Common use of Usury Savings Provisions Clause in Contracts

Usury Savings Provisions. It is the intent of Mortgagee, Secured Parties and Mortgagor in the execution of the Indenture and the other Note Documents and any other written or oral agreement by Mxxxxxxxx in favor of Mortgagee and Secured Parties to contract in strict compliance with Applicable Laws with respect to usury. In furtherance thereof, Mortgagee, Secured Parties and Mortgagor stipulate and agree that none of the terms and provisions contained in the Indenture and the other Note Documents or in any other written or oral agreement by Mortgagor, the Companies or the Issuer in favor of Mortgagee and Secured Parties, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, or interest at a rate in excess of the maximum interest rate permitted to be charged by Applicable Laws; that neither Mortgagor nor any guarantors, endorsers or other Persons now or hereafter becoming liable for payment of the Secured Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under Applicable Laws; and that the provisions of this subsection shall control over all other provisions of the Indenture, the other Note Documents or any other oral or written agreements which may be in apparent conflict herewith. Mortgagee and Secured Parties expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Secured Obligations or the remaining Secured Obligations are accelerated. If the maturity of the Secured Obligations or the remaining Secured Obligations shall be accelerated for any reason or if the principal of the Secured Obligations or the remaining Secured Obligations are paid prior to the maturity of the Indenture Notes or the Secured Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Indenture Notes or the Secured Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee and Secured Parties shall, at Mortgagee's option, either refund to Mortgagor the amount of such excess or credit the amount of such excess against the principal balance of the Secured Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by Applicable Laws as a result of such excess interest. In the event that Mortgagee and Secured Parties shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Indenture Notes or the Secured Obligations to a rate in excess of that permitted to be charged by Applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of Mortgagee, be either immediately returned to Mortgagor or credited against the Secured Obligations then outstanding, in which event any and all penalties of any kind under Applicable Laws as a result of such excess interest shall be inapplicable.

Usury Savings Provisions. It is the intent of Mortgagee, Secured Parties Lenders and Mortgagor in the execution of the Indenture Credit Agreement and the other Note Loan Documents and any other written or oral agreement by Mxxxxxxxx Mortgagor in favor of Mortgagee and Secured Parties Lenders to contract in strict compliance with Applicable Laws with respect to usuryapplicable usury Laws. In furtherance thereof, Mortgagee, Secured Parties Lenders and Mortgagor stipulate and agree that none of the terms and provisions contained in the Indenture Credit Agreement and the other Note Documents Loan Documents, or in any other written or oral agreement by Mortgagor, the Companies Mortgagor or the Issuer any Loan Party in favor of Mortgagee and Secured PartiesLenders, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, or interest at a rate in excess of the maximum interest rate permitted to be charged by Applicable applicable Laws; that neither Mortgagor nor any guarantors, endorsers or other Persons now or hereafter becoming liable for payment of the Secured Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under Applicable applicable Laws; and that the provisions of this subsection shall control over all other provisions of the Indenture, Credit Agreement and the other Note Loan Documents or any other oral or written agreements which may be in apparent conflict herewith. Mortgagee and Secured Parties Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Secured Obligations Loan or the remaining Secured Obligations are accelerated. If the maturity of the Secured Obligations Loan or the remaining Secured Obligations shall be accelerated for any reason or if the principal of the Secured Obligations Loan or the remaining Secured Obligations are paid prior to the maturity end of the Indenture Notes term of the Loan or the Secured Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Indenture Notes Loan or the Secured Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee and Secured Parties Lenders shall, at Mortgagee's option, either refund to Mortgagor the amount of such excess or credit the amount of such excess against the principal balance of the Secured Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by Applicable applicable Laws as a result of such excess interest. In the event that Mortgagee and Secured Parties Lenders shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Indenture Notes Loan or the Secured Obligations to a rate in excess of that permitted to be charged by Applicable applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of Mortgagee, be either immediately returned to Mortgagor or credited against the Secured Obligations then outstanding, in which event any and all penalties of any kind under Applicable applicable Laws as a result of such excess interest shall be inapplicable.

