Usury Laws. It is the intention of the Borrowers and the holder(s) of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof either be rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the Borrowers. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.
Appears in 10 contracts
Samples: Credit Agreement (Skyline Multimedia Entertainment Inc), Credit Agreement (Skyline Multimedia Entertainment Inc), Credit Agreement (Prospect Street Nyc Discovery Fund Lp)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) of this Note Maker to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Company resulting from an Event of Default, voluntary prepayment by the Borrowers Maker or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Company either be rebated to the Borrowers Maker or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersMaker. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Maker or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersMaker.
Appears in 7 contracts
Samples: Promissory Note and Restricted Stock Agreement (Fastnet Corp), Promissory Note (Digitalnet Holdings Inc), Promissory Note (Digitalnet Holdings Inc)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) of this Note Maker to conform ---------- strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Company resulting from an Event of Default, voluntary prepayment by the Borrowers Maker or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Company either be rebated to the Borrowers Maker or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersMaker. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Maker or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersMaker.
Appears in 6 contracts
Samples: Senior Management Agreement (Zefer Corp), Senior Management Agreement (Zefer Corp), Senior Management Agreement (Zefer Corp)
Usury Laws. It is the intention of the Borrowers Companies and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall will be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Holder resulting from an Event of Default, voluntary prepayment by the Borrowers Companies or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall will be canceled automatically and, if theretofore paid, shall will at the option of the holders hereof Holder either be rebated to the Borrowers Companies or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall will be rebated to the BorrowersCompanies. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, chargeable or receivable under this Note shall will under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall will be deemed a mistake and such excess shall will be canceled automatically and, if theretofore paid, rebated to the Borrowers or Companies credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall will be rebated to the BorrowersCompanies.
Appears in 4 contracts
Samples: Master Agreement (Chaparral Resources Inc), Promissory Note Amendment Agreement (Chaparral Resources Inc), Promissory Note (Chaparral Resources Inc)
Usury Laws. It is the intention of the Borrowers Issuer and the holder(s) Holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated automatically or by reason of an election by the holder Holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Issuer or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Issuer or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersIssuer. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Issuer or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersIssuer.
Appears in 3 contracts
Samples: Settlement Agreement, Settlement Agreement (Edison International), Settlement Agreement (Midwest Generation LLC)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Note Debenture to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note Debenture shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note Debenture is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this NoteDebenture, or if this Note Debenture has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note Debenture shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note Debenture remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this NoteDebenture, or if this Note Debenture has been repaid, then such excess shall be rebated to the BorrowersCompany.
Appears in 3 contracts
Samples: Debenture (Consoltex Usa Inc), Debenture (Consoltex Usa Inc), Debenture (Consoltex Usa Inc)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest of the Accretion Portion payable under this Convertible Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Convertible Note is accelerated by reason of an election by the holder hereof Holder resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest the Accretion Portion may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest Accretion Portion in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Holder either be rebated to the Borrowers Company or credited on the principal amount Principal Amount of this Convertible Note, or if this Convertible Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest the Accretion Portion (whether designated as interestAccretion Portion, service charges, points or otherwise) contracted for, chargeable, or receivable under this Convertible Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Convertible Note remaining unpaid from time to time. If such interest the Accretion Portion does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Convertible Note, or if this Convertible Note has been repaid, then such excess shall be rebated to the BorrowersCompany.
Appears in 3 contracts
Samples: Note Purchase Agreement (Dendreon Corp), Note Purchase Agreement (Dendreon Corp), Note Purchase Agreement (Artisan Equity LTD)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersCompany.
Appears in 3 contracts
Samples: Convertible Subordinated Promissory Note (Travis Boats & Motors Inc), Credit Agreement (Nacco Industries Inc), Subordinated Note Purchase Agreement (Travis Boats & Motors Inc)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Holder resulting from an Event of Default, voluntary optional prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Holder either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersCompany.
Appears in 3 contracts
Samples: Subordination Agreement (Southcross Energy Partners, L.P.), Credit Agreement (Westwood One Inc /De/), Second Lien Credit Agreement (Westwood One Inc /De/)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Required Holders resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersCompany.
Appears in 2 contracts
Samples: Note Purchase Agreement (Healthessentials Solutions Inc), Note Purchase Agreement (Healthessentials Solutions Inc)
Usury Laws. It is the intention of the Borrowers Issuer and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, a voluntary prepayment by the Borrowers Issuer or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Holder either be rebated to the Borrowers Issuer or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersIssuer. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Issuer or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersIssuer.
