Usury; Revival of Liabilities. The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility. Accordingly, if the transaction contemplated hereby would be usurious under applicable law (including the laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable), then, in that event, notwithstanding anything to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to Borrower by Lender (or if such consideration shall have been paid in full, such excess refunded to Borrower by Lender). To the extent that Lender receives any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 3 contracts
Samples: Subordinated Note Purchase Agreement (Enterprise Bancorp Inc /Ma/), Subordinated Note Purchase Agreement (People's United Financial, Inc.), Subordinated Note Purchase Agreement (LSB Corp)
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Loan Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaIllinois. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Loan Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Illinois, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower the payment of the last maturing installment or installments of the indebtedness secured by Lender the Collateral (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 2 contracts
Samples: Loan Agreement (Anchor Bancorp Wisconsin Inc), Loan and Subordinated Debenture Purchase Agreement (Old Second Bancorp Inc)
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Loan Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaIllinois. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Loan Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Illinois, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower the payment of the last maturing installment or installments of the indebtedness secured by Lender the Collateral (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that the Lender receives received any payment on account of the Borrower’s Liabilities and any such payment(s) and/or or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, the Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or or proceeds had not been received by Lender and applied on account of the Borrower’s Liabilities; provided, however, if Lender successfully contests any an such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 2 contracts
Samples: Pledge Agreement (German American Bancorp, Inc.), Loan and Subordinated Debenture Purchase Agreement (German American Bancorp, Inc.)
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaWisconsin. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Wisconsin, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s 's Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s 's Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s 's Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s 's Liabilities shall be deemed satisfied.
Appears in 1 contract
Samples: Subordinated Note Purchase Agreement (East West Bancorp Inc)
Usury; Revival of Liabilities. The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility. Accordingly, if the transaction contemplated hereby would be usurious under applicable law All agreements between Borrower and Lender (including this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid to Lender exceed the amount collectible at the highest lawful rate of interest permissible under the laws of the United States State of AmericaOhio. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law that a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or amount collectible at the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Ohio, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount that would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the Indebtedness to Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s 's Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s 's Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s 's Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s 's Liabilities shall be deemed satisfied.
Appears in 1 contract
Samples: Loan Agreement (Peoples Bancorp Inc)
Usury; Revival of Liabilities. The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility. Accordingly, if the transaction contemplated hereby would be usurious under applicable law All agreements between Borrower and Lender (including this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid to Lender exceed the highest lawful rate of interest permissible under the laws of the United States State of AmericaIllinois. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Illinois, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (or if such consideration shall have been paid in full, such excess refunded and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Samples: Subordinated Debenture Purchase Agreement (First Internet Bancorp)
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaOhio. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Ohio, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Samples: Subordinated Debenture Purchase Agreement (Park National Corp /Oh/)
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaNew York. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of New York, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Usury; Revival of Liabilities. The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility. Accordingly, if the transaction contemplated hereby would be usurious under applicable law All agreements between Borrower and Lender (including this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid to Lender exceed the amount collectible at the highest lawful rate of interest permissible under the laws of the United States State of AmericaOhio. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law that a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or amount collectible at the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Ohio, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount that would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the Indebtedness to Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Usury; Revival of Liabilities. The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility. Accordingly, if the transaction contemplated hereby would be usurious under applicable law All agreements between Borrower and Lender (including this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid to Lender exceed the amount collectible at the highest lawful rate of interest permissible under the laws of the United States State of AmericaNew York. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law that a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or amount collectible at the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of New York, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount that would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaNew York. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of New York, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, 39 subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Usury; Revival of Liabilities. The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility. Accordingly, if the transaction contemplated hereby would be usurious under applicable law All agreements between Borrower and Lender (including this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid to Lender exceed the amount collectible at the highest lawful rate of interest permissible under the laws of the United States State of AmericaNew York. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law that a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or amount collectible at the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of New York, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount that would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (or if such consideration shall have been paid in full, such excess refunded regardless of whether then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s 's Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s 's Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s 's Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s 's Liabilities shall be deemed satisfied.
