Common use of COMPLIANCE WITH INTEREST LAW Clause in Contracts

COMPLIANCE WITH INTEREST LAW. It is the intention of Original Borrower, New Borrower and Lender to conform strictly to the Interest Law (as hereinafter defined). Accordingly, New Borrower and Lender agree that any provisions contained in the Note or in any of the other Loan Documents to the contrary notwithstanding, the aggregate of all interest or consideration constituting interest under the Interest Law that is taken, reserved, contracted for, charged or received under the Note or under any of the Loan Documents or otherwise in connection with this Loan transaction shall under no circumstances exceed the maximum amount of interest allowed by the Interest Law. If any excess interest is provided for in the Note or in any of the other Loan Documents, then (a) the provisions of this Section 25 shall govern and control, (b) neither New Borrower nor the successors or assigns of New Borrower shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest allowed by the Interest Law, (c) any such excess shall be deemed a mistake and canceled automatically and, if theretofore paid, shall be credited against the indebtedness (or if the Note shall have been paid in full, refunded to New Borrower), and (d) the effective rate of interest shall be automatically subject to reduction to the Maximum Legal Rate of Interest (as hereinafter defined). To the extent permitted by the Interest Law, all sums paid or agreed to be paid to Lender for the use, forbearance or detention of the indebtedness shall be amortized, prorated, allocated and spread throughout the full term of the Note. For purposes of the Note, “Interest Law” shall mean any present or future law of the State of New York (meaning the internal laws of said State and not the laws of said State relating to choice of law), the United States of America or any other jurisdiction which has application to the interest and other charges under the Note or under any of the other Loan Documents and to the classification of New Borrower under such law. For purposes of the Note, the “Maximum Legal Rate of Interest” shall mean the maximum effective contract rate of interest that Lender may from time to time, by agreement with New Borrower, legally charge New Borrower and in regard to which New Borrower would be prevented from successfully raising the claim or defense of usury under the Interest Law as now or hereafter construed by courts of appropriate jurisdiction.

COMPLIANCE WITH INTEREST LAW. It is the intention of Seller, Original BorrowerGuarantor, New Borrower Buyer, Guarantor and Lender to conform strictly to the Interest Law (as hereinafter herein defined). Accordingly, New Borrower Xxxxx and Lender Xxxxxx agree that any provisions contained in the Note or in any of the other Loan Documents to the contrary notwithstanding, the aggregate of all interest interest, or consideration constituting interest under the Interest Law Law, that is taken, reserved, contracted for, charged or received under the Note or under any of the Loan Documents aforesaid documents or otherwise in connection with this Loan loan transaction shall under no circumstances exceed the maximum amount of interest allowed by the Interest Law. If any excess interest is provided for in the Note or in any of the other Loan Documents, then (a) the i)the provisions of this Section 25 paragraph shall govern and control, (b) neither New Borrower ii)neither Buyer nor the Buyer’s successors or assigns of New Borrower shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest allowed by the Interest Law, (c) any iii)any such excess shall be deemed a mistake and canceled automatically and, if theretofore paid, shall be credited against the indebtedness Indebtedness (or if the Note shall have been paid in full, refunded to New BorrowerBuyer), and (d) the iv)the effective rate of interest shall be automatically subject to reduction to the Maximum Legal Rate of Interest (as hereinafter defined). To the extent permitted by the Interest Law, all sums paid or agreed to be paid to Lender for the use, forbearance forbearance, or detention of the indebtedness Indebtedness shall be amortized, prorated, allocated and spread throughout the full term of the Note. For purposes of the Note, “Interest Law” shall mean any present or future law of the State of New York Texas (meaning the internal laws of said State state and not the laws of said State state relating to choice of law), the United States of America or any other jurisdiction jurisdiction, which has application to the interest and other charges under the Note or under any of the other Loan Documents and to the classification of New Borrower Buyer under such law. For purposes of the Note, the “Maximum Legal Rate of Interest” shall mean the maximum effective contract rate of interest that Lender may from time to time, by agreement with New Borrowerthe Buyer, legally charge New Borrower Buyer and in regard to which New Borrower Xxxxx would be prevented from successfully raising the claim or defense of usury under the Interest Law as now or hereafter construed by courts of appropriate jurisdiction.

COMPLIANCE WITH INTEREST LAW. It is the intention of Seller, Original BorrowerGuarantor, New Borrower Buyer, Guarantor and Lender to conform strictly to the Interest Law (as hereinafter herein defined). Accordingly, New Borrower Buyer and Lender agree that any provisions contained in the Note or in any of the other Loan Documents to the contrary notwithstanding, the aggregate of all interest interest, or consideration constituting interest under the Interest Law Law, that is taken, reserved, contracted for, charged or received under the Note or under any of the Loan Documents aforesaid documents or otherwise in connection with this Loan loan transaction shall under no circumstances exceed the maximum amount of interest allowed by the Interest Law. If any excess interest is provided for in the Note or in any of the other Loan Documents, then (a) the provisions of this Section 25 paragraph shall govern and control, (b) neither New Borrower Buyer nor the Buyer's successors or assigns of New Borrower shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest allowed by the Interest Law, (c) any such excess shall be deemed a mistake and canceled automatically and, if theretofore paid, shall be credited against the indebtedness Indebtedness (or if the Note shall have been paid in full, refunded to New BorrowerBuyer), and (d) the effective rate of interest shall be automatically subject to reduction to the Maximum Legal Rate of Interest (as hereinafter defined). To the extent permitted by the Interest Law, all sums paid or agreed to be paid to Lender for the use, forbearance forbearance, or detention of the indebtedness Indebtedness shall be amortized, prorated, allocated and spread throughout the full term of the Note. For purposes of the Note, “"Interest Law” " shall mean any present or future law of the State of New York Michigan (meaning the internal laws of said State state and not the laws of said State state relating to choice of law), the United States of America or any other jurisdiction jurisdiction, which has application to the interest and other charges under the Note or under any of the other Loan Documents and to the classification of New Borrower Buyer under such law. For purposes of the Note, the “"Maximum Legal Rate of Interest” " shall mean the maximum effective contract rate of interest that Lender may from time to time, by agreement with New Borrowerthe Buyer, legally charge New Borrower Buyer and in regard to which New Borrower Buyer would be prevented from successfully raising the claim or defense of usury under the Interest Law as now or hereafter construed by courts of appropriate jurisdiction.

