Common use of Lawful Interest Clause in Contracts

Lawful Interest. It is the intent of the parties that the rate of interest and all other charges to the Borrower be lawful. If for any reason the payment of a portion of interest, fees or charges as required by this Agreement would exceed the limit established by applicable law which a commercial Bank such as the Bank may charge to a commercial borrower such as the Borrower, then the obligation to pay interest or charges shall automatically be reduced to such limit and, if any amounts in excess of such limits shall be paid, then such amounts shall be applied to the unpaid principal amount of the Obligations of the Borrower to Bank or refunded so that under no circumstances shall the interest or charges required hereunder exceed the maximum rate allowed by law.

Lawful Interest. It is the intent of the parties that the rate of interest and all other charges to the Borrower be lawful. If for any reason the payment of a portion of interest, fees or charges as required by this Agreement would exceed the limit established by applicable law which a commercial Bank lender such as the Bank Lender may charge to a commercial borrower such as the Borrower, then the obligation to pay interest or charges shall automatically be reduced to such limit and, if any amounts in excess of such limits shall be paid, then such amounts shall be applied to the unpaid principal amount of the Obligations of the Borrower to Bank the Lender or refunded so that under no circumstances shall the interest or charges required hereunder exceed the maximum rate allowed by law.

Lawful Interest. It is the intent of the parties that the rate of interest and all other charges to the Borrower be lawful. If for any reason the payment of a portion of interest, fees or charges as required by this Agreement would exceed the limit established by applicable law which a commercial Bank lender such as the Bank Lender may charge to a commercial borrower such as the Borrower, then the obligation to pay interest or charges shall automatically be reduced to such limit and, if any amounts in excess of such limits shall be paid, then such amounts shall be applied to the unpaid principal amount of the Obligations of the Borrower to Bank Lender or refunded so that under no circumstances shall the interest or charges required hereunder exceed the maximum rate allowed by law.

Lawful Interest. It is the intent of the parties that the rate of interest and all other charges to the Borrower be lawful. If for any reason the payment of a portion of interest, fees or charges as required by this Agreement would exceed the limit established by applicable law which a commercial Bank lender such as the Bank Fleet may charge to a commercial borrower such as the Borrower, then the obligation to pay interest or charges shall automatically be reduced to such limit and, if any amounts in excess of such limits shall be paid, then such amounts shall be applied to the unpaid principal amount of the Obligations of the Borrower to Bank Fleet or refunded so that under no circumstances shall the interest or charges required hereunder exceed the maximum rate allowed by law.