Common use of Maximum Rate of Interest Clause in Contracts

Maximum Rate of Interest. Notwithstanding any other provisions of this Note, if the amount of any interest, premium, fees or other monies or any rate of interest required to be paid under this Note or any other document entered into in connection with this Note would, but for this provision, contravene any applicable Law, then such amount or rate of interest shall be reduced to such maximum amount as would not contravene such provisions; and to the extent that any excess has been charged or received the Holder shall apply such excess against the outstanding Obligations and refund to the Borrowers any further excess amount.

Maximum Rate of Interest. Notwithstanding any other provisions of this NoteDebenture, if the amount of any interest, premium, fees or other monies or any rate of interest required to be paid under this Note Debenture or any other document entered into in connection with this Note Debenture would, but for this provision, contravene any applicable Law, then such amount or rate of interest shall be reduced to such maximum amount as would not contravene such provisions; and to the extent that any excess has been charged or received the Holder shall apply such excess against the outstanding Obligations and refund to the Borrowers Borrower any further excess amount.