ADDITIONAL PROVISIONS REGARDING THE INTEREST RATES ON THE AUCTION NOTES Sample Clauses

ADDITIONAL PROVISIONS REGARDING THE INTEREST RATES ON THE AUCTION NOTES. The determination of a Variable Rate by the Auction Agent or any other Person pursuant to the provisions of the applicable Section of this Article II shall be conclusive and binding on the Registered Owners of the Class of Auction Notes to which such Variable Rate applies, and the Issuer and the Trustee may rely thereon for all purposes. In no event shall the cumulative amount of interest paid or payable on a Class of Auction Notes (including interest calculated as provided herein, plus any other amounts that constitute interest on the Auction Notes of such Class under applicable law, which are contracted for, charged, reserved, taken or received pursuant to the Auction Notes of such Class or related documents) calculated from the date of issuance of the Auction Notes of such Class through any subsequent day during the term of the Auction Notes of such Class or otherwise prior to payment in full of the Auction Notes of such Class exceed the amount permitted by applicable law. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under the Auction Notes of such Class or related documents or otherwise contracted for, charged, reserved, taken or received in connection with the Auction Notes of such Class, or if the redemption or acceleration of the maturity of the Auction Notes of such Class results in payment to or receipt by the Registered Owner or any former Registered Owner of the Auction Notes of such Class of any interest in excess of that permitted by applicable law, then, notwithstanding any provision of the Auction Notes of such Class or related documents to the contrary, all excess amounts theretofore paid or received with respect to the Auction Notes of such Class shall be credited on the principal balance of the Auction Notes of such Class (or, if the Auction Notes of such Class have been paid or would thereby be paid in full, refunded by the recipient thereof), and the provisions of the Auction Notes of such Class and related documents shall automatically and immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for under the Auction Notes of such Class and under the related documents.
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Related to ADDITIONAL PROVISIONS REGARDING THE INTEREST RATES ON THE AUCTION NOTES

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