Common use of Maximum Rate of Interest Clause in Contracts

Maximum Rate of Interest. Regardless of any provisions contained in this Agreement or in any other documents and instruments referred to herein, the Lenders shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest on the Note(s) any amount of interest in excess of the Maximum Rate of interest permitted to be charged by applicable law, and in the event the Lenders ever receive, collect or apply as interest any such excess, or if an acceleration of the maturities of any Note(s) or if any prepayment by the Borrower results in the Borrower having paid any interest in excess of the Maximum Rate, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of the Note(s) for which such excess was received, collected or applied. If the principal balance of such Notes is paid in full, any remaining excess shall be paid immediately to the Borrower. In determining whether or not the interest paid or payable under any specific contingency exceeds the Maximum Rate, the Borrower and the Lenders shall, to the maximum extent permitted under applicable law, (i) characterize any non-principal payment as an expense, fee or premium, rather than as interest; and (ii) exclude voluntary prepayments and the effect thereof; and (iii) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Note(s) so that the interest rate is uniform throughout the term of the Notes; provided that if the Notes are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received during the actual period of existence thereof exceeds the Maximum Rate, the holders of the Notes shall refund to the Borrower the amount of such excess or credit the amount of such excess against the principal amount due thereunder. In such event, no holder of the Notes will be subject to any penalties provided by any laws for contracting for, charging for or receiving interest in excess of the Maximum Rate.

Maximum Rate of Interest. Regardless of any provisions contained in this Agreement or in any other documents and instruments referred to herein, the Lenders shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest on the Note(s) any amount of interest in excess of the Maximum Rate of interest permitted to be charged by applicable law, and in the event the Lenders ever receive, collect or apply as interest any such excess, or if an acceleration of the maturities of any Note(s) or if any prepayment by the Borrower Borrowers results in the Borrower Borrowers having paid any interest in excess of the Maximum Rate, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of the Note(s) for which such excess was received, collected or applied. If the principal balance of such Notes is paid in full, any remaining excess shall be paid immediately to the BorrowerBorrowers. In determining whether or not the interest paid or payable under any specific contingency exceeds the Maximum Rate, the Borrower Borrowers and the Lenders shall, to the maximum extent permitted under applicable law, (i) characterize any non-principal payment as an expense, fee or premium, rather than as interest; and (ii) exclude voluntary prepayments and the effect thereof; and (iii) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Note(s) so that the interest rate is uniform throughout the term of the Notes; provided that if the Notes are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received during the actual period of existence thereof exceeds the Maximum Rate, the holders of the Notes shall refund to the Borrower Borrowers the amount of such excess or credit the amount of such excess against the principal amount due thereunder. In such event, no holder of the Notes will be subject to any penalties provided by any laws for contracting for, charging for or receiving interest in excess of the Maximum Rate.

Maximum Rate of Interest. Regardless of any provisions Notwithstanding anything to the contrary contained in this Agreement any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (in any other documents and instruments referred to hereineach case, the “Maximum Rate”). If the Lenders shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest on the Note(s) any amount of receive interest in excess of the Maximum Rate of interest permitted to be charged by applicable law, and in the event the Lenders ever receive, collect or apply as interest any such excess, or if an acceleration of the maturities of any Note(s) or if any prepayment by the Borrower results in the Borrower having paid any interest in excess of amount that exceeds the Maximum Rate, such amount which would be excessive the excess interest shall be applied to the reduction principal of the Loans, and not to the payment of interest, or, if the excessive interest exceeds such unpaid principal principal, the amount exceeding the unpaid balance of the Note(s) for which such excess was received, collected or applied. If the principal balance of such Notes is paid in full, any remaining excess shall be paid immediately refunded to the Borrowerapplicable Obligor. In determining whether or not the interest paid contracted for, charged, or payable under any specific contingency received by the Lenders exceeds the Maximum Rate, the Borrower and the Lenders shallmay, to the maximum extent permitted under by applicable lawLaw, (ia) characterize any non-payment that is not principal payment as an expense, fee fee, or premium, premium rather than as interest; and , (iib) exclude voluntary prepayments and the effect effects thereof; and , (iiic) amortize, prorate, allocate allocate, and spread, spread in equal parts, or unequal parts the total amount of interest throughout the entire contemplated term of the Note(sIndebtedness and other obligations of any Obligor hereunder, or (d) so that allocate interest between portions of such Indebtedness and other obligations under the interest rate is uniform throughout the term of the Notes; provided that if the Notes are paid and performed in full prior Loan Documents to the end of the full contemplated term thereofthat no such portion shall bear interest at a rate greater than that permitted by applicable Law. FOIA CONFIDENTIAL TREATMENT REQUEST BY BIODELIVERY SCIENCES INTERNATIONAL, and if the interest received during the actual period of existence thereof exceeds the Maximum Rate, the holders of the Notes shall refund to the Borrower the amount of such excess or credit the amount of such excess against the principal amount due thereunderINC. In such event, no holder of the Notes will be subject to any penalties provided by any laws IRS EMPLOYER IDENTIFICATION NUMBER 00-0000000 ***CONFIDENTIAL TREATMENT REQUESTED*** Note: The portions hereof for contracting for, charging for or receiving interest in excess of the Maximum Rate.which confidential treatment is being requested are denoted with “***”

