Common use of Interest Savings Clause Clause in Contracts

Interest Savings Clause. 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 Borrower and Lenders, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity hereof or otherwise, shall 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 performance of any covenant or obligation contained herein or in any other document evidencing, securing or pertaining to the Obligations evidenced hereby which may be legally deemed to be for the use, forbearance or detention of money, exceed the maximum amount which the Borrower is legally entitled to contract for, charge, receive or collect under applicable Governmental Rules. If from any 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 that can be legally collected, then such amount which would be excessive interest shall be applied to the reduction of the principal indebtedness hereof and any other amounts due with respect to the Obligations evidenced hereby, but 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, then such additional amount shall be refunded to the Borrower. In determining whether or not all sums paid or agreed to be paid by the Borrower for the use, forbearance or detention of the Obligations hereunder to Lenders, under any specific contingency, exceeds the maximum amount permitted by applicable Governmental Rules, the Borrower and Lenders shall to the maximum extent permitted under applicable Governmental Rules, (a) treat all Obligations evidenced hereby as but a single extension of credit, (b) characterize any non-principal payment as an expense, fee or premium rather than as sums paid or agreed to be paid by the Borrower for the use, forbearance or detention of the Obligations evidenced hereby, (c) exclude voluntary prepayments and the effect thereof, and (d) amortize, prorate, allocate and spread in equal parts, the total amount of such sums paid or agreed to be 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 interest rate is uniform through the entire term of such Obligations. The terms and provisions of this paragraph shall control and supersede every other provision hereof and all other agreements between the Borrower and Lenders.

Interest Savings Clause. It is expressly stipulated and agreed to be the intent of Borrower, the Borrower Agent and the Lenders Banks at all times to conform strictly to all comply with applicable state and law governing the maximum rate or amount of interest payable on the Indebtedness (or applicable United States federal usury laws. All agreements between the Borrower and Lenders, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity hereof or otherwise, shall 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 performance of any covenant or obligation contained herein or in any other document evidencing, securing or pertaining law to the Obligations evidenced hereby which may be legally deemed to be for the use, forbearance or detention of money, exceed the maximum amount which the Borrower is legally entitled extent that it permits any Bank to contract for, charge, take, reserve or receive or collect under applicable Governmental Rulesa greater amount of interest). If from the applicable law is ever judicially interpreted so as to render usurious any circumstances whatsoever fulfillment of amount called for under this Agreement, the Notes or under 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 that can be legally collectedother Loan Documents, then such amount which would be excessive interest shall be applied to the reduction of the principal indebtedness hereof and any other amounts due or contracted for, charged, taken, reserved or received with respect to the Obligations evidenced herebyObligations, but not or if Agent's exercise of the option to accelerate the payment maturity of the Notes or if any prepayment by Borrower results in Borrower having paid any interest in excess of that permitted by applicable law, 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 the Notes (or, if such amount which would be excess interest exceeds the Obligations Notes and all other non-interest indebtedness described aboveObligations have been or would thereby be paid in full, then such additional amount shall be refunded to Borrower), and the Borrowerprovisions of the Notes and the other Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the 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 thereunder, not exceeding the highest lawful amount of interest on the Obligations. In determining whether or not all All sums paid or agreed to be paid by to the Borrower Agent and/or the Banks for the use, forbearance or detention of the Obligations hereunder shall, to Lenders, under any specific contingency, exceeds the maximum amount extent permitted by applicable Governmental Ruleslaw, be amortized, prorated, allocated and spread throughout the Borrower and Lenders shall to full term of the maximum extent permitted under applicable Governmental Rules, (a) treat all Obligations evidenced hereby as but a single extension Notes until payment in full so that the rate or amount of credit, (b) characterize any non-principal payment as an expense, fee or premium rather than as sums paid or agreed to be paid by the Borrower for the use, forbearance or detention interest on account of the Obligations evidenced herebydoes 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 in any of the other Loan Documents, (c) exclude voluntary prepayments and it is not the effect thereof, and (d) amortize, prorate, allocate and spread in equal parts, intention of the total amount Agent or any Bank to accelerate the maturity or demand payment of any interest that has not accrued at the time of such sums paid acceleration or agreed to be paid by collect unearned interest at the Borrower for the use, forbearance or detention of the Obligations to Lenders evidenced hereby throughout the entire contemplated term time of such Obligations so that the interest rate is uniform through the entire term of such Obligations. The terms and provisions of this paragraph shall control and supersede every other provision hereof and all other agreements between the Borrower and Lendersacceleration.

