Common use of Maximum Legal Rate Clause in Contracts

Maximum Legal Rate. All agreements between Borrower, Guarantors, and Lender are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the Obligations or otherwise, shall the amount paid or agreed to be paid to Lender for the use or the forbearance of the Indebtedness evidenced by the Note exceed the Maximum Legal Rate. As used herein, the Maximum Legal Rate shall mean the Maximum Legal Rate in effect as of the date hereof; provided, however, in the event that there is a change in the Maximum Legal Rate which results in a higher permissible rate of interest, then the Maximum Legal Rate shall be governed by such new law as of its effective date. In this regard, it is expressly agreed that it is the intent of Borrower, Lender and Lender in the execution, delivery and acceptance of this Agreement and the Notes to contract in strict compliance with the laws of the State of Texas from time to time in effect. If, under or from any circumstances whatsoever, fulfillment of any provision hereof or of any of the other Loan Documents at the time of performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits of such validity, and if under or from any circumstances whatsoever Lender should ever receive as interest any amount which would exceed the Maximum Legal Rate, such amount which would be excessive interest shall be applied to the reduction of the principal balance of the Obligations and not to the payment of interest. This provision shall control every other provision of all agreements between Borrower, Guarantor and Lender. The provisions of this Section 2.3.6 shall be deemed to be incorporated into every document or communication relating to the Obligations which sets forth or prescribes any account, right or claim or alleged account, right or claim of Agent and/or Lenders with respect to Borrower (or any other obligor in respect of Obligations), whether or not any provision of this Section 2.3.6 is referred to therein. All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent of the Obligations and obligations of the Borrower (or other obligor) asserted by Lender thereunder, be automatically recomputed by Borrower or any other obligor, and by any court considering the same, to give effect to the adjustments or credits required by this Section 2. 3.6.

Maximum Legal Rate. All agreements between Borrower, Guarantors, and Lender are hereby expressly limited so that In the event any interest is charged in no contingency or event whatsoever, whether by reason excess of acceleration of maturity of the Obligations or otherwise, shall the amount paid or agreed to be paid to Lender for the use or the forbearance of the Indebtedness evidenced by the Note exceed the Maximum Legal Rate. As used herein, the Maximum Legal Rate ("Excess Interest"), Borrower acknowledges and stipulates that any such charge shall mean be the Maximum Legal Rate result of an accidental and bona fide error, and such Excess Interest shall be, first, applied to reduce the principal then unpaid hereunder; second, applied to reduce any other Obligations, until paid in effect as full; and third, returned to Borrower, it being the intention of the date hereof; providedparties hereto not to enter at any time into a usurious or otherwise illegal relationship. Borrower recognizes that, however, with fluctuations in the event that there is a change in the Maximum Legal Rate which results in a higher permissible rate of interest, then the Maximum Legal Rate shall be governed by such new law as of its effective date. In this regard, it is expressly agreed that it is the intent of Borrower, Lender and Lender in the execution, delivery and acceptance of this Agreement and the Notes to contract in strict compliance with the laws of the State of Texas from time to time in effect. If, under or from any circumstances whatsoever, fulfillment of any provision hereof or of any of the other Loan Documents at the time of performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits of such validity, and if under or from any circumstances whatsoever Lender should ever receive as interest any amount which would exceed the Maximum Legal Rate, such amount which would be excessive an unintentional result could inadvertently occur. By the execution of this Agreement, Borrower covenants that (i) the credit or return of any Excess Interest shall constitute the acceptance by the Borrower of such Excess Interest, and (ii) the Borrower shall not seek or pursue any other remedy, legal or equitable, against Lender, based in whole or in part upon the charging or receiving of any interest in excess of the maximum authorized by applicable law. For the purpose of determining whether or not any Excess Interest has been contracted for, charged or received by Lender, all interest at any time contracted for, charged or received by the Lender in connection with this Agreement shall be applied to amortized, prorated, allocated and spread in equal parts during the reduction entire term of the principal balance of the Obligations and not to the payment of interest. This provision shall control every other provision of all agreements between Borrower, Guarantor and Lenderthis Agreement. The provisions of this Section 2.3.6 shall be deemed to be incorporated into each and every document Term Note and other Loan Document or communication relating to the Obligations which sets forth or prescribes any account, right or claim or alleged account, right or claim of Agent and/or Lenders the Lender with respect to Borrower (or any other obligor in respect of Obligations), whether or not any provision of this Section 2.3.6 is referred to therein. All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent of the Obligations liabilities and obligations of the Borrower (or any other such obligor) asserted by the Lender thereunder, be automatically recomputed by Borrower or any other obligor, and by any court considering the same, to give effect to the adjustments or credits required by this Section. If the applicable state or federal law is amended in the future to allow a greater rate of interest to be charged under this Agreement or any other Loan Documents than is presently allowed by applicable state or federal law, then the limitation of interest under this Section 2. 3.6shall be increased to the maximum rate of interest allowed by applicable state or federal law as amended, which increase shall be effective hereunder on the effective date of such amendment, and all interest charges owing to the Lender by reason thereof shall be payable upon demand.

