Common use of Usury Saving Provision Clause in Contracts

Usury Saving Provision. All payment obligations arising under this Note are subject to the express condition that at no time shall the Borrower be obligated or required to pay interest at a rate which could subject the Holder to either civil or criminal liability as a result of being in excess of the maximum rate which the Borrower is permitted by law to contract or agree to pay. If by the terms of this Note, the Borrower is at any time required or obligated to pay interest at a rate in excess of such maximum rate, the applicable rate of interest shall be deemed to be immediately reduced to such maximum rate, and interest thus payable shall be computed at such maximum rate, and the portion of all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of principal.

Usury Saving Provision. All payment obligations arising under this Note are subject to the express condition that at no time shall the Borrower Company be obligated or required to pay interest at a rate which could subject the Holder holder of this Note to either civil or criminal liability as a result of being in excess of the maximum rate which the Borrower Company is permitted by law to contract or agree to pay. If by the terms of this Note, the Borrower Company is at any time required or obligated to pay interest at a rate in excess of such maximum rate, the applicable rate of interest shall be deemed to be immediately reduced to such maximum rate, and interest thus payable shall be computed at such maximum rate, and the portion of all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of principal.

Usury Saving Provision. All payment obligations arising under this Note are subject to the express condition that at no time shall the Borrower Company be obligated or required to pay interest at a rate which could subject the Holder of this Note to either civil or criminal liability as a result of being in excess of the maximum rate which the Borrower Company is permitted by law to contract or agree to pay. If by the terms of this Note, the Borrower Company is at any time required or obligated to pay interest at a rate in excess of such maximum rate, the applicable rate of interest shall be deemed to be immediately reduced to such maximum rate, and interest thus payable shall be computed at such maximum rate, and the portion of all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of principal.

Usury Saving Provision. All payment obligations arising under this Note Debenture are subject to the express condition that at no time shall the Borrower Company be obligated or required to pay interest at a rate which could subject the Holder of this Debenture to either civil or criminal liability as a result of being in excess of the maximum rate which the Borrower Company is permitted by law to contract or agree to pay. If by the terms of this NoteDebenture, the Borrower Company is at any time required or obligated to pay interest at a rate in excess of such maximum rate, the applicable rate of interest shall be deemed to be immediately reduced to such maximum rate, and interest thus payable shall be computed at such maximum rate, and the portion of all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of principal.