Maximum Rate of Interest. Regardless All agreements between Mortgagor and Mortgagee, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of any provisions contained in this Agreement or in any other documents and instruments referred to herein, the Lenders shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest on the Note(s) any amount of interest in excess of the Maximum Rate of interest permitted to be charged by applicable law, and in the event the Lenders ever receive, collect or apply as interest any such excess, or if an acceleration of the maturities maturity of the Note or otherwise, shall the amount paid, or agreed to be paid to Mortgagee for the use, forbearance, or detention of the money to be loaned under the Note or otherwise or for the payment or performance of any Note(s) covenant or if any prepayment by the Borrower results obligation contained herein or in the Borrower having paid Note, exceed the Maximum Rate. The term "MAXIMUM RATE" as used herein shall mean the higher of the maximum interest rate allowed by applicable United States or New York law as amended from time to time, in effect on the date for which a determination of interest accrued hereunder is made. If, from any circumstances whatsoever, fulfillment of any provision hereof or of any such other documents, at the time performance of such provisions shall be due, shall involve transcending the limit of validity prescribed by applicable usury law, the obligation to be fulfilled shall be reduced to the limit of such validity, and if, from any such circumstance, Mortgagee shall have ever received interest in excess of or anything which might be deemed interest under applicable law which would exceed the Maximum Rate, such amount which would be excessive interest shall be applied to the reduction of the principal amount owing on account of the Note or the amounts owing on other obligations of Mortgagor to Mortgagee hereunder and not to the payment of interest, or if such excessive interest exceeds the unpaid principal balance of the Note(s) for which principal of the Note and the amounts owing on other obligations of Mortgagor to Mortgagee hereunder as the case may be, such excess was received, collected or applied. If the principal balance of such Notes is paid in full, any remaining excess shall be paid immediately refunded to the BorrowerMortgagor. In determining whether or not the interest All sums paid or payable under any specific contingency exceeds agreed to be paid to Mortgagee for the Maximum Rateuse, forbearance or detention of the Borrower and the Lenders Indebtedness of Mortgagor to Mortgagee shall, to the maximum extent permitted under by applicable law, (i) characterize any non-principal be amortized, prorated, allocated and spread throughout the full term of such Indebtedness until payment as an expensein full so that the actual rate of interest on account of such Indebtedness does not exceed the Maximum Rate throughout the term thereof, fee or premium, rather than as interest; and (ii) be characterized as a fee, expense or other charge other than interest, and/or (iii) exclude any voluntary prepayments and the effect effects thereof; and (iii) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Note(s) so that the interest rate is uniform throughout the term of the Notes; provided that if the Notes are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received during the actual period of existence thereof exceeds the Maximum Rate, the holders of the Notes shall refund to the Borrower the amount of such excess or credit the amount of such excess against the principal amount due thereunder. In such event, no holder of the Notes will be subject to any penalties provided by any laws for contracting for, charging for or receiving interest in excess of the Maximum Rate.

