Limitation on Interest Rate. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder or under the Credit Agreement and charged or collected by the Lender or any holder of this Term Note exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lender has charged or received interest hereunder or under the Credit Agreement in excess of the highest applicable rate, the rate in effect hereunder and under the Credit Agreement shall automatically be reduced to the maximum rate permitted by applicable law and the Lender shall apply all interest paid in excess of the maximum lawful rate to reduce the principal balance of the amounts outstanding hereunder and under the Credit Agreement. It is the intent of the parties hereto that the Borrower not pay or contract to pay, and that the Lender not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of the maximum rate of interest that may be paid by the Borrower to the Lender under applicable law.
Limitation on Interest Rate. The obligations of Borrower hereunder and under the Notes shall be subject to the limitation that payments of interest to any Lender, plus any other amounts paid to such Lender in connection herewith and therewith, shall not be required, to the extent (but only to the extent) that contracting for or receiving such payment by such Lender would be contrary to the provisions of any law applicable to such Lender limiting the highest rate of interest which may be lawfully contracted for, charged or received by such Lender, and in such event Borrower shall pay such Lender interest and other amounts at the highest rate permitted by applicable law.
Limitation on Interest Rate. Nothing herein or any transaction related thereto, shall be construed or so operate as to require the Borrower to pay, or to be charged, interest at a greater rate than the maximum allowed by the applicable law relating to this Agreement. Should any interest, or other charges, charged, paid or payable by the Borrower in connection with this Agreement, or any other document in connection herewith, result in the charging, compensation, payment or earning of interest in excess of the maximum allowed by applicable law, then any and all such excess shall be and the same is hereby waived by HCA, and any and all such excess paid shall be automatically credited against and in reduction of the Indebtedness. If HCA shall determine that the interest rate (together with all other charges or payments related hereto that may be deemed interest) stipulated under this Agreement is, or may be, usurious or otherwise limited by law, the unpaid balance of this Loan, with accrued interest at the highest rate permitted to be charged by stipulation in writing between HCA and Borrower, at the option of HCA, shall immediately become due and payable.
Limitation on Interest Rate. If for any reason whatsoever the interest and other consideration payable to each Lender under the Loan Documents exceeds the limit prescribed by any applicable usury statute or any other applicable law, then such interest and other consideration shall be reduced to the limit provided in such statute or law, so that in no event shall such interest and other consideration be in excess of such limit. If any payments of interest or other consideration have been made to either Lender in excess of such limits, such excess amount shall be applied to the principal balance or, if the Loans have been fully paid, refunded to the Borrower.
Limitation on Interest Rate. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender. * * *
Limitation on Interest Rate. Notwithstanding anything to the contrary contained herein, nothing in this Agreement nor any Loan Document or any transaction relating hereto, shall be construed or so operate as to require the Borrower to pay, or be charged, interest at a greater rate than the maximum rate allowed by the applicable law. Should any interest, or other charges, charged, paid or payable by Borrower in connection with this Agreement, the Note, or any other document delivered in connection herewith, result in the charging, compensation, payment or earning of interest in excess of the maximum allowed by applicable law, then any and all such excess shall be and the same is hereby waived by Lender, and any and all such excess paid shall be automatically credited against and in reduction of the principal balance of the Note.
Limitation on Interest Rate. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder and charged or collected by Agent or Lenders or any holder of a Note exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that Agent or any Lender has charged or received interest hereunder and under the Notes, in excess of the highest applicable rate, the rate in effect hereunder and under the Notes, shall automatically be reduced to the maximum rate permitted by applicable law, and Agent and Lenders shall apply all interest paid in excess of the maximum lawful rate first to amounts owed pursuant to Section 9(d) and thereafter to the principal balance of the amounts outstanding hereunder and under the Notes. It is the intent of the parties hereto that Borrower not pay or contract to pay, and that Agent and Lenders not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Borrower to Agent and Lenders under applicable law.
Limitation on Interest Rate. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder or under the Credit Agreement and charged or collected by the Lender or any holder of this 'Term Note exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lender has charged or received interest hereunder or under the Credit Agreement in excess of the highest applicable rate, the rate in effect hereunder and under the Credit Agreement shall automatically be reduced to the maximum rate permitted by applicable law and the Lender shall apply all interest paid in excess of the maximum lawful rate to reduce the principal balance of the amounts outstanding hereunder and under the Credit Agreement It is the intent of the parties hereto that the Borrower not pay or contract to pay, and that the Lender not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of the maximum rate of interest that may be paid by the Borrower to the Lender under applicable law 5. GOVERNING LAW. THIS TERM NOTE SHALL BE GOVERNED BY, AND CONSTRUED TN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA, EXCLUSIVE OF ITS CONFLICTS OF LAWS AND CHOICE OF LAWS RULES THAT WOULD OR MAY CAUSE THE APPICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF CALIFORNIA. VISIJET INC. By: /s/ Laurence M. Schreiber ------------------------ Name: Laurence M. Schreiber ---------------------- Its: COO, Corporate Secretary and Treasurer -----------------------
Limitation on Interest Rate. If there is a maximum limit imposed by applicable law and such limit is applicable to this transaction, then in no event, whether by reason of acceleration of maturity of the Indebtedness evidenced hereby, by the Credit Note or otherwise, shall the amount paid or agreed to be paid to Lender hereunder and deemed interest under applicable law exceed the maximum rate of interest on the unpaid principal balance of the Credit Note allowed by applicable law (the "Maximum Allowable Rate"), which shall mean the law in effect on the date of the Note, except that if there is a change in such law which results in a higher Maximum Allowable Rate being applicable to the Note, then the Note shall be governed by such amended law from and after its effective date. In the event that fulfillment of any provision of the Note, this Agreement or the Security Instruments results in the interest rate under the Credit Note being in excess of the Maximum Allowable Rate, the interest obligation to be fulfilled shall automatically be reduced to eliminate such excess. If, notwithstanding the foregoing, Lender or any successor holder of the Credit Note receives an amount which under applicable law would cause the interest rate under the Credit Note to exceed the Maximum Allowable Rate, the portion thereof which would be excessive shall automatically be applied to and be deemed a prepayment of the unpaid principal balance of, and other outstanding non-interest charges under, the Credit Note, this Agreement and the Security Instruments, and not a payment of interest.
Limitation on Interest Rate. Notwithstanding anything to the contrary contained in this Revised Note, if the interest rate specified herein shall exceed the maximum rate permitted by applicable law as in effect from time to time, Borrower shall pay interest at the highest permissible rats, which rate shall change as and when such highest permissible rate shall change. If Borrower makes an interest payment hereunder that exceeds the maximum amount of interest permitted by applicable law, the excess of such payment above the maximum amount that lawfully may be paid automatically shall be credited toward the payment of principal so as to reduce the amount of the final payment of principal due hereunder or, if Borrower makes an interest pxxxxxx xhat exceeds the maximum amount of interest permitted by applicable law and all principal hereunder shall have been previously or thereby paid in full, such payment shall be deemed to have been the result of mathematical error and Assignee shall refund to Borrower the amount of such payment that is in excess of the amount that lawfully may be paid.
