Common use of Interest Rate Provisions Clause in Contracts

Interest Rate Provisions. The interest rate provisions of each of the Obligations are subject to the condition that in no event shall the amount paid or agreed to be paid to the holder of such Obligation which is deemed interest under applicable law exceed the maximum rate of interest on the unpaid principal balance of such Obligation allowed by applicable law, if any, (the "Maximum Allowable Rate"). For purposes hereof, "applicable law" shall mean the law in effect on the date hereof, except that if there is a change in such law which results in a higher Maximum Allowable Rate being applicable to the Obligation subject thereto, then such Obligation shall be governed by such amended law from and after its effective date. In the event that fulfillment of any provisions of any Obligation results in the interest rate thereunder being in excess of the Maximum Allowable Rate, then amount to be paid thereunder resulting in an excessive interest rate shall automatically be reduced to eliminate such excess. If notwithstanding the foregoing, the holder of such Obligation receives an amount which under applicable law would cause the interest rate thereunder to exceed the Maximum Allowable Rate, the portion thereof which would be excessive shall automatically be applied to and deemed a prepayment of the unpaid principal balance under such Obligation and not a payment of interest.

Interest Rate Provisions. The interest rate provisions All agreements between Borrower, any guarantor, and Bank are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of each acceleration of maturity of the Obligations are subject to the condition that in no event or otherwise, shall the amount paid or agreed to be paid to Bank for the holder use or the forbearance of such Obligation which is deemed interest under applicable law the Obligations exceed the maximum rate of interest on the unpaid principal balance of such Obligation allowed by permissible under applicable law. As used herein, if any, (the "Maximum Allowable Rate"). For purposes hereof, term "applicable law" shall mean the law in effect on as of the date hereofhereof provided, except however that if in the event there is a change in such the law which results in a higher Maximum Allowable Rate being applicable to the Obligation subject theretopermissible rate of interest, then such Obligation this Agreement and each of the Loan Documents shall be governed by such amended new law from and after as of its effective date. In this regard, it is expressly agreed that it is the event that intent of Borrower and Bank in the execution, delivery and acceptance of each Note to contract in strict compliance with the laws of the State of New Hampshire from time to time in effect. If, under or from any circumstances whatsoever, fulfillment of any provisions provision of this Agreement or of any Obligation results in the interest rate thereunder being in excess of the Maximum Allowable RateLoan Documents at the time of performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable law, then amount the obligation to be paid thereunder resulting in an excessive interest rate fulfilled shall automatically be reduced to eliminate such excess. If notwithstanding the foregoing, the holder limits of such Obligation receives validity, and if under or from circumstances whatsoever Bank should ever receive as interest an amount which under applicable law would cause the interest rate thereunder to exceed the Maximum Allowable Ratehighest lawful rate, the portion thereof such amount which would be excessive interest shall automatically be applied to and deemed a prepayment the reduction of the unpaid principal balance under such Obligation of the Obligations and not a to the payment of interest. This provision shall control every other provision of all agreements between Borrower and Bank.

Interest Rate Provisions. The interest rate provisions of each of the Obligations are subject to the condition that in no event shall the amount paid or agreed to be paid to the holder of such Obligation which is deemed interest under applicable law exceed the maximum rate of interest on the unpaid principal balance of such Obligation allowed by applicable law, if any, any (the "“Maximum Allowable Rate"”). For purposes hereof, "‘‘applicable law" ” shall mean the law in effect on the date hereof, except that if there is a change in such law which results in a higher Maximum Allowable Rate being applicable to the Obligation subject thereto, then such Obligation shall be governed by such amended law from and after its effective date. In the event that fulfillment of any provisions of any Obligation results in the interest rate thereunder being in excess of the Maximum Allowable Rate, then the amount to be paid thereunder resulting in an excessive interest rate shall automatically be reduced to eliminate such excess. If notwithstanding the foregoing, the holder of such Obligation receives an amount which under applicable law would cause the interest rate thereunder to exceed the Maximum Allowable Rate, the portion thereof which would be excessive shall automatically be applied to and deemed a prepayment of the unpaid principal balance under such Obligation and not a payment of interest.

Interest Rate Provisions. The interest rate provisions of ________________________ each of the Obligations are subject to the condition that in no event shall the amount paid or agreed to be paid to the holder of such Obligation which is deemed interest under applicable law exceed the maximum rate of interest on the unpaid principal balance of such Obligation allowed by applicable law, if any, (the "Maximum Allowable Rate"). For purposes hereof, "applicable law" shall mean the law in effect on the date hereof, except that if there is a change in such law which results in a higher Maximum Allowable Rate being applicable to the Obligation subject thereto, then such Obligation shall be governed by such amended law from and after its effective date. In the event that fulfillment of any provisions of any Obligation results in the interest rate thereunder being in excess of the Maximum Allowable Rate, then amount to be paid thereunder resulting in an excessive interest rate shall automatically be reduced to eliminate such excess. If notwithstanding the foregoing, the holder of such Obligation receives an amount which under applicable law would cause the interest rate thereunder to exceed the Maximum Allowable Rate, the portion thereof which would be excessive shall automatically be applied to and deemed a prepayment of the unpaid principal balance under such Obligation and not a payment of interest.