Common use of Limitations on Interest Clause in Contracts

Limitations on Interest. Notwithstanding any provision contained in this Promissory Note to the contrary, no holder hereof shall ever be entitled to receive, collect, or apply as interest on this Promissory Note any amount in excess of the highest lawful rate permissible under any law that a court of competent jurisdiction may deem applicable hereto. If any holder hereof ever receives, collects, or applies as interest any such excess, the amount that would be excessive interest shall be deemed to be a partial payment of principal and treated hereunder as such, and, if the principal balance of this Promissory Note if paid in full, any remaining excess shall promptly be paid to Maker.