Common use of Legal Rate Adjustment Clause in Contracts

Legal Rate Adjustment. This Agreement and all security agreements, mortgages and notes between any Obligor and NBD pertaining to the Notes are expressly limited so that in no event whatsoever may the amount of interest paid or agreed to be paid to NBD exceed the highest rate of interest permissible under applicable law. If, from any circumstances, fulfillment of any provision of this Agreement or the Notes at the time performance of such provisions is due, shall involve exceeding the interest limitation validly prescribed by law which a court of competent jurisdiction may deem applicable to this Agreement and any Loans under this Agreement, then the obligation to be fulfilled is reduced to an amount computed at the highest rate of interest permissible under applicable law, and if, for any reason whatsoever, NBD receives as interest an amount which would be deemed unlawful under applicable law, such interest will be automatically applied to the payment of the principal of the Notes (whether or not then due and payable), and not to the payment of interest, or will be refunded to the Obligors, if such principal has been paid in full.

Legal Rate Adjustment. This Agreement Agreement, the Note and all security agreements, mortgages other Loan Documents between the Borrowers and notes between any Obligor and NBD pertaining to the Notes Lender are expressly limited so that in no event whatsoever may shall the amount of interest paid or agreed to be paid to NBD Lender exceed the highest rate of interest permissible under applicable law. If, from any circumstances, fulfillment of any provision of this Agreement or the Notes Note at the time performance of such provisions is shall be due, shall involve exceeding the interest limitation validly prescribed by law which a court of competent jurisdiction may deem applicable to this Agreement and any Loans under this Agreement, then the obligation to be fulfilled is shall be reduced to an amount computed at the highest rate of interest permissible under applicable law, and if, for any reason whatsoever, NBD receives Lender shall ever receive as interest an amount which would be deemed unlawful under applicable law, such interest will shall be automatically applied to the payment of the principal of the Notes Note, as the case may be (whether or not then due and payable), and not to the payment of interest, or will shall be refunded to the ObligorsBorrowers, if such principal has been paid in full.

Legal Rate Adjustment. This Agreement and all security agreements, mortgages mortgages, notes, and notes other Loan Documents between any Obligor one or more of the Obligated Parties and NBD pertaining to the Notes Standard Federal are expressly limited so that in no event whatsoever may will the amount of interest paid or agreed to be paid to NBD Standard Federal exceed the highest rate of interest permissible under applicable law. If, from any circumstances, fulfillment of any provision of this Agreement or the Notes any other Loan Document at the time performance of such provisions is due, shall involve involves exceeding the interest limitation validly prescribed by law which a court of competent jurisdiction may deem applicable to this Agreement and any Loans under this Agreementthe Obligations, then the obligation to be fulfilled is reduced to an amount computed at the highest rate of interest permissible under applicable law, and if, for any reason whatsoever, NBD Standard Federal ever receives as interest an amount which that would be deemed unlawful under applicable law, such interest will be automatically applied to the payment of the principal amount of the Notes Obligations (whether or not then due and payable), and not to the payment of interest, or will be refunded to the Obligorsapplicable Obligated Party, if such principal has been paid in full.

Legal Rate Adjustment. This Agreement Agreement, the Notes and all security agreements, mortgages other Loan Documents between the Borrowers and notes between any Obligor and NBD pertaining to the Notes Lender are expressly limited so that in no event whatsoever may shall the amount of interest paid or agreed to be paid to NBD Lender exceed the highest rate of interest permissible under applicable law. If, from any circumstances, 48 fulfillment of any provision of this Agreement or the Notes at the time performance of such provisions is shall be due, shall involve exceeding the interest limitation validly prescribed by law which a court of competent jurisdiction may deem applicable to this Agreement and any Loans under this Agreement, then the obligation to be fulfilled is shall be reduced to an amount computed at the highest rate of interest permissible under applicable law, and if, for any reason whatsoever, NBD receives Lender shall ever receive as interest an amount which would be deemed unlawful under applicable law, such interest will shall be automatically applied to the payment of the principal of the Notes Notes, as the case may be (whether or not then due and payable), and not to the payment of interest, or will shall be refunded to the ObligorsBorrowers, if such principal has been paid in full.

Legal Rate Adjustment. This Agreement Agreement, any notes and all security agreements, mortgages other Loan Documents between the Borrower and notes between any Obligor and NBD pertaining to the Notes Lender are expressly limited so that in no event whatsoever may shall the amount of interest paid or agreed to be paid to NBD Lender exceed the highest rate of interest permissible under applicable law. If, from any circumstances, fulfillment of any provision of this Agreement or the Notes any notes at the time performance of such provisions is shall be due, shall involve exceeding the interest limitation validly prescribed by law which a court of competent jurisdiction may deem applicable to this Agreement and any Loans under this Agreement, then the obligation to be fulfilled is shall be reduced to an amount computed at the highest rate of interest permissible under applicable law, and if, for any reason whatsoever, NBD receives Lender shall ever receive as interest an amount which would be deemed unlawful under applicable law, such interest will shall be automatically applied to the payment of the principal of any notes, as the Notes case may be (whether or not then due and payable), and not to the payment of interest, or will shall be refunded to the ObligorsBorrower, if such principal has been paid in full.

