Common use of Usury Savings Provisions Clause in Contracts

Usury Savings Provisions. It is the intent of Mortgagee, Lenders and Mortgagor in the execution of the Credit Agreement and the other Loan Documents and any other written or oral agreement by Mortgagor in favor of Mortgagee and Lenders to contract in strict compliance with applicable usury Laws. In furtherance thereof, Mortgagee, Lenders and Mortgagor stipulate and agree that none of the terms and provisions contained in the Credit Agreement and the other Loan Documents, or in any other written or oral agreement by Mortgagor, any Other Mortgagor or any Loan Party in favor of Mortgagee and Lenders, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, or interest at a rate in excess of the maximum interest rate permitted to be charged by applicable Laws; that neither Mortgagor nor any guarantors, endorsers or other Persons now or hereafter becoming liable for payment of the Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under applicable Laws; and that the provisions of this subsection shall control over all other provisions of the Credit Agreement and the other Loan Documents or any other oral or written agreements which may be in apparent conflict herewith. Mortgagee and Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Loan or the remaining Obligations are accelerated. If the maturity of the Loan or the remaining Obligations shall be accelerated for any reason or if the principal of the Loan or the remaining Obligations are paid prior to the end of the term of the Loan or the Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Loan or the Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee and Lenders shall, at Mortgagee’s option, either refund to Mortgagor the amount of such excess or credit the amount of such excess against the principal balance of the Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by applicable Laws as a result of such excess interest. In the event that Mortgagee and Lenders shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Loan or the Obligations to a rate in excess of that permitted to be charged by applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of Mortgagee, be either immediately returned to Mortgagor or credited against the Obligations then outstanding, in which event any and all penalties of any kind under applicable Laws as a result of such excess interest shall be inapplicable.

Usury Savings Provisions. It is the intent of Mortgagee, Lenders and Mortgagor in the execution of the Credit Agreement and the other Loan Documents and any other written or oral agreement by Mortgagor in favor of Mortgagee and Lenders to contract in strict compliance with applicable usury Laws. In furtherance thereof, Mortgagee, Lenders and Mortgagor stipulate and agree that none of the terms and provisions contained in the Credit Agreement and the other Loan Documents, or in any other written or oral agreement by Mortgagor, any Other Mortgagor or any Loan Party in favor of Mortgagee and Lenders, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, or interest at a rate in excess of the maximum interest rate permitted to be charged by applicable Laws; that neither Mortgagor nor any guarantors, endorsers or other Persons now or hereafter becoming liable for payment of the Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under applicable Laws; and that the provisions of this subsection shall control over all other provisions of the Credit Agreement and the other Loan Documents or any other oral or written agreements which may be in apparent conflict herewith. Mortgagee and Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Loan or the remaining Obligations are accelerated. If the maturity of the Loan or the remaining Obligations shall be accelerated for any reason or if the principal of the Loan or the remaining Obligations are paid prior to the end of the term of the Loan or the Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Loan or the Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee and Lenders shall, at Mortgagee’s option, either refund to Mortgagor the amount of such excess or credit the amount of such excess against the principal balance of the Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by applicable Laws as a result of such excess interest. In the event that Mortgagee and Lenders shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Loan or the Obligations to a rate in excess of that permitted to be charged by applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of Mortgagee, be either immediately returned to Mortgagor or credited against the Obligations then outstanding, in which event any and all penalties of any kind under applicable Laws as a result of such excess interest shall be inapplicable.

