Common use of Reduction in Interest Clause in Contracts

Reduction in Interest. It is the intention of the Borrower and the Lender to conform strictly to the applicable laws of usury. All agreements and transactions between the Borrower and the Lender, whether now existing or hereafter arising, whether contained herein or in any other instrument, and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity hereof, prepayment, demand for prepayment or otherwise, shall the amount contracted for, charged or received by the Lender from the Borrower for the use, forbearance or detention of the principal EXHIBIT A TO LOAN AGREEMENT indebtedness or interest hereof, which remains unpaid from time to time, exceed the Maximum Lawful Amount. Any interest payable hereunder or under any other instrument relating to the Loan that is in excess of the Maximum Lawful Amount, shall be applied, in the event of acceleration of maturity, prepayment, demand for prepayment or otherwise, automatically, as of the date of such acceleration, prepayment, demand or otherwise, to a reduction of the principal indebtedness hereof and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of such principal, such excess shall be refunded to the Borrower. To the extent not prohibited by law, determination of the legal maximum rate of interest shall at all times be made by amortizing, prorating, allocating and spreading all interest at any time contracted for, charged or received from the Borrower in connection with the Loan in equal parts during the period of the full term of the Loan until repayment in full of the principal (including the period of renewal or extension hereof), so that the actual rate of interest on account of such indebtedness does not exceed the Maximum Lawful Rate.

Reduction in Interest. It is the intention of the Borrower and the Lender to conform strictly to the applicable laws of usury. All agreements and transactions between the Borrower and the Lender, whether now existing or hereafter arising, whether contained herein or in any other instrument, and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity hereof, prepayment, demand for prepayment or otherwise, shall the amount contracted for, charged or received by the Lender from the Borrower for the use, forbearance or detention of the principal EXHIBIT A TO LOAN AGREEMENT indebtedness or interest hereof, which remains unpaid from time to time, exceed the Maximum Lawful Amount. Any interest payable hereunder or under any other instrument relating to the Loan that is in excess of the Maximum Lawful Amount, shall be applied, in the event of acceleration of maturity, prepayment, demand for prepayment or otherwise, automatically, as of the date of such acceleration, prepayment, demand or otherwise, to a reduction of the principal indebtedness hereof and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of such principal, such excess shall be refunded to the Borrower. To the extent not prohibited by law, determination of the legal maximum rate of interest shall at all times be made by amortizing, prorating, allocating and spreading all interest at any time contracted for, charged or received from the Borrower in connection with the Loan in equal parts during the period of the full term of the Loan until repayment in full of the principal (including the period of renewal or extension hereof), so that the actual rate of interest on account of such indebtedness does not exceed the Maximum Lawful Rate.

Reduction in Interest. It is the intention of the Borrower and the Lender to conform strictly to the applicable laws of usury. All agreements and transactions between the Borrower and the Lender, whether now existing or hereafter arising, whether contained herein or in any other instrument, and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity hereof, late payment, prepayment, demand for prepayment or otherwise, shall the amount contracted for, charged or received by the Lender from the Borrower for the use, forbearance forbearance, or detention of the principal EXHIBIT A TO LOAN AGREEMENT indebtedness or interest hereof, which remains unpaid from time to time, exceed the Maximum Lawful Amount. Any interest payable hereunder or under any other instrument relating to the Loan that is in excess of the Maximum Lawful Amount, shall be appliedshall, in the event of acceleration of maturity, prepayment, demand for prepayment or otherwise, automatically, as of the date of such accelerationlate payment, prepayment, demand or otherwise, be applied to a reduction of the principal indebtedness hereof and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of such principal, such excess shall be refunded to the Borrower. To the extent not prohibited by law, determination of the legal maximum rate Maximum Lawful Amount of interest shall at all times be made by amortizing, prorating, allocating and spreading all interest at any time contracted for, charged or received from the Borrower in connection with the Loan in equal parts during the period of the full term of the Loan until repayment in full of the principal (including the period of any renewal or extension hereof), so that the actual rate of interest on account of such indebtedness does not exceed the Maximum Lawful RateAmount.

Reduction in Interest. It is the intention of the Borrower and the Lender Holder to conform strictly to the applicable laws of usury. All agreements and transactions between the Borrower Holder and the LenderBorrower, whether now existing or hereafter arising, whether contained herein or in any other instrument, and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity hereof, late payment, prepayment, demand for prepayment or otherwise, shall the amount contracted for, charged or received by the Lender Holder from the Borrower for the use, forbearance forbearance, or detention of the principal EXHIBIT A TO LOAN AGREEMENT indebtedness or interest hereof, which remains unpaid from time to time, exceed the Maximum Lawful Amount. Any interest payable hereunder or under any other instrument relating to the Loan loan evidenced hereby that is in excess of the Maximum Lawful Amount, shall be appliedshall, in the event of acceleration of maturity, prepayment, demand for prepayment or otherwise, automatically, as of the date of such accelerationlate payment, prepayment, demand or otherwise, be applied to a reduction of the principal indebtedness hereof and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of such principal, such excess shall be refunded to the Borrower. To the extent not prohibited by law, determination of the legal maximum rate Maximum Lawful Amount of interest shall at all times be made by amortizing, prorating, allocating and spreading all interest at any time contracted for, charged or received from the Borrower in connection with the Loan loan in equal parts during the period of the full term of the Loan loan evidenced hereby until repayment in full of the principal (including the period of any renewal or extension hereof), so that the actual rate of interest on account of such indebtedness does not exceed the Maximum Lawful RateAmount. As used herein, the term “Maximum Lawful Amount” means the maximum amount of non-usurious interest, permitted with respect to the indebtedness evidenced by this Note from time to time by applicable law after taking into account any and all fees, payments, and other charges that constitute interest under applicable law. Use of the term Maximum Lawful Amount shall not be deemed to imply or affirm that there is any Maximum Lawful Amount applicable to this Note.