Common use of Amount of Interest Clause in Contracts

Amount of Interest. In no event shall the total interest contracted for, charged, received or owed pursuant to the terms of this Agreement exceed the amount, which Lenders may lawfully receive. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section 2.3.5, shall make a final determination that Lenders have received, charged, collected, or contracted for interest hereunder in excess of the amount which Lenders could lawfully have, to the extent permitted by law, such excess shall promptly be applied to the reduction of the principal balance of each Note and not to the payment of interest, and any excess remaining thereafter shall be refunded to the Borrower. In determining whether the interest exceeds the Maximum Lawful Rate or the maximum amount which Lenders could lawfully have received, the total amount of interest shall, to the extent allowed by law, be spread over the term of the Loans.

Amount of Interest. In no event shall the total interest contracted for, charged, received or owed pursuant to the terms of this Agreement exceed the amount, which Lenders Lender may lawfully receive. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section 2.3.52.3.4, shall make a final determination that Lenders have Lender has received, charged, collected, or contracted for interest hereunder in excess of the amount which Lenders Lender could lawfully have, to the extent permitted by law, such excess shall promptly be applied to the reduction of the principal balance of each Note and not to the payment of interest, and any excess remaining thereafter shall be refunded to the Borrower. In determining whether the interest exceeds the Maximum Lawful Rate or the maximum amount which Lenders Lender could lawfully have received, the total amount of interest shall, to the extent allowed by law, be spread over the term of the Loans.