Usury Savings Provisions. It is expressly stipulated and agreed to be the intent of MortgageeMaker and Payee at all times to comply strictly with the applicable Texas law governing the maximum rate or amount of interest payable on the Indebtedness (as hereinafter defined), Lenders or applicable United States federal law to the extent that such law permits Payee to contract for, charge, take, reserve or receive a greater amount of interest than under Texas law. For purposes of this provision, "Indebtedness" shall mean all indebtedness evidenced by this Revolving Note, and Mortgagor all amounts payable in the execution performance of any covenant or obligation in any of the Credit Agreement other Loan Documents or any other communication or writing by or between Maker and Payee related to the transaction or transactions that are the subject matter of the Loan Documents, or any part of such indebtedness. If the applicable law is ever judicially interpreted so as to render usurious any amount contracted for, charged, taken, reserved or received in respect of the Indebtedness, including by reason of the acceleration of the maturity or the prepayment thereof, then it is Maker's and Payee's express intent that all amounts charged in excess of the Maxxxxx Lawful Rate shall be automatically canceled, ab initio, and all amounts in excess of the Maximum Lawful Rate theretofore collected by Payee shall be credited on the principal balance of the Indebtedness (or, if the Indebtedness has been or would thereby be paid in full, refunded to Maker), and the provisions of this Revolving Note and the other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any other written or oral agreement by Mortgagor new document, so as to comply with the applicable laws, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder; provided, however, if this Revolving Note has been paid in favor full before the end of Mortgagee the stated term hereof, then Maker and Lenders to contract in strict compliance with applicable usury Laws. In furtherance thereof, Mortgagee, Lenders and Mortgagor stipulate and Payee agree that none Payee shall, with reasonable promptness after Payee discovers or is advised by Maker that interest was received xx xx amount in excess of the terms Maximum Lawful Rate, either credit such excess interest against the Indebtedness then owing by Maker to Payee and/or refund such excess interest to Maker. Maker hereby agrees that as a condition precedent to any claim seeking usury penalties against Payee, Maker will provide written notice to Payee, advising Payex xx reasonable detail of the nature and provisions contained amounx xx the violation, and Payee shall have sixty (60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess interest to Maker or crediting such excess interest against the Credit Agreement and the other Loan DocumentsIndebtedness then owing by Maker to Payee. All sums contracted for, charged, taken, reserved or in any other written or oral agreement received by Mortgagor, any Other Mortgagor or any Loan Party in favor of Mortgagee and Lenders, shall ever be construed to create a contract to pay Payee for the use, forbearance or detention of moneythe Indebtedness shall, to the extent permitted by applicable law, be amortized, prorated, allocated or spread, using the actuarial method, throughout the stated term of this Revolving Note (including any and all renewal and extension periods) until payment in full so that the rate or amount of interest at a rate in excess on account of the maximum interest rate permitted Indebtedness does not exceed the Maximum Lawful Rate from time to be charged by time in effect and applicable Laws; that neither Mortgagor nor any guarantors, endorsers or other Persons now or hereafter becoming liable to the Indebtedness for payment of the Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under applicable Laws; and that so long as debt is outstanding. In no event shall the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving triparty accounts) apply to this subsection Revolving Note or any other part of the Indebtedness. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is not the intention of Payee to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. The terms and provisions of this paragraph shall control over all and supersede every other provisions term, covenant or provision contained herein, in any of the Credit Agreement and the other Loan Documents or in any other oral document or written agreements which may be in apparent conflict herewith. Mortgagee and Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Loan or the remaining Obligations are accelerated. If the maturity of the Loan or the remaining Obligations shall be accelerated for any reason or if the principal of the Loan or the remaining Obligations are paid prior instrument pertaining to the end of the term of the Loan or the Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Loan or the Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee and Lenders shall, at Mortgagee’s option, either refund to Mortgagor the amount of such excess or credit the amount of such excess against the principal balance of the Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by applicable Laws as a result of such excess interest. In the event that Mortgagee and Lenders shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Loan or the Obligations to a rate in excess of that permitted to be charged by applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of Mortgagee, be either immediately returned to Mortgagor or credited against the Obligations then outstanding, in which event any and all penalties of any kind under applicable Laws as a result of such excess interest shall be inapplicableIndebtedness.