Usury Savings Provisions. It is the intent of MortgageeGrantee, Secured Parties and Mortgagor Grantor in the execution of the Indenture and the other Note Documents and any other written or oral agreement by Mxxxxxxxx Grantor in favor of Mortgagee Grantee and Secured Parties to contract in strict compliance with Applicable Laws with respect to usury. In furtherance thereof, MortgageeGrantee, Secured Parties and Mortgagor Grantor stipulate and agree that none of the terms and provisions contained in the Indenture and the other Note Documents or in any other written or oral agreement by MortgagorGrantor, the Companies or the Issuer in favor of Mortgagee Grantee and Secured Parties, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, or interest at a rate in excess of the maximum interest rate permitted to be charged by Applicable Laws; that neither Mortgagor Grantor nor any guarantors, endorsers or other Persons now or hereafter becoming liable for payment of the Secured Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under Applicable Laws; and that the provisions of this subsection shall control over all other provisions of the Indenture, the other Note Documents or any other oral or written agreements which may be in apparent conflict herewith. Mortgagee Grantee and Secured Parties expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Secured Obligations or the remaining Secured Obligations are accelerated. If the maturity of the Secured Obligations or the remaining Secured Obligations shall be accelerated for any reason or if the principal of the Secured Obligations or the remaining Secured Obligations are paid prior to the maturity of the Indenture Notes or the Secured Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Indenture Notes or the Secured Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee Grantee and Secured Parties shall, at MortgageeGrantee's option, either refund to Mortgagor Grantor the amount of such excess or credit the amount of such excess against the principal balance of the Secured Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by Applicable Laws as a result of such excess interest. In the event that Mortgagee Grantee and Secured Parties shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Indenture Notes or the Secured Obligations to a rate in excess of that permitted to be charged by Applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of MortgageeGrantee, be either immediately returned to Mortgagor Grantor or credited against the Secured Obligations then outstanding, in which event any and all penalties of any kind under Applicable Laws as a result of such excess interest shall be inapplicable.

Usury Savings Provisions. It is the intent of Mortgagee, Secured Parties Lenders and Mortgagor in the execution of the Indenture Credit Agreement and the other Note Loan Documents and any other written or oral agreement by Mxxxxxxxx Mortgagor in favor of Mortgagee and Secured Parties Lenders to contract in strict compliance with Applicable Laws with respect to usuryapplicable usury Laws. In furtherance thereof, Mortgagee, Secured Parties Lenders and Mortgagor stipulate and agree that none of the terms and provisions contained in the Indenture Credit Agreement and the other Note Documents Loan Documents, or in any other written or oral agreement by Mortgagor, the Companies any Other Mortgagor or the Issuer any Loan Party in favor of Mortgagee and Secured PartiesLenders, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, or interest at a rate in excess of the maximum interest rate permitted to be charged by Applicable applicable Laws; that neither Mortgagor nor any guarantors, endorsers or other Persons now or hereafter becoming liable for payment of the Secured Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under Applicable applicable Laws; and that the provisions of this subsection shall control over all other provisions of the Indenture, Credit Agreement and the other Note Loan Documents or any other oral or written agreements which may be in apparent conflict herewith. Mortgagee and Secured Parties Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Secured Obligations Loan or the remaining Secured Obligations are accelerated. If the maturity of the Secured Obligations Loan or the remaining Secured Obligations shall be accelerated for any reason or if the principal of the Secured Obligations Loan or the remaining Secured Obligations are paid prior to the maturity end of the Indenture Notes term of the Loan or the Secured Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Indenture Notes Loan or the Secured Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee and Secured Parties Lenders shall, at Mortgagee's ’s option, either refund to Mortgagor the amount of such excess or credit the amount of such excess against the principal balance of the Secured Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by Applicable applicable Laws as a result of such excess interest. In the event that Mortgagee and Secured Parties Lenders shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Indenture Notes Loan or the Secured Obligations to a rate in excess of that permitted to be charged by Applicable applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of Mortgagee, be either immediately returned to Mortgagor or credited against the Secured Obligations then outstanding, in which event any and all penalties of any kind under Applicable applicable Laws as a result of such excess interest shall be inapplicable.

