Common use of Maximum Lawful Rate Clause in Contracts

Maximum Lawful Rate. In no event, whether by reason of acceleration of the maturity of the amounts due hereunder or otherwise, shall interest and fees contracted for, charged, received, paid or agreed to be paid to the Holder exceed the maximum amount permissible under applicable law. If, from any circumstance whatsoever, interest and fees would otherwise be payable to the Holder in excess of the maximum amount permissible under applicable law, the interest and fees shall be reduced to the maximum amount permitted under applicable law. If from any circumstance, the Holder shall have received anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excess of interest shall be applied to the reduction of the Principal Amount, in such manner as may be determined by the Holder, or if such excessive interest exceeds the unpaid balance of the Principal Amount, such excess shall be refunded to the Issuer.

Maximum Lawful Rate. This Agreement and the Note are hereby limited by this Section 2.06. In no event, whether by reason of acceleration of the maturity of the amounts due hereunder or otherwise, shall interest and fees contracted for, charged, received, paid or agreed to be paid to the Holder Lender exceed the maximum amount permissible under applicable lawLaw. If, from any circumstance whatsoever, interest and fees otherwise would otherwise be payable to the Holder Lender in excess of the maximum amount permissible under applicable lawLaw, the interest and fees shall be reduced to the maximum amount permitted under applicable lawLaw. If If, from any circumstancecircumstance whatsoever, the Holder Lender shall have received anything of value deemed interest by applicable law Law in excess of the maximum lawful amount, an amount equal to any excess of interest shall be applied to the reduction of the Principal Amountprincipal amount of the Note, in such manner as may be determined by Lender, and not to the Holderpayment of interest, or if such excessive interest exceeds the unpaid balance of the Principal Amountprincipal amount of the Note, such excess shall be refunded to the IssuerBorrower.