Usury Savings Provisions. It is expressly stipulated and agreed to be the intent of MortgageeBorrower and Lender at all times to comply strictly with the applicable Texas law governing the maximum rate or amount of interest payable on the Indebtedness, Lenders and Mortgagor or applicable United States federal law (the “Highest Lawful Rate”) to the extent that such law permits Lender to contract for, charge, take, reserve, or receive a greater amount of interest than under Texas law. If the applicable law is ever judicially interpreted so as to render usurious any amount contracted for, charged, taken, reserved or received in the execution respect of the Credit Agreement Indebtedness, including by reason of the acceleration of the maturity or the prepayment thereof, then it is Borrower's and Lender's express intent that all amounts charged in excess of the Highest Lawful Rate shall be automatically canceled, ab initio, and all amounts in excess of the Highest Lawful Rate theretofore collected by Xxxxxx shall be credited on the principal balance of the Indebtedness (or, if the Indebtedness has been or would thereby be paid in full, refunded to Borrower), and the provisions of this Note and the other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any other written or oral agreement by Mortgagor new document, so as to comply with the applicable laws, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder; provided, however, if this Note has been paid in favor full before the end of Mortgagee the stated term hereof, then Borrower and Lenders to contract in strict compliance with applicable usury Laws. In furtherance thereof, Mortgagee, Lenders and Mortgagor stipulate and Lender agree that none Lender shall, with reasonable promptness after Xxxxxx discovers or is advised by Borrower that interest was received in an amount in excess of the terms Highest Lawful Rate, either credit such excess interest against the Indebtedness then owing by Borrower to Lender and/or refund such excess interest to Borrower. Borrower hereby agrees that as a condition precedent to any claim seeking usury penalties against Xxxxxx, Xxxxxxxx will provide written notice to Xxxxxx, advising Lender in reasonable detail of the nature and provisions contained amount of the violation, and Xxxxxx shall have sixty (60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess interest to Borrower or crediting such excess interest against the Credit Agreement and the other Loan DocumentsIndebtedness then owing by Borrower to Lender. All sums contracted for, charged, taken, reserved or in any other written or oral agreement received by Mortgagor, any Other Mortgagor or any Loan Party in favor of Mortgagee and Lenders, shall ever be construed to create a contract to pay Lender for the use, forbearance or detention of moneythe Indebtedness shall, to the extent permitted by applicable law, be amortized, prorated, allocated or spread, using the actuarial method, throughout the stated term of this Note (including any and all renewal and extension periods) until payment in full so that the rate or amount of interest at a rate in excess on account of the maximum interest rate permitted Indebtedness does not exceed the Highest Lawful Rate from time to be charged by time in effect and applicable Laws; that neither Mortgagor nor any guarantors, endorsers or other Persons now or hereafter becoming liable to the Indebtedness for payment of the Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under applicable Laws; and that so long as Indebtedness is outstanding. In no event shall the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving triparty accounts) apply to this subsection Note or any other part of the Indebtedness. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is not the intention of Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. The terms and provisions of this paragraph shall control over all and supersede every other provisions term, covenant or provision contained herein, in any of the Credit Agreement and the other Loan Documents or in any other oral document or written agreements which may be in apparent conflict herewith. Mortgagee and Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Loan or the remaining Obligations are accelerated. If the maturity of the Loan or the remaining Obligations shall be accelerated for any reason or if the principal of the Loan or the remaining Obligations are paid prior instrument pertaining to the end of the term of the Loan or the Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Loan or the Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee and Lenders shall, at Mortgagee’s option, either refund to Mortgagor the amount of such excess or credit the amount of such excess against the principal balance of the Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by applicable Laws as a result of such excess interest. In the event that Mortgagee and Lenders shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Loan or the Obligations to a rate in excess of that permitted to be charged by applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of Mortgagee, be either immediately returned to Mortgagor or credited against the Obligations then outstanding, in which event any and all penalties of any kind under applicable Laws as a result of such excess interest shall be inapplicableIndebtedness.

