Common use of Maximum Permissible Interest Rate Clause in Contracts

Maximum Permissible Interest Rate. In the event that, notwithstanding Paragraphs 4.1 through 4.3 hereof, any sum payable hereunder as a Profits Interest is adjudicated as constituting interest, then in no contingency or event whatsoever, shall the amount payable hereunder or under any other agreement between Seller and Purchaser exceed the highest lawful rate permissible under the applicable usury law. If, from any circumstance whatsoever, fulfillment of any provision of this Agreement or any other agreement between Seller an Purchaser, at the time performance of such provision shall be due, shall involve transcending the limit of validity prescribed by law which a court of competent jurisdiction may deem applicable hereto, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if from any circumstance, Seller shall receive as interest an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be refunded to Purchaser. All sums paid, or agreed to be paid, to Purchaser for the use, forbearance or detention of the indebtedness of Purchaser to Seller shall be amortized, prorated, allocated and spread throughout the full term of this Agreement so that the actual rate of interest on account of such indebtedness is uniform throughout the term thereof. 4.5

Maximum Permissible Interest Rate. In the event that, notwithstanding Paragraphs 4.1 through 4.3 hereof, any sum payable hereunder as a Profits Interest is adjudicated as constituting interest, then in no contingency or event whatsoever, shall the amount payable hereunder or under any other agreement between Seller and Purchaser exceed the highest lawful rate permissible under the applicable usury law. If, from any circumstance whatsoever, fulfillment of any provision of this Agreement or any other agreement between Seller an Purchaser, at the time performance of such provision shall be due, shall involve transcending the limit of validity prescribed by law which a court of competent jurisdiction may deem applicable hereto, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if from any circumstance, Seller shall receive as interest an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be refunded to Purchaser. All sums paid, or agreed to be paid, to Purchaser for the use, forbearance or detention of the indebtedness of Purchaser to Seller shall be amortized, prorated, allocated and spread throughout the full term of this Agreement so that the actual rate of interest on account of such indebtedness is uniform throughout the term thereof. 4.5.