Common use of Maximum Rate of Interest Clause in Contracts

Maximum Rate of Interest. Nothing herein contained, nor in any Loan Document or transaction related thereto, shall be construed or so operate as to require Mortgagor or any person liable for the payment of the Obligations made pursuant to the Credit Agreement, to pay interest in an amount or at a rate greater than the maximum allowed by law. Should any interest or other charges in the nature of the interest paid by Mortgagor or any parties liable for the payment of the Obligations made pursuant to the Credit Agreement result in the computation or earning of interest in excess of the maximum rate of interest allowed by applicable law, then any and all such excess shall be and the same is hereby waived by the holder hereof, and all such excess shall be automatically credited against and in reduction of the principal balance, and any portion of said excess which exceeds the principal balance shall be paid by the holder hereof to Mortgagor or any parties liable for the payment of the Obligations made pursuant to the said Credit Agreement, it being the intent of the parties hereto that under no circumstances shall Mortgagor or any parties liable for the payment of the Obligations hereunder be required to pay interest in excess of the maximum rate allowed by law.

Maximum Rate of Interest. Nothing herein contained, nor in any Loan Document or transaction related thereto, shall be construed or so operate as to require Mortgagor Grantor or any person liable for the payment of the Obligations made pursuant to the Credit Agreement, to pay interest in an amount or at a rate greater than the maximum allowed by law. Should any interest or other charges in the nature of the interest paid by Mortgagor Grantor or any parties liable for the payment of the Obligations made pursuant to the Credit Agreement result in the computation or earning of interest in excess of the maximum rate of interest allowed by applicable law, then any and all such excess shall be and the same is hereby waived by the holder hereof, and all such excess shall be automatically credited against and in reduction of the principal balance, and any portion of said excess which exceeds the principal balance shall be paid by the holder hereof to Mortgagor Grantor or any parties liable for the payment of the Obligations made pursuant to the said Credit Agreement, it being the intent of the parties hereto that under no circumstances shall Mortgagor Grantor or any parties liable for the payment of the Obligations hereunder be required to pay interest in excess of the maximum rate allowed by law.

Maximum Rate of Interest. Nothing herein contained, nor in the Mortgage Note or Loan Agreement secured hereby, nor in or any Loan Document instrument or transaction related thereto, shall be construed or so operate as to require Mortgagor the Mortgagor, maker, or any person liable for the payment of the Obligations made pursuant to the Credit AgreementMortgage Note, to pay interest in an amount or at a rate greater than the maximum allowed by law. Should any interest or other charges in the nature of the interest paid by Mortgagor the Mortgagor, or any parties liable for the payment of the Obligations made pursuant to the Credit Agreement Mortgage Note, result in the computation or earning of interest in excess of the maximum rate of interest allowed by the applicable law, then any and all such excess shall be and the same is hereby waived by the holder hereofthereof, and all such excess shall be automatically credited against and in reduction of the principal balance, and any portion of said excess which exceeds the principal balance shall be paid by the holder hereof to Mortgagor the Mortgagor, maker or any parties liable for the payment of the Obligations made pursuant to the said Credit AgreementMortgage Note, it being the intent of the parties hereto that under no circumstances shall Mortgagor the Mortgagor, or any parties liable for the payment of the Obligations hereunder Mortgage Note, be required to pay interest in excess of the maximum rate allowed by law.

Maximum Rate of Interest. Nothing herein containedNotwithstanding anything to the contrary contained herein, nor in any no provisions of the Loan Document or transaction related thereto, Documents shall be construed or so operate as to require Mortgagor or any person liable for the payment of or permit the Obligations made pursuant to the Credit Agreement, to pay interest in an amount or at a rate greater than the maximum allowed by law. Should any interest or other charges in the nature of the interest paid by Mortgagor or any parties liable for the payment of the Obligations made pursuant to the Credit Agreement result in the computation or earning collection of interest in excess of the maximum rate permitted by law (the "Maximum Legal Rate"). If any excess of interest allowed by applicable lawin such respect is herein provided for, then any and all such excess or shall be adjudicated to be so provided, in the Loan Documents or otherwise in connection with this loan transaction, the provisions of this paragraph shall govern and the same is hereby waived by the holder hereofprevail, and all such excess neither the Borrower nor the sureties, guarantors, successors or assigns of the Borrower shall be automatically credited against and in reduction obligated to pay the excess amount of the principal balancesuch interest, and any portion of said excess which exceeds the principal balance shall be paid by the holder hereof to Mortgagor or any parties liable other excess sum paid for the payment use, forbearance or detention of the Obligations made pursuant to the said Credit Agreement, it being the intent of the parties hereto that under no circumstances shall Mortgagor or sums evidenced hereby. If for any parties liable for the payment of the Obligations hereunder be required to pay reason interest in excess of the maximum rate allowed Maximum Legal Rate shall be deemed charged, required or permitted by law.any court of competent jurisdiction, any such excess shall be applied as a payment and reduction of the principal amount hereof until it has been paid in full, and any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Legal Rate, the Borrower and the Lender shall, to the extent permitted by Applicable Law, (a) characterize any non-principal payment as