Usury Savings Provisions. It is the intent of MortgageeGrantee, Secured Parties Lenders and Mortgagor Grantor in the execution of the Indenture Loan Agreement and the other Note Loan Documents and any other written or oral agreement by Mxxxxxxxx Grantor in favor of Mortgagee Grantee and Secured Parties Lenders to contract in strict compliance with Applicable Laws with respect to usuryapplicable usury Laws. In furtherance thereof, MortgageeGrantee, Secured Parties Lenders and Mortgagor Grantor stipulate and agree that none of the terms and provisions contained in the Indenture Loan Agreement and the other Note Documents Loan Documents, or in any other written or oral agreement by Mortgagor, the Companies Grantor or the Issuer any Loan Party in favor of Mortgagee Grantee and Secured PartiesLenders, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, or interest at a rate in excess of the maximum interest rate permitted to be charged by Applicable applicable Laws; that neither Mortgagor Grantor nor any guarantors, endorsers or other Persons now or hereafter becoming liable for payment of the Secured Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under Applicable applicable Laws; and that the provisions of this subsection shall control over all other provisions of the Indenture, Loan Agreement and the other Note Loan Documents or any other oral or written agreements which may be in apparent conflict herewith. Mortgagee Grantee and Secured Parties Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Secured Obligations Loan or the remaining Secured Obligations are accelerated. If the maturity of the Secured Obligations Loan or the remaining Secured Obligations shall be accelerated for any reason or if the principal of the Secured Obligations Loan or the remaining Secured Obligations are paid prior to the maturity end of the Indenture Notes term of the Loan or the Secured Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Indenture Notes Loan or the Secured Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee Grantee and Secured Parties Lenders shall, at Mortgagee's Grantee’s option, either refund to Mortgagor Grantor the amount of such excess or credit the amount of such excess against the principal balance of the Secured Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by Applicable applicable Laws as a result of such excess interest. In the event that Mortgagee Grantee and Secured Parties Lenders shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Indenture Notes Loan or the Secured Obligations to a rate in excess of that permitted to be charged by Applicable applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of MortgageeGrantee, be either immediately returned to Mortgagor Grantor or credited against the Secured Obligations then outstanding, in which event any and all penalties of any kind under Applicable applicable Laws as a result of such excess interest shall be inapplicable.

Usury Savings Provisions. It is the intent of Mortgagee, Secured Parties Lenders and Mortgagor in the execution of the Indenture Credit Agreement and the other Note Loan Documents and any other written or oral agreement by Mxxxxxxxx Mortgagor in favor of Mortgagee and Secured Parties Lenders to contract in strict compliance with Applicable Laws with respect to usuryapplicable usury Laws. In furtherance thereof, Mortgagee, Secured Parties Lenders and Mortgagor stipulate and agree that none of the terms and provisions contained in the Indenture Credit Agreement and the other Note Documents Loan Documents, or in any other written or oral agreement by Mortgagor, the Companies Mortgagor or the Issuer any Loan Party in favor of Mortgagee and Secured PartiesLenders, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, or interest at a rate in excess of the maximum interest rate permitted to be charged by Applicable applicable Laws; that neither Mortgagor nor any guarantors, endorsers or other Persons now or hereafter becoming liable for payment of the Secured Obligations are agreeing to pay at a rate in excess of the maximum interest that may be lawfully charged under Applicable applicable Laws; and that the provisions of this subsection shall control over all other provisions of the Indenture, Credit Agreement and the other Note Loan Documents or any other oral or written agreements which may be in apparent conflict herewith. Mortgagee and Secured Parties Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Secured Obligations Loan or the remaining Secured Obligations are accelerated. If the maturity of the Secured Obligations Loan or the remaining Secured Obligations shall be accelerated for any reason or if the principal of the Secured Obligations Loan or the remaining Secured Obligations are paid prior to the maturity end of the Indenture Notes term of the Loan or the Secured Obligations, as applicable, and as a result thereof the interest received for the actual period of existence of the Indenture Notes Loan or the Secured Obligations, as applicable, exceeds the applicable maximum lawful rate, Mortgagee and Secured Parties Lenders shall, at Mortgagee's ’s option, either refund to Mortgagor the amount of such excess or credit the amount of such excess against the principal balance of the Secured Obligations then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by Applicable applicable Laws as a result of such excess interest. In the event that Mortgagee and Secured Parties Lenders shall contract for, charge or receive any amount or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on the Indenture Notes Loan or the Secured Obligations to a rate in excess of that permitted to be charged by Applicable applicable Laws, an amount equal to interest in excess of the lawful rate shall, upon such determination, at the option of Mortgagee, be either immediately returned to Mortgagor or credited against the Secured Obligations then outstanding, in which event any and all penalties of any kind under Applicable applicable Laws as a result of such excess interest shall be inapplicable.