Common use of Usury Savings Clause Clause in Contracts

Usury Savings Clause. The Company and the Noteholder intend to -------------------- comply at all times with applicable usury laws. If at any time such laws would render usurious any amounts due under this Note under applicable law, then it is the Company's and the Noteholder's express intention that the Company not be required to pay interest on this Note at a rate in excess of the maximum lawful rate, that the provisions of this Section 5 shall control over all other provisions of this Note which may be in apparent conflict hereunder, that such excess amount shall be immediately credited to the principal balance of this Note (or, if this Note has been fully paid, refunded by the Noteholder to the Company), and the provisions hereof shall immediately be reformed and the amounts thereafter decreased, so as to comply with the then applicable usury law, but so as to permit the recovery of the fullest amount otherwise due under this Note.

Appears in 12 contracts

Samples: Dovebid Inc, Dovebid Inc, Dovebid Inc

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Usury Savings Clause. The Company and the Noteholder intend to comply -------------------- comply at all times with applicable usury laws. If at any time such laws would render usurious any amounts due under this Note under applicable law, then it is the Company's and the Noteholder's express intention that the Company not be required to pay interest on this Note at a rate in excess of the maximum lawful rate, that the provisions of this Section 5 7 shall control over all other provisions of this Note which may be in apparent conflict hereunder, that such excess amount shall be immediately credited to the principal balance of this Note (or, if this Note has been fully paid, refunded by the Noteholder to the Company), and the provisions hereof shall immediately be reformed and the amounts thereafter decreased, so as to comply with the then applicable usury law, but so as to permit the recovery of the fullest amount otherwise due under this Note.

Appears in 6 contracts

Samples: Dovebid Inc, Dovebid Inc, Dovebid Inc

Usury Savings Clause. The Company and the Noteholder Investor intend to -------------------- comply at all times with applicable usury laws. If at any time such laws would render usurious any amounts due under this Note under applicable lawNote, then it is the Company's ’s and the Noteholder's Investor’s express intention that the Company not be required to pay interest on this Note at a rate in excess of the maximum lawful rate, that the provisions of this Section 5 shall section will control over all other provisions of this Note which may that appear to be in apparent conflict hereunder, that such excess amount shall will be immediately credited to the principal balance of this Note (or, if this Note has been fully paid, refunded by the Noteholder Investor to the Company), and the provisions hereof shall will be immediately be reformed and the amounts thereafter decreased, so as to comply with the then then-applicable usury law, but so as to permit the recovery of the fullest amount otherwise due under this Note.

Appears in 5 contracts

Samples: Cannaisseur Group Inc., Nano Vibronix, Inc., Nano Vibronix, Inc.

Usury Savings Clause. The Company and the Noteholder intend to comply -------------------- comply at all times with applicable usury laws. If at any time such laws would render usurious any amounts due under this Note under applicable law, then it is the Company's and the Noteholder's express intention that the Company not be required to pay interest on this Note at a rate in excess of the maximum lawful rate, that the provisions of this Section 5 6 shall control over all other provisions of this Note which may be in apparent conflict hereunder, that such excess amount shall be immediately credited to the principal balance of this Note (or, if this Note has been fully paid, refunded by the Noteholder to the Company), and the provisions hereof shall immediately be reformed and the amounts thereafter decreased, so as to comply with the then applicable usury law, but so as to permit the recovery of the fullest amount otherwise due under this Note.

Appears in 5 contracts

Samples: Subordination Agreement (Dovebid Inc), Subordination Agreement (Dovebid Inc), Dovebid Inc

Usury Savings Clause. The Company and the Noteholder intend to -------------------- comply at all times with applicable usury laws. If at any time such laws would render usurious any amounts due under this Note under applicable law, then it is the Company's and the Noteholder's express intention that the Company not be required to pay interest on this Note at a rate in excess of the maximum lawful rate, that the provisions of this Section 5 6 shall control over all other provisions of this Note which may be in apparent conflict hereunder, that such excess amount shall be immediately credited to the principal balance of this Note (or, if this Note has been fully paid, refunded by the Noteholder to the Company), and the provisions hereof shall immediately be reformed and the amounts thereafter decreased, so as to comply with the then applicable usury law, but so as to permit the recovery of the fullest amount otherwise due under this Note.

Appears in 1 contract

Samples: Stock Purchase Agreement (Dovebid Inc)

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Usury Savings Clause. The Company and the Noteholder Purchaser intend to -------------------- comply at all times with applicable usury laws. If at any time such laws would render usurious any amounts compensation due under this Note Purchaser under applicable law, then it is the Company's and the NoteholderPurchaser's express intention that the Company not be required to pay interest on this Note compensation for the Loan at a rate in excess of the maximum lawful rate, that the provisions of this Section 5 5.1 shall control over all other provisions of this Agreement, or the Note which that may be in apparent conflict hereunder, that such excess amount shall be immediately credited to the principal balance of this the Note (or, or if this the Note has been fully paidpaid or converted, refunded by the Noteholder Purchaser to the Company), and the provisions hereof shall immediately be reformed and the amounts thereafter decreased, so as to comply with the then applicable usury law, but so as to permit the recovery of the fullest amount otherwise due under this the Note.

Appears in 1 contract

Samples: Convertible Note Purchase Agreement (Essex Corporation)

Usury Savings Clause. The Company and the Noteholder intend to -------------------- comply at all times with applicable usury laws. If at any time such laws would render usurious any amounts due under this Note under applicable law, then it is the Company's and the Noteholder's express intention that the Company not be required to pay interest on this Note at a rate in excess of the maximum lawful rate, that the provisions of this Section 5 6 shall control over all other provisions of this Note which may be in apparent conflict hereunder, that such excess amount shall be immediately credited to the principal balance of this Note (or, if this Note has been fully paid, refunded by the Noteholder to the Company), and the provisions hereof shall be immediately be reformed and the amounts thereafter decreased, so as to comply with the then applicable usury law, but so as to permit the recovery of the fullest amount otherwise due under this Note.

Appears in 1 contract

Samples: Certain Stock Purchase Agreement (Massive Interactive, Inc.)

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