Legal Rate Adjustment. This Agreement Agreement, the Notes and all security agreements, mortgages and notes other agreements between Borrower or any Obligor Guarantor and NBD pertaining to the Notes Bank are expressly limited so that in no event whatsoever may shall the amount of interest paid or agreed to be paid to NBD the Bank exceed the highest rate of interest permissible under applicable law. If, from any circumstances, fulfillment of any provision of this Agreement or the Notes at the time performance of such provisions is shall be due, shall involve exceeding the interest limitation validly prescribed by law which a court of competent jurisdiction may deem applicable to this Agreement and any Loans under this Agreement, then the obligation to be fulfilled is shall be reduced to an amount computed at the highest rate of interest permissible under applicable law, and if, for any reason whatsoever, NBD receives the Bank shall ever receive as interest an amount which would be deemed unlawful under applicable law, such interest will shall be automatically applied to the payment of the principal of the Notes (whether or not then due and payable), and not to the payment of interest, or will shall be refunded to the ObligorsBorrower, if such principal has been paid in full.

Legal Rate Adjustment. This Agreement and all security agreements, mortgages mortgages, notes, and notes other Loan Documents between any Obligor one or more of the Parties and NBD pertaining to the Notes Lenders are expressly limited so that in no event whatsoever may will the amount of interest paid or agreed to be paid to NBD either Lender exceed the highest rate of interest permissible under applicable law. If, from any circumstances, fulfillment of any provision of this Agreement or the Notes any other Loan Document at the time performance of such provisions is due, shall involve involves exceeding the interest limitation validly prescribed by law which a court of competent jurisdiction may deem applicable to this Agreement and any Loans under this Agreementthe Obligations, then the obligation to be fulfilled is reduced to an amount computed at the highest rate of interest permissible under applicable law, and if, for any reason whatsoever, NBD either Lender ever receives as interest an amount which that would be deemed unlawful under applicable law, such interest will be automatically applied to the payment of the principal amount of the Notes Obligations (whether or not then due and payable), and not to the payment of interest, or will be refunded to the Obligorsapplicable Party, if such principal has been paid in full.

Legal Rate Adjustment. This Agreement Agreement, the Notes and all security agreements, mortgages other Loan Documents between Borrowers and notes between any Obligor and NBD pertaining to the Notes Lender are expressly limited so that in no event whatsoever may will the amount of interest paid or agreed to be paid to NBD Lender exceed the highest rate of interest permissible under applicable law. If, from any circumstances, fulfillment of any provision of this Agreement or the Notes any notes at the time performance of such provisions is will be due, shall will involve exceeding the interest limitation validly prescribed by law which a court of competent jurisdiction may deem applicable to this Agreement and any Loans under this Agreement, then the obligation to be fulfilled is will be reduced to an amount computed at the highest rate of interest permissible under applicable law, and if, for any reason whatsoever, NBD receives Lender will ever receive as interest an amount which would be deemed unlawful under applicable law, such interest will be automatically applied to the payment of the principal of any notes, as the Notes case may be (whether or not then due and payable), and not to the payment of interest, or will be refunded to the ObligorsBorrowers, if such principal has been paid in full.

Legal Rate Adjustment. This Agreement Agreement, all supplements thereto and all other notes, security agreements, agreements and mortgages between the Borrower and notes between any Obligor and NBD Lender pertaining to the Notes obligations of the Borrower are expressly limited so that in no event whatsoever may shall the amount of interest paid or agreed to be paid to NBD Lender exceed the highest rate of interest permissible under applicable law. If, from any circumstances, fulfillment of any provision of this Agreement or the Notes such other notes and agreements at the time performance of such provisions is shall be due, shall involve exceeding the interest limitation validly prescribed by law which a court of competent jurisdiction may deem applicable to this Agreement and any Loans under this Agreementapplicable, then the obligation to be fulfilled is shall be reduced to an amount computed at the highest rate of interest permissible under applicable law, and if, for any reason whatsoever, NBD receives Lender shall ever receive as interest an amount which would be deemed unlawful under applicable law, such interest will shall be automatically applied to the payment of the principal of the Notes such obligation (whether or not then due and payable), and not to the payment of interest, or will shall be refunded to the ObligorsBorrower, if such principal has been paid in full.