Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party and any other parties to the Loan Papers intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Rate. None of Borrower, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate.
Appears in 12 contracts
Sources: Credit Agreement (Laredo Petroleum, Inc.), Credit Agreement (Laredo Petroleum, Inc.), Credit Agreement (Laredo Petroleum, Inc.)
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party and any other parties Notwithstanding anything to the Loan Papers intend contrary contained or referred to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that this Guaranty, none of the terms and provisions contained in of this Guaranty, the Credit Agreement, the Notes or any other Loan Papers Document shall ever be construed to create a contract or obligation to pay, for the use, forbearance or detention of money, pay interest at a rate in excess of the Maximum Lawful Rate. None of Borrower, and neither Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations or the Guaranteed Obligations, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate. The parties hereto agree that any interest, then charge, fee, expense or other indebtedness, liability or obligation provided for in this Guaranty, the Credit Agreement, the Notes or any other Loan Document which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (a) the amount of such sums determined interest, charge, fee, expense or other indebtedness, liability or obligation that would be payable in the absence of this Paragraph 25 or (b) an amount, which when added to constitute all other interest payable under this Guaranty, the Credit Agreement, the Notes and any other Loan Document, equals the Maximum Rate. If, notwithstanding the foregoing, Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Lawful Rate shallRate, without penalty, such amount which would be promptly applied to reduce the then outstanding deemed excessive interest shall be deemed a partial payment or prepayment of principal of the related Obligations orand the Guaranteed Obligations and treated hereunder as such, at and if the Obligations and the Guaranteed Obligations, or applicable portions thereof, are paid in full, any Bank’s remaining excess shall promptly be paid to Borrower, Guarantor or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determinationPerson (as appropriate). In determining whether or not the interest paid or payable, under any specific circumstancecontingency, exceeds the Maximum Lawful Rate, Guarantor, Borrower, Administrative AgentAgent and Lenders shall, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest maximum extent permitted under by applicable Lawlaw, (i) characterize any non-principal nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the instrument evidencing Obligations and the Guaranteed Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate Guaranteed Obligations; provided that, if the unpaid principal balance is paid and performed in order full prior to lawfully charge the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Lawful Rate, Administrative Agent and Lenders shall refund to Borrower, Guarantor or such other Person (as appropriate) the amount of such excess and, in such event, neither Administrative Agent nor any Lender shall be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, receiving or applying interest in excess of the Maximum Rate.
Appears in 4 contracts
Sources: Guaranty Agreement (Savvis Communications Corp), Guaranty Agreement (Savvis Communications Corp), Guaranty Agreement (Savvis Communications Corp)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the “Texas Finance Code”) as amended, for that day, the ceiling shall be the “weekly ceiling” as defined in the Texas Finance Code, provided that if any applicable Law permits greater interest, the Law permitting the greatest interest shall apply. As used in this section the term “applicable Law” means the Laws of the State of Texas or the Laws of the United States of America, whichever Laws allow the greater interest, as such Laws now exist or may be changed or amended or come into effect in the future.
Appears in 4 contracts
Sources: Credit Agreement (Comfort Systems Usa Inc), Credit Agreement (Comfort Systems Usa Inc), Credit Agreement (Comfort Systems Usa Inc)
Limitation on Interest. Each BankNotwithstanding anything in this Agreement or the other Loan Documents to the contrary, each all agreements between or among the Borrower, the Guarantors, the Lenders and the Agent, Borrowerwhether now existing or hereafter arising and whether written or oral, each other Credit Party and are hereby limited so that in no contingency, whether by reason of acceleration of the maturity of any other parties of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under Applicable Law. If, from any circumstance whatsoever, interest would otherwise be payable to the Loan Papers intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest Lenders in excess of the Maximum Lawful Rate. None of Borrowermaximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under Applicable Law; and if from any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation circumstance the Lenders shall ever be liable for unearned receive anything of value deemed interest thereon or shall ever be required to pay interest thereon by Applicable Law in excess of the Maximum Lawful Rate and maximum lawful amount, an amount equal to any excessive interest shall be applied to the provisions of this Section 14.6 shall control over all other provisions reduction of the Loan Papers which may principal balance of the Obligations and to the payment of interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations, such excess shall be refunded to the Borrower. All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by Applicable Law, be amortized, prorated, allocated and spread throughout the full period until payment in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in full of the event principal of the maturity Obligations (including the period of any Obligation renewal or extension thereof) so that the interest thereon for such full period shall not exceed the maximum amount permitted by Applicable Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is acceleratedand shall be the interest specifically described in §2.6. If (a) Notwithstanding the maturity foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, arrangement fees, amendment fees, extension fees, up-front fees, commitment fees, facility fees, closing fees, letter of credit fees, underwriting fees, prepayment fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Agent or any Obligation is accelerated Lender to third parties or for damages incurred by the Agent or any reasonLender, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder similar amounts are charges made to compensate the Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. Borrower hereby acknowledges and agrees that the Lenders have imposed no minimum borrowing requirements, reserve or escrow balances or compensating balances related in any way to the Obligations. Any use by the Borrower of certificates of deposit issued by any Lender or all other accounts maintained with any Lender has been and shall be voluntary on the part of the Obligations Borrower. All charges other than charges for the use of money shall otherwise collect moneys which are determined to constitute interest which would otherwise increase be fully earned and nonrefundable when due. This §4.13 shall control all agreements between or among the interest on any or all of Borrower, the Obligations to an amount in excess of Guarantors, the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower Lenders and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful RateAgent.
Appears in 4 contracts
Sources: Credit Agreement (Global Net Lease, Inc.), Credit Agreement (Global Net Lease, Inc.), Credit Agreement (Global Net Lease, Inc.)
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party and any other parties Notwithstanding anything to the Loan Papers intend contrary contained or referred to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that this Guaranty, none of the terms and provisions contained in of this Guaranty or the Loan Papers Restated Lease Agreement or any other Credit Document shall ever be construed to create a contract or obligation to pay, for the use, forbearance or detention of money, pay interest at a rate in excess of the Maximum Lawful Rate allowed by law (the "Maximum Rate. None of Borrower"), and neither GE Capital nor any Lessor shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations or the Guaranteed Obligations, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate. The parties hereto agree that any interest, then charge, fee, expense or other indebtedness, liability or obligation provided for in this Guaranty, the Restated Lease Agreement or any other Credit Document which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (a) the amount of such sums determined interest, charge, fee, expense or other indebtedness, liability or obligation that would be payable in the absence of this Paragraph 25 or (b) an amount, which when added to constitute all other interest payable under this Guaranty and the Restated Lease Agreement or any other Credit Document, equals the Maximum Rate. If, notwithstanding the foregoing, GE Capital or any Lessor ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Lawful Rate shallRate, without penalty, such amount which would be promptly applied to reduce the then outstanding deemed excessive interest shall be deemed a partial payment or prepayment of principal of the related Obligations orand the Guaranteed Obligations and treated hereunder as such, at and if the Obligations and the Guaranteed Obligations, or applicable portions thereof, are paid in full, any Bank’s remaining excess shall promptly be paid to Savvis, Guarantor or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determinationPerson (as appropriate). In determining whether or not the interest paid or payable, under any specific circumstancecontingency, exceeds the Maximum Lawful Rate, Administrative AgentGuarantor, BanksSavvis, Borrower GE Capital and the other Credit Parties (and any other payors or payees thereof) shall Lessors shall, to the greatest maximum extent permitted under by applicable Lawlaw, (i) characterize any non-principal nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the instrument evidencing Obligations and the Guaranteed Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate Guaranteed Obligations; provided that, if the unpaid principal balance is paid and performed in order full prior to lawfully charge the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Lawful Rate, GE Capital and Lessors shall refund to Savvis, Guarantor or such other Person (as appropriate) the amount of such excess and, in such event, neither GE Capital nor any Lessor shall be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, receiving or applying interest in excess of the Maximum Rate.
