Common use of Maximum Rate of Interest Clause in Contracts

Maximum Rate of Interest. Anything herein to the contrary notwithstanding, the obligations of Maker under this Note (or any other instrument, agreement or other document evidencing or securing the indebtedness evidenced by this Note) shall be subject to the limitation that payments of interest shall not be required to the extent that receipt of any such payment of interest by Payee would be contrary to provisions of law applicable to the indebtedness evidenced hereby (or applicable to Maker or Payee) limiting the maximum rate of interest that may be charged or collected by Payee on this Note or the indebtedness evidenced hereby. Without limiting the generality of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note which are made for the purposes of determining whether such rate of interest exceeds the maximum rate of interest permitted by applicable law shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of this Note, all interest at any time contracted for, charged or received in connection with the indebtedness evidenced by this Note, and then to the extent that any excess remains, all such excess shall be automatically credited against and in reduction of the principal balance, and any portion of said excess which exceeds that principal balance shall be paid by Payee to Maker, it being the intent of the parties hereto that under no circumstances shall Maker be required to pay any interest in excess of the highest rate permissible under applicable law.

Maximum Rate of Interest. Anything herein Any provision contained in the LOAN DOCUMENTS to the contrary notwithstanding, the obligations of Maker under this Note (or any other instrument, agreement or other document evidencing or securing the indebtedness evidenced by this Note) shall be subject to the limitation that payments of interest LENDER shall not be required entitled to receive or collect, nor shall the extent that receipt BORROWERS be obligated to pay, interest, fees, or charges thereunder in excess of any such payment of interest by Payee would be contrary to provisions of law applicable to the indebtedness evidenced hereby (or applicable to Maker or Payee) limiting the maximum rate of interest that may be charged or collected by Payee on this Note or the indebtedness evidenced hereby. Without limiting the generality of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note which are made for the purposes of determining whether such rate of interest exceeds the maximum rate of interest permitted by any applicable LAW, and if any provision of this AGREEMENT, the NOTE or any of the other LOAN DOCUMENTS is construed or held by any court of law or GOVERNMENTAL BODY having jurisdiction to permit or require the charging, collection or payment of any amount of interest in excess of that permitted by such LAWS, the provisions of this Section shall control and shall override any contrary or inconsistent provision. The intention of the parties is to at all times conform strictly with all applicable usury requirements and other LAWS limiting the maximum rates of interest which may be lawfully charged upon the LOAN. The interest to be paid pursuant to the NOTE shall be held subject to reduction to the amount allowed under said usury or other laws as now or hereafter construed by the courts having jurisdiction, and any sums of money paid in excess of the interest rate allowed by applicable law shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of this Note, all interest at any time contracted for, charged or received in connection with the indebtedness evidenced by this Note, and then to the extent that any excess remains, all such excess shall be automatically credited against and applied in reduction of the principal balance, and any portion of said excess which exceeds that principal balance shall be paid by Payee amount owing pursuant to Maker, it being the intent NOTE. Each of the BORROWERS acknowledges and irrevocably stipulates for all purposes that it has been contemplated at all times by the parties hereto that under no circumstances shall Maker be required to pay any interest in excess the LAWS of the highest State of Maryland will govern the maximum rate of interest that it is permissible under applicable lawfor the LENDERS to charge the BORROWERS.

