Interest Savings Clause. If any interest payment due hereunder is determined to be in excess of the then legal maximum rate, then that portion of each interest payment representing an amount in excess of the then legal maximum rate shall instead be deemed a payment of principal and applied against the principal of the obligations evidenced by this Note.
Interest Savings Clause. Nothing contained in this Agreement or in any promissory notes made by the Borrower to the Lender or in any of the other Loan Documents shall be construed to permit the Lender to receive at any time interest, fees or other charges in excess of the amounts which the Lender is legally entitled to charge and receive under any law to which such interest, fees or charges are subject. In no contingency or event whatsoever shall the compensation payable to the Lender by the Borrower, howsoever characterized or computed, hereunder or under any other agreement or instrument evidencing or relating to the Obligations of the Borrower to the Lender hereunder, exceed the highest rate permissible under any law to which such compensation is subject. There is no intention that the Lender shall contract for, charge or receive compensation in excess of the highest lawful rate, and, in the event it should be determined that any excess has been charged or received, then, ipso facto, such rate shall be reduced to the highest lawful rate so that no amounts shall be charged which are in excess thereof; and the Lender shall apply such excess against the Obligations of the Borrower to the Lender then outstanding and, to the extent of any amounts remaining thereafter, refund such excess to the Borrower.
Interest Savings Clause. Notwithstanding anything to the contrary contained herein, no provision of this Note shall require the payment or permit the collection of interest in excess of the maximum rate (the "Maximum Rate") permitted by applicable law. If any excess of interest in such respect is herein provided for, or shall be adjudicated to be so provided, in this Note or otherwise in connection with the transaction that gave rise to the indebtedness evidenced by this Note, the provisions of this Section shall govern and prevail, and neither Maker nor the successors or assigns of Maker shall be obligated to pay the excess amount of such interest, or any other excess sun paid for the use, forbearance or detention of sums loaned pursuant hereto. If for any reason interest in excess of the maximum rate of interest permitted by applicable law shall be deemed charged, required or permitted by any court of competent jurisdiction, any such excess shall be applied as a payment and reduction of the principal indebtedness evidenced by this Note, and, if the principal amount hereto has been paid in full, any remaining excess shall forthwith be paid to Maker. In determining whether the amount of interest paid or payable under any contingency exceeds the amount of interest paid or payable, if the indebtedness evidenced by this Note had at all times accrued interest at the Maximum Rate, Maker agrees that, to the maximum extent permitted under applicable law, (a) any non principal payment shall be characterized as an expense fee, or premium rather than as interest, (b) prepayments and the effects thereof shall be excluded, (c) the total amount of interest shall be "spread" throughout the entire contemplated term of the Note to and including the maturity date of this Note, and (d) if the indebtedness evidenced by this Note is paid and performed in full prior to the end of the full stated term of this Note and if the aggregate amount of interest received by Payee for the actual period of existence hereof exceeds the amount of interest that would have accrued on the indebtedness evidenced by this Note had such indebtedness at all times from the inception thereof borne interest at the Maximum Rate, Payee shall refund to Maker the amount of such excess, and, in such event Payee shall not be subject to any penalties provided by any laws for contracting for, charging, reserving, taking or receiving interest in any amount in excess of the amount which would have accrued on the indebtedness evidenced ...
Interest Savings Clause. Nothing contained in the Loan Documents shall be construed to permit the Bank to receive at any time interest, fees or other charges in excess of the amounts which the Bank is legally entitled to charge and receive under any law to which such interest, fees or charges are subject. In no event whatsoever shall the compensation payable to the Bank by the Borrower, howsoever characterized or computed, hereunder or under any other agreement or instrument evidencing or relating to the Obligations of the Borrower, exceed the highest rate permissible under any law to which such compensation is subject. There is no intention that the Bank shall contract for, charge or receive compensation in excess of the highest lawful rate, and, in the event it should be determined that any excess has been charged or received, then, ipso facto, such rate shall be reduced to a lawful rate so that no amounts shall be charged which are in excess thereof, and the Bank shall promptly refund such excess to the Borrower.
Interest Savings Clause. If any interest payment (or other payment which is deemed by law to be interest) due hereunder or due under the other Bridge Loan Documents is determined to be in excess of the then legal maximum rate, then the portion of each interest payment representing an amount in excess of the such legal maximum rate shall be deemed a payment of principal and applied against the principal amount of the Note.
Interest Savings Clause. Notwithstanding any other provision of the Remaining Notes, this Agreement, or any other document executed in conjunction with or relating to the same, interest payable to BOCO shall not exceed the maximum rate permitted by law; and if any amount is paid as interest in excess of such maximum rate, then the amount so paid will not constitute interest but will constitute a payment on account of the principal amount of the Remaining Notes.
Interest Savings Clause. Notwithstanding any other provision hereof, the interest payable hereunder shall be limited to the maximum amount permitted under applicable law. If any amount is paid hereunder which would be usurious under applicable law, it shall be deemed a payment of principal or shall be promptly refunded to the Company as necessary to avoid violation of any applicable usury statute.
Interest Savings Clause. Notwithstanding any provision herein to the contrary, no interest hereon shall be payable to the extent that such exceeds the amount permitted to be paid by Borrower or received by Issuer under applicable law. To the extent that any payments are made and received in violation of the provisions hereof, such payments shall be treated in all respects as principal payments subject to the provisions of Section 1.2 of this Note, notwithstanding which such partial prepayment shall be permitted without any penalty which would otherwise be payable thereunder.
Interest Savings Clause. Notwithstanding any other provision of the BOCO Notes, this Agreement, or any other document executed in conjunction with or relating to the same, interest and the Guaranty Fee payable to BOCO shall not exceed the maximum rate permitted by law; and if any amount is paid as interest in excess of such maximum rate, then the amount so paid will not constitute interest but will constitute a payment on account of the principal amount of the BOCO Notes or the Companies’ payment obligations under this Agreement (with the specific allocation of such amounts to be decided in BOCO’s sole and absolute discretion).
Interest Savings Clause. Nothing contained in this Agreement or in the Note shall be construed to permit Lender to receive at any time interest, fees or other charges in excess of the amounts which Lender is legally entitled to charge and receive under any law to which such interest, fees or charges are subject. In no contingency or event whatsoever shall the compensation payable to Lender by Borrower, howsoever characterized or computed, hereunder or under the Note or under any other agreement or instrument evidencing or relating to the Obligations, exceed the highest rate permissible under any law to which such compensation is subject. There is no intention that Lender shall contract for, charge or receive compensation in excess of the highest lawful rate, and, in the event it should be determined that any excess has been charged or received, then, ipso facto, such rate shall be reduced to the highest lawful rate so that no amounts shall be charged which are in excess thereof; and Lender shall apply such excess against the Obligations then outstanding.