Appears in 4 contracts
Sources: Guaranty Agreement (Savvis Communications Corp), Guaranty Agreement (Savvis Communications Corp), Guaranty Agreement (Savvis Communications Corp)
Limitation on Interest. Each BankThe Lenders, each Agent, Borrower, each other Credit Party the Loan Parties and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, No Loan Party nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent The Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to the Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstancecircumstances, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower the Lenders and the other Credit Loan Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling and shall be used when appropriate in determining the maximum amount of interest permitted to be charged.
Appears in 4 contracts
Sources: Credit Agreement (Chesapeake Energy Corp), Credit Agreement (Chesapeake Midstream Partners Lp), Credit Agreement (Chesapeake Midstream Partners, L.P.)
Limitation on Interest. Each Bank, each Agent, The Borrower, each other Credit Party the Administrative Agent and any other parties to the Loan Papers Lenders intend to contract in strict compliance with applicable usury Law laws from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither the Borrower nor any present or future guarantorsGuarantors, endorsers, endorsers or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged or received under applicable law from time to time in effect, and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which Documents that may be in conflict or apparent conflict herewith. Each Bank and The Administrative Agent and the Lenders expressly disavow any intention to contract for, charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank the Administrative Agent or any other holder of any or all of the Obligations a Lender shall otherwise collect moneys which that are determined to constitute interest which that would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s the option of the Administrative Agent or such holder’s optionLender, as applicable, promptly returned to the Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, the Administrative Agent, Banks, Borrower Agent and the other Credit Parties (Lenders and any other payors or payees thereof) the Borrower shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, allocate and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the “Texas Finance Code”), as amended, for that day, the ceiling shall be the “weekly ceiling” as defined in the Texas Finance Code; provided that if any applicable law permits greater interest, the law permitting the greatest interest shall apply. As used in this section the term “applicable law” means the laws of the State of Texas or the laws of the United States, whichever allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 4 contracts
Sources: Credit Agreement (Reddy Ice Holdings Inc), Credit Agreement (Reddy Ice Holdings Inc), Credit Agreement (Reddy Ice Holdings Inc)
Limitation on Interest. Each BankThe Lenders, each Agent, Borrower, each other the Administrative Agent and the Credit Party and any other parties to the Loan Papers Parties intend to contract in strict compliance with applicable usury Law law from time to time in effect. In , and in furtherance thereof such Persons they stipulate and agree that none of the terms and provisions contained in the Loan Papers Credit Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Governmental Rules in effect from time to time. None of Borrower, any other No Credit Party, nor any present or future guarantors, endorsers, Party or other Persons Person hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Governmental Rules in effect from time to time, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers which Credit Documents that may be in conflict or apparent conflict herewith. Each Bank The Lenders and the Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and and, as a result result, any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, legal maximum or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect collects moneys which that are determined to constitute interest which that would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Governmental Rules then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bankthe affected Lender’s or such holder’s option, promptly returned to the Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, payable under any specific circumstance, circumstances exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Governmental Rules, the Lenders, the Administrative Agent, Banks, Borrower Agent and the other Credit Parties (and any other payors or payees thereofof such interest) shall shall, to the greatest extent permitted under applicable LawGovernmental Rules, (i) characterize any non-payment of an amount other than principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, thereof and (iii) amortize, prorate, allocate, allocate and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Governmental Rules in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Governmental Rules.
Appears in 4 contracts
Sources: Revolving Credit Agreement (Frontier Oil Corp /New/), Revolving Credit Agreement (Frontier Oil Corp /New/), Revolving Credit Agreement (Frontier Oil Corp /New/)
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party and any other parties to the Loan Papers intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Rate. None of Borrower, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate. Notwithstanding anything to the contrary contained in this Agreement, if at any time the rate of interest calculated with reference to the Adjusted Base Rate or the Adjusted Term SOFR hereunder (as used in this sub-section, the “contract rate”) is limited to the Maximum Lawful Rate, any subsequent reductions in the contract rate shall not reduce the rate of interest on the Loans below the Maximum Lawful Rate until the total amount of interest accrued equals the amount of interest which would have accrued if the contract rate had at all times been in effect. In the event that at maturity (stated or by acceleration), or at final payment of any Loan, the total amount of interest paid or accrued on such Loan is less than the amount of interest which would have accrued if the contract rate had at all times been in effect with respect thereto, then at such time, to the extent permitted by Law, Borrower shall pay to the holder of such Loan an amount equal to the difference between (i) the lesser of the amount of interest which would have accrued if the contract rate had at all times been in effect and the amount of interest which would have accrued if the Maximum Lawful Rate had at all times been in effect, and (ii) the amount of interest actually paid on such Loan.
Appears in 3 contracts
Sources: Credit Agreement (Sitio Royalties Corp.), Credit Agreement (Brigham Minerals, Inc.), Credit Agreement (Brigham Minerals, Inc.)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the “Texas Finance Code”) as amended, for that day, the ceiling shall be the “weekly ceiling” as defined in the Texas Finance Code, provided that if any applicable Law permits greater interest, the Law permitting the greatest interest shall apply. As used in this Section the term “applicable Law” means the Laws of the State of Texas or the Laws of the United States of America, whichever Laws allow the greater interest, as such Laws now exist or may be changed or amended or come into effect in the future.
Appears in 3 contracts
Sources: Credit Agreement (Comfort Systems Usa Inc), Credit Agreement (Comfort Systems Usa Inc), Credit Agreement (Comfort Systems Usa Inc)
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party and Regardless of any other parties to the Loan Papers intend to contract provision contained in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none this ----------------------- Mortgage or any of the terms and provisions contained in Credit Agreements, Mortgagee shall never be entitled to receive, collect, or apply, as interest on the Loan Papers shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Rate. None of BorrowerLoans, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate, then all and in the event Mortgagee ever receives, collects or applies as interest any such sums determined excess, such amount which would be deemed excessive interest shall be deemed a partial prepayment of principal and treated hereunder as such; and if the Loans are paid in full, any remaining excess shall promptly be paid to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determinationMortgagors. In determining whether or not the interest paid or payable, payable under any specific circumstance, contingency exceeds the Maximum Lawful Rate, Administrative AgentMortgagors shall, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (ia) characterize any non-principal payment as an expense, fee or premium rather than as interest, (iib) exclude voluntary prepayments and the effects effect thereof, and (iiic) amortize, prorate, allocateallocate and spread, and spread in equal parts, the total amount of the interest throughout the entire contemplated term of the instrument evidencing Note, so that the Obligations in accordance with the amounts outstanding from time to time thereunder and interest rate is the Maximum Lawful Rate throughout the entire term of the Note; provided, however, that if the unpaid principal balance thereof is paid and performed in order full prior to lawfully charge the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Lawful Rate, Mortgagee shall refund to Mortgagors the amount of such excess, and, in such event, Mortgagee shall not be subject to any penalties provided by any laws for contracting for, charging, taking, reserving or receiving interest in excess of the Maximum Lawful Rate.