Interest Savings Clause. It is Notwithstanding anything to the intent contrary contained herein, no provision of the Borrower and the Lenders to conform strictly to all applicable state and federal usury laws. All agreements between the Borrower and Lenders, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity hereof or otherwise, this Note shall 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 require the payment or performance permit the collection of interest in excess of the maximum rate (the "Maximum Rate") permitted by applicable law. If any covenant excess of interest in such respect is herein provided for, or obligation contained herein 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 document evidencing, securing or pertaining to the Obligations evidenced hereby which may be legally deemed to be excess sun paid for the use, forbearance or detention of money, exceed the maximum amount which the Borrower is legally entitled to contract for, charge, receive or collect under applicable Governmental Rulessums loaned pursuant hereto. If from for any 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 reason interest or otherwise an amount in excess of the maximum that can rate of interest permitted by applicable law shall be legally collecteddeemed charged, then required or permitted by any court of competent jurisdiction, any such amount which would be excessive interest excess shall be applied to the as a payment and reduction of the principal indebtedness hereof and evidenced by this Note, and, if the principal amount hereto has been paid in full, any other amounts due with respect remaining excess shall forthwith be paid to the Obligations evidenced hereby, but 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, then such additional amount shall be refunded to the BorrowerMaker. In determining whether or not all sums the amount of interest paid or agreed to be paid by the Borrower for the use, forbearance or detention of the Obligations hereunder to Lenders, payable under any specific contingency, contingency exceeds the maximum amount permitted of interest paid or payable, if the indebtedness evidenced by applicable Governmental Rulesthis Note had at all times accrued interest at the Maximum Rate, the Borrower and Lenders shall Maker agrees that, to the maximum extent permitted under applicable Governmental Ruleslaw, (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 expenseexpense fee, fee or premium rather than as sums paid or agreed to interest, (b) prepayments and the effects thereof shall be paid by the Borrower for the use, forbearance or detention of the Obligations evidenced herebyexcluded, (c) exclude voluntary prepayments and the effect thereof, and (d) amortize, prorate, allocate and spread in equal parts, the total amount of such sums paid or agreed to interest shall be paid by the Borrower for the use, forbearance or detention of the Obligations to Lenders evidenced hereby "spread" throughout the entire contemplated term of such Obligations so that the interest rate Note to and including the maturity date of this Note, and (d) if the indebtedness evidenced by this Note is uniform through paid and performed in full prior to the entire 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 Obligations. The terms and provisions 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 paragraph shall control and supersede every other provision hereof and Note if such indebtedness had, at all other agreements between times from the Borrower and Lendersinception thereof, borne interest at the Maximum Rate.

Interest Savings Clause. It is expressly stipulated and agreed to be the intent of the Borrower and Lender at all times to comply with applicable law governing the Lenders maximum rate or amount of interest payable on the Obligations. If the applicable law is ever judicially interpreted so as to conform strictly to all applicable state and federal usury laws. All agreements between render usurious any amount called for under this Agreement, the Borrower and LendersNote or under any other Loan Document, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity hereof or otherwise, shall the amount contracted for, charged, taken, reserved or received with respect to the Obligations, or if Lender's exercise of the option to accelerate the maturity of the Note or if any prepayment by Borrower results in Borrower having paid any interest in excess of that permitted by applicable law, then it is Borrower's and Lender's express intent that all excess amounts theretofore collected by Lenders for Lender be credited on the use, forbearance, or detention principal balance of the money loaned 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 otherwisethereunder reduced, or for without the payment or performance necessity of the execution of any covenant 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 on the Obligations. All sums paid or obligation contained herein or in any other document evidencing, securing or pertaining to the Obligations evidenced hereby which may be legally deemed agreed to be paid to Lender for the use, forbearance or detention of moneymoney shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of the Note until payment in full so that the rate or amount of interest on account of the Obligations does not exceed the maximum amount which usury ceiling from time-to-time in effect and applicable to the Borrower Note. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is legally entitled not the intention of Lender to contract for, charge, receive or collect under applicable Governmental Rules. If from any circumstances whatsoever fulfillment demand payment of any provision hereof or of such other documents, interest that has not accrued at the time performance of such provision shall be due, shall involve transcending acceleration or to collect unearned interest at the limit time 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 that can be legally collected, then such amount which would be excessive interest shall be applied to the reduction of the principal indebtedness hereof and any other amounts due with respect to the Obligations evidenced hereby, but 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, then such additional amount shall be refunded to the Borrower. In determining whether or not all sums paid or agreed to be paid by the Borrower for the use, forbearance or detention of the Obligations hereunder to Lenders, under any specific contingency, exceeds the maximum amount permitted by applicable Governmental Rules, the Borrower and Lenders shall to the maximum extent permitted under applicable Governmental Rules, (a) treat all Obligations evidenced hereby as but a single extension of credit, (b) characterize any non-principal payment as an expense, fee or premium rather than as sums paid or agreed to be paid by the Borrower for the use, forbearance or detention of the Obligations evidenced hereby, (c) exclude voluntary prepayments and the effect thereof, and (d) amortize, prorate, allocate and spread in equal parts, the total amount of such sums paid or agreed to be 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 interest rate is uniform through the entire term of such Obligations. The terms and provisions of this paragraph shall control and supersede every other provision hereof and all other agreements between the Borrower and Lendersacceleration.