COMPLIANCE WITH INTEREST LAW. It is the intention of Original Borrower, New Borrower and Lender the parties hereto ---------------------------- to conform strictly to any present or future law which has application to the interest and other charges under the Loan Documents (the "Interest Law (as hereinafter definedLaw"). ------------ Accordingly, New Borrower and Lender agree that any provisions contained in the Note or in any of the other Loan Documents notwithstanding anything to the contrary notwithstandingin the Loan Documents, the parties hereto agree that the aggregate amount of all interest or consideration constituting interest under the Interest Law that is other charges taken, reserved, contracted for, charged or received under the Note or under any of the Loan Documents or otherwise in connection with this the Loan transaction shall under no circumstances exceed the maximum amount of interest allowed by the Interest Law. If any excess interest is provided for in the Note or in any of the other Loan Documents, then (a) the provisions of this Section 25 shall govern and control, (b) neither New Borrower nor the successors or assigns of New Borrower shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest allowed by the Interest Law, (c) any such excess shall be deemed a mistake and canceled automatically and, if theretofore paid, shall be credited against the indebtedness evidenced and secured by the Loan Document (the "Indebtedness") (or if the Note Indebtedness shall have been paid in full, refunded to New Borrower------------ by Lender), and (d) the effective rate of interest under the Loan Documents shall be automatically subject to reduction reduced to the Maximum Legal Rate maximum effective contract rate of interest that Lender may from time to time legally charge under the then applicable Interest (as hereinafter defined)Law with respect to the Loan. To the extent permitted by the applicable Interest Law, all sums paid or agreed to be paid to Lender for the use, forbearance or detention of the indebtedness Indebtedness shall be amortized, prorated, allocated and spread throughout the full term of the Note. For purposes of the Note, “Interest Law” shall mean any present or future law of the State of New York (meaning the internal laws of said State and not the laws of said State relating to choice of law), the United States of America or any other jurisdiction which has application to the interest and other charges under the Note or under any of the other Loan Documents and to the classification of New Borrower under such law. For purposes of the Note, the “Maximum Legal Rate of Interest” shall mean the maximum effective contract rate of interest that Lender may from time to time, by agreement with New Borrower, legally charge New Borrower and in regard to which New Borrower would be prevented from successfully raising the claim or defense of usury under the Interest Law as now or hereafter construed by courts of appropriate jurisdictionLoan.

COMPLIANCE WITH INTEREST LAW. It is the intention of Seller, Original BorrowerGuarantor, New Borrower Buyer, Guarantor and Lender to conform strictly to the Interest Law (as hereinafter herein defined). Accordingly, New Borrower Buyer and Lender agree that any provisions contained in the Note or in any of the other Loan Documents to the contrary notwithstanding, the aggregate of all interest interest, or consideration constituting interest under the Interest Law Law, that is taken, reserved, contracted for, charged or received under the Note or under any of the Loan Documents aforesaid documents or otherwise in connection with this Loan loan transaction shall under no circumstances exceed the maximum amount of interest allowed by the Interest Law. If any excess interest is provided for in the Note or in any of the other Loan Documents, then (ai) the provisions of this Section 25 paragraph shall govern and control, (bii) neither New Borrower Buyer nor the Buyer’s successors or assigns of New Borrower shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest allowed by the Interest Law, (ciii) any such excess shall be deemed a mistake and canceled automatically and, if theretofore paid, shall be credited against the indebtedness Indebtedness (or if the Note shall have been paid in full, refunded to New BorrowerBuyer), and (div) the effective rate of interest shall be automatically subject to reduction to the Maximum Legal Rate of Interest (as hereinafter defined). To the extent permitted by the Interest Law, all sums paid or agreed to be paid to Lender for the use, forbearance forbearance, or detention of the indebtedness Indebtedness shall be amortized, prorated, allocated and spread throughout the full term of the Note. For purposes of the Note, “Interest Law” shall mean any present or future law of the State of New York Michigan (meaning the internal laws of said State state and not the laws of said State state relating to choice of law), the United States of America or any other jurisdiction jurisdiction, which has application to the interest and other charges under the Note or under any of the other Loan Documents and to the classification of New Borrower Buyer under such law. For purposes of the Note, the “Maximum Legal Rate of Interest” shall mean the maximum effective contract rate of interest that Lender may from time to time, by agreement with New Borrowerthe Buyer, legally charge New Borrower Buyer and in regard to which New Borrower Buyer would be prevented from successfully raising the claim or defense of usury under the Interest Law as now or hereafter construed by courts of appropriate jurisdiction.