Common use of No Usurious Amounts Clause in Contracts

No Usurious Amounts. Anything herein contained to the contrary notwithstanding, Borrower does not agree and shall not be obligated to pay interest under the Notes at a rate which is in excess of the maximum non-usurious rate permitted by law. If by the terms of the Notes, Borrower is at any time required to pay interest at a rate in excess of such maximum non-usurious rate, the rate of interest under the Notes shall be deemed to be immediately reduced to such maximum non-usurious legal rate and the portion of all prior interest payments in excess of such maximum non-usurious legal rate shall be applied to and shall be deemed to have been payments in reduction of the outstanding principal balance. Borrower agrees that in determining whether or not any interest payable under the Notes exceeds the highest rate permitted by law, any non-principal payment, including, without limitation, late charges, shall be deemed to the extent permitted by law to be an expense, fee or premium rather than interest.

No Usurious Amounts. Anything Notwithstanding anything herein contained to the contrary notwithstandingcontrary, it is the intent of the parties that Borrower does not agree and shall not be obligated to pay interest under the Notes hereunder at a rate which is in excess of the maximum non-usurious rate permitted by lawlaw (the “Maximum Rate”). If by the terms of the Notesthis Note, Borrower is at any time required to pay interest at a rate in excess of such maximum non-usurious ratethe Maximum Rate, the rate of interest under the Notes this Note shall be deemed to be immediately reduced to such maximum non-usurious legal rate the Maximum Rate and the portion of all prior interest payments in excess of such maximum non-usurious legal rate the Maximum Rate shall be applied to and shall be deemed to have been payments in reduction of the outstanding principal balance, unless Borrower shall notify Lender, in writing, that Borrower elects to have such excess sum returned to it forthwith. Borrower B▇▇▇▇▇▇▇ agrees that in determining whether or not any interest payable under the Notes this Note exceeds the highest rate permitted by lawMaximum Rate, any non-principal payment, including, without limitation, late charges, shall be deemed to the extent permitted by law to be an expense, fee or premium rather than interest.