Usury Law. The Note and this Agreement are subject to the express condition that at no time shall Borrower be obligated or required to pay interest or the principal balance due under the Note at a rate which could subject the Bank to either civil or criminal liability as a result of being in excess of the maximum interest rate which Borrower is permitted by applicable law to contract or agree to pay. If by the terms of the Note or this Agreement, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to the Bank for the use, forbearance, or detention of the Credit Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Note until payment in full so that the rate or amount of interest on account of the outstanding Advances does not exceed the maximum lawful rate of interest from time to time in effect and applicable to the Credit Loan for so long as the Advances are outstanding.
Usury Law. It is the intention of Maker and Holder to comply with any applicable usury laws. In furtherance of this intention of Holder and Maker, all agreements between Maker and Holder are hereby expressly limited so that in no contingency or event whatsoever shall the amount paid or agreed to be paid to Holder for the use, forbearance or
Usury Law. Notwithstanding any other provision contained in this --------- Note, the rate of interest payable under this Note shall not at any time exceed a rate which, when combined with any and all other charges provided for in this Note or any other document executed in connection with this Note (to the extent such other charges would constitute interest for the purpose of any applicable law limiting interest which may be charged hereunder), exceeds the maximum interest rate permitted by law with respect to the transactions contemplated hereby.
Usury Law. It is the intention of Maker and Holder to comply with any applicable usury laws. In furtherance of this intention of Holder and Maker, all agreements between Maker and Holder are hereby expressly limited so that in no contingency or event whatsoever shall the amount paid or agreed to be paid to Holder for the use, forbearance or detention of money under this Note exceed the maximum rate permissible under applicable law. If, from any circumstance whatsoever, fulfillment of any provision hereof shall be prohibited by law, the obligation to be fulfilled shall be reduced to the maximum not so prohibited, and if from any circumstances Holder should ever receive as interest an amount which would exceed the highest lawful rate, such amount as would be excessive interest shall, at Holder's option, shall be applied to the reduction of the principal of the Note and not to the payment of interest, or shall be
Usury Law. It is the intention of Maker and Holder to comply with any applicable usury laws. In furtherance of this intention of Holder and Maker, all agreements between Maker and Holder are hereby expressly limited so that in no contingency or event whatsoever shall the amount paid or agreed to be paid to Holder for the use, forbearance or detention of money under this Note exceed the maximum rate permissible under applicable law. If, from any circumstance whatsoever, fulfillment of any provision hereof shall be prohibited by law, the obligation to be fulfilled shall be reduced to the maximum not so prohibited, and if from any circumstances Holder should ever receive as interest an amount which would exceed the
Usury Law. The parties intend to contract in strict compliance with the usury laws of the State of California and, to the extent applicable, the United States. Notwithstanding anything to the contrary in the Operative Documents, Lessee will not be obligated to pay interest at the Overdue Rate on overdue payments of Rent or other interest in excess of the maximum non-usurious interest rate, as in effect from time to time, which may by Applicable Law be charged, contracted for, reserved, received or collected by Lessor in connection with the Operative Documents. During any period of time in which the then-applicable highest lawful rate is lower than the Overdue Rate, interest on overdue payments of Rent will accrue and be payable at such highest lawful rate. However, if at later times such highest lawful rate is greater than the Overdue Rate, then Lessee will pay interest on overdue payments of Rent at the highest lawful rate until the interest on overdue payments of Rent which is paid by Lessee equals the amount of interest that would have been payable at the Overdue Rate.
Usury Law. It is the intent of the Lender and the Borrower in --------- the execution of this Agreement, the Note and the
Usury Law. The Note and this Mortgage are subject to the express condition that at no time shall Mortgagor be obligated or required to pay interest or the principal balance due under the Note at a rate which could subject the Mortgagee to either civil or criminal liability as a result of being in excess of the maximum interest rate which Mortgagor is permitted by applicable law to contract or agree to pay. If by the terms of the Note or this Agreement, Mortgagor is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder.
Usury Law. It is the intent of the Bank and the Borrower in the execution of this Agreement, the Note and all other Loan Documents to contract in strict compliance with the usury laws of the State of California (the "Usury Law"). In furtherance thereof, the Bank and the Borrower stipulate and agree that none of the terms and provisions contained herein or in the Note or under any other Loan Document, or in any other instrument executed in connection herewith or therewith, shall ever be construed to create a contract to pay for the use, forbearance or detention of money at a rate of interest in excess of the maximum interest rate permitted to be charged by the Bank in compliance with the Usury Law. Neither the Borrower nor any guarantors, endorsers or other parties now or hereafter becoming liable for payment hereunder or under the Note or any other Loan Document shall ever be required to pay interest thereon at a rate in excess of the maximum interest that may be lawfully charged by the Bank in compliance with the Usury Law, and the provisions of this
Usury Law. It is the intent of the parties hereto to comply with any applicable usury law. In no event whatsoever shall the amount of Interest paid or agreed to be paid by Borrower pursuant to this Agreement or the Note or any of the other Documents exceed the highest lawful rate of interest permissible under applicable law. If, from any circumstances whatsoever, fulfillment of any provision of this Agreement or the Note or of the other Documents shall involve exceeding the lawful rate of interest which a court of competent jurisdiction may deem applicable hereto ("Excess Interest"), then ipso facto, the obligation to be fulfilled shall be reduced to the highest lawful rate of interest permissible under such law, and, if for any reason whatsoever, Lender shall receive, as Interest, an amount which would be deemed unlawful under such applicable law, such amount shall be applied to the Loan (whether or not due and payable), and not to the payment of Interest, or refunded to Borrower if the Loan has been paid in full. Borrower shall not have any action against Lender for any damages whatsoever arising out of the payment or collection of any such Excess Interest.