Maximum Legal Rate. All agreements between Borrower, Guarantors, Agent and Lender Lenders are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the Obligations or otherwise, shall the amount paid or agreed to be paid to Lender Agent or Lenders for the use or the forbearance of the Indebtedness evidenced by the Note Notes exceed the Maximum Legal Rate. As used herein, the Maximum Legal Rate shall mean the Maximum Legal Rate in effect as of the date hereof; provided, however, in the event that there is a change in the Maximum Legal Rate which results in a higher permissible rate of interest, then the Maximum Legal Rate shall be governed by such new law as of its effective date. In this regard, it is expressly agreed that it is the intent of Borrower, Lender Agent and Lender Lenders in the execution, delivery and acceptance of this Agreement and the Notes to contract in strict compliance with the laws of the State of Texas Rhode Island from time to time in effect. If, under or from any circumstances whatsoever, fulfillment of any provision hereof or of any of the other Loan Documents at the time of performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits of such validity, and if under or from any circumstances whatsoever Agent or any Lender should ever receive as interest any amount which would exceed the Maximum Legal Rate, such amount which would be excessive interest shall be applied to the reduction of the principal balance of the Obligations and not to the payment of interest. This provision shall control every other provision of all agreements between Borrower, Guarantor Agent and Lender. The provisions of this Section 2.3.6 shall be deemed to be incorporated into every document or communication relating to the Obligations which sets forth or prescribes any account, right or claim or alleged account, right or claim of Agent and/or Lenders with respect to Borrower (or any other obligor in respect of Obligations), whether or not any provision of this Section 2.3.6 is referred to therein. All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent of the Obligations and obligations of the Borrower (or other obligor) asserted by Lender thereunder, be automatically recomputed by Borrower or any other obligor, and by any court considering the same, to give effect to the adjustments or credits required by this Section 2. 3.6Lenders.

Maximum Legal Rate. All It is the intent of the Borrower and the Lender to conform strictly to all applicable state and federal usury laws. The Loan Documents and all other agreements between BorrowerBorrower and the Lender whether now existing or hereafter arising and whether written or oral, Guarantors, and Lender are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity of the Obligations hereof or otherwise, shall the amount paid contracted for, charged or agreed to be paid to received by the Lender for the use use, forbearance, or the forbearance detention of the Indebtedness money loaned hereunder or otherwise, or for the payment or performance of any covenant or obligation contained herein or in any other Loan Documents evidencing, securing or pertaining to the Obligations evidenced by hereby which may be legally deemed to be for the Note use, forbearance or detention of money, exceed the Maximum Legal Rate. As used herein, Rate or the Maximum Legal Rate shall mean maximum amount which the Maximum Legal Rate in effect as Borrower and any successors or assigns of the date hereof; provided, however, in Borrower or any such person (if any) is obligated to pay and which the event that there Lender is a change in the Maximum Legal Rate which results in a higher permissible rate of interest, then the Maximum Legal Rate shall be governed by such new law as of its effective date. In this regard, it is expressly agreed that it is the intent of Borrower, Lender and Lender in the execution, delivery and acceptance of this Agreement and the Notes legally entitled to contract in strict compliance with the laws of the State of Texas from time to time in effectfor, charge or collect under applicable state or federal law. If, under or If from any circumstances whatsoever, whatsoever fulfillment of any provision hereof or of any of the such other Loan Documents Documents, at the time of performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable lawMaximum Legal Rate, then the obligation to be fulfilled shall be automatically be reduced to the limits of such validitylimit, and if under or from any circumstances whatsoever such circumstance the Lender should shall ever receive as interest any or otherwise an amount which would exceed in excess of the Maximum Legal RateRate or the maximum that can be legally collected, then such amount which would be excessive interest shall be applied to the reduction of the principal balance of indebtedness hereof and any other amounts due with respect to the Obligations and evidenced hereby or in any other Loan Document, but not to the payment of interestinterest and if such amount which