Maximum Rate Permitted by Law. In the event that any interest rate provided for in this Section 1 shall be determined to be unlawful, such interest rate shall be computed at the highest rate permitted by applicable law. Any payment by the Company of any interest amount in excess of that permitted by law shall be considered a mistake, with the excess being applied to the principal amount of this Note without prepayment premium or penalty.
Appears in 4 contracts
Samples: Assignment and Assumption Agreement (Chookaszian Dennis), Assignment and Assumption Agreement (Carter Daryl J), Convertible Note Purchase Agreement (Paragon Real Estate Equity & Investment Trust)
Maximum Rate Permitted by Law. In the event that any the interest rate provided for in this Section 1 shall be determined to be unlawful, such interest rate shall be computed at the highest rate permitted by applicable law. Any payment by the Company of any interest amount in excess of that permitted by law shall be considered a mistake, with the excess being applied to the principal amount of this Note without prepayment premium or penalty.
Appears in 1 contract
Samples: Prolong International Corp
