No Usurious Interest. In the event that any interest rate(s) or premiums provided for in this Section 2.06 or otherwise in this Agreement, shall be determined to be unlawful, such interest rate(s) shall be computed at the highest rate permitted by Applicable Law. Any payment by the Credit Parties of any interest amount in excess of that permitted by Applicable Law shall be considered a mistake, with the excess being applied to the principal amount of the Notes without prepayment premium or penalty; if no such principal amount is outstanding, such excess shall be returned to the Credit Parties.
Appears in 4 contracts
Samples: Securities Purchase Agreement, Securities Purchase Agreement and Security Agreement (Fusion Telecommunications International Inc), Securities Purchase Agreement and Security Agreement (Fusion Telecommunications International Inc)
No Usurious Interest. In the event that any interest rate(s) or premiums provided for in this Section 2.06 or otherwise in this Agreement, 2 shall be determined to be unlawful, such interest rate(s) shall be computed at the highest rate permitted by Applicable Lawapplicable law. Any payment by the Credit Parties Borrowers of any interest amount in excess of that permitted by Applicable Law law shall be considered a mistake, with the excess being applied to the principal amount of the Notes this Note without prepayment premium or penalty; if no such principal amount is outstanding, such excess shall be returned to the Credit PartiesBorrowers.
Appears in 2 contracts
Samples: Senior Subordinated Promissory Note (Tb Woods Corp), Senior Subordinated Promissory Note (Tb Woods Corp)
No Usurious Interest. In the event that any interest rate(s) or premiums provided for in this Section 2.06 or otherwise in this Agreement, shall be determined to be unlawful, such interest rate(s) shall be computed at the highest rate permitted by Applicable Law. Any payment by the Credit Parties of any interest amount in excess of that permitted by Applicable Law shall be considered a mistake, with the excess being applied to the principal amount Principal Amount of the Notes without prepayment premium or penalty; if no such principal amount is outstanding, such excess shall be returned to the Credit Parties.
Appears in 2 contracts
Samples: Securities Purchase Agreement and Security Agreement (Fusion Telecommunications International Inc), Securities Purchase Agreement and Security Agreement (Fusion Telecommunications International Inc)
No Usurious Interest. In the event that any interest rate(s) or premiums provided for in this Section 2.06 or otherwise in this Agreement, shall be determined to be unlawful, such interest rate(s) shall be computed at the highest rate permitted by Applicable Law. Any payment by the Credit Parties of any interest amount in excess of that permitted by Applicable Law shall be considered a mistake, with the excess being applied to the principal amount of the Notes Note without prepayment premium or penalty; if no such principal amount is outstanding, such excess shall be returned to the Credit Parties.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Tel Instrument Electronics Corp), Securities Purchase Agreement (Tel Instrument Electronics Corp)
No Usurious Interest. In the event that any interest rate(s) or premiums provided for in this Section 2.06 or otherwise in this Agreement, shall be determined to be unlawful, such interest rate(s) shall be computed at the highest rate permitted by Applicable Law. Any payment by the Credit Note Parties of any interest amount in excess of that permitted by Applicable Law shall be considered a mistake, with the excess being applied to the principal amount of the Notes without prepayment premium or penalty; if no such principal amount is outstanding, such excess shall be returned to the Credit Note Parties.
Appears in 1 contract
Samples: Note and Warrant Purchase Agreement (Meridian Waste Solutions, Inc.)
No Usurious Interest. In the event that any interest rate(s) or premiums provided for in this Section 2.06 1 or otherwise in this Agreement, Loan Agreement shall be determined to be unlawfulexceed any limitation on interest under Requirements of Law, such interest rate(s) shall be computed at the highest rate permitted by Applicable Requirements of Law. Any payment by the Credit Parties Borrower of any interest amount in excess of that permitted by Applicable Law law shall be considered a mistake, with the excess being applied to the principal amount of the Notes Advance without prepayment premium or penalty; if no such principal amount is outstanding, such excess shall be returned to the Credit PartiesBorrower.
Appears in 1 contract
No Usurious Interest. In the event that any interest rate(s) or premiums provided for in this Section 2.06 2.05 or otherwise in this Agreement, shall be determined to be unlawful, such interest rate(s) shall be computed at the highest rate permitted by Applicable Law. Any payment by the Credit Loan Parties of any interest amount in excess of that permitted by Applicable Law shall be considered a mistake, with the excess being applied to the principal amount of the Notes without prepayment premium or penalty; if no such principal amount is outstanding, such excess shall be returned to the Credit Loan Parties.
Appears in 1 contract
Samples: Securities Purchase Agreement and Security Agreement (Fusion Telecommunications International Inc)
