Common use of Maximum Lawful Rate Clause in Contracts

Maximum Lawful Rate. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable Law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, Borrower shall, to the extent permitted by Law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply.

Maximum Lawful Rate. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable Law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, the Borrower shall, to the extent permitted by Law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply.

Maximum Lawful Rate. Notwithstanding anything to the contrary herein or elsewhereany other provisions herein, if at any time the rate of interest payable hereunder by the Borrower hereunder, when combined with any and all other charges provided for in any Promissory Note, in this Agreement or under in any Note or other Financing Document document (to the “Stated Rate”) extent such other charges would exceed constitute interest for the purpose of any applicable law limiting interest that may be charged on this Note), exceeds the highest rate of interest permitted permissible under any applicable Law to be charged law (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder shall be equal to the Maximum Lawful Rate; provided, that if . If at any time thereafter the Stated Rate rate of interest payable hereunder is less than the Maximum Lawful Rate, the Borrower shall, to the extent permitted by Law, shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received paid by the Borrower is equal to the total interest which that would have been received paid had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, applicable law not limited the interest rate payable hereunder. In no event shall be the Stated Rate unless and until total interest received by the Stated Rate again would Lenders hereunder exceed the amount which the Lenders could lawfully have received had the interest due hereunder been calculated since the date hereof at the Maximum Lawful Rate, in which event this provision shall again apply.