Common use of Limitations of Applicable Law Clause in Contracts

Limitations of Applicable Law. In the event the operation of any provision hereof results in an effective rate of interest transcending the limit of the usury or any other law applicable to the loan evidenced hereby, all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice between or by any party to this Note, be applied to the unpaid principal balance of this Note immediately upon receipt of such monies by Holder, with the same force and effect as though Maker had specifically designated such extra sums to be so applied to the unpaid principal balance and Holder hereof had agreed to accept such extra payment(s) as a prepayment.

Limitations of Applicable Law. In the event the operation of any provision hereof of this Agreement results in an effective rate of interest transcending the limit of the usury or any other law applicable to the loan evidenced hereby, all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice between or by any party to this NoteAgreement, be applied to the unpaid principal balance of this Note Agreement immediately upon receipt of such monies by Holderthe Lender, with the same force and effect as though Maker the Borrower had specifically designated such extra sums to be so applied to the unpaid principal balance and Holder hereof the Lender had agreed to accept such extra payment(s) as a prepayment.

Limitations of Applicable Law. In the event the operation of any -------------------------------- provision hereof of this Note results in an effective rate of interest transcending which exceeds the limit of the usury laws or any other law applicable to the loan evidenced hereby, all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice between or by any party to this Note, be applied to the unpaid principal balance of this Note immediately upon receipt of such monies by Holder, with the same force and effect as though Maker had specifically designated ▇▇▇▇▇▇ated such extra sums to be so applied to the unpaid principal balance and Holder hereof had agreed to accept such extra payment(s) as a prepayment.