Appears in 2 contracts
Samples: Senior Secured Note (Advanced Cannabis Solutions, Inc.), Senior Secured Note (Advanced Cannabis Solutions, Inc.)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) of this Note Noteholder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.Company. * * * * *
Appears in 2 contracts
Samples: Note and Series a Warrant Purchase Agreement (Intracel Corp), Note and Series a Iii Warrant Purchase Agreement (Intracel Corp)
Usury Laws. It is the intention of the Borrowers Maker and the holder(s) of this Note each Payee to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Payee resulting from an Event of Default, voluntary prepayment by the Borrowers Maker or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Payee either be rebated to the Borrowers Maker or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersMaker. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Maker or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersMaker.
Appears in 2 contracts
Samples: Note (Loud Technologies Inc), Subordination Agreement (Loud Technologies Inc)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Holder resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Holder either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, chargeable or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersCompany.
Appears in 2 contracts
Samples: Note Purchase Agreement (Montana Mills Bread Co Inc), Note Purchase Agreement (Montana Mills Bread Co Inc)
Usury Laws. It is the intention of the Borrowers Operating Partnership and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Operating Partnership or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Operating Partnership or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersOperating Partnership. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Operating Partnership or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersOperating Partnership.
Appears in 2 contracts
Samples: Exchangeable Promissory Note (Prime Group Realty Trust), Exchangeable Promissory Note (Prime Group Realty Trust)
Usury Laws. It is the intention of the Borrowers and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Holder resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, then earned interest may never include more than the maximum amount permitted by law, statute, rule or regulation, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law law, statute, rule or regulation shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the Borrowers. The aggregate amount of all interest (whether designated as interestIn-Kind Interest, Paid Interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance Principal Amount of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.
Appears in 1 contract
Samples: Securities Purchase Agreement (Liquidmetal Technologies Inc)
Usury Laws. It is the intention of the Borrowers Payors and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Payors or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Payors or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersPayors. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Payors or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersPayors.
Appears in 1 contract
Samples: Securities Purchase Agreement (Boise Cascade Holdings, L.L.C.)
Usury Laws. It is the intention of the Borrowers Employee and the holder(s) of this Note Company to ---------- conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall will be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Employee or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall will be canceled automatically and, if theretofore paid, shall will at the option of the holders hereof Company either be rebated to the Borrowers Employee or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall will be rebated to the BorrowersEmployee. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall will under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall will be deemed a mistake and such excess shall will be canceled automatically and, if theretofore paid, rebated to the Borrowers Employee or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall will be rebated to the BorrowersEmployee.
Appears in 1 contract
Samples: Promissory Note (Microclock Inc)
Usury Laws. It is the intention of the Borrowers Debtor and the holder(s) of this Note Lender to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder Lender hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Default or otherwise, then earned interest may never include more than the maximum amount permitted by law, statute, rule or regulation, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law law, statute, rule or regulation shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Lender either be rebated to the Borrowers Debtor or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersDebtor. The aggregate of all interest (whether designated as interest, service chargesfees, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Debtor or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersDebtor.
Appears in 1 contract
Samples: Loan and Security Agreement (Safe & Green Holdings Corp.)
Usury Laws. It is the intention of the Borrowers Debtor/Payor and the holder(s) Holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder Holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Debtor/Payor or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Debtor/Payor or credited on the principal amount Principal Amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersDebtor/Payor. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Debtor/Payor or credited on the principal amount Principal Amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersDebtor/Payor.
Appears in 1 contract
Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) Holder of this Note A to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note A shall be subject to reduction to the an amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note A is accelerated by reason of an election by the holder Holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Borrower or otherwise, then the earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount Principal Balance of this NoteNote A, or if this Note A has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note A shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance Principal Balance of this Note A remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, at the option of the Holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount Principal Balance of this NoteNote A, or if this Note A has been repaid, then such excess shall be rebated to the BorrowersBorrower.
Appears in 1 contract
Samples: Note and Warrant Purchase Agreement (Argyle Security, Inc.)
Usury Laws. It is the intention of the Borrowers Maker and the holder(s) of this Note Payee to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Maker or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Maker or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersMaker. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Maker or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersMaker.
Appears in 1 contract
Usury Laws. It is the intention of the Borrowers each Borrower and the holder(s) of this Note Lender to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note Agreement shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note Agreement is accelerated by reason of an election by the holder hereof Lender resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Lender either be rebated to the Borrowers or credited on the principal amount of this Notethe Loans, or if this Note has the Loans have been paid, then the excess shall be rebated to the Borrowers. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note Agreement shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note the Loans remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or credited on the principal amount of this Notethe Loans, or if this Note has the Loans have been repaid, then such excess shall be rebated to the Borrowers.
