No Usury Intended; Usury Savings Clause. In no event shall interest contracted for, charged or received hereunder, plus any other charges in connection herewith which constitute interest, exceed the maximum interest permitted by applicable law. The amounts of such interest or other charges previously paid to the holder of the Note in excess of the amounts permitted by applicable law shall be applied by the holder of the Note to reduce the principal of the indebtedness evidenced by the Note, or, at the option of the holder of the Note, be refunded. To the extent permitted by applicable law, determination of the legal maximum amount of interest shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the loan and indebtedness, all interest at any time contracted for, charged or received from the Borrower hereof in connection with the loan and indebtedness evidenced hereby, so that the actual rate of interest on account of such indebtedness is uniform throughout the term hereof.
No Usury Intended; Usury Savings Clause. In no event shall interest contracted for, charged or received under this Agreement, the Note, the Term Note or any other Loan Document, plus any other charges in connection herewith or therewith which constitute interest exceed the Highest Lawful Rate permitted by applicable Law. If Bank shall receive interest (including any charges or other amounts which constitute interest) in an amount that exceeds the Highest Lawful Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to Borrower. In determining whether the interest contracted for, charged, or received by Bank exceeds the Highest Lawful Rate, Bank may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.
No Usury Intended; Usury Savings Clause. In no event shall interest contracted for, charged or received by Payee hereunder, plus any other charges in connection herewith which constitute interest, exceed the maximum rate (the “Maximum Rate”) of non-usurious interest permissible under applicable law. If, from any circumstance whatsoever, interest would otherwise be payable to Payee in excess of the Maximum Rate, the interest payable to Payee will be reduced automatically to the Maximum Rate. If Payee will ever receive interest, or anything of value deemed interest under applicable law, which would apart from this provision be in excess of the Maximum Rate, an amount equal to any amount which would have been excessive interest will be applied to the reduction of the Principal amount owing hereunder, and not to the payment of interest, or if such amount which would have been excessive interest exceeds the unpaid Principal balance hereunder, such excess will be refunded to Maker. The interest and any other amounts that would have been payable hereunder but were not payable as a result of the operation of this Section 9 shall be cumulated and the interest and other amounts shall be increased (but not above the maximum amount permitted under applicable law) until such cumulated amount shall have been received by Payee. To the extent permitted by applicable law, determination of the Maximum Rate shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness (including any renewal or extension), all interest at any time contracted for, charged or received from Maker hereof in connection with the indebtedness evidenced hereby, so that the actual rate of interest on account of such indebtedness does not exceed the Maximum Rate.
No Usury Intended; Usury Savings Clause. In no event shall the Deferral Fee contracted for, charged or received pursuant to this Section 2.6(e)(i)(B), plus any other charges in connection therewith which constitute interest, exceed the maximum interest permitted by applicable law. The amounts of such interest or other charges previously paid to Sellers in excess of the amounts permitted by applicable law shall be applied by Sellers to reduce the unpaid amount of the Second Installment, or, at the option of the Purchasers, be refunded. To the extent permitted by applicable law, determination of the legal maximum amount of interest shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the period from the date the First Installment is paid in full through March 31, 2009 the interest at any time contracted for, charged or received from the Purchaser in connection with the unpaid portion of the Second Installment, so that the actual rate of interest on account of such indebtedness is uniform throughout such period.
No Usury Intended; Usury Savings Clause. In no event shall interest contracted for, charged or received hereunder, plus any other charges in connection herewith which constitute interest, exceed the maximum interest permitted by applicable law. The amounts of such interest or other charges previously paid to the Lenders in excess of the amounts permitted by applicable law shall be applied by the Lenders to reduce the principal of the Loans, or, at the option of the Lenders, be refunded. To the extent permitted by applicable law, determination of the legal maximum amount of interest shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the Obligations, all interest at any time contracted for, charged or received from the Borrowers in connection with the Obligations, so that the actual rate of interest on account of the Loans is uniform throughout the term hereof.