Maximum Rate of Interest. Nothing herein contained, nor in the Notes, in the Credit Agreement or in any Loan Document instrument or transaction related thereto, shall be construed or so operate as to require Borrowers, Mortgagor or any person liable for the payment of the Obligations made pursuant to the Credit AgreementLoans, to pay interest in an amount or at a rate greater than the maximum allowed by law. Should any interest or other charges in the nature of the interest paid by Borrowers, Mortgagor or any parties liable for the payment of the Obligations made pursuant to the Credit Agreement Loans result in the computation or earning of interest in excess of the maximum rate of interest allowed by applicable law, then any and all such excess shall be and the same is hereby waived by the holder hereofLenders, and all such excess shall be automatically ratably credited against and in reduction of the principal balance, and any portion of said excess which exceeds the principal balance shall be paid by the holder hereof Lenders to Borrowers, Mortgagor or any parties liable for the payment of the Obligations made pursuant to Loans, as the said Credit Agreementcase may be, it being the intent of the parties hereto that under no circumstances shall Borrowers, Mortgagor or any parties liable for the payment of the Obligations hereunder Indebtedness and the Loans be required to pay interest in excess of the maximum rate allowed by law.

Maximum Rate of Interest. Nothing herein contained, contained nor in the Note secured hereby or any Loan Document instrument or transaction related thereto, shall be construed or so operate as to the require Mortgagor the Mortgagor, Maker, or any person liable for the payment of the Obligations loan made pursuant to the Credit Agreementsaid Note, to pay interest in an amount or at a rate greater than the maximum allowed by law. Should any interest or other charges in the nature of the interest paid by Mortgagor the Mortgagor, Maker or any parties liable for the payment of the Obligations made pursuant to the Credit Agreement result in the computation or earning loan of interest in excess of the maximum rate of interest allowed by applicable law, then any and all such excess shall be and the same is hereby waived by the holder hereof, and all such excess shall be automatically credited against and in reduction of the principal balance, and any portion of said excess which exceeds the principal principal, balance shall be paid by the holder hereof to Mortgagor the Mortgagor, Maker or any parties liable for the payment of the Obligations loan made pursuant to the said Credit AgreementNote, it being the intent of the parties hereto that under no circumstances shall Mortgagor the Mortgagor, Maker or any parties liable for the payment of the Obligations hereunder loan hereunder, be required to pay interest in excess of the maximum rate allowed by law.

Maximum Rate of Interest. Nothing herein contained, nor in any Loan Document or transaction related thereto, shall be construed or so operate as to require Mortgagor or any person liable for the payment of the Obligations made pursuant to the Amended and Restated Credit Agreement, to pay interest in an amount or at a rate greater than the maximum allowed by law. Should any interest or other charges in the nature of the interest paid by Mortgagor or any parties liable for the payment of the Obligations made pursuant to the Amended and Restated Credit Agreement result in the computation or earning of interest in excess of the maximum rate of interest allowed by applicable law, then any and all such excess shall be and the same is hereby waived by the holder hereof, and all such excess shall be automatically credited against and in reduction of the principal balancebalance (without any prepayment penalty or charge), and any portion of said excess which exceeds the principal balance shall be paid by the holder hereof to Mortgagor or any parties liable for the payment of the Obligations made pursuant to the said Amended and Restated Credit Agreement, it being the intent of the parties hereto that under no circumstances shall Mortgagor or any parties liable for the payment of the Obligations hereunder be required to pay interest in excess of the maximum rate allowed by law.

Maximum Rate of Interest. Nothing herein contained, nor in any Loan Transaction Document or transaction related thereto, shall be construed or so operate as to require Mortgagor or any person liable for the payment of the Obligations made pursuant to the Credit Purchase Agreement, to pay interest in an amount or at a rate greater than the maximum allowed by law. Should any interest or other charges in the nature of the interest paid by Mortgagor or any parties liable for the payment of the Obligations made pursuant to the Credit Purchase Agreement or any other Transaction Document result in the computation or earning of interest in excess of the maximum rate of interest allowed by applicable law, then any and all such excess shall be and the same is hereby waived by the holder hereof, and all such excess shall be automatically credited against and in reduction of the principal balance, and any portion of said excess which exceeds the principal balance shall be paid by the holder hereof to Mortgagor or any parties liable for the payment of the Obligations made pursuant to the said Credit AgreementPurchase Agreement or any other Transaction Document, it being the intent of the parties hereto that under no circumstances shall Mortgagor or any parties liable for the payment of the Obligations hereunder be required to pay interest in excess of the maximum rate allowed by law.