Common use of Usury Limitations Clause in Contracts

Usury Limitations. It is the intention of the Company and Lender to conform strictly to applicable usury laws. Accordingly, notwithstanding anything to the contrary in this Agreement or the Convertible Debenture, amounts deemed to constitute interest under applicable law and contracted for, chargeable, or receivable under this Agreement or under the Convertible Debenture shall under no circumstances, together with any other interest, late charges, or other amounts which may be interpreted to be interest contracted for, chargeable, or receivable hereunder or thereunder, exceed the maximum amount of interest permitted by law, and in the event any amounts were to exceed the maximum amount of interest permitted by law, such excess amounts shall be deemed a mistake and shall either be reduced immediately and automatically to the maximum amount permitted by law or, if required to comply with applicable law, be canceled automatically and, if theretofore paid, at the option of Lender, be refunded to the Company or credited on the principal amount of the Convertible Debenture then outstanding.

Usury Limitations. It is the intention of the Company and Lender to conform strictly to applicable usury laws. Accordingly, notwithstanding anything to the contrary in this Agreement or the Convertible Master Debenture, amounts deemed to constitute interest under applicable law and contracted for, chargeable, or receivable under this Agreement or under the Convertible Master Debenture shall under no circumstances, together with any other interest, late charges, or other amounts which may be interpreted to be interest contracted for, chargeable, or receivable hereunder or thereunder, exceed the maximum amount of interest permitted by law, and in the event any amounts were to exceed the maximum amount of interest permitted by law, such excess amounts shall be deemed a mistake and shall either be reduced immediately and automatically to the maximum amount permitted by law or, if required to comply with applicable law, be canceled automatically and, if theretofore paid, at the option of Lender, be refunded to the Company or credited on the principal amount of the Convertible Master Debenture then outstanding.