Usury Clause Example with 5 Variations from Business Contracts

Usury. This Note is hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of maturity of the loan evidenced hereby acceleration, or otherwise, shall the amount paid or agreed to be paid to the Holder hereunder for the loan, use, forbearance or detention of money exceed that permissible under applicable law. Law. If at any time the performance of any provision of this Note or of any other agreement or instrument entered into in connection with this Note involves a pa...yment exceeding the limit of the interest that may be validly charged for the loan, use, forbearance or detention of money permitted under applicable law, Law, then automatically and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the specific intent of the Company and the Holder that all payments under this Note are to be credited first to interest as permitted by law, Law, but not in excess of (i) the agreed rate of interest set forth herein or therein or (ii) that permitted by law, Law, whichever is the lesser, and the balance toward the reduction of principal. The provisions of this Section 12 shall never be superseded or waived 16. Heading; References. All headings used herein are used for convenience only and shall control every other provision of this Note and all other agreements and instruments between the Company and the Holder entered into in connection with not be used to construe or interpret this Note. Except as otherwise indicated, all references herein to Sections refer to Sections hereof. View More

Usury. This Note is hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of maturity of the loan evidenced hereby acceleration, or otherwise, shall the amount paid or agreed to be paid to the Holder hereunder for the loan, use, forbearance or detention of money exceed that permissible under applicable law. Law. If at any time the performance of any provision of this Note or of any other agreement or instrument entered into in connection with this Note involves a pa...yment exceeding the limit of the interest that may be validly charged for the loan, use, forbearance or detention of money permitted under applicable law, Law, then automatically and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the specific intent of the Company and the Holder that all payments under this Note are to be credited first to interest as permitted by law, Law, but not in excess of (i) the agreed rate of interest set forth herein or therein or (ii) that permitted by law, Law, whichever is the lesser, and the balance toward the reduction of principal. The provisions of this Section 12 shall never be superseded or waived and shall control every other provision of this Note and all other agreements and instruments between the Company and the Holder entered into in connection with this Note. View More

Usury. This Note Debenture is hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of maturity of the loan evidenced hereby hereby, payment of the Additional Payments or otherwise, shall the amount paid or agreed to be paid to the Holder Purchaser hereunder for the loan, use, forbearance or detention of money exceed that permissible under applicable law. If at any time the performance of any provision of this Note Debenture or of any other agreement or instrument e...ntered into in connection with this Note Debenture involves a payment exceeding the limit of the interest that may be validly charged for the loan, use, forbearance or detention of money under applicable law, then automatically and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the specific intent of the Company Maker and the Holder Purchaser that all payments under this Note Debenture are to be credited first to interest as permitted by law, but not in excess of (i) the agreed rate of interest set forth herein or therein or (ii) that permitted by law, whichever is the lesser, and the balance toward the reduction of principal. The provisions of this Section 12 7 shall never be superseded or waived and shall control every other provision of this Note Debenture and all other agreements and instruments between the Company Maker and the Holder Purchaser entered into in connection with this Note. Debenture. View More

Usury. This Note is hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of maturity of the loan evidenced hereby or thereby, or otherwise, shall the amount paid or agreed to be paid to the Holder hereunder for the loan, use, forbearance or detention of money exceed that permissible under applicable law. If at any time the performance of any provision hereof or of this Note or of any other such agreement or instrument entered into in connection with this Note invol...ves a payment exceeding the limit of the interest price that may be validly charged for the loan, use, forbearance or detention of money under applicable law, then automatically and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the specific intent of the Company and the Holder that all payments under this Note are to be credited first to interest as permitted by law, but not in excess of (i) (a) the agreed rate of interest set forth herein or therein or (ii) (b) that permitted by law, whichever is the lesser, and the balance toward the reduction of principal. Principal. The provisions of this Section 12 section shall never be superseded or waived and shall control every other provision of this Note and all other agreements and instruments between the Company and the Holder entered into Holder. 6 14. Issue Date. The provisions of this Note shall be construed and shall be given effect in connection with all respects as if this Note. Note had been issued and delivered by the Company on the earlier of the date hereof or the date of issuance of any Note for which this Note is issued in replacement. View More

Usury. This Note is hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of maturity of the loan evidenced hereby or otherwise, shall the amount paid or agreed to be paid to the Holder hereunder for the loan, use, forbearance or detention of money exceed that which is permissible under applicable law. If at any time the performance of any provision of this Note or of any other agreement or instrument entered into in connection with this Note involves a payment exce...eding the limit of the interest that may be validly charged for the loan, use, forbearance or detention of money under applicable law, then automatically and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the specific intent of the Company and the Holder that all payments under this Note are to be credited first to interest as permitted by law, toward the payment of interest, but not in excess of the lesser of (i) the agreed rate of interest upon Interest Rate as set forth herein or therein or (ii) that which is permitted by law, whichever is the lesser, law; and the balance payments shall thereafter be credited toward the reduction of principal. the outstanding Loan Amount. The provisions of this Section 12 shall never under no circumstances be superseded or waived and shall control every other provision of this Note and all other agreements and instruments entered into between the Company and the Holder entered into in connection with this Note. View More