Appears in 3 contracts
Sources: Mortgage, Deed of Trust, Security Agreement, Financing Statement and Assignment of Production (New Century Energy Corp.), Mortgage, Deed of Trust, Security Agreement, Financing Statement and Assignment of Production (New Century Energy Corp.), Mortgage, Deed of Trust, Security Agreement, Financing Statement and Assignment of Production (New Century Energy Corp.)
Limitation on Interest. Each BankLender, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof thereof, such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender expressly disavow disavows any intention to charge contract for, charge, or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any BankLender’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law.
Appears in 3 contracts
Sources: Credit Agreement (Forbes Energy Services Ltd.), Credit Agreement (Forbes Energy Services LLC), Credit Agreement (Forbes Energy Services Ltd.)
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party Lender and any other parties to the Loan Papers Obligated Persons intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Obligated Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If: (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holderLender’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate.
Appears in 3 contracts
Sources: Credit Agreement (Recovery Energy, Inc.), Credit Agreement (Recovery Energy, Inc.), Credit Agreement (Recovery Energy, Inc.)
Limitation on Interest. Each Bank(a) The Holders, each Agent, Borrower, each other Credit Party Inland and any other parties to the Loan Papers Note Purchase Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Note Purchase Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither Inland nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers Note Purchase Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent .
(b) The Holders expressly disavow any intention to contract for, charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (ai) the maturity of any Obligation is accelerated for any reason, (bii) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (ciii) any Bank the Holders or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then then-outstanding principal of the related Obligations or, at any Bank’s or such holder’s the Holders' option, promptly returned to Borrower Inland or the other payor thereof upon such determination. .
(c) In determining whether or not the interest paid or payable, payable under any specific circumstance, circumstances exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower the Holders and the other Credit Parties Related Persons (and any other payors or payees thereof) shall shall, to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Highest Lawful Rate from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law.
Appears in 3 contracts
Sources: Exchange and Note Issuance Agreement (Pengo Industries Inc), Exchange and Note Issuance Agreement (Inland Resources Inc), Exchange and Note Issuance Agreement (Inland Resources Inc)
Limitation on Interest. Each Bank, each Agent, The Borrower, each other Credit Party and any other parties to the Loan Papers Parties, the Administrative Agent and the Lenders intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, provide for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Loan Party nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and The Administrative Agent and the Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any may other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Lenders, the Administrative Agent, Banks, Borrower Agent and the other Credit Loan Parties (and any other payors or payees payers thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law.
Appears in 3 contracts
Sources: Credit Agreement (Meridian Resource Corp), Credit Agreement (Meridian Resource Corp), Credit Agreement (Meridian Resource Corp)
Limitation on Interest. Each BankThe Borrowers, each Agent, Borrower, each other Credit Party the Administrative Agent and any other parties to the Loan Papers Lenders intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, provide for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Borrower nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and The Administrative Agent and the Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower the Borrowers or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Lenders, the Administrative Agent, Banks, Borrower Agent and the other Credit Parties Borrowers (and any other payors or payees payers thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. To the extent that the interest rate laws of the State of Texas are applicable to this Agreement, any Note or any other Loan Document, the applicable interest rate ceiling is the indicated (weekly) ceiling determined in accordance with Chapter 303 of the Texas Finance Code, as amended, and, to the extent that any Obligation under this Agreement, any Note or any other Loan Document is deemed an open end account as such term is defined in Chapter 302 of the Texas Finance Code, as amended, Administrative Agent retains the right to modify the interest rate in accordance with applicable law.
Appears in 3 contracts
Sources: Credit Agreement (El Paso Production Holding Co), Credit Agreement (El Paso CGP Co), Credit Agreement (El Paso Corp/De)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be contracted for, charged, or received by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect receive excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be contracted for, charged or received by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the “Texas Finance Code”) as amended, to the extent that the Texas Finance Code is mandatorily applicable to any Lender, for that day, the ceiling shall be the “weekly ceiling” as defined in the Texas Finance Code, provided that if any applicable Law permits greater interest, the Law permitting the greatest interest shall apply. In no event shall Chapter 346 of the Texas Finance Code apply to this Agreement or any other Loan Document, or any transactions or loan arrangement provided or contemplated hereby or thereby.
Appears in 3 contracts
Sources: 364 Day Credit Agreement (Plains All American Pipeline Lp), 364 Day Credit Agreement (Plains All American Pipeline Lp), 364 Day Credit Agreement (Plains All American Pipeline Lp)
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party Maximum Rate. Lender and any other parties to the Loan Papers Borrower intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons To effectuate this intention, Lender and Borrower stipulate and agree that none of the terms and provisions contained in the Loan Papers of any Note and any other agreement among such parties, whether now existing or arising hereafter, shall ever be construed to create as a contract to pay, pay interest for the use, forbearance or detention of money, interest money in excess of the Maximum Lawful Rate. None If, from any possible construction of any document, interest would otherwise be payable to Lender in excess of the Maximum Rate, any such construction shall be subject to the provisions of this Section and such document shall be automatically reformed and the interest payable to Lender shall be automatically reduced to the Maximum Rate permitted under applicable law, without the necessity of the execution of any amendment or new document. Neither Borrower, any other Credit Party, nor any present or future guarantors, endorsers, endorsers or other Persons persons now or hereafter becoming liable for payment of any Obligation portion of the principal or interest of any Note shall ever be liable for any unearned interest thereon on the principal amount or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which that may be lawfully charged under applicable law from time to time in conflict or apparent conflict herewitheffect. Each Bank Lender and Administrative Agent any subsequent holder of any Note expressly disavow any intention to charge or collect unearned or excessive unearned interest or finance charges in the event the maturity of any Obligation Note, is accelerated. If (a) the maturity of any Obligation Note is accelerated for any reason, (b) any Obligation is prepaid and whether as a result of a default under any Note, or by voluntary prepayment, or otherwise, any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rateconstituting interest, or (c) any Bank adjudicated as constituting interest, which are then unearned and have previously been collected by Lender or any other subsequent holder of any Note shall be applied to reduce the principal balance thereof then outstanding, or all if such amounts exceed the unpaid balance of principal, the Obligations excess shall otherwise collect moneys which are determined be refunded to constitute Borrower (and Target Center, as applicable). In the event Lender or any subsequent holder of any Note ever receives, collects or applies as interest any amounts constituting interest or adjudicated as constituting interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rateamount permitted under applicable law, then all such sums determined amount which would be excessive interest shall be applied to constitute interest in excess the reduction of the Maximum Lawful Rate shallunpaid principal balance of such Note, without penaltyand, if the principal balances of such Note is paid in full, any remaining excess shall be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned paid to Borrower or the other payor thereof upon such determination(and Target Center, as applicable). In determining whether or not the interest paid or payable, payable under any the specific circumstance, contingencies exceeds the Maximum Lawful Rate, Administrative Agent, BanksRate allowed by applicable law, Borrower and the other Credit Parties (and any other payors or payees thereof) shall Lender shall, to the greatest maximum extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium premium, rather than as interest, ; (ii) exclude voluntary prepayments and the effects effect thereof, and ; (iii) amortize, prorate, allocateallocate and spread, and spread in equal parts, the total amount of interest throughout the entire contemplated term of the instrument evidencing applicable Note (as it may be renewed and extended) so that the Obligations interest rate is uniform throughout the entire term of such Note. The terms and provisions of this section shall control and supersede every other provision of all existing and future agreements between Lender and Borrower (and Target Center, as applicable). As used in accordance with this Agreement, "Maximum Rate" means the amounts outstanding maximum non-usurious interest rate that at any time or from time to time thereunder may be contracted for, taken, reserved, charged or received on the unpaid principal or accrued past due interest under applicable law and may be greater than the applicable rate, the parties hereby stipulating and agreeing that Lender may contract for, take, reserve, charge or receive interest up to the Maximum Lawful Rate without penalty under any applicable law; and "applicable law" means the laws of the State of Texas or the laws of the United States of America, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in order the future. In the event applicable law provides for an interest ceiling under Chapter One of Title 79, Texas Revised Civil Statutes Annotated, as amended, that ceiling shall be the indicated rate ceiling, subject to lawfully charge any right Lender may have in the future to change the method of determining the Maximum Lawful Rate.
