No Usurious Amounts. Anything herein contained to the contrary notwithstanding, the Company does not agree and shall not be obligated to pay Interest hereunder at a rate which is in excess of the maximum rate permitted by applicable law. If by the terms of this Note, the Company is at any time required to pay Interest at a rate in excess of such maximum rate, the rate of interest under this Note shall be deemed to be immediately reduced to such maximum legal rate and the portion of all prior Interest payments in excess of such maximum legal rate shall be applied to and shall be deemed to have been payments in reduction of the outstanding principal amount.
Appears in 4 contracts
Sources: Secured Senior Subordinated Convertible Promissory Note, Convertible Promissory Note (Dr. Tattoff, Inc.), Secured Senior Subordinated Convertible Promissory Note (Dr. Tattoff, Inc.)