would be excess interest exceeds the Obligations and all other non interest indebtedness described above, then such additional amount shall be refunded to the Borrower. This provision If any excess interest in such respect is provided for in this Agreement, or shall control every be adjudicated to be so provided, or in any other provision of all agreements between BorrowerLoan Document or otherwise in connection with this transaction, Guarantor and Lender. The the provisions of this Section 2.3.6 9.14 shall govern and prevail and neither the Borrower nor any successors or assigns of the Borrower or any such person (if any) shall be deemed obligated to be incorporated into every document or communication relating to pay the Obligations which sets forth or prescribes any account, right or claim or alleged account, right or claim excess amount of Agent and/or Lenders with respect to Borrower (such interest or any other obligor in respect excess sum paid for the use, forbearance, or detention of Obligations), sums loaned pursuant hereto. In determining whether or not all sums paid or agreed to be paid by the Borrower for the use, forbearance or detention of the Obligations of the Borrower to the Lender, under any provision specific contingency, exceeds the Maximum Legal Rate or the maximum amount permitted by applicable law, the Borrower and the Lender shall to the maximum extent permitted under applicable law, (a) treat all Obligations as but a single extension of credit, (b) characterize any non-principal payment as an expense, fee or premium rather than as sums paid or agreed to be paid by the Borrower for the use, forbearance or detention of the Obligations of the Borrower to the Lender, (c) exclude voluntary prepayments and the effect thereof, and (d) amortize, prorate, allocate and spread in equal parts, the total amount of such sums paid or agreed to be paid by the Borrower for the use, forbearance or detention of the Obligations of the Borrower to the Lender throughout the entire contemplated term of the Obligations so that the interest rate is uniform through the entire term of the Obligations. In the event that any of the contract rates computed under this Agreement or any other Loan Document hereof would exceed the Maximum Legal Rate, the rate of interest under this Agreement or such other Loan Agreement for any such period shall be limited to the Maximum Legal Rate, but any subsequent reductions in the applicable contract rate shall not reduce the rates of interest under this Agreement or such other Loan Document below the Maximum Legal Rate until the total amount of interest charged equals the amount of interest that would have been charged had the applicable contract rate been charged at all times. The Borrower and Lender hereby agree if, despite the provisions of Section 9.9 of this Agreement, Texas law is deemed to apply, that except for Section 346.004 thereof, the provisions of Chapter 346 of the Texas Finance Code (Vernon’s Texas Code Annotated), as amended from time to time, shall not apply to this Agreement or any of the other Loan Documents. The terms and provisions of this Section 2.3.6 is referred to therein. All such documents 9.14 shall control and communications supersede every other provision hereof, the Loan Documents and all figures set forth therein shall, for the sole purpose of computing the extent of the Obligations other agreements between Borrower and obligations of the Borrower (or other obligor) asserted by Lender thereunder, be automatically recomputed by Borrower or any other obligor, and by any court considering the same, to give effect to the adjustments or credits required by this Section 2. 3.6.Lender

Maximum Legal Rate. All It is the intent of the Borrower and the -------------------- Lender to conform strictly to all applicable state and federal usury laws. The Loan Documents and all other agreements between BorrowerBorrower and the Lender whether now existing or hereafter arising and whether written or oral, Guarantors, and Lender are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity of the Obligations hereof or otherwise, shall the amount paid contracted for, charged or agreed to be paid to received by the Lender for the use use, forbearance, or the forbearance detention of the Indebtedness money loaned hereunder or otherwise, or for the payment or performance of any covenant or obligation contained herein or in any other Loan Documents evidencing, securing or pertaining to the Obligations evidenced by hereby which may be legally deemed to be for the Note use, forbearance or detention of money, exceed the Maximum Legal Rate. As used herein, Rate or the Maximum Legal Rate shall mean maximum amount which the Maximum Legal Rate in effect as Borrower and any successors or assigns of the date hereof; provided, however, in Borrower or any such person (if any) is obligated to pay and which the event that there Lender is a change in the Maximum Legal Rate which results in a higher permissible rate of interest, then the