Common use of Parties’ Intention Clause in Contracts

Parties’ Intention. It is the intent of all parties hereto and affected hereby in the execution and performance of this Charter, the Charter Documents and all related documentation to remain in strict compliance with all applicable laws from time to time in effect. Further, it is the intent of all parties hereto and affected hereby to evidence, by this Charter, a lease between the Owner, as lessor, and the Charterer, as lessee, rather than any other form of financial arrangement including specifically, but without limitation, a loan or other debt financing. Any and all payments, amounts, liabilities, commitment fees and other amounts expended and obligations of the Charterer incurred or arising in connection with this Charter, the Charter Documents and all related documentation are intended to evidence, lease payment obligations of the Charterer or reimbursements to the Owner and the Investors or their agents, representatives or designees, for services actually performed, goods actually furnished or provided, or other expenses or liabilities for which reimbursement is provided in connection with this Charter and the Charter Documents. To the extent that any such charge herein provided for or payment herein made is held or deemed to be held by a court of competent jurisdiction to be "interest", the parties hereto and affected hereby stipulate and agree that none of the terms and provisions contained in or pertaining to this Charter, the Charter Documents or any related document shall ever be construed to create a contract to pay for the use, forbearance or detention of money with interest at a rate or in an amount in excess of the maximum lawful non-usurious rate or amount of interest permitted to be charged, paid or received under said laws. For purposes of this Charter, the Charter Documents and all related documentation, "interest" shall include the aggregate of all charges which constitute interest under applicable laws, which term "applicable laws" shall include, but not be limited to, the laws of the State of New York and, to the extent they may apply, the laws of the United States of America, that are contracted for, chargeable or receivable under this Charter and all related documentation. The Charterer shall never be required to pay unearned interest on any of its obligations hereunder or in connection herewith and shall never be required to pay interest on any of its obligations hereunder or in connection herewith at a rate or in an amount in excess of the maximum lawful non-usurious rate or amount of interest that may be lawfully charged under applicable laws, and the provisions of this paragraph shall control over all other provisions of this Charter, the Charter Documents and all related documentation which may be in apparent conflict herewith. If the effective rate or amount of interest which would otherwise be payable under or in connection with this Charter or any related documentation would exceed the maximum lawful non-usurious rate or amount of interest the Owner or any Investor or any assignee thereof is allowed by applicable laws to charge, collect and receive, or in the event any such person or entity shall charge, collect or receive monies that are deemed to constitute interest which would, in the absence of this Section 19.8, be in excess of an amount permitted to be charged, collected and received under the applicable laws then in effect, then any such excess amount shall be reduced to the amount allowed under said laws as now or hereafter construed by courts having jurisdiction, and all such monies so collected, charged or received that are deemed to constitute interest in excess of the maximum lawful non-usurious rate or amount of interest permitted by applicable laws shall be immediately, at the option of the recipient thereof, be applied to principal, if any outstanding, or returned to or credited to the account of the Charterer upon such determination.

Parties’ Intention. It is the intent of all parties hereto and affected hereby in the execution and performance of this Charter, the Charter Documents and all related documentation to remain in strict compliance with all applicable laws from time to time in effect. Further, it is the intent of all parties hereto and affected hereby to evidence, by this Charter, a lease between the Owner, as lessor, and the Charterer, as lessee, rather than any other form of financial arrangement including specifically, but without limitation, a loan or other debt financing. Any and all payments, amounts, liabilities, commitment fees and other amounts expended and obligations of the Charterer incurred or arising in connection with this Charter, the Charter Documents and all related documentation are intended to evidence, lease payment obligations of the Charterer or reimbursements to the Owner and the Investors or their agents, representatives or designees, for services actually performed, goods actually furnished or provided, or other expenses or liabilities for which reimbursement is provided in connection with this Charter and the Charter Documents. To the extent that any such charge herein provided for or payment herein made is held or deemed to be held by a court of competent jurisdiction to be "interest", the parties hereto and affected hereby stipulate and agree that none of the terms and provisions contained in or pertaining to this Charter, the Charter Documents or any related document shall ever be construed to create a contract to pay for the use, forbearance or detention of money with interest at a rate or in an amount in excess of the maximum lawful non-usurious rate or amount of interest permitted to be charged, paid or received under said laws. For purposes of this Charter, the Charter Documents and all related documentation, "interest" shall include the aggregate of all charges which constitute interest under applicable laws, which term "applicable laws" shall include, but not be limited to, the laws of the State of New York and, to the extent they may apply, the laws of the United States of America, that are contracted for, chargeable or receivable under this Charter and all related documentation. The Charterer shall never be required to pay unearned interest on any of its obligations hereunder or in connection herewith and shall never be required to pay interest on any of its obligations hereunder or in connection herewith at a rate or in an amount in excess of the maximum lawful non-usurious rate or amount of interest that may be lawfully charged under applicable laws, and the provisions of this paragraph shall control over all other provisions of this Charter, the Charter Documents and all related documentation which may be in apparent conflict herewith. If the effective rate or amount of interest which would otherwise be payable under or in connection with this Charter or any related documentation would exceed the maximum lawful non-usurious rate or amount of interest the Owner or any Investor or any assignee thereof is allowed by applicable laws to charge, collect and receive, or in the event any such person or entity shall charge, collect or receive monies that are deemed to constitute interest which would, in the absence of this Section 19.8, be in excess of an amount permitted to be charged, collected and received under the applicable laws then in effect, then any such excess amount shall be reduced to the amount allowed under said laws as now or hereafter construed by courts having jurisdiction, and all such monies so collected, charged or received that are deemed to constitute interest in excess of the maximum lawful non-non- usurious rate or amount of interest permitted by applicable laws shall be immediately, at the option of the recipient thereof, be applied to principal, if any outstanding, or returned to or credited to the account of the Charterer upon such determination.