Appears in 3 contracts
Sources: Loan Agreement (Prime Medical Services Inc /Tx/), Loan Agreement (Prime Medical Services Inc /Tx/), Contribution Agreement (Prime Medical Services Inc /Tx/)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be contracted for, charged, or received by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect receive excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be contracted for, charged or received by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law.
Appears in 3 contracts
Sources: Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp)
Limitation on Interest. Each BankAgent, each Agent, Borrower, each other Credit Party Lender and any other parties to the Loan Papers Borrower intend to contract in strict compliance comply at all times with applicable usury Law from time to time in effectlaws. In furtherance thereof such Persons stipulate All agreements between Agent, each Lender and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Rate. None of Borrower, any other Credit Partywhether now existing or hereafter arising and whether written or oral, nor any present are hereby limited so that in no contingency, whether by reason of demand or future guarantors, endorsers, or other Persons hereafter becoming liable for payment acceleration of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Note or otherwise, shall the interest contracted for, charged, received, paid or agreed to be paid to any Obligation is acceleratedLender exceed the highest lawful rate permissible under applicable usury laws. If (a) the maturity If, from any circumstance whatsoever, fulfillment of any Obligation is accelerated for provision hereof, of the Note or of any reasonother Loan Documents shall involve transcending the limit of such validity prescribed by any law which a Court of competent jurisdiction may deem applicable hereto, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined then ipso facto, the obligation to be in excess fulfilled shall be reduced to the limit of such validity; and if from any circumstance Agent or any Lender shall ever receive anything of value deemed interest by applicable law which would exceed the highest lawful rate, such amount which would be excessive interest shall be applied to the reduction of the Maximum Lawful Rateprincipal of Loan and not to the payment of interest, or (c) any Bank or any other holder if such excessive interest exceeds the unpaid balance of any or all principal of the Obligations Loan, such excess shall otherwise collect moneys which are determined be refunded to constitute Borrower. All interest which would otherwise increase paid or agreed to be paid to Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal so that the interest on any or all of the Obligations to an amount Loan for such full period shall not exceed the highest lawful rate. Borrower agrees that in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not any interest payment under the interest paid or payable, under any specific circumstance, Loan Documents exceeds the Maximum Lawful Ratehighest lawful rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment (except payments specifically described in the Loan Documents as "interest") including without limitation, prepayment fees and late charges, shall to the maximum extent not prohibited by law, be an expense, fee fee, premium or premium penalty rather than as interest. Agent and each Lender hereby expressly disclaim any intent to contract for, (ii) exclude voluntary prepayments and charge or receive interest in an amount which exceeds the effects thereofhighest lawful rate. The provisions of the Note, this Agreement, and (iii) amortize, prorate, allocateall other Loan Documents are hereby modified to the extent necessary to conform with the limitations and provisions of this Section, and spread this Section shall govern over all other provisions in any document or agreement now or hereafter existing. This Section shall never be superseded or waived unless there is a written document executed by Agent, each Lender and Borrower, expressly declaring the total amount usury limitation of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time this Agreement to time thereunder be null and the Maximum Lawful Rate in order void, and no other method or language shall be effective to lawfully charge the Maximum Lawful Ratesupersede or waive this paragraph.
Appears in 3 contracts
Sources: Acquisition, Construction and Receivable Loan, Security and Agency Agreement (Bluegreen Corp), Loan, Security and Agency Agreement (Silverleaf Resorts Inc), Loan, Security and Agency Agreement (Silverleaf Resorts Inc)
Limitation on Interest. Each BankThe Borrowers, each Agent, Borrower, each other Credit Party and any other parties to the Loan Papers Parties, the Administrative Agent and the Lenders intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, provide for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Loan Party nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and The Administrative Agent and the Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any may other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Lenders, the Administrative Agent, Banks, Borrower Agent and the other Credit Loan Parties (and any other payors or payees payers thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. To the extent that the interest rate laws of the State of Texas are applicable to this Agreement, any Note or any other Loan Document, the applicable interest rate ceiling is the indicated (weekly) ceiling determined in accordance with Chapter 303 of the Texas Finance Code, as amended, and, to the extent that any Obligation under this Agreement, any Note or any other Loan Document is deemed an open end account as such term is defined in Chapter 302 of the Texas Finance Code, as amended, Administrative Agent retains the right to modify the interest rate in accordance with applicable law.
Appears in 2 contracts
Sources: Credit Agreement (El Paso Production Holding Co), Credit Agreement (El Paso Production Holding Co)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to US Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. As used in this section the term “applicable Law” means the Laws of the State of New York or the Laws of the United States of America, whichever Laws allow the greater interest, as such Laws now exist or may be changed or amended or come into effect in the future.
Appears in 2 contracts
Sources: Credit Agreement (W&t Offshore Inc), Credit Agreement (W&t Offshore Inc)
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party BOK and any other parties to the Loan Papers Obligated Persons intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Obligated Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent BOK expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If: (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank BOK or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holderBOK’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate.
Appears in 2 contracts
Sources: Credit Agreement (St Lawrence Seaway Corp), Term Loan Agreement (Geopetro Resources Co)
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party The Lenders and the Company and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither the Company nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent The Lenders expressly disavow any intention to charge contract for, charge, or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower the Company or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower the Lenders and the other Credit Parties Company (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the "Texas Finance Code") as amended, for that day, the ceiling shall be the "weekly ceiling" as defined in the Texas Finance Code, provided that if any applicable Law permits greater interest, the Law permitting the greatest interest shall apply. As used in this section the term "applicable law" means the laws of the State of Texas or the Laws of the United States of America, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 2 contracts
Sources: Loan Agreement (Hispanic Television Network Inc), Loan Agreement (Hispanic Television Network Inc)
Limitation on Interest. Each BankLender Parties, each Agent, the Borrower, each other Credit Party the Restricted Subsidiaries and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither the Borrower nor any other Credit Party, Restricted Subsidiary nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Lender Parties and the Borrower and the other Credit Parties Restricted Subsidiaries (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. As used in this section the term “applicable Law” means the Laws of the State of New York or the Laws of the United States of America, whichever Laws allow the greater interest, as such Laws now exist or may be changed or amended or come into effect in the future.