Maximum Rate of Interest. Regardless All agreements between Mortgagor and Mortgagee, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of any provisions contained in this Agreement or in any other documents and instruments referred to herein, the Lenders shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest on the Note(s) any amount of interest in excess of the Maximum Rate of interest permitted to be charged by applicable law, and in the event the Lenders ever receive, collect or apply as interest any such excess, or if an acceleration of the maturities maturity of the Note or otherwise, shall the amount paid, or agreed to be paid to Mortgagee for the use, forbearance, or detention of the money to be loaned under the Note or otherwise or for the payment or performance of any Note(s) covenant or if any prepayment by the Borrower results obligation contained herein or in the Borrower having paid Note, exceed the Maximum Rate. The term “Maximum Rate” as used herein shall mean the higher of the maximum interest rate allowed by applicable United States, the state of New York or the State law as amended from time to time, in effect on the date for which a determination of interest accrued hereunder is made. If from any circumstances whatsoever fulfillment of any provision hereof or of any such other documents, at the time performance of such provisions shall be due, shall involve transcending the limit of validity prescribed by applicable usury law, the obligation to be fulfilled shall be reduced to the limit of such validity, and if from any such circumstance, Mortgagee shall have ever received interest in excess of or anything which might be deemed interest under applicable law which would exceed the Maximum Rate, such amount which would be excessive interest shall be applied to the reduction of the principal amount owing on account of the Note or the amounts owing on other obligations of Mortgagor to Mortgagee hereunder (all without payment of any prepayment premium) and not to the payment of interest, or if such excessive interest exceeds the unpaid principal balance of the Note(s) for which principal of the Note and the amounts owing on other obligations of Mortgagor to Mortgagee hereunder as the case may be such excess was received, collected or applied. If the principal balance of such Notes is paid in full, any remaining excess shall be paid immediately refunded to the BorrowerMortgagor. In determining whether or not the interest All sums paid or payable under any specific contingency exceeds agreed to be paid to Mortgagee for the Maximum Rateuse, forbearance or detention of the Borrower and the Lenders Obligations of Mortgagor to Mortgagee shall, to the maximum extent permitted under by applicable law, (i) characterize any non-principal be amortized, prorated, allocated and spread throughout the full term of such Obligations until payment as an expensein full so that the actual rate of interest on account of such Obligations does not exceed the Maximum Rate throughout the term thereof, fee or premium, rather than as interest; and (ii) be characterized as a fee, expense or other charge other than interest, and/or (iii) exclude any voluntary prepayments and the effect effects thereof; and (iii) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Note(s) so that the interest rate is uniform throughout the term of the Notes; provided that if the Notes are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received during the actual period of existence thereof exceeds the Maximum Rate, the holders of the Notes shall refund to the Borrower the amount of such excess or credit the amount of such excess against the principal amount due thereunder. In such event, no holder of the Notes will be subject to any penalties provided by any laws for contracting for, charging for or receiving interest in excess of the Maximum Rate.

Maximum Rate of Interest. Regardless of any provisions Notwithstanding anything to the contrary contained in this Agreement any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (in any other documents and instruments referred to hereineach case, the “Maximum Rate”). If the Lenders shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest on the Note(s) any amount of receive interest in excess of the Maximum Rate of interest permitted to be charged by applicable law, and in the event the Lenders ever receive, collect or apply as interest any such excess, or if an acceleration of the maturities of any Note(s) or if any prepayment by the Borrower results in the Borrower having paid any interest in excess of amount that exceeds the Maximum Rate, such amount which would be excessive the excess interest shall be applied to the reduction principal of the Loans, and not to the payment of interest, or, if the excessive interest exceeds such unpaid principal principal, the amount exceeding the unpaid balance of the Note(s) for which such excess was received, collected or applied. If the principal balance of such Notes is paid in full, any remaining excess shall be paid immediately refunded to the Borrowerapplicable Obligor. In determining whether or not the interest paid contracted for, charged, or payable under any specific contingency received by the Lenders exceeds the Maximum Rate, the Borrower and the Lenders shallmay, to the maximum extent permitted under by applicable lawLaw, (ia) characterize any non-payment that is not principal payment as an expense, fee fee, or premium, premium rather than as interest; and , (iib) exclude voluntary prepayments and the effect effects thereof; and , (iiic) amortize, prorate, allocate allocate, and spread, spread in equal parts, or unequal parts the total amount of interest throughout the entire contemplated term of the Note(sIndebtedness and other obligations of any Obligor hereunder, or (d) so that allocate interest between portions of such Indebtedness and other obligations under the interest rate is uniform throughout the term of the Notes; provided that if the Notes are paid and performed in full prior Loan Documents to the end of the full contemplated term thereofthat no such portion shall bear interest at a rate greater than that permitted by applicable Law. 101 CONFIDENTIAL TREATMENT REQUESTED UNDER C.F.R. SECTIONS 200.80(b)(4), and if the interest received during the actual period of existence thereof exceeds the Maximum Rate, the holders of the Notes shall refund to the Borrower the amount of such excess or credit the amount of such excess against the principal amount due thereunder200.83 AND 230.406. In such event, no holder of the Notes will be subject to any penalties provided by any laws for contracting for, charging for or receiving interest in excess of the Maximum Rate[****] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION.