Usury Savings Provisions. It is the intent of MortgageeGrantee, Lenders and Mortgagor Grantor in the execution of the Credit Loan Agreement and the other Loan Documents and any other written or oral agreement by Mortgagor Grantor in favor of Mortgagee Grantee and Lenders to contract in strict compliance with applicable usury Laws. In furtherance thereof, MortgageeGrantee, Lenders and Mortgagor Grantor stipulate and agree that none of the terms and provisions contained in the Credit Loan Agreement and the other Loan Documents, or in any other written or oral agreement by Mortgagor, any Other Mortgagor Grantor or any Loan Party in favor of Mortgagee Grantee and Lenders, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, or interest at a rate in excess of the maximum interest rate permitted to be charged by applicable Laws; that neither Mortgagor Grantor nor any guarantors, endorsers or other Persons now or hereafter becoming liable for payment of the Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under applicable Laws; and that the provisions of this subsection shall control over all other provisions of the Credit Loan Agreement and the other Loan Documents or any other oral or written agreements which may be in apparent conflict herewith. Mortgagee Grantee and Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Loan or the remaining Obligations are accelerated. If the maturity of the Loan or the remaining Obligations shall be accelerated for any reason or if the principal of the Loan or the remaining Obligations are paid prior to the end of the term of the Loan or the Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Loan or the Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee Grantee and Lenders shall, at MortgageeGrantee’s option, either refund to Mortgagor Grantor the amount of such excess or credit the amount of such excess against the principal balance of the Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by applicable Laws as a result of such excess interest. In the event that Mortgagee Grantee and Lenders shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Loan or the Obligations to a rate in excess of that permitted to be charged by applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of MortgageeGrantee, be either immediately returned to Mortgagor Grantor or credited against the Obligations then outstanding, in which event any and all penalties of any kind under applicable Laws as a result of such excess interest shall be inapplicable.

Usury Savings Provisions. It is the intent of MortgageeGrantee, Lenders Secured Parties and Mortgagor Grantor in the execution of the Credit Agreement Indenture and the other Loan Note Documents and any other written or oral agreement by Mortgagor Grantor in favor of Mortgagee Grantee and Lenders Secured Parties to contract in strict compliance with applicable usury LawsApplicable Laws with respect to usury. In furtherance thereof, MortgageeGrantee, Lenders Secured Parties and Mortgagor Grantor stipulate and agree that none of the terms and provisions contained in the Credit Agreement Indenture and the other Loan Documents, Note Documents or in any other written or oral agreement by MortgagorGrantor, any Other Mortgagor the Companies or any Loan Party the Issuer in favor of Mortgagee Grantee and LendersSecured Parties, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, or interest at a rate in excess of the maximum interest rate permitted to be charged by applicable Applicable Laws; that neither Mortgagor Grantor nor any guarantors, endorsers or other Persons now or hereafter becoming liable for payment of the Secured Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under applicable Applicable Laws; and that the provisions of this subsection shall control over all other provisions of the Credit Agreement and Indenture, the other Loan Note Documents or any other oral or written agreements which may be in apparent conflict herewith. Mortgagee Grantee and Lenders Secured Parties expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Loan Secured Obligations or the remaining Secured Obligations are accelerated. If the maturity of the Loan Secured Obligations or the remaining Secured Obligations shall be accelerated for any reason or if the principal of the Loan Secured Obligations or the remaining Secured Obligations are paid prior to the end maturity of the term of the Loan Indenture Notes or the Secured Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Loan Indenture Notes or the Secured Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee Grantee and Lenders Secured Parties shall, at Mortgagee’s Grantee's option, either refund to Mortgagor Grantor the amount of such excess or credit the amount of such excess against the principal balance of the Secured Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by applicable Applicable Laws as a result of such excess interest. In the event that Mortgagee Grantee and Lenders Secured Parties shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Loan Indenture Notes or the Secured Obligations to a rate in excess of that permitted to be charged by applicable Applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of MortgageeGrantee, be either immediately returned to Mortgagor Grantor or credited against the Secured Obligations then outstanding, in which event any and all penalties of any kind under applicable Applicable Laws as a result of such excess interest shall be inapplicable.