Maximum Rate of Interest. Anything herein Any provision contained in the CREDIT DOCUMENTS to the contrary notwithstanding, the obligations holders of Maker under this Note (or any other instrument, agreement or other document evidencing or securing the indebtedness evidenced by this Note) shall be subject to the limitation that payments of interest NOTES shall not be required entitled to receive or collect, nor shall the extent that receipt BORROWER be obligated to pay, interest, fees, or charges thereunder in excess of any such payment of interest by Payee would be contrary to provisions of law applicable to the indebtedness evidenced hereby (or applicable to Maker or Payee) limiting the maximum rate of interest that may be charged or collected by Payee on this Note or the indebtedness evidenced hereby. Without limiting the generality of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note which are made for the purposes of determining whether such rate of interest exceeds the maximum rate of interest permitted by any applicable LAW, and if any provision of this AGREEMENT, the NOTES or any of the other CREDIT DOCUMENTS is construed or held by any court of law or GOVERNMENTAL BODY having jurisdiction to permit or require the charging, collection or payment of any amount of interest in excess of that permitted by such LAWS, the provisions of this Section shall control and shall override any contrary or inconsistent provision. The intention of the parties is to at all times conform strictly with all applicable usury requirements and other LAWS limiting the maximum rates of interest which may be lawfully charged upon the LOANS. The interest to be paid pursuant to the NOTES shall be held subject to reduction to the amount allowed under said usury or other laws as now or hereafter construed by the courts having jurisdiction, and any sums of money paid in excess of the interest rate allowed by applicable law shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of this Note, all interest at any time contracted for, charged or received in connection with the indebtedness evidenced by this Note, and then to the extent that any excess remains, all such excess shall be automatically credited against and applied in reduction of the principal balance, amount owing pursuant to the NOTES. The BORROWER acknowledges and any portion of said excess which exceeds irrevocably stipulates for all purposes that principal balance shall be paid it has been contemplated at all times by Payee to Maker, it being the intent parties that the LAWS of the parties hereto State of Maryland will govern the maximum rate of interest that under no circumstances shall Maker be required it is permissible for the LENDERS to pay any interest in excess of charge the highest rate permissible under applicable lawBORROWER.

Maximum Rate of Interest. Anything herein to the contrary notwithstandingThis Agreement, the obligations of Maker under this Note (or any Notes and the other instrument, agreement or other document evidencing or securing the indebtedness evidenced by this Note) shall be Loan Documents are subject to the limitation express condition that payments of interest at no time shall not Borrower be obligated or required to pay interest on the extent Loans at a rate that receipt could subject Lenders to either civil or criminal liability as a result of any such payment rate being in excess of interest by Payee would be contrary the highest lawful rate permitted under applicable usury law to provisions of law applicable to the indebtedness evidenced hereby (or applicable to Maker or Payee) limiting the maximum rate of interest that may be charged to Borrower (the "MAXIMUM RATE"). If, by the terms of this Agreement, the Notes or collected by Payee on this Note or the indebtedness evidenced hereby. Without limiting the generality any of the foregoingother Loan Documents, all calculations Borrower is at any time required or obligated to pay interest on the Loans at a rate in excess of such Maximum Rate, the rate of interest contracted for, charged or received under this Note which are made for applicable to the purposes of determining whether such rate of interest exceeds the maximum rate of interest permitted by applicable law Loans shall be madedeemed to be immediately reduced to such Maximum Rate and the interest payable shall be computed at such Maximum Rate and all prior interest payments in excess of such Maximum Rate shall be deemed to have been the result of a mistake on the part of both Borrower and Lenders, and Lenders shall promptly credit such excess (to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading only of such interest payments in equal parts during the period excess of the full stated term Maximum Rate) against the unpaid principal amount of this Note, all interest at any time contracted for, charged or received in connection with the indebtedness evidenced by this Note, and then Loans to the extent that any excess remains, all which such excess shall may lawfully be automatically credited against and in reduction of the principal balancecredited, and any portion of said such excess which exceeds that principal balance payments not capable of being so credited shall be paid refunded to Borrower or otherwise disposed of as directed by Payee to Maker, it being the intent order of the parties hereto that under no circumstances shall Maker be required to pay any interest in excess a court of the highest rate permissible under applicable lawcompetent jurisdiction.

