, and, if the principal amount hereto has been paid in full, any remaining excess shall forthwith be paid to Maker. In determining whether the amount of interest paid or payable under any contingency exceeds the amount of interest paid or payable, if the indebtedness evidenced by this Note had at all times accrued interest at the Maximum Rate, Maker agrees that, to the maximum extent permitted under applicable law, (a) any non principal payment shall be characterized as an expense feeamortized, or premium rather than as interestprorated, (b) prepayments allocated and the effects thereof shall be excluded, (c) the total amount of interest shall be "spread" spread throughout the entire contemplated full term of the Note to and including the maturity date of this Note, and (d) if the indebtedness evidenced by this Note is paid and performed until payment in full prior to so that the end of the full stated term of this Note and if the aggregate rate or amount of interest received by Payee for on account of the actual period Obligations does not exceed the usury ceiling from time-to-time in effect and applicable to the Note. Notwithstanding anything to the contrary contained herein or in any of existence hereof exceeds the amount other Loan Documents, it is not the intention of Lender to demand payment of any interest that would have has not accrued on at the indebtedness evidenced by this Note had such indebtedness at all times from the inception thereof borne time of acceleration or to collect unearned interest at the Maximum Rate, Payee shall refund to Maker the amount time of such excess, and, in such event Payee shall not be subject to any penalties provided by any laws for contracting for, charging, reserving, taking or receiving interest in any amount in excess of the amount which would have accrued on the indebtedness evidenced by this Note if such indebtedness had, at all times from the inception thereof, borne interest at the Maximum Rateacceleration.

Interest Savings Clause. Notwithstanding anything It is expressly stipulated and agreed to be the intent of Borrower, the Agent and the Banks at all times to comply with applicable law governing the maximum rate or amount of interest payable on the Indebtedness (or applicable United States federal law to the contrary contained hereinextent that it permits any Bank to contract for, no provision charge, take, reserve or receive a greater amount of interest). If the applicable law is ever judicially interpreted so as to render usurious any amount called for under this Note shall require Agreement, the payment Notes or permit under any of the collection other Loan Documents, or contracted for, charged, taken, reserved or received with respect to the Obligations, or if Agent's exercise of the option to accelerate the maturity of the Notes or if any prepayment by Borrower results in Borrower having paid any interest in excess of the maximum rate (the "Maximum Rate") that permitted by applicable law. If any , then it is Borrower's, the Agent's and the Banks' express intent that all excess amounts theretofore collected by the Agent and/or the Banks be credited on the principal balance of interest the Notes (or, if the Notes and all other Obligations have been or would thereby be paid in such respect is herein provided forfull, or shall be adjudicated refunded to be so providedBorrower), in this Note or otherwise in connection with the transaction that gave rise to the indebtedness evidenced by this Note, and the provisions of this Section shall govern the Notes and prevailthe other Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, and neither Maker nor without the successors necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or assigns of Maker shall be obligated to pay thereunder, not exceeding the excess highest lawful amount of such interest, interest on the Obligations. All sums paid or any other excess sun agreed to be paid to the Agent and/or the Banks for the use, forbearance or detention of sums loaned pursuant hereto. If for any reason interest in excess of the maximum rate of interest Obligations shall, to the extent permitted by applicable law shall law, be deemed chargedamortized, required or permitted by any court of competent jurisdictionprorated, any such excess shall be applied as a payment allocated and reduction spread throughout the full term of the principal indebtedness evidenced by this Note, and, if Notes until payment in full so that the principal amount hereto has been paid in full, any remaining excess shall forthwith be paid to Maker. In determining whether the rate or amount of interest paid on account of the Obligations does not exceed the usury ceiling from time to time in effect and applicable to the Notes for so long as the Obligations are outstanding. Notwithstanding anything to the contrary contained herein or payable under in any contingency exceeds of the amount other Loan Documents, it is not the intention of the Agent or any Bank to accelerate the maturity or demand payment of any interest paid that has not accrued at the time of such acceleration or payable, if the indebtedness evidenced by this Note had at all times accrued to collect unearned interest at the Maximum Rate, Maker agrees that, to the maximum extent permitted under applicable law, (a) any non principal payment shall be characterized as an expense fee, or premium rather than as interest, (b) prepayments and the effects thereof shall be excluded, (c) the total amount of interest shall be "spread" throughout the entire contemplated term of the Note to and including the maturity date of this Note, and (d) if the indebtedness evidenced by this Note is paid and performed in full prior to the end of the full stated term of this Note and if the aggregate amount of interest received by Payee for the actual period of existence hereof exceeds the amount of interest that would have accrued on the indebtedness evidenced by this Note had such indebtedness at all times from the inception thereof borne interest at the Maximum Rate, Payee shall refund to Maker the amount time of such excess, and, in such event Payee shall not be subject to any penalties provided by any laws for contracting for, charging, reserving, taking or receiving interest in any amount in excess of the amount which would have accrued on the indebtedness evidenced by this Note if such indebtedness had, at all times from the inception thereof, borne interest at the Maximum Rateacceleration.