Appears in 1 contract
Samples: Senior Secured Credit Agreement
Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) of this Note Lender to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by for any reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Borrower or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, at the option of the holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersBorrower.
Appears in 1 contract
Samples: Convertible Promissory Note (Biosphere Medical Inc)
Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) of this Note ---------- Noteholder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Noteholder resulting from an Event of Default, voluntary prepayment by the Borrowers Borrower or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Noteholder either be rebated to the Borrowers Borrower or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Borrower or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersBorrower.
Appears in 1 contract
Usury Laws. It is the intention of the Borrowers Company and the holder(s) of this Note Chemdex to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Chemdex resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, otherwise then earned interest may never include more than the maximum amount permitted by law, statute, rule or regulation, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law law, statute, rule or regulation shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Chemdex either be rebated refunded to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated refunded to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service chargesfees, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated refunded to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated refunded to the BorrowersCompany.
Appears in 1 contract
Samples: Unsecured Subordinated Note (Polydex Pharmaceuticals LTD/Bahamas)
Usury Laws. It is the intention of the Borrowers Maker and the holder(s) of this Note Holder to conform strictly to all applicable the usury laws now or hereafter in forceforce in the State of Georgia, and any interest payable under this Note Note, the Mortgage, or any Related Agreement shall be subject to reduction to the amount not in excess of the maximum legal non-usurious amount allowed under the applicable usury laws of the State of Georgia as now or hereafter construed by the courts having jurisdiction over such matters. If In the event the maturity of this Note is accelerated under the terms of this Note, the Mortgage or any Related Agreement, or by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Maker, or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof dates of each advance of loan proceeds hereunder until payment, and any interest in excess of the maximum amount permitted by law shall be canceled cancelled automatically and, if theretofore paid, shall at the option of the holders hereof Holder either be rebated to the Borrowers Maker or credited on the principal amount of this Note, Note or if this Note all principal has been paidprepaid, then the excess shall be rebated to the BorrowersMaker. The aggregate of all interest (whether designated as interest, service charges, points points, or otherwise) contracted for, chargeable, or receivable under this Note Note, the Mortgage, or any Related Agreement shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If In the event such interest does exceed the maximum legal rate, it shall be deemed a mistake cancelled automatically to the extent that such interest exceeds the maximum legal rate and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or credited on the principal amount of this NoteNote or, or if this the Note has been repaidprepaid, then such excess shall be rebated to the BorrowersMaker.
Appears in 1 contract
Samples: Mortgage Note (Kranzco Realty Trust)
Usury Laws. It is the intention of the Borrowers and the holder(s) of parties to this Note to conform strictly to comply with all applicable laws, including, without limitation, usury laws now laws. In furtherance thereof, Xxxxxxxx stipulates and agrees with Lender that none of the terms and provisions contained in the Loan Documents shall ever be construed to create a contract to pay for the use, forbearance, or hereafter in forcedetention of money, and any interest payable under this Note shall be subject to reduction to the amount not or interest, in excess of the maximum legal amount allowed of interest permitted to be charged by applicable law in effect from time to time. Neither Borrower nor any present or future guarantors, endorsers, or other persons or entities hereafter becoming liable for payment of the obligations hereunder and under the other Loan Documents shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the maximum amount that may be lawfully charged under applicable usury laws as now law from time to time in effect, and the provisions of this section shall control over all other provisions of the Loan Documents that may be in conflict or hereafter construed by apparent conflict herewith. Lender expressly disavows any intention to charge or collect excessive unearned interest or finance charges in the courts having jurisdiction over such mattersevent the maturity of this Note is accelerated. If (a) the maturity of this Note is accelerated for any reason, (b) this Note is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the legal maximum, or (c) Lender or any other holder of the Note shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest hereon to an amount in excess of that permitted to be charged by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwiseapplicable law, then earned all sums determined to constitute interest may never include more than in excess of such legal limit shall, without penalty, be promptly applied to reduce the then outstanding Principal of this Note or, at Xxxxxx's or such holder's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the maximum amount permitted by under applicable law, computed from the date hereof until payment, Lender and Borrower (and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof either be rebated to the Borrowers or credited on the principal amount other payors of this Note, or if this Note has been paid, then the excess ) shall be rebated to the Borrowers. The aggregate of all interest greatest extent permitted under applicable law, (whether designated a) characterize any non-Principal payment as an expense, fee or premium rather than as interest, service charges(b) exclude voluntary prepayments and the effects thereof, points or otherwiseand (c) contracted foramortize, chargeableprorate, or receivable under allocate, and spread the total amount of interest throughout the entire contemplated term of this Note shall under no circumstances exceed in accordance with the amounts outstanding from time to time hereunder and the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid interest from time to time. If such interest does exceed time in effect under applicable law in order to lawfully charge the maximum legal rateamount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the “Texas Finance Code”) as amended, it for that day, the ceiling shall be deemed a mistake and the “weekly ceiling” as defined in the Texas Finance Code. As used in this section the term “applicable law” means the laws of the State of Texas or the laws of the United States of America, whichever laws allow the greater interest, as such excess shall laws now exist or may be canceled automatically and, if theretofore paid, rebated to changed or amended or come into effect in the Borrowers or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowersfuture.