Maximum Rate of Interest. Regardless All agreements between the Borrower and the Lender, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event, whether by reason of acceleration of the maturity of this Note or otherwise, shall the amount paid, or agreed to be paid to Lender for the use, forbearance, or detention of the money to be loaned under this Note or otherwise or for the payment or performance of any provisions covenant or obligation contained in this Agreement herein or in any other documents and instruments referred document evidencing, securing or pertaining to hereinthe Loan exceed the Maximum Rate. If from any circumstances whatsoever fulfillment of any provision hereof or any of such other agreements shall cause the amount paid to exceed the Maximum Rate, then ipso facto, the Lenders amount paid to Lender shall never be reduced to the Maximum Rate, and if from any such circumstances the Lender shall ever receive interest or an amount which might be deemed to have contracted for or be entitled to receive, collect or apply as interest on the Note(s) any amount of interest in excess of the Maximum Rate of interest permitted to be charged by under applicable law, and in the event the Lenders ever receive, collect or apply as interest any such excess, or if an acceleration of the maturities of any Note(s) or if any prepayment by the Borrower results in the Borrower having paid any interest in excess of law which exceeds the Maximum Rate, such amount which would be excessive interest shall be applied to the reduction of the principal of this Note and not to the payment of interest, or if such excessive interest exceeds the unpaid principal balance of the Note(s) for which principal of this Note such excess was received, collected or applied. If the principal balance of such Notes is paid in full, any remaining excess shall be paid immediately refunded to the Borrower. In determining whether or not the interest All sums paid or payable under any specific contingency exceeds agreed to be paid to Lender for the Maximum Rateuse, forbearance or detention of the indebtedness of Borrower and the Lenders to Lender, shall, to the maximum extent permitted under by applicable law, (i) characterize any non-principal be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of such indebtedness does not exceed the Maximum Rate now or as an expensehereafter amended, fee or premiumthroughout the term thereof, rather than as interest; and (ii) be characterized as a fee, expense or other charge other than interest, and/or (iii) exclude any voluntary prepayments and the effect effects thereof; . The terms and (iii) amortize, prorate, allocate provisions of this paragraph shall control and spread, in equal parts, supersede every other provision of all agreements between the total amount of interest throughout Lender and the entire contemplated term of the Note(s) so that the interest rate is uniform throughout the term of the Notes; provided that if the Notes are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received during the actual period of existence thereof exceeds the Maximum Rate, the holders of the Notes shall refund to the Borrower the amount of such excess or credit the amount of such excess against the principal amount due thereunder. In such event, no holder of the Notes will be subject to any penalties provided by any laws for contracting for, charging for or receiving interest in excess of the Maximum RateBorrower.

