Common use of Usury Laws Clause in Contracts

Usury Laws. It is the intention of the Borrowers and the holder(s) of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof either be rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the Borrowers. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.

Appears in 10 contracts

Samples: Prospect Street Nyc Discovery Fund Lp, Skyline Multimedia Entertainment Inc, Skyline Multimedia Entertainment Inc

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Usury Laws. It is the intention of the Borrowers Companies and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall will be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Holder resulting from an Event of Default, voluntary prepayment by the Borrowers Companies or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall will be canceled automatically and, if theretofore paid, shall will at the option of the holders hereof Holder either be rebated to the Borrowers Companies or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall will be rebated to the BorrowersCompanies. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, chargeable or receivable under this Note shall will under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall will be deemed a mistake and such excess shall will be canceled automatically and, if theretofore paid, rebated to the Borrowers or Companies credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall will be rebated to the BorrowersCompanies.

Appears in 4 contracts

Samples: Agreement (Chaparral Resources Inc), Chaparral Resources Inc, Chaparral Resources Inc

Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Note Debenture to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note Debenture shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note Debenture is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this NoteDebenture, or if this Note Debenture has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note Debenture shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note Debenture remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this NoteDebenture, or if this Note Debenture has been repaid, then such excess shall be rebated to the BorrowersCompany.

Appears in 3 contracts

Samples: Consoltex Usa Inc, Consoltex Usa Inc, Consoltex Usa Inc

Usury Laws. It is the intention of the Borrowers Issuer and the holder(s) Holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated automatically or by reason of an election by the holder Holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Issuer or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Issuer or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersIssuer. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Issuer or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersIssuer.

Appears in 3 contracts

Samples: Settlement Agreement, Settlement Agreement (Midwest Generation LLC), Settlement Agreement (Edison International)

Usury Laws. It is the intention of the Borrowers Company and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest of the Accretion Portion payable under this Convertible Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Convertible Note is accelerated by reason of an election by the holder hereof Holder resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest the Accretion Portion may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest Accretion Portion in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Holder either be rebated to the Borrowers Company or credited on the principal amount Principal Amount of this Convertible Note, or if this Convertible Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest the Accretion Portion (whether designated as interestAccretion Portion, service charges, points or otherwise) contracted for, chargeable, or receivable under this Convertible Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Convertible Note remaining unpaid from time to time. If such interest the Accretion Portion does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Convertible Note, or if this Convertible Note has been repaid, then such excess shall be rebated to the BorrowersCompany.

Appears in 3 contracts

Samples: Dendreon Corp, Dendreon Corp, Artisan Equity LTD

Usury Laws. It is the intention of the Borrowers Maker and the holder(s) of this Note each Payee to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Payee resulting from an Event of Default, voluntary prepayment by the Borrowers Maker or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Payee either be rebated to the Borrowers Maker or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersMaker. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Maker or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.Maker. * * * * *

Appears in 2 contracts

Samples: Loud Technologies Inc, Loud Technologies Inc

Usury Laws. It is the intention of the Borrowers Issuer and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, a voluntary prepayment by the Borrowers Issuer or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Holder either be rebated to the Borrowers Issuer or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersIssuer. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Issuer or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.Issuer. * * *

Appears in 2 contracts

Samples: Advanced Cannabis Solutions, Inc., Advanced Cannabis Solutions, Inc.

Usury Laws. It is the intention of the Borrowers Operating Partnership and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Operating Partnership or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Operating Partnership or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersOperating Partnership. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Operating Partnership or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersOperating Partnership.

Appears in 2 contracts

Samples: Prime Group Realty Trust, Prime Group Realty Trust

Usury Laws. It is the intention of the Borrowers Company and the holder(s) of this Note Chemdex to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Chemdex resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, otherwise then earned interest may never include more than the maximum amount permitted by law, statute, rule or regulation, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law law, statute, rule or regulation shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Chemdex either be rebated refunded to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated refunded to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service chargesfees, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated refunded to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated refunded to the BorrowersCompany.

Appears in 1 contract

Samples: Polydex Pharmaceuticals LTD/Bahamas

Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Convertible Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Convertible Note shall will be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Convertible Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall will be canceled automatically and, if theretofore paid, shall will at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Convertible Note, or if this Convertible Note has been paid, then the excess shall will be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Convertible Note shall will under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Convertible Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall will be deemed a mistake and such excess shall will be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Convertible Note, or if this Convertible Note has been repaid, then such excess shall will be rebated to the BorrowersCompany.