Appears in 2 contracts
Sources: Credit Agreement (W&t Offshore Inc), Credit Agreement (W&t Offshore Inc)
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party and any other parties Notwithstanding anything to the Loan Papers intend contrary contained or referred to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that this Guaranty, none of the terms and provisions contained in of this Guaranty, the Credit Agreement, the Notes or any other Loan Papers Document shall ever be construed to create a contract or obligation to pay, for the use, forbearance or detention of money, pay interest at a rate in excess of the Maximum Lawful Rate. None of Borrower, and neither the Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve, or apply, as interest on the Obligations or the Guaranteed Obligations, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate. The parties hereto agree that any interest, then charge, fee, expense or other indebtedness, liability, or obligation provided for in this Guaranty, the Credit Agreement, the Notes, or any other Loan Document which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (a) the amount of such sums determined interest, charge, fee, expense or other indebtedness, liability, or obligation that would be payable in the absence of this Paragraph 27 or (b) an amount, which when added to constitute all other interest payable under this Guaranty, the Credit Agreement, the Notes, and any other Loan Document, equals the Maximum Rate. If, notwithstanding the foregoing, the Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves, or applies as interest any amount in excess of the Maximum Lawful Rate shallRate, without penalty, such amount which would be promptly applied to reduce the then outstanding deemed excessive interest shall be deemed a partial payment or prepayment of principal of the related Obligations orand the Guaranteed Obligations and treated hereunder as such, at and if the Obligations and the Guaranteed Obligations, or applicable portions thereof, are paid in full, any Bank’s or such holder’s option, remaining excess shall promptly returned be paid to Borrower or the such other payor thereof upon such determinationPerson (as appropriate). In determining whether or not the interest paid or payable, under any specific circumstancecontingency, exceeds the Maximum Lawful Rate, each Guarantor, Borrower, the Administrative Agent, Banks, Borrower Agent and the other Credit Parties (and any other payors or payees thereof) shall Lenders shall, to the greatest maximum extent permitted under by applicable Lawlaw, (i) characterize any non-principal nonprincipal payment as an expense, fee fee, or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the instrument evidencing Obligations and the Guaranteed Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate Guaranteed Obligations; provided that, if the unpaid principal balance is paid and performed in order full prior to lawfully charge the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Lawful Rate, the Administrative Agent and/or the Lenders, as appropriate, shall refund to Borrower or such other Person (as appropriate) the amount of such excess and, in such event, the Administrative Agent and the Lenders shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, servicing, or applying interest in excess of the Maximum Rate.
Appears in 2 contracts
Sources: Credit Agreement (Sourcecorp Inc), Master Guaranty Agreement (Fyi Inc)
Limitation on Interest. Each Bank, each Agent, It is expressly stipulated and agreed to be the intent of Borrower, each Administrative Agent and the Lenders at all times to comply with the applicable law governing the maximum rate or amount of interest payable on or in connection with the Notes and the Loan. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under the Notes, this Agreement or under any of the other Credit Party and Loan Documents, or contracted for, charged, taken, reserved or received with respect to any of the Notes, this Agreement or any other parties Loan Document, or if acceleration of the maturity of the Notes, any prepayment by Borrower, or any other circumstance whatsoever, results in any Lender having been paid any interest in excess of that permitted by applicable law, then it is the express intent of Borrower, Administrative Agent and the Lenders that all excess amounts theretofore collected by the Lenders be credited on the balance of the Notes (or, if the Notes have been or would thereby be paid in full, refunded to Borrower) if applicable, and the provisions of the Notes, and the other applicable Loan Papers Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder. The right to accelerate the maturity of the Notes, does not include the right to accelerate any interest which has not otherwise accrued on the date of such acceleration, and the Lenders do not intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained collect any unearned interest in the Loan Papers shall ever event of acceleration. All sums paid or agreed to be construed paid to create a contract to pay, Administrative Agent or the Lenders for the use, forbearance or detention of moneythe indebtedness evidenced hereby or by the Notes, shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the rate or amount of interest in excess on account of the Maximum Lawful Rate. None of Borrower, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of such indebtedness does not exceed the Maximum Lawful Rate and or maximum amount of interest permitted under applicable law. The term “applicable law” as used herein shall mean the laws of the State which govern this Agreement, or DIDMCA or any other applicable United States federal law to the extent that it permits the Lenders to contract for, charge, take, reserve or receive a greater amount of interest than under laws of the state which govern this Agreement. The provisions of this Section 14.6 11.8 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and agreements between Borrower, Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful RateLenders.
Appears in 2 contracts
Sources: Credit Agreement (Camden Property Trust), Credit Agreement (Camden Property Trust)
Limitation on Interest. Each BankThe Lenders, each Agent, Borrower, each other Credit Party the Loan Parties and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, No Loan Party nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent The Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to the Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstancecircumstances, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower the Lenders and the other Credit Loan Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum maximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling and shall be used when appropriate in determining the Highest Lawful Rate.
Appears in 2 contracts
Sources: Credit Agreement (Chesapeake Energy Corp), Credit Agreement (Chesapeake Energy Corp)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be contracted for, charged, or received by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect receive excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be contracted for, charged or received by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the “Texas Finance Code”) as amended, to the extent that the Texas Finance Code is mandatorily applicable to any Lender, for that day, the ceiling shall be the “weekly ceiling” as defined in the Texas Finance Code, provided that if any applicable Law permits greater interest, the Law permitting the greatest interest shall apply. In no event shall Chapter 346 of the Texas Finance Code apply to this Agreement or any other Loan Document, or any transactions or loan arrangement provided or contemplated hereby or thereby. In no event shall the aggregate “interest” (as defined in section 347 of the Criminal Code (Canada)) payable under the Loan Documents exceed the maximum effective annual rate of interest on the “credit advanced” (as defined in that section) permitted under that section and, if any payment, collection or demand pursuant to this Agreement in respect of “interest” (as defined in that section) is determined to be contrary to the provisions of that section, such payment, collection or demand shall be deemed to have been made by mutual mistake of Borrowers, Agents and Lenders and the amount of such excess payment or collection shall be refunded to the relevant Borrower. For purposes of the Canadian Notes, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term applicable thereto on the basis of annual compounding of the lawfully permitted rate of interest and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Canadian Administrative Agent shall be prima facie evidence, for the purposes of such determination.
Appears in 2 contracts
Sources: Credit Agreement (Plains All American Pipeline Lp), Credit Agreement (Plains All American Pipeline Lp)
Limitation on Interest. Each Bank, each Agent, Borrower, provision in this Agreement and each other Credit Party and any other parties Loan Document is expressly limited so that in no event whatsoever shall the amount paid, or otherwise agreed to be paid, by the Loan Papers intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create a contract to pay, Borrower for the use, forbearance or detention of money, interest in excess the proceeds of the Maximum Loans under this Agreement or any other Loan Document or otherwise (including any sums paid as required by any covenant or obligation contained herein or in any other Loan Document which are for the use, forbearance or detention of such money), exceed that amount of money which would cause the effective rate of interest to exceed the highest lawful rate permitted by applicable law (the "Highest Lawful Rate"), and all amounts owed under this Agreement and each other Loan Document shall be held to be subject to reduction to the effect that such amounts so paid or agreed to be paid which are for the use, forbearance or detention of money under this Agreement or such Loan Document shall in no event exceed that amount of money which would cause the effective rate of interest to exceed the Highest Lawful Rate. None of Borrower, Notwithstanding any provision in this Agreement or any other Credit PartyLoan Document to the contrary, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event if the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is Loans or the Notes are accelerated for any reason, (b) or in the event of any Obligation prepayment of all or any portion of the Loan or the Notes by the Borrower or in any other event, earned interest on the Loans or the Notes may never exceed the Highest Lawful Rate, and any unearned interest otherwise payable under the Notes that is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Highest Lawful RateRate shall be canceled automatically as of the date of such acceleration or prepayment or other such event and, or (c) any Bank or any other if theretofore paid, shall, at the option of the holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penaltyNotes, be promptly applied either refunded to reduce the then outstanding Borrower or credited to the principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determinationNotes. In determining whether or not the interest paid or payable, under any specific circumstancecontingency, exceeds the Maximum Highest Lawful Rate, Administrative Agent, Banks, the Borrower and the other Credit Parties (and any other payors or payees thereof) shall Lenders shall, to the greatest maximum extent permitted under applicable by Applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocateallocate and spread, and spread in equal parts during the total amount period of interest throughout the entire contemplated actual term of the instrument evidencing the Obligations this Agreement, all interest at any time contracted for, charged, received or reserved in accordance connection with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Ratethis Agreement.
