Usury Savings Clause Applies Sample Clauses

Usury Savings Clause Applies. Borrower agrees that Lender has provided, and shall provide, separate and distinct consideration for the fees and expenses described in the Loan Documents, and that such fees and expenses are necessary, bona fide fees and expenses incurred in connection with the Loan. Borrower further agrees that such fees and expenses are not, are not intended to be, and shall not be characterized as, interest or as compensation for the use, forbearance or detention of money. Despite the foregoing and notwithstanding anything else in this Agreement and the other Loan Documents to the contrary, if any such fees or expenses are determined to constitute interest and such fees or expenses, and when such fees and expenses are added to the interest charged hereunder and any other items determined to constitute interest, it would cause the aggregate interest charged hereunder to exceed the Highest Lawful Rate, then Section 13 of this Agreement shall automatically apply to reduce the interest charged hereunder (taking into account all items determined to constitute interest) so as not to exceed the Highest Lawful Rate.
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Usury Savings Clause Applies. Borrower and the Borrower-Related Parties agree that Lender has provided, and shall provide, separate and distinct consideration to Borrower for the Loan Expenses, and any other fees, expenses or charges provided for in this Agreement or any Loan Document and that the Loan Expenses and the Loan Administration Fee represent bona fide, third party fees and expenses. Borrower, the Borrower-Related Parties and Lender further agree that the Loan Expenses, the Loan Administration Fee and all other fees, expenses and charges provided for in this Agreement or any Loan Document are not, are not intended to be, and shall not be characterized as, interest or as compensation for the use, forbearance or detention of money. Despite the foregoing and notwithstanding anything else in this Agreement and the other Loan Documents to the contrary, if any Loan Expenses, Loan Administration Fees or other fees, expenses or charges provided for in this Agreement or any Loan Document or charged or chargeable to Borrower are determined to constitute interest that, when added to the interest charged under the Notes, would cause the aggregate interest charged under the Notes to exceed the Highest Lawful Rate, then Section 12.1 of this Agreement shall automatically apply to reduce the interest charged under the Notes so as not to exceed the Highest Lawful Rate.
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Usury Savings Clause Applies. Borrower and Lender agree that Lender has provided, and shall provide, separate and distinct consideration for the fees described in Section 2(a) above or that such expenses represent bona fide expenses incurred by Lender, and that such fees are not intended to be characterized as interest or as compensation for the use, forbearance or detention of money. Despite the foregoing and notwithstanding anything else in the Loan Documents to the contrary, if any fees charged hereunder are determined to constitutes interest and such fees, when added to the interest charged hereunder, would cause the aggregate interest charged hereunder to exceed the Highest Lawful Rate, then Sections 4(b) and 11 of this Note shall automatically apply to reduce the interest charged hereunder so as not to exceed the Highest Lawful Rate.
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Usury Savings Clause Applies. Borrowers, the Borrower Principals and Lender agree that Lender has provided, and shall provide, separate and distinct consideration for the fees and expenses described in Sections 2(a), (b) and (c) above and/or that such fees and expenses represent bona fide fees and expenses incurred by Lender. Borrowers, the Borrower Principals and Lender further agree that such fees and expenses are not, are not intended to be, and shall not be characterized as, interest or as compensation for the use, forbearance or detention of money. Despite the foregoing and notwithstanding anything else in this Note and the other Loan Documents to the contrary, if any fees or expenses charged or chargeable to Borrowers hereunder are determined to constitute interest and such fees or expenses, when added to the interest charged hereunder, would cause the aggregate interest charged hereunder to exceed the Highest Lawful Rate, then Section 11 of this Note shall automatically apply to reduce the interest charged hereunder so as not to exceed the Highest Lawful Rate.
Sample 1
Usury Savings Clause Applies. Borrower agrees that Lender has provided, and shall provide, separate and distinct consideration for the fees and expenses described in the Loan Documents, and that such fees and expenses are necessary, bona fide fees and expenses incurred in connection with the Loan. Borrower further agrees that such fees and expenses are not, are not intended to be, and shall not be characterized as, interest or as compensation for the use, forbearance or detention of money. Despite the foregoing and notwithstanding anything else in this Agreement and the other Loan Documents to the contrary, if any such fees or expenses are determined to constitute interest and such fees or expenses, and when such fees and expenses are added to the interest charged hereunder and any other items determined to constitute interest, it would cause the aggregate interest charged hereunder to exceed the Highest Lawful Rate, then Section 13 of this Agreement shall automatically apply to reduce the interest charged hereunder (taking into account all items determined to constitute interest) so as not to exceed the Highest Lawful Rate. Loan Agreement Prosper 236, Collin County, Texas 8
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Related to Usury Savings Clause Applies

  • Usury Savings Clause Notwithstanding any other provision herein, the aggregate interest rate charged with respect to any of the Obligations, including all charges or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate. If the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate, the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if when the Loans made hereunder are repaid in full the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by law, Borrower shall pay to Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect. Notwithstanding the foregoing, it is the intention of Lenders and Borrower to conform strictly to any applicable usury laws. Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender’s option be applied to the outstanding amount of the Loans made hereunder or be refunded to Borrower.

  • Savings Clause If this Agreement or any portion thereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify the Indemnitee as to Expenses, judgments, fines, penalties and amounts paid in settlement with respect to any Proceeding to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated and to the fullest extent permitted by applicable law.

  • 409A Savings Clause The parties intend that payments or benefits payable under this Agreement not be subject to the additional tax imposed pursuant to Section 409A of the Code, and the provisions of this Agreement shall be construed and administered in accordance with such intent. To the extent such potential payments or benefits could become subject to Code Section 409A, the parties shall cooperate to amend this Agreement with the goal of giving Executive the economic benefits described herein in a manner that does not result in such tax being imposed. If the parties are unable to agree on a mutually acceptable amendment, the Company may, without Executive’s consent and in such manner as it deems appropriate or desirable, amend or modify this Agreement or delay the payment of any amounts hereunder to the minimum extent necessary to meet the requirements of Code Section 409A.

  • Section 409A Savings Clause (a) It is the intention of the parties that compensation or benefits payable under this Agreement not be subject to the additional tax imposed pursuant to Section 409A of the Code, and this Agreement shall be interpreted accordingly. To the extent such potential payments or benefits could become subject to additional tax under such Section, the parties shall cooperate to amend this Agreement with the goal of giving Executive the economic benefits described herein in a manner that does not result in such tax being imposed.

  • Usury Savings This Agreement, the Note and the other Loan Documents are subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.

  • Deduction Limitation on Benefit Payments If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Executive (or the Beneficiary in the event of the Executive’s death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

  • Qualified Matching Contributions If selected below, the Employer may make Qualified Matching Contributions for each Plan Year (select all those applicable):

  • ANNUITY PAYMENT OPTIONS a. Life Annuity / Life Annuity with Certain Period -- Fixed and/or Variable Annuity Payments will be made for the lifetime of the Annuitant with no Certain Period, or life and a 10 year Certain Period, or life and a 20 year Certain Period.

  • Fixed Annuity Payments The minimum guaranteed income purchased per $1,000 of the net amount applied to a fixed annuity is based on an annual interest rate of 3% and the 1983a Mortality Table with the ages set back ten (10) years. Conversion to Current Rates – Annuity payments will be based on the greater of: • our current income factors in effect for this Contract on the Annuity Date; or • our guaranteed income factors. The dollar amount of any payments after the first annuity payment is specified during the annuity payment period according to the provisions of the elected Annuity Option.

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