Common use of Usury Savings Clause Clause in Contracts

Usury Savings Clause. This Note and the Loan Agreement are subject to the express condition that at no time shall Maker be obligated or required to pay interest on the Obligations at a rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum rate of interest designated by applicable laws relating to payment of interest and usury (the "Maximum Amount"). If, by the terms of this Note or the Loan Agreement, Maker is at any time required or obligated to pay interest on the Obligations at a rate in excess of the Maximum Amount, the interest rate shall be deemed to be immediately reduced to the Maximum Amount and all previous payments in excess of the Maximum Amount 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 Holder for the use, forbearance or detention of the sums due under this Note, shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full stated term of this Note until payment in full so that the rate or amount of interest on account of this Note does not exceed the Maximum Amount from time to time in effect and applicable to this Note for so long as this Note is outstanding.

Usury Savings Clause. This Note and All agreements in the Loan Agreement Documents are subject expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid under the express condition that at no time shall Maker be obligated Documents for the use, forbearance, or required to pay interest on detention of money exceed the Obligations at a highest lawful rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum rate of interest designated permitted by applicable laws relating to payment of interest and usury (the "Maximum Amount")Laws. If, by at the terms time of this Note or the Loan Agreementperformance, Maker is at fulfillment of any time required or obligated to pay interest on the Obligations at a rate in excess provision of the Maximum AmountDocuments shall involve transcending the limit of validity prescribed by Laws, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity. If Lender shall ever receive as interest rate an amount which would exceed the highest lawful rate, the receipt of such excess shall be deemed to a mistake and (a) shall be immediately reduced canceled automatically or (b) if paid, such excess shall be (i) credited against the principal amount of the Obligations to the Maximum Amount and extent permitted by Laws or (ii) rebated to Borrower if it cannot be so credited under Laws. Furthermore, all previous payments in excess of the Maximum Amount 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 Holder under the Documents for the use, forbearance forbearance, or detention of the sums due under this Note, shall, money shall to the extent permitted by applicable law, Laws be amortized, prorated, allocated allocated, and spread throughout the full stated term of this the Note until payment in full so that the rate or amount of interest on account of this Note the Obligations does not exceed the Maximum Amount maximum lawful rate of interest from time to time in effect and applicable to this Note the Obligations for so long as this Note is the Obligations are outstanding.

Usury Savings Clause. This Note and All agreements in the Loan Agreement Documents are subject expressly limited so that in no event whatsoever shall the amount paid or agreed to be paid under the express condition that at no time shall Maker be obligated Documents for the use, forbearance, or required to pay interest on detention of money exceed the Obligations at a highest lawful rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum rate of interest designated permitted by applicable laws relating to payment of interest and usury (the "Maximum Amount")Laws. If, by at the terms time of this Note or the Loan Agreementperformance, Maker is at fulfillment of any time required or obligated to pay interest on the Obligations at a rate in excess provision of the Maximum AmountDocuments shall involve transcending the limit of validity prescribed by Laws, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity. If Lender shall ever receive as interest rate an amount which would exceed the highest lawful rate, the receipt of such excess shall be deemed to a mistake and (a) shall be immediately reduced canceled automatically or (b) if paid, such excess shall be (i) credited against the principal amount of the Obligations to the Maximum Amount and all previous payments extent permitted by Laws or (ii) rebated to Borrower if it cannot be so credited under Laws (in excess of the Maximum Amount which event, no Prepayment Premium shall be deemed due with respect to have been payments in reduction of principal and not on account of the interest due hereunderamount so credited). All Furthermore, all sums paid or agreed to be paid to Holder under the Documents for the use, forbearance forbearance, or detention of the sums due under this Note, shall, money shall to the extent permitted by applicable law, Laws be amortized, prorated, allocated allocated, and spread throughout the full stated term of this the Note until payment in full so that the rate or amount of interest on account of this Note the Obligations does not exceed the Maximum Amount maximum lawful rate of interest from time to time in effect and applicable to this Note the Obligations for so long as this Note is the Obligations are outstanding.

