Usury Limitations. It is the intention of the Borrower and the Lender to conform strictly to applicable usury laws. Accordingly, notwithstanding anything to the contrary in this Agreement or the Note, amounts constituting interest under applicable law and contracted for, chargeable or receivable hereunder or under the Note shall under no circumstances, together with any other interest, late charges or other amounts which may be interpreted to be interest contracted for, chargeable or receivable hereunder or thereunder, exceed the maximum amount of interest permitted by law, and in the event any amounts were to exceed the maximum amount of interest permitted by law, such excess amounts shall be deemed a mistake and shall either be reduced immediately and automatically to the maximum amount permitted by law or, if required to comply with applicable law, be canceled automatically and, if theretofore paid, at the option of the Lender, be refunded to the Borrower or credited on the principal amount of the Note then outstanding.
Appears in 4 contracts
Samples: Loan Agreement (Biovest International Inc), Convertible Loan Agreement (Accentia Biopharmaceuticals Inc), Convertible Loan Agreement (Biovest International Inc)
Usury Limitations. It is the intention of the Borrower Company and the Lender Purchaser to conform strictly to applicable usury laws. Accordingly, notwithstanding anything to the contrary in this Agreement or the Note, amounts constituting interest under applicable law and contracted for, chargeable or receivable hereunder or under the Note shall under no circumstances, together with any other interest, late charges or other amounts which may be interpreted to be interest contracted for, chargeable or receivable hereunder or thereunder, exceed the maximum amount of interest permitted by law, and in the event any amounts were to exceed the maximum amount of interest permitted by law, such excess amounts shall be deemed a mistake and shall either be reduced immediately and automatically to the maximum amount permitted by law or, if required to comply with applicable law, be canceled automatically and, if theretofore paid, at the option of the LenderPurchaser, be refunded to the Borrower Company or credited on the principal amount of the Note then outstanding.
Appears in 3 contracts
Samples: Secured Promissory Note and Warrant Purchase Agreement (EV Transportation, Inc.), Secured Promissory Note and Warrant Purchase Agreement (Stratos Renewables CORP), Unsecured Convertible Promissory Note and Warrant Purchase Agreement (Stratos Renewables CORP)
Usury Limitations. It is the intention of the Borrower Borrowers and the Lender to conform strictly to applicable usury laws. Accordingly, notwithstanding anything to the contrary in this Agreement or the Note, amounts constituting interest under applicable law and contracted for, chargeable or receivable hereunder or under the Note shall under no circumstances, together with any other interest, late charges or other amounts which may be interpreted to be interest contracted for, chargeable or receivable hereunder or thereunder, exceed the maximum amount of interest permitted by law, and in the event any amounts were to exceed the maximum amount of interest permitted by law, such excess amounts shall be deemed a mistake and shall either be reduced immediately and automatically to the maximum amount permitted by law or, if required to comply with applicable law, be canceled automatically and, if theretofore already paid, at the option of the Lender, be refunded to the Borrower or credited on the principal amount of the Note Term Loan then outstanding.
Appears in 1 contract
Usury Limitations. It is the intention of the Borrower Company and the Lender Purchasers to conform strictly to applicable usury laws. Accordingly, notwithstanding anything to the contrary in this Agreement or the NoteNotes, amounts constituting interest under applicable law and contracted for, chargeable or receivable hereunder or under the Note Notes shall under no circumstances, together with any other interest, late charges or other amounts which may be interpreted to be interest contracted for, chargeable or receivable hereunder or thereunder, exceed the maximum amount of interest permitted by law, and in the event any amounts were to exceed the maximum amount of interest permitted by law, such excess amounts shall be deemed a mistake and shall either be reduced immediately and automatically to the maximum amount permitted by law or, if required to comply with applicable law, be canceled automatically and, if theretofore paid, at the option of the LenderMajority Purchasers, be refunded to the Borrower Company or credited on the principal amount of the Note Notes then outstanding.
Appears in 1 contract
Samples: Note Purchase Agreement (GenuTec Business Solutions, Inc.)
Usury Limitations. It is the intention of the Fund Borrower and the Fund Lender to conform strictly to applicable usury laws. Accordingly, notwithstanding anything to the contrary in this Fund Loan Agreement or the Note, amounts constituting interest under applicable law and contracted for, chargeable or receivable hereunder or under the Note shall under no circumstances, together with any other interest, late charges or other amounts which may be interpreted to be interest contracted for, chargeable or receivable hereunder or thereunder, exceed the maximum amount of interest permitted by law, and in the event any amounts were to exceed the maximum amount of interest permitted by law, such excess amounts shall be deemed a mistake and shall either be reduced immediately and automatically to the maximum amount permitted by law or, if required to comply with applicable law, be canceled automatically and, if theretofore paid, at the option of the Fund Lender, be refunded to the Fund Borrower or credited on the principal amount of the Note then outstanding.
Appears in 1 contract
Samples: Fund Loan Agreement