Maximum Legal Rate shall be governed by such new law as of its effective date. In this regard, it is expressly agreed that it is the intent of Borrower, Lender and Lender in the execution, delivery and acceptance of this Agreement and the Notes legally entitled to contract in strict compliance with the laws of the State of Texas from time to time in effectfor, charge or collect under applicable state or federal law. If, under or If from any circumstances whatsoever, whatsoever fulfillment of any provision hereof or of any of the such other Loan Documents Documents, at the time of performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable lawMaximum Legal Rate, then the obligation to be fulfilled shall be automatically be reduced to the limits of such validitylimit, and if under or from any circumstances whatsoever such circumstance the Lender should shall ever receive as interest any or otherwise an amount which would exceed in excess of the Maximum Legal RateRate or the maximum that can be legally collected, then such amount which would be excessive interest shall be applied to the reduction of the principal balance of indebtedness hereof and any other amounts due with respect to the Obligations and evidenced hereby or in any other Loan Document, but not to the payment of interestinterest and if such amount which would be excess interest exceeds the Obligations and all other non interest indebtedness described above, then such additional amount shall be refunded to the Borrower. This provision If any excess interest in such respect is provided for in this Agreement, or shall control every be adjudicated to be so provided, or in any other provision of all agreements between BorrowerLoan Document or otherwise in connection with this transaction, Guarantor and Lender. The the provisions of this Section 2.3.6 9.14 shall govern and prevail and neither the Borrower nor any successors or assigns of the Borrower or any such person (if any) shall be deemed obligated to be incorporated into every document or communication relating to pay the Obligations which sets forth or prescribes any account, right or claim or alleged account, right or claim excess amount of Agent and/or Lenders with respect to Borrower (such interest or any other obligor in respect excess sum paid for the use, forbearance, or detention of Obligations), sums loaned pursuant hereto. In determining whether or not all sums paid or agreed to be paid by the Borrower for the use, forbearance or detention of the Obligations of the Borrower to the Lender, under any provision specific contingency, exceeds the Maximum Legal Rate or the maximum amount permitted by applicable law, the Borrower and the Lender shall to the maximum extent permitted under applicable law, (a) treat all Obligations as but a single extension of credit, (b) characterize any non-principal payment as an expense, fee or premium rather than as sums paid or agreed to be paid by the Borrower for the use, forbearance or detention of the Obligations of the Borrower to the Lender, (c) exclude voluntary prepayments and the effect thereof, and (d) amortize, prorate, allocate and spread in equal parts, the total amount of such sums paid or agreed to be paid by the Borrower for the use, forbearance or detention of the Obligations of the Borrower to the Lender throughout the entire contemplated term of the Obligations so that the interest rate is uniform through the entire term of the Obligations. In the event that any of the contract rates computed under this Agreement or any other Loan Document hereof would exceed the Maximum Legal Rate, the rate of interest under this Agreement or such other Loan Agreement for any such period shall be limited to the Maximum Legal Rate, but any subsequent reductions in the applicable contract rate shall not reduce the rates of interest under this Agreement or such other Loan Document below the Maximum Legal Rate until the total amount of interest charged equals the amount of interest that would have been charged had the applicable contract rate been charged at all times. The Borrower and Lender hereby agree if, despite the provisions of Section 9.9 of this Agreement, Texas law is deemed to apply, that except for Section 346.004 thereof, the provisions of Chapter 346 of the Texas Finance Code (Vernon's Texas Code Annotated), as amended from time to time, shall not apply to this Agreement or any of the other Loan Documents. The terms and provisions of this Section 2.3.6 is referred to therein. All such documents 9.14 shall control and communications supersede every other provision hereof, the Loan Documents and all figures set forth therein shall, for the sole purpose of computing the extent of the Obligations other agreements between Borrower and obligations of the Borrower (or other obligor) asserted by Lender thereunder, be automatically recomputed by Borrower or any other obligor, and by any court considering the same, to give effect to the adjustments or credits required by this Section 2. 3.6.Lender