Appears in 2 contracts
Sources: Loan Agreement (Imc Mortgage Co), Merger Agreement (Imc Mortgage Co)
Limitation on Interest. Each Bank(a) The Lenders, each AgentHolders, Borrower, each other Credit Party the Related Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof thereof, such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 8.6 shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank .
(b) The Lenders and Administrative Agent Holders expressly disavow any intention to contract for, charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (ai) the maturity of any Obligation is accelerated for any reason, (bii) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (ciii) any Bank the Lenders or any other holder Holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s the Lenders' or such holder’s Holder's option, promptly returned to Borrower or the other payor thereof upon such determination. .
(c) In determining whether or not the interest paid or payable, payable under any specific circumstance, circumstances exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agentthe Lenders, Banks, Borrower Holders and the other Credit Parties Related Persons (and any other payors or payees thereof) shall shall, to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Highest Lawful Rate from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law.
Appears in 2 contracts
Sources: Credit Agreement (Tipperary Corp), Credit Agreement (Tipperary Corp)
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party Lender and any other parties to the Loan Papers Guarantor intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none Notwithstanding anything to the contrary herein or in any of the terms and provisions contained in the Loan Papers Obligation Documents, this Guaranty shall ever never be construed to create as a contract obligating Guarantor to pay, for the use, forbearance or detention of money, pay interest in excess of the Maximum Lawful Rate. None maximum amount of Borrowerinterest permitted by applicable law from time to time in effect, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation and Guarantor shall ever be liable for unearned interest thereon or shall ever be required have no liability hereunder to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewithsuch maximum amount. Each Bank and Administrative Agent Lender expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations Lender shall otherwise collect moneys monies which are determined deemed to constitute interest which would otherwise increase the amount of interest on any or all of the Obligations paid by Guarantor to an amount in excess of that permitted by applicable law in effect at the Maximum Lawful Raterelevant times, then all such sums determined deemed to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, such legal limit shall be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly immediately returned to Borrower or the other payor thereof Guarantor upon such determination. In determining whether or not the interest paid or payablepayable by Guarantor, under any specific circumstance, circumstance exceeds the Maximum Lawful Ratemaximum interest permitted under applicable law, Administrative AgentLender and Guarantor shall, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under by applicable Law, law:
(ia) characterize any non-principal payment as an expense, fee or premium rather than as interest, (iib) exclude voluntary prepayments payments and the effects thereof, and (iiic) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument Obligation Documents evidencing the Obligations in accordance with the maximum amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rates of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. If applicable law provides for an interest ceiling under Texas Revised Civil Statutes Annotated article 5069-1.04 (and if no other ceiling has been established for the Obligation in question), that ceiling shall be the indicated rate ceiling. As used in this section the term "applicable law" means the laws of the state of Texas or the laws of the United States of America, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 2 contracts
Sources: Guaranty (Caprock Communications Corp), Guaranty (Caprock Communications Corp)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Canadian Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Canadian Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Canadian Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower Canadian Borrowers or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, and in accordance with generally accepted actuarial practices and principles, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In no event shall the aggregate "interest" (as defined in section 347 of the Criminal Code (Canada)) payable under the Canadian Loan Documents exceed the maximum effective annual rate of interest on the "credit advanced" (as defined in that section) permitted under that section and, if any payment, collection or demand pursuant to this Agreement in respect of "interest" (as defined in that section) is determined to be contrary to the provisions of that section, such payment, collection or demand shall be deemed to have been made by mutual mistake of Canadian Borrowers, Canadian Agent and Lenders and the amount of such excess payment or collection shall be refunded to Canadian Borrowers. For purposes of the Canadian Loan Documents, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term applicable to the Canadian Obligations on the basis of annual compounding of the lawfully permitted rate of interest and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Canadian Agent shall be prima facie evidence, for the purposes of such determination.
Appears in 2 contracts
Sources: Canadian Credit Agreement (Devon Energy Corp /Ok/), Credit Agreement (Devon Energy Corp)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons ---------------------- and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be contracted for, charged, or received by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect receive excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be contracted for, charged or received by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) ii exclude voluntary prepayments and the effects thereof, and (iii) ii amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the "Texas Finance Code") as amended, to the extent that the Texas Finance Code is mandatorily applicable to any Lender, for that day, the ceiling shall be the "weekly ceiling" as defined in the Texas Finance Code, provided that if any applicable Law permits greater interest, the Law permitting the greatest interest shall apply. In no event shall Chapter 346 of the Texas Finance Code apply to this Agreement or any other Loan Document, or any transactions or loan arrangement provided or contemplated hereby or thereby.
Appears in 2 contracts
Sources: Credit Agreement (Plains All American Pipeline Lp), Credit Agreement (Plains All American Pipeline Lp)
Limitation on Interest. Each Bank, each Agent, The Borrower, each other Credit Party the Administrative Agent and any other parties to the Loan Papers Lenders intend to contract in strict compliance with applicable usury Law laws from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither the Borrower nor any present or future guarantorsGuarantors, endorsers, endorsers or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged or received under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers which Documents that may be in conflict or apparent conflict herewith. Each Bank and The Administrative Agent and the Lenders expressly disavow any intention to contract for, charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank the Administrative Agent or any other holder of any or all of the Obligations a Lender shall otherwise collect moneys which that are determined to constitute interest which that would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s the option of the Administrative Agent or such holder’s optionLender, as applicable, promptly returned to the Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, the Administrative Agent, Banks, Borrower Agent and the other Credit Parties (Lenders and any other payors or payees thereof) the Borrower shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, allocate and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the "Texas Finance Code"), as amended, for that day, the ceiling shall be the "weekly ceiling" as defined in the Texas Finance Code, provided that if any applicable law permits greater interest, the law permitting the greatest interest shall apply. As used in this section the term "applicable law" means the laws of the State of Texas or the laws of the United States, whichever allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 2 contracts
Sources: Credit Agreement (Reddy Ice Holdings Inc), Credit Agreement (Southern Bottled Water Co Inc)
Limitation on Interest. Each BankThe Borrowers, each Agent, Borrower, each other Credit Party the Administrative Agent and any other parties to the Loan Papers Lenders intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, provide for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither either Borrower nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and The Administrative Agent and the Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any may other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Lenders, the Administrative Agent, Banks, Borrower Agent and the other Credit Parties Borrowers (and any other payors or payees payers thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. To the extent that the interest rate laws of the State of Texas are applicable to this Agreement, any Note or any other Loan Document, the applicable interest rate ceiling is the indicated (weekly) ceiling determined in accordance with Chapter 303 of the Texas Finance Code, as amended, and, to the extent that any Obligation under this Agreement, any Note or any other Loan Document is deemed an open end account as such term is defined in Chapter 302 of the Texas Finance Code, as amended, Administrative Agent retains the right to modify the interest rate in accordance with applicable law.
