Common use of Rate Provision Clause in Contracts

Rate Provision. It is not the intention of any party to any Loan Paper to make an agreement violative of the Laws of any applicable jurisdiction relating to usury. In no event shall Pledgor be obligated to pay any amount in excess of the maximum amount of interest permitted under applicable Law. If from any circumstances Administrative Agent or any Secured Party shall ever receive anything of value deemed excess interest under applicable Law, an amount equal to such excess shall be applied to the reduction of the outstanding balance of the Obligations and any remainder shall be promptly refunded to the payor.