Common use of Limitations on Interest Clause in Contracts

Limitations on Interest. All agreements between TMCC, Borrower, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of demand for payment or acceleration of the maturity hereof or otherwise, shall the interest contracted for, charged or received by TMCC exceed the maximum amount permissible under Applicable Law. If, from any circumstance whatsoever, interest would otherwise be payable to TMCC in excess of the maximum lawful amount, the interest payable to TMCC shall be reduced to the maximum amount permitted under Applicable Law; and if from any circumstance TMCC shall ever receive anything of value deemed interest by Applicable Law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations to which such excess pertains and not to the payment of interest, or if such excessive interest exceeds the principal balance such excess shall be refunded to the applicable Borrower or Guarantor. All interest paid or agreed to be paid to TMCC shall, to the extent permitted by Applicable Law, be amortized, prorated, allocated, and spread throughout the full period until payment in full of the principal so that the interest hereon for such full period shall not exceed the maximum amount permitted by Applicable Law. This paragraph shall control all agreements between TMCC and Borrower and Guarantor.

Limitations on Interest. All agreements between TMCC, BorrowerBorrower and Lender, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of demand for payment or acceleration of the maturity hereof or otherwise, shall the interest contracted for, charged or received by TMCC Lender exceed the maximum amount permissible under Applicable Lawapplicable law. If, from any circumstance whatsoever, interest would otherwise be payable to TMCC Lender in excess of the maximum lawful amount, the interest payable to TMCC Lender shall be reduced to the maximum amount permitted under Applicable Lawapplicable law; and if from any circumstance TMCC Lender shall ever receive anything of value deemed interest by Applicable Law applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations to which such excess pertains Indebtedness and not to the payment of interest, or if such excessive interest exceeds the principal balance such excess shall be refunded to the applicable Borrower or GuarantorBorrower. All interest paid or agreed to be paid to TMCC Lender shall, to the extent permitted by Applicable Lawapplicable law, be amortized, prorated, allocated, and spread throughout the full period until payment in full of the principal so that the interest hereon for such full period shall not exceed the maximum amount permitted by Applicable Lawapplicable law. This paragraph shall control all agreements between TMCC Lender and Borrower and GuarantorBorrower.

Limitations on Interest. All agreements between TMCC, BorrowerLender and Borrower and Lender and each Subsidiary, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of demand for payment or acceleration of the maturity hereof or otherwise, shall the interest contracted for, charged or received by TMCC Lender exceed the maximum amount permissible under Applicable Lawapplicable law. If, from any circumstance whatsoever, interest would otherwise be payable to TMCC Lender in excess of the maximum lawful amount, the interest payable to TMCC Lender shall be reduced to the maximum amount permitted under Applicable Lawapplicable law; and if from any circumstance TMCC Lender shall ever receive anything of value deemed interest by Applicable Law applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations to which such excess pertains obligation and not to the payment of interest, or if such excessive interest exceeds the principal balance obligation such excess shall be refunded to the applicable Borrower or Guarantorrefunded. All interest paid or agreed to be paid to TMCC Lender shall, to the extent permitted by Applicable Lawapplicable law, be amortized, prorated, allocated, and spread throughout the full period until payment in full of the principal so that the interest hereon for such full period shall not exceed the maximum amount permitted by Applicable Lawapplicable law. This paragraph shall control all agreements between TMCC Lender and Borrower and Guarantorbetween Lender and each Subsidiary.

Limitations on Interest. All agreements between TMCC, Lender and Borrower, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of demand for payment or acceleration of the maturity hereof or otherwise, shall the interest contracted for, charged or received by TMCC Lender exceed the maximum amount permissible under Applicable Lawapplicable law. If, from any circumstance whatsoever, interest would otherwise be payable to TMCC Lender in excess of the maximum lawful amount, the interest payable to TMCC Lender shall be reduced to the maximum amount permitted under Applicable Lawapplicable law; and if from any circumstance TMCC Lender shall ever receive anything of value deemed interest by Applicable Law applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations to which such excess pertains obligation and not to the payment of interest, or if such excessive interest exceeds the principal balance obligation such excess shall be refunded to the applicable Borrower or Guarantorundersigned. All interest paid or agreed to be paid to TMCC Lender shall, to the extent permitted by Applicable Lawapplicable law, be amortized, prorated, allocated, and spread throughout the full period until payment in full of the principal so that the interest hereon for such full period shall not exceed the maximum amount permitted by Applicable Lawapplicable law. This paragraph shall control all agreements between TMCC Lender and Borrower and GuarantorBorrower.