Appears in 1 contract

Samples: Note Purchase Agreement (Gardenburger Inc)

Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) of this Note Lender to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, a voluntary prepayment by the Borrowers Borrower or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Lender either be rebated to the Borrowers Borrower or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Borrower or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersBorrower.

Appears in 1 contract

Samples: Loan Agreement (Second Sight Medical Products Inc)

Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) of this Note Purchaser to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note Agreement shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note the Notes is accelerated by reason of an election by the holder hereof Purchaser resulting from an Event of Default, voluntary prepayment by Default (as defined in the Borrowers Notes) or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Purchaser either be rebated to the Borrowers Borrower or credited on the principal amount of under this NoteAgreement, or if this Note Agreement has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points points, or otherwise) contracted for, chargeable, or receivable under this Note Agreement shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note Agreement remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Borrower or credited on the principal amount of this NoteAgreement, or if this Note Agreement has been repaid, then such excess shall be rebated to the BorrowersBorrower.

Appears in 1 contract

Samples: Securities Purchase Agreement (Investview, Inc.)

Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) Holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the an amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder Holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Borrower or otherwise, then the earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount Principal Balance of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance Principal Balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, at the option of the Holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount Principal Balance of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersBorrower.

Appears in 1 contract

Samples: Argyle Security, Inc.

Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Required Holders resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled cancelled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.Company. * * * * * * [signature page follows]

Appears in 1 contract

Samples: Healthessentials Solutions Inc

Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) of this Note ---------- Noteholder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Noteholder resulting from an Event of Default, voluntary prepayment by the Borrowers Borrower or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Noteholder either be rebated to the Borrowers Borrower or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Borrower or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersBorrower.

Appears in 1 contract

Samples: Security Agreement (Styles on Video Inc)

Usury Laws. It is the intention of the Borrowers Debtor/Payor and the holder(s) Holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder Holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Debtor/Payor or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Debtor/Payor or credited on the principal amount Principal Amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersDebtor/Payor. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Debtor/Payor or credited on the principal amount Principal Amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersDebtor/Payor.

Appears in 1 contract

Samples: Flag Telecom Group LTD

Usury Laws. It is the intention of the Borrowers each Borrower and the holder(s) of this Note Lender to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note Agreement shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note Agreement is accelerated by reason of an election by the holder hereof Lender resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders hereof Lender either be rebated to the Borrowers or credited on the principal amount of this Notethe Loans, or if this Note has the Loans have been paid, then the excess shall be rebated to the Borrowers. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note Agreement shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note the Loans remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or credited on the principal amount of this Notethe Loans, or if this Note has the Loans have been repaid, then such excess shall be rebated to the Borrowers.

Appears in 1 contract

Samples: Senior Secured Credit Agreement

Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) Holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the an amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder Holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Borrower or otherwise, then the earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount Principal Balance of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance Principal Balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, at the option of the Holder hereof either be rebated to the Borrowers or credited on the principal amount Principal Balance of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersBorrower.

Appears in 1 contract

Samples: Cti Industries Corp

Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of ---------- this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersCompany.

Appears in 1 contract

Samples: Zytec Corp /Mn/

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Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersCompany. Reference is made to Section 25118 of the California Corporations Code, which creates an exemption from California's usury laws. It is the intention of the Company and of the holder of this Note that this Note be exempt from California's usury laws by virtue of such Section 25118, and the Company hereby represents and warrants to the holder of this Note that the criteria set forth in such Section 25118 for the exemption contained therein to be applicable are met with respect to the transaction evidenced by this Note.

Appears in 1 contract

Samples: Vialta Inc

Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) Holder of this Warrant Conversion Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Warrant Conversion Note shall be subject to reduction to the an amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Warrant Conversion Note is accelerated by reason of an election by the holder Holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Borrower or otherwise, then the earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount Principal Balance of this Warrant Conversion Note, or if this Warrant Conversion Note has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Warrant Conversion Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance Principal Balance of this Warrant Conversion Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, at the option of the Holder hereof either be rebated to the Borrowers or credited on the principal amount Principal Balance of this Warrant Conversion Note, or if this Warrant Conversion Note has been repaid, then such excess shall be rebated to the BorrowersBorrower.

Appears in 1 contract

Samples: Cti Industries Corp

Usury Laws. It is the intention of the Borrowers Payors and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Payors or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Payors or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersPayors. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Payors or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersPayors.

Appears in 1 contract

Samples: Securities Purchase Agreement (Boise Cascade Holdings, L.L.C.)

Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) Holder of this Note A to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note A shall be subject to reduction to the an amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note A is accelerated by reason of an election by the holder Holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Borrower or otherwise, then the earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount Principal Balance of this NoteNote A, or if this Note A has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note A shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance Principal Balance of this Note A remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, at the option of the Holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount Principal Balance of this NoteNote A, or if this Note A has been repaid, then such excess shall be rebated to the BorrowersBorrower.

Appears in 1 contract

Samples: Argyle Security, Inc.

Usury Laws. It is the intention of the Borrowers Maker and the holder(s) of this Note Holder to conform strictly to all applicable the usury laws now or hereafter in forceforce in the State of Georgia, and any interest payable under this Note Note, the Mortgage, or any Related Agreement shall be subject to reduction to the amount not in excess of the maximum legal non-usurious amount allowed under the applicable usury laws of the State of Georgia as now or hereafter construed by the courts having jurisdiction over such matters. If In the event the maturity of this Note is accelerated under the terms of this Note, the Mortgage or any Related Agreement, or by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Maker, or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof dates of each advance of loan proceeds hereunder until payment, and any interest in excess of the maximum amount permitted by law shall be canceled cancelled automatically and, if theretofore paid, shall at the option of the holders hereof Holder either be rebated to the Borrowers Maker or credited on the principal amount of this Note, Note or if this Note all principal has been paidprepaid, then the excess shall be rebated to the BorrowersMaker. The aggregate of all interest (whether designated as interest, service charges, points points, or otherwise) contracted for, chargeable, or receivable under this Note Note, the Mortgage, or any Related Agreement shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If In the event such interest does exceed the maximum legal rate, it shall be deemed a mistake cancelled automatically to the extent that such interest exceeds the maximum legal rate and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or credited on the principal amount of this NoteNote or, or if this the Note has been repaidprepaid, then such excess shall be rebated to the BorrowersMaker.

Appears in 1 contract

Samples: Mortgage Note (Kranzco Realty Trust)

Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Required Holders resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.Company. * * * * * * [signature page follows]

Appears in 1 contract

Samples: Healthessentials Solutions Inc

Usury Laws. It is the intention of the Borrowers and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Holder resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, then earned interest may never include more than the maximum amount permitted by law, statute, rule or regulation, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law law, statute, rule or regulation shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the Borrowers. The aggregate amount of all interest (whether designated as interestIn-Kind Interest, Paid Interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance Principal Amount of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.

Appears in 1 contract

Samples: Operating Agreement (Liquidmetal Technologies Inc)

Usury Laws. It is the intention of the Borrowers and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, then earned interest may never include more than the maximum amount permitted by law, statute, rule or regulation, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law law, statute, rule or regulation shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the Borrowers. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.

Appears in 1 contract

Samples: Note and Warrant Purchase Agreement (Siboney Corp)

Usury Laws. It is the intention of the Borrowers Company and the holder(s) holder of this Note to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Required Holders resulting from an Event of Default, voluntary prepayment by the Borrowers Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersCompany. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.Company. * * *

Appears in 1 contract

Samples: Healthessentials Solutions Inc

Usury Laws. It is the intention of the Borrowers Borrower and the holder(s) of this Note Lender to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by for any reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Borrower or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the holders holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the BorrowersBorrower. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, at the option of the holder hereof either be rebated to the Borrowers Borrower or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the BorrowersBorrower.

Appears in 1 contract

Samples: Biosphere Medical Inc

Usury Laws. It is the intention of the Borrowers Employee and the holder(s) of this Note Company to ---------- conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall will be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof resulting from an Event of Default, voluntary prepayment by the Borrowers Employee or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall will be canceled automatically and, if theretofore paid, shall will at the option of the holders hereof Company either be rebated to the Borrowers Employee or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall will be rebated to the BorrowersEmployee. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall will under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall will be deemed a mistake and such excess shall will be canceled automatically and, if theretofore paid, rebated to the Borrowers Employee or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall will be rebated to the BorrowersEmployee.

Appears in 1 contract

Samples: Executive Stock Purchase Agreement (Microclock Inc)

Usury Laws. It is the intention of the Borrowers and the holder(s) of this Note Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the holder hereof Holder resulting from an Event of Default, voluntary prepayment by the Borrowers or otherwise, then earned interest may never include more than the maximum amount permitted by law, statute, rule or regulation, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law law, statute, rule or regulation shall be canceled automatically and, if theretofore paid, shall at the option of the holders Holder hereof either be rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the Borrowers. The aggregate amount of all interest (whether designated as interestIn-Kind Interest, Paid Interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance Principal Amount of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Borrowers or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Borrowers.

Appears in 1 contract

Samples: Operating Agreement (Liquidmetal Technologies Inc)

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