Common use of Usury Limitation Clause in Contracts

Usury Limitation. In no event shall the amount of interest due or payable on any Loan exceed the maximum rate of interest allowed by applicable Laws and, if any such payment is paid by any Borrower or received by Bank, then such excess sum shall be credited as a payment of principal, unless Parent shall notify Bank in writing that Parent, on behalf of the Borrowers, elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that no Borrower shall pay and Bank shall not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by any Borrower under applicable Laws.

Usury Limitation. In no event shall the amount of interest due or payable on any the Loan exceed the maximum rate of interest allowed by applicable Laws and, if any such payment is paid by any Borrower or received by Bank, then such excess sum shall be credited as a payment of principal, unless Parent Borrower shall notify Bank in writing that Parent, on behalf of the Borrowers, Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that no Borrower shall not pay and Bank shall not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by any Borrower under applicable Laws.