Appears in 2 contracts
Sources: Credit Agreement (EP Energy Corp), Credit Agreement (El Paso Corp/De)
Limitation on Interest. Each BankLender, each Agent, Borrower, each other Credit Party Related Person and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, any other Credit Party, Neither each Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any BankLender’s or such holder’s option, promptly returned to Borrower each Related Person or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender and the other Credit Parties each Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Section 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling.
Appears in 2 contracts
Sources: Credit Agreement (Ryland Group Inc), Credit Agreement (Ryland Group Inc)
Limitation on Interest. Each BankLender, each Agent, Borrower, each other Credit Party Related Person and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, any other Credit Party, Neither each Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower each Related Person or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower each Lender and the other Credit Parties each Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Section 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling.
Appears in 2 contracts
Sources: Credit Agreement (M I Homes Inc), Credit Agreement (M I Homes Inc)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to the Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law.
Appears in 2 contracts
Sources: Credit Agreement (Resaca Exploitation, Inc.), Credit Agreement (Resaca Exploitation, Inc.)
Limitation on Interest. Each Bank(a) The Holders, each Agentthe Issuer, Borrower, each other Credit Party the Guarantor and any other parties to the Loan Papers Transaction Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Transaction Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither the Issuer nor the Guarantor nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Note Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers Transaction Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent .
(b) The Holders expressly disavow any intention to contract for, charge or collect excessive unearned interest or finance charges in the event the maturity of any Note Obligation is accelerated. If (ai) the maturity of any Note Obligation is accelerated for any reason, (bii) any Note Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (ciii) any Bank the Holders or any other holder of any or all of the Note Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then then-outstanding principal of the related Note Obligations or, at any Bank’s or such holder’s the Holders’ option, promptly returned to Borrower Issuer or the other payor thereof upon such determination. .
(c) In determining whether or not the interest paid or payable, payable under any specific circumstance, circumstances exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower the Holders and the other Credit Related Parties thereof (and any other payors or payees thereof) shall shall, to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Note Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Highest Lawful Rate from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law.
Appears in 2 contracts
Sources: Securities Purchase Agreement (Spirit Airlines, Inc.), Securities Purchase Agreement (Spirit Airlines, Inc.)
Limitation on Interest. Each BankLender, each Agent, Borrower, each other Credit Party Related Person and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, any other Credit Party, Neither each Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower each Related Person or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower each Lender and the other Credit Parties each Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law.
Appears in 2 contracts
Sources: Credit Agreement (M I Homes Inc), Credit Agreement (M I Homes Inc)
Limitation on Interest. Each Bank(a) The Holders, each Agent, Borrower, each other Credit Party Inland and any other parties to the Loan Papers Note Purchase Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Note Purchase Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither Inland nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers Note Purchase Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent .
(b) The Holders expressly disavow any intention to contract for, charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (ai) the maturity of any Obligation is accelerated for any reason, (bii) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (ciii) any Bank the Holders or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then then-outstanding principal of the related Obligations or, at any Bank’s or such holder’s the Holders' option, promptly returned to Borrower Issuer or the other payor thereof upon such determination. .
(c) In determining whether or not the interest paid or payable, payable under any specific circumstance, circumstances exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower the Holders and the other Credit Parties Related Persons (and any other payors or payees thereof) shall shall, to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-non- principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Highest Lawful Rate from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law.
Appears in 2 contracts
Sources: Junior Subordinated Note Purchase Agreement (Inland Resources Inc), Senior Subordinated Note Purchase Agreement (Inland Resources Inc)
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party and any other parties to the Loan Papers intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Rate. None of Borrower, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate. Notwithstanding anything to the contrary contained in this Agreement, if at any time the rate of interest calculated with reference to the Adjusted Base Rate or the LIBOR Rate hereunder (as used in this sub-section, the “contract rate”) is limited to the Maximum Lawful Rate, any subsequent reductions in the contract rate shall not reduce the rate of interest on the Loans below the Maximum Lawful Rate until the total amount of interest accrued equals the amount of interest which would have accrued if the contract rate had at all times been in effect. In the event that at maturity (stated or by acceleration), or at final payment of any Loan, the total amount of interest paid or accrued on such Loan is less than the amount of interest which would have accrued if the contract rate had at all times been in effect with respect thereto, then at such time, to the extent permitted by Law, Borrower shall pay to the holder of such Loan an amount equal to the difference between (i) the lesser of the amount of interest which would have accrued if the contract rate had at all times been in effect and the amount of interest which would have accrued if the Maximum Lawful Rate had at all times been in effect, and (ii) the amount of interest actually paid on such Loan.
Appears in 2 contracts
Sources: Credit Agreement (Brigham Minerals, Inc.), Credit Agreement (Brigham Minerals, Inc.)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the "Texas Finance Code") as amended, for that day, the ceiling shall be the "weekly ceiling" as defined in the Texas Finance Code, provided that if any applicable Law permits greater interest, the Law permitting the greatest interest shall apply. As used in this section the term "applicable Law" means the Laws of the State of Texas or the Laws of the United States of America, whichever Laws allow the greater interest, as such Laws now exist or may be changed or amended or come into effect in the future.
Appears in 2 contracts
Sources: Credit Agreement (Comfort Systems Usa Inc), Term Loan Agreement (First Reserve Gp Ix Inc)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully contract for, charge or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law.
Appears in 2 contracts
Sources: Credit Agreement (Mid-Con Energy Partners, LP), Credit Agreement (Mid-Con Energy Partners, LP)
Limitation on Interest. Each BankLender, each Agent, Borrower, each other Credit Party and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, any other Neither each Credit Party, Party nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any BankLender’s or such holder’s option, promptly returned to Borrower each Credit Party or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender and the other each Credit Parties Party (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Section 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling.
Appears in 1 contract
Sources: Credit Agreement (Aqua Metals, Inc.)