Appears in 1 contract
Usury; Revival of Liabilities. The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility. Accordingly, if the transaction contemplated hereby would be usurious under applicable law All agreements between Borrower and Lender (including this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid to Lender exceed the highest lawful rate of interest permissible under the laws of the United States State of AmericaCalifornia. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of California, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (or if such consideration shall have been paid in full, such excess refunded and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Samples: Subordinated Debenture Purchase Agreement (Plumas Bancorp)
Usury; Revival of Liabilities. The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility. Accordingly, if the transaction contemplated hereby would be usurious under applicable law All agreements between Borrower and Lender (including this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid to Lender exceed the highest lawful rate of interest permissible under the laws of the United States State of AmericaMinnesota. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Minnesota, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) payment or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or payment or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, that if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Samples: Subordinated Debenture Purchase Agreement (Independent Bank Corp)
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaTexas. If Lender shall ever receive as interest an amount which would be deemed unlawful, or of any other jurisdiction whose laws may such interest shall be mandatorily applicable), then, in that event, notwithstanding anything applied to the contrary in this Agreement payment of the last maturing installment or installments of the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited indebtedness to Borrower by Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Samples: Subordinated Note Purchase Agreement (Sterling Bancshares Inc)
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender, including this Agreement and any other Loan Documents, are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaIllinois. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Loan Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Illinois, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower the payment of the last maturing installment or installments of the Indebtedness secured by Lender the Collateral (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or payment, proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) payment or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or payment or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Samples: Loan and Subordinated Debenture Purchase Agreement (Centrue Financial Corp)
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Debt Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaMissouri. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Debt Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Missouri, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that the Lender receives received any payment on account of the Borrower’s 's Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, the Borrower’s 's Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of the Borrower’s 's Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s 's Liabilities shall be deemed satisfied.
Appears in 1 contract
Samples: Subordinated Debenture Purchase Agreement (Southwest Bancorp of Texas Inc)
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Loan Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaIllinois. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Loan Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Illinois, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower the payment of the last maturing installment or installments of the indebtedness secured by Lender the Collateral (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that the Lender receives received any payment on account of the Borrower’s 's Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent that of such payment(s) or proceeds received, the Borrower’s 's Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of the Borrower’s 's Liabilities; provided, however, if Lender successfully contests any an such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s 's Liabilities shall be deemed satisfied.
Appears in 1 contract
Samples: Loan and Subordinated Debenture Purchase Agreement (Taylor Capital Group Inc)
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaCalifornia. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of California, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender Lxxxxx and applied on account of BorrowerBxxxxxxx’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Samples: Subordinated Debenture Purchase Agreement (Ucbh Holdings Inc)
Usury; Revival of Liabilities. The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility. Accordingly, if the transaction contemplated hereby would be usurious under applicable law All agreements between Borrower and Lender (including this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid to Lender exceed the amount collectible at the highest lawful rate of interest permissible under the laws of the United States State of AmericaNew York. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law that a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or amount collectible at the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of New York, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount that would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (or if such consideration shall have been paid in full, such excess refunded regardless of whether then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Loan Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaIllinois. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Loan Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Illinois, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower the payment of the last maturing installment or installments of the indebtedness secured by Lender the Collateral (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that the Lender receives received any payment on account of the Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, the Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of the Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaIllinois. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Illinois, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the indebtedness to Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract
Usury; Revival of Liabilities. The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility. Accordingly, if the transaction contemplated hereby would be usurious under applicable law All agreements between Borrower and Lender (including this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid to Lender exceed the amount collectible at the highest lawful rate of interest permissible under the laws of the United States State of AmericaOhio. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law that a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or amount collectible at the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Ohio, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount that would be deemed unlawful, such interest shall be credited applied to Borrower by the payment of the last maturing installment or installments of the Indebtedness to Lender (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s 's Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s 's Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s 's Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s 's Liabilities shall be deemed satisfied. 9.8.
Appears in 1 contract
Samples: Loan Agreement
Usury; Revival of Liabilities. The parties hereto intend All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Transaction Documents) are expressly limited so that in no event whatsoever shall the amount paid or agreed to conform strictly be paid to applicable usury laws as in effect from time to time during Lender exceed the term highest lawful rate of the Facility. Accordingly, if the transaction contemplated hereby would be usurious interest permissible under applicable law (including the laws of the United States State of AmericaIllinois. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any other Transaction Documents, at the time performance of such provision shall be due, shall involve exceeding the limit of validity prescribed by law which a court of competent jurisdiction whose laws may be mandatorily applicable)deem applicable hereto, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount highest lawful rate of interest allowed by applicable lawpermissible under the laws of the State of Illinois, and if for any excess reason whatsoever, Lender shall ever receive as interest an amount which would be deemed unlawful, such interest shall be credited applied to Borrower by Lender the payment of any principal outstanding under the Loan (whether or if such consideration shall have been paid in full, such excess refunded not then due and payable) and not to Borrower by Lender)the payment of interest. To the extent that Lender receives received any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
Appears in 1 contract