Common use of Loan Charges Clause in Contracts

Loan Charges. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreement, whether considered separately or together with other charges provided for in the Agreement, violates that law, and the Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 3 contracts

Samples: Master Business Lease Financing Agreement (Eroom System Technologies Inc), Master Business Lease Financing Agreement (Eroom System Technologies Inc), Master Business Lease Financing Agreement (Eroom System Technologies Inc)

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Loan Charges. Neither this Note nor any of the other Financing Documents will be construed to create a contract for the use, forbearance, or detention of money requiring payment of interest at a rate greater than the rate of interest which results in the maximum amount of interest allowed by applicable law (the “Maximum Interest Rate”). If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower Obligor in connection with the Lease Financing Funding Loan is interpreted so that any interest or other charge provided for herein or in any other Financing Document evidencing or securing the AgreementFunding Loan, whether considered separately or together with other charges provided for in the Agreementany such other Financing Document, violates that law, and the Borrower Obligor is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Funding Lender in excess of the permitted amounts shall will be applied by the Funding Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower Obligor has been violated, all Indebtedness indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness indebtedness that constitute interest, shall will be deemed to be allocated and spread ratably over the stated term of the Lease Financing this Note. Unless otherwise required by applicable law, such allocation and spreading shall will be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing this Note.

Appears in 3 contracts

Samples: Funding Loan Agreement, Funding Loan Agreement, Funding Loan Agreement

Loan Charges. Borrower agrees to pay an effective rate of interest equal to the sum of the interest rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the Loan evidenced by this Note and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 2 contracts

Samples: Master Credit Facility Agreement (Archstone Inc.), Master Credit Facility Agreement (Archstone Smith Operating Trust)

Loan Charges. Xxxxxxxx agrees to pay an effective rate of interest equal to the sum of the Interest Rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the loan evidenced by this Note and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower Xxxxxxxx is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 2 contracts

Samples: Multifamily Note (Behringer Harvard Multifamily Reit I Inc), Multifamily Note (Emeritus Corp\wa\)

Loan Charges. Borrower agrees to pay an effective rate of interest equal to the sum of the Interest Rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the loan evidenced by this Note and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 2 contracts

Samples: Multifamily Note (Emeritus Corp\wa\), Multifamily Note (American Community Properties Trust)

Loan Charges. Bxxxxxxx agrees to pay an effective rate of interest equal to the sum of the Interest Rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the Loan and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower Bxxxxxxx is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining deter___iining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 1 contract

Samples: Mortgage Note (American Realty Capital New York Recovery Reit Inc)

Loan Charges. Borrower agrees to pay an effective rate of interest equal to the sum of the interest rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the Advance evidenced by this Note and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan Advance is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Colonial Properties Trust)

Loan Charges. Bxxxxxxx agrees to pay an effective rate of interest equal to the sum of the Interest Rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the loan evidenced by this Note and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower Bxxxxxxx is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 1 contract

Samples: Multifamily Note (Bluerock Enhanced Multifamily Trust, Inc.)

Loan Charges. Borrower agrees to pay an effective rate of interest equal to the sum of the interest rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the Loan evidenced by this Note and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender Fannie Mae in excess of the permitted amounts shall be applied by the Lender Fannie Mae to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Erp Operating LTD Partnership)

Loan Charges. Borrower agrees to pay an effective rate of interest equal to the sux xx xxx interest rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the loan evidenced by this Note and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 1 contract

Samples: Fixed Facility Note (Sun Communities Inc)

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Loan Charges. Borrower agrees to pay an effective rate of interest equal to the sux xx xxx interest rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the Loan and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower is entitled to the benefit of that law, that interest or charge is chxxxx xx hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 1 contract

Samples: Multifamily Note (University Real Estate Partnership V)

Loan Charges. Borrower agrees to pay an effective rate of interest equal to the sum of the Interest Rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the Loan evidenced by this Note and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Archstone Smith Operating Trust)

Loan Charges. Borrxxxx xxxees to pay an effective rate of interest equal to the sum of the interest rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the loan evidenced by this Note and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower is Borrxxxx xx entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, law such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Notenote.

Appears in 1 contract

Samples: Multifamily Note (Alterra Healthcare Corp)

Loan Charges. Borrower agrees to pay an effective rate of interest equal to the sux xx xxx interest rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the loan evidenced by this Note and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower is entitled to the benefit of that law, that interest or charge is chxxxx xx hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 1 contract

Samples: Fixed Facility Note (Sun Communities Inc)

Loan Charges. Bxxxxxxx agrees to pay an effective rate of interest equal to the sum of the interest rate provided for in this Note and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the loan evidenced by this Note and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Provided, however, that under no circumstance shall any interest or additional interest exceed the total amount of the Interest under this Note. Neither this Note nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. If any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower in connection with the Lease Financing Loan is interpreted so that any interest or other charge provided for in the Agreementany Loan Document, whether considered separately or together with other charges provided for in the Agreementany other Loan Document, violates that law, and the Borrower Bxxxxxxx is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The Borrower agrees to an effective rate of interest that is the stated rate of interest plus any additional rate of interest resulting from any other charges or fees that are to be paid by the Borrower to the Lender that may be found by a court of competent jurisdiction to be interest. The amounts, if any, previously paid to the Lender in excess of the permitted amounts shall be applied by the Lender to reduce the unpaid principal balance of this Lease Financing Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from the Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the stated term of the Lease Financing Note. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Lease Financing Note.

Appears in 1 contract

Samples: Secured Note (Sylios Corp)

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