Maximum Rate of Interest. Anything herein Any provision contained in the LOAN DOCUMENTS to the contrary notwithstanding, the obligations holders of Maker under this Note (or any other instrument, agreement or other document evidencing or securing the indebtedness evidenced by this Note) shall be subject to the limitation that payments of interest NOTES shall not be required entitled to receive or collect, nor shall the extent that receipt BORROWERS be obligated to pay, interest, fees, or charges thereunder in excess of any such payment of interest by Payee would be contrary to provisions of law applicable to the indebtedness evidenced hereby (or applicable to Maker or Payee) limiting the maximum rate of interest that may be charged or collected by Payee on this Note or the indebtedness evidenced hereby. Without limiting the generality of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note which are made for the purposes of determining whether such rate of interest exceeds the maximum rate of interest permitted by any applicable LAW, and if any provision of this AGREEMENT, the NOTES or any of the other LOAN DOCUMENTS is construed or held by any court of law or GOVERNMENTAL BODY having jurisdiction to permit or require the charging, collection or payment of any amount of interest in excess of that permitted by such LAWS, the provisions of this Section shall control and shall override any contrary or inconsistent provision. The intention of the parties is to at all times conform strictly with all applicable usury requirements and other LAWS limiting the maximum rates of interest which may be lawfully charged upon the LOANS. The interest to be paid pursuant to the NOTES shall be held subject to reduction to the amount allowed under said usury or other laws as now or hereafter construed by the courts having jurisdiction, and any sums of money paid in excess of the interest rate allowed by applicable law shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of this Note, all interest at any time contracted for, charged or received in connection with the indebtedness evidenced by this Note, and then to the extent that any excess remains, all such excess shall be automatically credited against and applied in reduction of the principal balance, amount owing pursuant to the NOTES. The BORROWERS acknowledge and any portion of said excess which exceeds irrevocably stipulate for all purposes that principal balance shall be paid it has been contemplated at all times by Payee to Maker, it being the intent parties that the LAWS of the parties hereto State of Maryland will govern the maximum rate of interest that under no circumstances shall Maker be required it is permissible for the LENDERS to pay any interest in excess of charge the highest rate permissible under applicable lawBORROWERS.

Maximum Rate of Interest. Anything herein Notwithstanding anything to the contrary notwithstandingcontained herein, no provisions of the Loan Documents shall require the payment or permit the collection of interest in excess of the maximum rate permitted by law (the "Maximum Legal Rate"). If any excess of interest in such respect is herein provided for, or shall be adjudicated to be so provided, in the Loan Documents or otherwise in connection with this loan transaction, the obligations provisions of Maker under this Note (paragraph shall govern and prevail, and neither the Borrower nor the sureties, guarantors, successors or assigns of the Borrower shall be obligated to pay the excess amount of such interest, or any other instrumentexcess sum paid for the use, agreement forbearance or other document evidencing or securing the indebtedness evidenced by this Note) shall be subject to the limitation that payments detention of interest shall not be required to the extent that receipt of any such payment of interest by Payee would be contrary to provisions of law applicable to the indebtedness evidenced hereby (or applicable to Maker or Payee) limiting the maximum rate of interest that may be charged or collected by Payee on this Note or the indebtedness sums evidenced hereby. Without limiting the generality If for any reason interest in excess of the foregoingMaximum Legal Rate shall be deemed charged, all calculations required or permitted by any court of competent jurisdiction, any such excess shall be applied as a payment and reduction of the rate of interest contracted forprincipal amount hereof until it has been paid in full, charged or received under this Note which are made for and any remaining excess shall forthwith be paid to the purposes of Borrower. In determining whether such rate of or not the interest paid or payable exceeds the maximum rate of interest permitted by applicable law shall be madeMaximum Legal Rate, the Borrower and the Lenders shall, to the extent permitted by applicable lawApplicable Law, by amortizing(a) characterize any non-principal payment as an expense, proratingfee or premium rather than as interest, allocating (b) exclude voluntary prepayments and spreading the effects thereof and (c) amortize, prorate, allocate and spread in equal or unequal parts during the period total amount of interest throughout the entire contemplated term of the full stated Notes so that the interest for the entire term of this Note, all interest at any time contracted for, charged or received in connection with does not exceed the indebtedness evidenced by this Note, and then to the extent that any excess remains, all such excess shall be automatically credited against and in reduction of the principal balance, and any portion of said excess which exceeds that principal balance shall be paid by Payee to Maker, it being the intent of the parties hereto that under no circumstances shall Maker be required to pay any interest in excess of the highest rate permissible under applicable lawMaximum Legal Rate.