Usury Savings Clause. This Note Agreement and the other Loan Agreement Documents are subject to the express condition that at no time shall Maker any Loan Party be obligated or required to pay interest on the Obligations principal balance of the Term Loans at a rate which could subject Holder Collateral Agent or any Lender to either civil or criminal liability as a result of being in excess of the maximum rate of interest designated by applicable laws relating to payment of interest and usury (the "Maximum Amount")Legal Rate. If, If by the terms of this Note Agreement or the other Loan AgreementDocuments, Maker any Loan Party is at any time required or obligated to pay interest on the Obligations principal balance due hereunder at a rate in excess of the Maximum AmountLegal Rate, the interest rate Applicable Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Amount Legal Rate and all previous payments in excess of the Maximum Amount 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 Holder Collateral Agent or any Lender for the use, forbearance forbearance, or detention of the sums due under this Note, the Term Loans shall, to the extent permitted by applicable law, be amortized, prorated, allocated allocated, and spread throughout the full stated term of this Note the Term Loans until payment in full so that the rate or amount of interest on account of this Note the Term Loans does not exceed the Maximum Amount Legal Rate from time to time in effect and applicable to this Note the Term Loans for so long as this Note is the Term Loans are outstanding.

Usury Savings Clause. This Note and the Loan Agreement are subject to the express condition that at no time shall Maker be obligated or required to pay interest on the Obligations at a rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum rate of interest designated by applicable laws relating to payment of interest and usury (the "Maximum Amount"). If, by the terms of this Note or the Loan Agreement, Maker is at any time required or obligated to pay interest on the Obligations at a rate in excess of the Maximum Amount, the interest rate shall be deemed to be immediately reduced to the Maximum Amount and all previous pre- vious payments in excess of the Maximum Amount 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 Holder for the use, forbearance or detention of the sums due under this Note, shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full stated term of this Note until payment in full so that the rate or amount of interest on account of this Note does not exceed the Maximum Amount from time to time in effect effect and applicable to this Note for so long as this Note is outstanding.

Usury Savings Clause. This Note and the other Loan Agreement Documents are subject to the express condition that at no time shall Maker Borrower be obligated or required to pay interest on the Obligations Indebtedness at a rate which could subject Holder Lender to either civil or criminal liability as a result of being in excess of the maximum rate of interest designated by applicable laws relating to payment of interest and usury (the "“Maximum Amount"”). If, by the terms of this Note or the other Loan AgreementDocuments, Maker Borrower is at any time required or obligated to pay interest on the Obligations Indebtedness at a rate in excess of the Maximum Amount, the interest rate Interest Rate shall be deemed to be immediately reduced to the Maximum Amount and all previous payments in excess of the Maximum Amount 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 Holder Lender for the use, forbearance forbearance, or detention of the sums due under this Notethe Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated allocated, and spread throughout the full stated term of this Note the Loan until payment in full so that the rate or amount of interest on account of this Note the Loan does not exceed the Maximum Amount from time to time in effect and applicable to this Note the Loan for so long as this Note the Loan is outstanding.

Usury Savings Clause. This Note and the Loan Agreement are subject to the express condition that at no time shall Maker be obligated or required to pay interest on the Obligations at a rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum rate of interest designated by applicable laws relating to payment of interest and usury (the "Maximum Amount"). If, by the terms of this Note or the Loan Agreement, Maker is at any time required or obligated to pay interest on the Obligations at a rate in excess of the Maximum Amount, the interest rate shall be deemed to be immediately reduced to the Maximum Amount and all previous payments in excess of the Maximum Amount 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 Holder for the use, forbearance or detention of the sums due under this Note, shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full stated term of this Note until payment in full so that the rate or amount of interest on account of this Note does not exceed the Maximum Amount from time to time in effect effect and applicable to this Note for so long as this Note is outstanding.