Loan Rate. Each Loan Terms Schedule shall establish the Loan Rate applicable to that Loan. The Loan Rate shall not be subject to change in the absence of manifest error or upon the written agreement of Borrower and Lender. All computations of interest on Loans shall be based on a year of twelve 30-day months. If Borrower pays interest on any Loan which is determined to be in excess of the then legal maximum rate, then that portion of each interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of the applicable Loan.
Appears in 3 contracts
Sources: Equipment Loan and Security Agreement (Metabasis Therapeutics Inc), Equipment Loan and Security Agreement (Atheros Communications Inc), Equipment Loan and Security Agreement (Mitokor)