Maximum Rate of Interest. Regardless In the event the rate of interest chargeable under this Agreement or the Notes at any provisions contained time (calculated after giving effect to all items charged which constitute "interest" under applicable laws, including fees and margin amounts, if applicable) is greater than the Maximum Rate, the unpaid principal amount of the LC Advances shall bear interest at the Maximum Rate; provided that in each subsequent period in which the applicable rate of interest would otherwise be lower than the Maximum Rate, such interest rate shall be increased to the Maximum Rate until the total amount of interest paid or accrued on the LC Advances equals the amount of interest which would have been paid or accrued on the LC Advances if the stated rates of interest set forth in this Agreement or had at all times been in any other documents and instruments referred to hereineffect. If, upon payment in full of the LC Advances, the Lenders shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest on the Note(s) any total amount of interest paid or accrued under the terms of this Agreement and the LC Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in excess this Agreement had, at all times, been in effect, then the Company shall, to the extent permitted without violation of applicable law, pay the Administrative Agent for the ratable account of the LC Participants an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its LC Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest permitted to be charged by applicable law, which would have accrued on its LC Advances if the rates of interest set forth in this Agreement had at all times been in effect and in (ii) the amount of interest actually paid under this Agreement on its LC Advances. In the event the Lenders LC Participants ever receive, collect or apply as interest any such excess, or if an acceleration of the maturities of any Note(s) or if any prepayment by the Borrower results in the Borrower having paid any interest sum in excess of the Maximum Rate, such excess amount which would be excessive interest shall shall, to the extent permitted by law, be applied to the reduction of the unpaid principal balance of the Note(s) for which LC Advances, and if no such principal is then outstanding, such excess was received, collected or applied. If the principal balance of such Notes is paid in full, any part thereof remaining excess shall be paid immediately to the BorrowerCompany. In determining whether or not the interest paid contracted for, charged or payable under any specific contingency received by the Administrative Agent, the LC Issuer or a LC Participant exceeds the Maximum Rate, the Borrower and the Lenders shallsuch Person may, to the maximum extent permitted under by applicable law, (ia) characterize any non-payment that is not principal payment as an expense, fee or premium, premium rather than as interest; and , (iib) exclude voluntary prepayments and the effect thereof; thereof and (iiic) amortize, prorate, allocate and spread, spread in equal parts, or unequal parts the total amount of interest throughout the entire contemplated term of the Note(s) so that the interest rate is uniform throughout the term of the Notes; provided that if the Notes are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received during the actual period of existence thereof exceeds the Maximum Rate, the holders of the Notes shall refund to the Borrower the amount of such excess or credit the amount of such excess against the principal amount due thereunder. In such event, no holder of the Notes will be subject to any penalties provided by any laws for contracting for, charging for or receiving interest in excess of the Maximum RateObligations.

Maximum Rate of Interest. Regardless of any provisions Notwithstanding anything to the contrary contained in this Agreement any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (in any other documents and instruments referred to hereineach case, the “Maximum Rate”). If the Lenders shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest on the Note(s) any amount of receive interest in excess of the Maximum Rate of interest permitted to be charged by applicable law, and in the event the Lenders ever receive, collect or apply as interest any such excess, or if an acceleration of the maturities of any Note(s) or if any prepayment by the Borrower results in the Borrower having paid any interest in excess of amount that exceeds the Maximum Rate, such amount which would be excessive the excess interest shall be applied to the reduction principal of the Loans, and not to the payment of interest, or, if the excessive interest exceeds such unpaid principal principal, the amount exceeding the unpaid balance of the Note(s) for which such excess was received, collected or applied. If the principal balance of such Notes is paid in full, any remaining excess shall be paid immediately refunded to the Borrowerapplicable Obligor. In determining whether or not the interest paid contracted for, charged, or payable under any specific contingency received by the Lenders exceeds the Maximum Rate, the Borrower and the Lenders shallmay, to the maximum extent permitted under by applicable lawLaw, (ia) characterize any non-payment that is not principal payment as an expense, fee fee, or premium, premium rather than as interest; and , (iib) exclude voluntary prepayments and the effect effects thereof; and , (iiic) amortize, prorate, allocate allocate, and spread, spread in equal parts, or unequal parts the total amount of interest throughout the entire contemplated term of the Note(sIndebtedness and other obligations of any Obligor hereunder, or (d) so that allocate interest between portions of such Indebtedness and other obligations under the interest rate is uniform throughout the term of the Notes; provided that if the Notes are paid and performed in full prior Loan Documents to the end of the full contemplated term thereofthat no such portion shall bear interest at a rate greater than that permitted by applicable Law. FOIA CONFIDENTIAL TREATMENT REQUEST BY BIODELIVERY SCIENCES INTERNATIONAL, and if the interest received during the actual period of existence thereof exceeds the Maximum Rate, the holders of the Notes shall refund to the Borrower the amount of such excess or credit the amount of such excess against the principal amount due thereunderINC. In such event, no holder of the Notes will be subject to any penalties provided by any laws IRS EMPLOYER IDENTIFICATION NUMBER 00-0000000 ***CONFIDENTIAL TREATMENT REQUESTED*** Note: The portions hereof for contracting for, charging for or receiving interest in excess of the Maximum Ratewhich confidential treatment are being requested are denoted with “***”.