Common use of Limitation of Interest to Maximum Lawful Rate Clause in Contracts

Limitation of Interest to Maximum Lawful Rate. In no event will --------------------------------------------- the rate of interest payable hereunder exceed the maximum rate of interest permitted to be charged by applicable law (including the choice of law rules) and any interest paid in excess of the permitted rate will be refunded to Borrower. Such refund will be made by application of the excessive amount of interest paid against any sums outstanding hereunder and will be applied in such order as Bank may determine. If the excessive amount of interest paid exceeds the sums outstanding, the portion exceeding the sums outstanding will be refunded in cash by Bank. Any such crediting or refunding will not cure or waive any default by Borrower. Borrower agrees, however, that in determining whether or not any interest payable hereunder exceeds the highest rate permitted by law, any non-principal payment, including without limitation prepayment fees and late charges, will be deemed to the extent permitted by law to be an expense, fee, premium or penalty rather than interest.

Limitation of Interest to Maximum Lawful Rate. In no event will --------------------------------------------- the rate of interest payable hereunder exceed the maximum rate of interest permitted to be charged by applicable law (including the choice of law rules) and any interest paid in excess of the permitted rate will be refunded to Borrower. Such Provided that no Event of Default shall have occurred and be continuing, such refund will be made by application of the excessive amount of interest paid against any sums the outstanding hereunder and will be applied in such order as Bank may determineprincipal balance of the Line (excluding that portion outstanding under the Equipment Purchase Sublimit). If the excessive amount of interest paid exceeds the sums principal balance under the Line then outstanding, the portion exceeding the sums such outstanding amount will be refunded in cash by Bank. Any such crediting or refunding will not cure or waive any default by Borrower. Borrower agrees, however, that in determining whether or not any interest payable hereunder exceeds the highest rate permitted by law, any non-principal payment, including without limitation prepayment fees and late charges, will be deemed to the extent permitted by law to be an expense, fee, premium or penalty rather than interest.