Usury Savings Provisions. It is the intent of Mortgagee, Lenders and Mortgagor in the execution of the Credit Agreement and the other Loan Documents and any other written or oral agreement by Mortgagor in favor of Mortgagee and Lenders to contract in strict compliance with applicable usury Laws. In furtherance thereof, Mortgagee, Lenders and Mortgagor stipulate and agree that none of the terms and provisions contained in the Credit Agreement and the other Loan Documents, or in any other written or oral agreement by Mortgagor, any Other Mortgagor or any Loan Party in favor of Mortgagee and Lenders, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, or interest at a rate in excess of the maximum interest rate permitted to be charged by applicable Laws; that neither Mortgagor nor any guarantors, endorsers or other Persons now or hereafter becoming liable for payment of the Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under applicable Laws; and that the provisions of this subsection shall control over all other provisions of the Credit Agreement and the other Loan Documents or any other oral or written agreements which may be in apparent conflict herewith. Mortgagee and Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Loan or the remaining Obligations are accelerated. If the maturity of the Loan or the remaining Obligations shall be accelerated for any reason or if the principal of the Loan or the remaining Obligations are paid prior to the end of the term of the Loan or the Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Loan or the Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee and Lenders shall, at Mortgagee’s 's option, either refund to Mortgagor the amount of such excess or credit the amount of such excess against the principal balance of the Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by applicable Laws as a result of such excess interest. In the event that Mortgagee and Lenders shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Loan or the Obligations to a rate in excess of that permitted to be charged by applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of Mortgagee, be either immediately returned to Mortgagor or credited against the Obligations then outstanding, in which event any and all penalties of any kind under applicable Laws as a result of such excess interest shall be inapplicable.

Usury Savings Provisions. It is the intent of Mortgagee, Lenders Secured Parties and Mortgagor in the execution of the Credit Agreement Indenture and the other Loan Note Documents and any other written or oral agreement by Mortgagor Mxxxxxxxx in favor of Mortgagee and Lenders Secured Parties to contract in strict compliance with applicable usury LawsApplicable Laws with respect to usury. In furtherance thereof, Mortgagee, Lenders Secured Parties and Mortgagor stipulate and agree that none of the terms and provisions contained in the Credit Agreement Indenture and the other Loan Documents, Note Documents or in any other written or oral agreement by Mortgagor, any Other Mortgagor the Companies or any Loan Party the Issuer in favor of Mortgagee and LendersSecured Parties, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, or interest at a rate in excess of the maximum interest rate permitted to be charged by applicable Applicable Laws; that neither Mortgagor nor any guarantors, endorsers or other Persons now or hereafter becoming liable for payment of the Secured Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under applicable Applicable Laws; and that the provisions of this subsection shall control over all other provisions of the Credit Agreement and Indenture, the other Loan Note Documents or any other oral or written agreements which may be in apparent conflict herewith. Mortgagee and Lenders Secured Parties expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Loan Secured Obligations or the remaining Secured Obligations are accelerated. If the maturity of the Loan Secured Obligations or the remaining Secured Obligations shall be accelerated for any reason or if the principal of the Loan Secured Obligations or the remaining Secured Obligations are paid prior to the end maturity of the term of the Loan Indenture Notes or the Secured Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Loan Indenture Notes or the Secured Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee and Lenders Secured Parties shall, at Mortgagee’s 's option, either refund to Mortgagor the amount of such excess or credit the amount of such excess against the principal balance of the Secured Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by applicable Applicable Laws as a result of such excess interest. In the event that Mortgagee and Lenders Secured Parties shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Loan Indenture Notes or the Secured Obligations to a rate in excess of that permitted to be charged by applicable Applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of Mortgagee, be either immediately returned to Mortgagor or credited against the Secured Obligations then outstanding, in which event any and all penalties of any kind under applicable Applicable Laws as a result of such excess interest shall be inapplicable.