Appears in 1 contract
Samples: Secured Line of Credit Promissory Note (United Development Funding III, LP)
Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) Holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the an amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder Holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Borrower or otherwise, then the earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount Principal Balance of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance Principal Balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, at the option of the Holder hereof either be rebated to the Borrowers or credited on the principal amount Principal Balance of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersBorrower.
Appears in 1 contract
Samples: Note and Warrant Purchase Agreement (Cti Industries Corp)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Convertible Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Convertible Note shall will be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Convertible Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall will be canceled automatically and, if theretofore paid, shall will at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Convertible Note, or if this Convertible Note has been paid, then the excess shall will be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Convertible Note shall will under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Convertible Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall will be deemed a mistake and such excess shall will be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Convertible Note, or if this Convertible Note has been repaid, then such excess shall will be rebated to the BorrowersCompany.
Appears in 1 contract
Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of ---------- this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersCompany.
Appears in 1 contract
Samples: Note and Warrant Purchase Agreement (Zytec Corp /Mn/)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersCompany. Reference is made to Section 25118 of the California Corporations Code, which creates an exemption from California's usury laws. It is the intention of the Company and of the holder of this Note that this Note be exempt from California's usury laws by virtue of such Section 25118, and the Company hereby represents and warrants to the holder of this Note that the criteria set forth in such Section 25118 for the exemption contained therein to be applicable are met with respect to the transaction evidenced by this Note.
Appears in 1 contract
Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.Company. *****
Appears in 1 contract
Samples: Note Purchase Agreement (Commercial Vehicle Group, Inc.)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Required Holders resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled cancelled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersCompany.
Appears in 1 contract
Samples: Note Purchase Agreement (Healthessentials Solutions Inc)
Usury Laws. It is the intention of the Borrowers Company and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, then earned Earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers or Company or, subject to the provisions of Section 3 hereof, credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or Company or, subject to the provisions of Section 3 hereof, credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersCompany.
Appears in 1 contract
Usury Laws. It is the intention of the Borrowers and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Holder resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, then earned interest may never include more than the maximum amount permitted by law, statute, rule or regulation, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law law, statute, rule or regulation shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the Borrowers. The aggregate amount of all interest (whether designated as interestIn-Kind Interest, Paid Interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance Principal Amount of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.
Appears in 1 contract
Samples: Securities Purchase Agreement (Liquidmetal Technologies Inc)
Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) of this Note Purchaser to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note Agreement shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note the Notes is accelerated by reason of an election by the holder hereof Purchaser resulting from an Event of Default, voluntary prepayment by Default (as defined in the Borrowers Notes) or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Purchaser either be rebated to the Borrowers Borrower or credited on the principal amount of under this NoteAgreement, or if this Note Agreement has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points points, or otherwise) contracted for, chargeable, or receivable under this Note Agreement shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note Agreement remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Borrower or credited on the principal amount of this NoteAgreement, or if this Note Agreement has been repaid, then such excess shall be rebated to the BorrowersBorrower.
Appears in 1 contract
Usury Laws. It is the intention of the Borrowers and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, then earned interest may never include more than the maximum amount permitted by law, statute, rule or regulation, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law law, statute, rule or regulation shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the Borrowers. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.
Appears in 1 contract
Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) Holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the an amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder Holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Borrower or otherwise, then the earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount Principal Balance of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance Principal Balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, at the option of the Holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount Principal Balance of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersBorrower.
Appears in 1 contract
Samples: Note and Warrant Purchase Agreement (Argyle Security, Inc.)