Maximum Rate of Interest. Anything herein to the contrary notwithstandingThis Agreement, the obligations of Maker under this Note (or any Notes and the other instrument, agreement or other document evidencing or securing the indebtedness evidenced by this Note) shall be Loan Documents are subject to the limitation express condition that payments of interest at no time shall not Borrower be obligated or required to pay interest on the extent Loans at a rate that receipt could subject Lenders to either civil or criminal liability as a result of any such payment rate being in excess of interest by Payee would be contrary the highest lawful rate permitted under applicable usury law to provisions of law applicable to the indebtedness evidenced hereby (or applicable to Maker or Payee) limiting the maximum rate of interest that may be charged to Borrower (the "Maximum Rate"). If, by the terms of this Agreement, the Notes or collected by Payee on this Note or the indebtedness evidenced hereby. Without limiting the generality any of the foregoingother Loan Documents, all calculations Borrower is at any time required or obligated to pay interest on the Loans at a rate in excess of such Maximum Rate, the rate of interest contracted for, charged or received under this Note which are made for applicable to the purposes of determining whether such rate of interest exceeds the maximum rate of interest permitted by applicable law Loans shall be madedeemed to be immediately reduced to such Maximum Rate and the interest payable shall be computed at such Maximum Rate and all prior interest payments in excess of such Maximum Rate shall be deemed to have been the result of a mistake on the part of both Borrower and Lenders, and Lenders shall promptly credit such excess (to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading only of such interest pay- ments in equal parts during the period excess of the full stated term Maximum Rate) against the unpaid principal amount of this Note, all interest at any time contracted for, charged or received in connection with the indebtedness evidenced by this Note, and then Loans to the extent that any excess remains, all which such excess shall may lawfully be automatically credited against and in reduction of the principal balancecredited, and any portion of said such excess which exceeds that principal balance payments not capable of being so credited shall be paid refunded to Borrower or otherwise disposed of as directed by Payee to Maker, it being the intent order of the parties hereto that under no circumstances shall Maker be required to pay any interest in excess a court of the highest rate permissible under applicable lawcompetent jurisdiction.

Maximum Rate of Interest. Anything herein Any provision contained in any of the LOAN DOCUMENTS to the contrary notwithstanding, the obligations holder of Maker under this Promissory Note (or any other instrument, agreement or other document evidencing or securing the indebtedness evidenced by this Note) shall be subject to the limitation that payments of interest shall not be required entitled to receive or collect, nor shall the extent that receipt BORROWER be obligated to pay, interest hereunder in excess of any such payment of interest by Payee would be contrary to provisions of law applicable to the indebtedness evidenced hereby (or applicable to Maker or Payee) limiting the maximum rate of interest that may be charged or collected by Payee on this Note or the indebtedness evidenced hereby. Without limiting the generality of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note which are made for the purposes of determining whether such rate of interest exceeds the maximum rate of interest permitted by the laws of any state determined to be applicable thereto or the laws of the United States of America applicable to loans in such applicable state or states, and if any provisions of this Promissory Note or of any of the other LOAN DOCUMENTS shall ever be construed or held to permit or require the charging, collection or payment of any amount of interest in excess of that permitted by such laws applicable thereto, the provisions of this paragraph shall control and shall override any contrary or inconsistent provision. The intention of the parties is to at all times conform strictly with all applicable usury laws, and other applicable laws regulating the rates of interest which may be lawfully charged upon the credit facility evidenced by this Promissory Note. The interest to be paid in accordance with the terms of this Promissory Note shall be held subject to reduction to the amount allowed under any usury or other laws as now or hereafter construed by the courts having jurisdiction, and any sums of money paid in excess of the interest rate allowed by law shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of this Note, all interest at any time contracted for, charged or received in connection with the indebtedness evidenced by this Note, and then to the extent that any excess remains, all such excess shall be automatically credited against and applied in reduction of the principal balance, and any portion of said excess which exceeds that principal balance shall be paid by Payee to Maker, it being the intent of the parties hereto that amounts owing under no circumstances shall Maker be required to pay any interest in excess of the highest rate permissible under applicable lawthis Promissory Note.