Limitation on Interest. Each Bank, each Agent, Borrower, provision in this Agreement and each other Credit Party and any other parties Transaction Document is expressly limited so that in no event whatsoever shall the amount paid, or otherwise agreed to be paid, by the Loan Papers intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create a contract to pay, Company for the use, forbearance or detention of the money to be loaned under this Agreement or any other Transaction Document or otherwise (including any sums paid as required by any covenant or obligation contained herein or in any other Transaction Document which is for the use, forbearance or detention of such money), exceed that amount of money which would cause the effective rate of interest thereon to exceed the Highest Lawful Rate, and all amounts owed under this Agreement and each other Transaction Document shall be held to be subject to reduction to the effect that such amounts so paid or agreed to be paid which are for the use, forbearance or detention of money under this Agreement or such Transaction CONFIDENTIAL U 05191 Document shall in excess no event exceed that amount of money which would cause the Maximum effective rate of interest thereon to exceed the Highest Lawful Rate. None of Borrower, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and Notwithstanding the provisions of this Section 14.6 13.14, to the extent that the Highest Lawful Rate applicable to a Noteholder is at any time determined by Texas law, such rate shall control over all other provisions be the "indicated rate ceiling" described in Section (a)(1) of Article 1.04 of Chapter 1, Title 79, of the Loan Papers which Revised Civil Statutes of Texas, 1925, as amended; provided, however, to the extent permitted by such Article, the Noteholders from time to time by notice to Company may be revise the aforesaid election of such interest rate ceiling as such ceiling affects the then-current or future balances of the loans outstanding under the Notes. Notwithstanding any provision in conflict this Agreement or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention other Transaction Document to charge or collect excessive unearned interest or finance charges in the event contrary, if the maturity of any Obligation is accelerated. If (a) the maturity Notes or the obligations in respect of any Obligation is the other Transaction Documents are accelerated for any reason, (b) or in the event of prepayment of all or any Obligation portion of the Notes or the obligations in respect of the other Transaction Documents by the Company or in any other event, earned interest on the Notes and such other obligations of the Company may never exceed the maximum amount permitted by applicable law, and any unearned interest otherwise payable under the Notes or the obligations in respect of the other Transaction Documents that is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all maximum amount permitted by applicable law shall be canceled automatically as of the Obligations date of such acceleration or prepayment or other such event and, if theretofore paid, shall otherwise collect moneys which are determined to constitute interest which would otherwise increase be credited on the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations Notes or, at any Bank’s or such holder’s optionif the principal of the Notes has been paid in full, promptly returned refunded to Borrower or the other payor thereof upon such determinationCompany. In determining whether or not the interest paid or payable, under any specific circumstancecontingency, exceeds the Maximum Highest Lawful Rate, Administrative Agent, Banks, Borrower the Company and the other Credit Parties (and any other payors or payees thereof) shall Noteholders shall, to the greatest maximum extent permitted under by applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocateallocate and spread, and spread in equal parts during the total amount period of interest throughout the entire contemplated actual term of the instrument evidencing the Obligations this Agreement, all interest at any time contracted for, charged, received or reserved in accordance connection with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful RateTransaction Documents.
Appears in 1 contract
Sources: Note Purchase Agreement (Universal Seismic Associates Inc)
Limitation on Interest. Each BankThe Lenders, each Agent, Borrower, each other Credit Party the Loan Parties and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, No Loan Party nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent The Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to the Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstancecircumstances, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower the Lenders and the other Credit Loan Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Rate.maximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling and shall be used when appropriate in determining the maximum amount of interest permitted to be charged. 084421 000400 DALLAS 2675603.7 [Eighth Amended and Restated Credit Agreement]
Appears in 1 contract
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party BOTW and any other parties to the Loan Papers Obligated Persons intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Obligated Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent BOTW expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If: (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank BOTW or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s BOTW's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate.
Appears in 1 contract
Limitation on Interest. Each BankLenders, each Agent, Borrower, each other Credit Party the Administrative Agent and any other parties to the Loan Papers Parties intend to contract in strict compliance with applicable usury Law laws from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Loan Party nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank Lenders and the Administrative Agent expressly disavow any intention to charge contract for, charge, or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Lenders, the Administrative Agent, Banks, Borrower Agent and the other Credit Loan Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the “Texas Finance Code”) as amended, for that day, the ceiling shall be the “weekly ceiling” as defined in the Texas Finance Code, provided that if any applicable Law permits greater interest, the applicable Law permitting the greatest interest shall apply. As used in this section the term “applicable Law” means the Requirements of Law of the State of Texas or the Requirements of Law of the United States of America, whichever allow the greater interest, as such Requirements of Law now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Sources: Credit Agreement (Ifco Systems Nv)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Borrower and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, any other Credit Party, Neither Borrower nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law.
Appears in 1 contract
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be contracted for, charged, or received by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect receive excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be contracted for, charged or received by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate.,
Appears in 1 contract
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party Maximum Rate. Lender and any other parties to the Loan Papers Borrower intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons To effectuate this intention, Lender and Borrower stipulate and agree that none of the terms and provisions contained in the Loan Papers of any Note and any other agreement among such parties, whether now existing or arising hereafter, shall ever be construed to create as a contract to pay, pay interest for the use, forbearance or detention of money, interest money in excess of the Maximum Lawful Rate. None If, from any possible construction of any document, interest would otherwise be payable to Lender in excess of the Maximum Rate, any such construction shall be subject to the provisions of this Section and such document shall be automatically reformed and the interest payable to Lender shall be automatically reduced to the Maximum Rate permitted under applicable law, without the necessity of the execution of any amendment or new document. Neither Borrower, any other Credit Party, nor any present or future guarantors, endorsers, endorsers or other Persons persons now or hereafter becoming liable for payment of any Obligation portion of the principal or interest of any Note shall ever be liable for any unearned interest thereon on the principal amount or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which that may be lawfully charged under applicable law from time to time in conflict or apparent conflict herewitheffect. Each Bank Lender and Administrative Agent any subsequent holder of any Note expressly disavow any intention to charge or collect unearned or excessive unearned interest or finance charges in the event the maturity of any Obligation Note, is accelerated. If (a) the maturity of any Obligation Note is accelerated for any reason, (b) any Obligation is prepaid and whether as a result of a default under any Note, or by voluntary prepayment, or otherwise, any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rateconstituting interest, or (c) any Bank adjudicated as constituting interest, which are then unearned and have previously been collected by Lender or any other subsequent holder of any Note shall be applied to reduce the principal balance thereof then outstanding, or all if such amounts exceed the unpaid balance of principal, the Obligations excess shall otherwise collect moneys which are determined be refunded to constitute Borrower (and Target Location, as applicable). In the event Lender or any subsequent holder of any Note ever receives, collects or applies as interest any amounts constituting interest or adjudicated as constituting interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rateamount permitted under applicable law, then all such sums determined amount which would be excessive interest shall be applied to constitute interest in excess the reduction of the Maximum Lawful Rate shallunpaid principal balance of such Note, without penaltyand, if the principal balances of such Note is paid in full, any remaining excess shall be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned paid to Borrower or the other payor thereof upon such determination(and Target Location, as applicable). In determining whether or not the interest paid or payable, payable under any the specific circumstance, contingencies exceeds the Maximum Lawful Rate, Administrative Agent, BanksRate allowed by applicable law, Borrower and the other Credit Parties (and any other payors or payees thereof) shall Lender shall, to the greatest maximum extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium premium, rather than as interest, ; (ii) exclude voluntary prepayments and the effects effect thereof, and ; (iii) amortize, prorate, allocateallocate and spread, and spread in equal parts, the total amount of interest throughout the entire contemplated term of the instrument evidencing applicable Note (as it may be renewed and extended) so that the Obligations interest rate is uniform throughout the entire term of such Note. The terms and provisions of this section shall control and supersede every other provision of all existing and future agreements between Lender and Borrower (and Target Location, as applicable). As used in accordance with this Agreement, "Maximum Rate" means the amounts outstanding maximum non-usurious interest rate that at any time or from time to time thereunder may be contracted for, taken, reserved, charged or received on the unpaid principal or accrued past due interest under applicable law and may be greater than the applicable rate, the parties hereby stipulating and agreeing that Lender may contract for, take, reserve, charge or receive interest up to the Maximum Lawful Rate without penalty under any applicable law; and "applicable law" means the laws of the State of Texas or the laws of the United States of America, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in order the future. In the event applicable law provides for an interest ceiling under Chapter One of Title 79, Texas Revised Civil Statutes Annotated, as amended, that ceiling shall be the indicated rate ceiling, subject to lawfully charge any right Lender may have in the future to change the method of determining the Maximum Lawful Rate.
Appears in 1 contract
Limitation on Interest. Each BankLender, each Agent, Borrower, each other Credit Party the Related Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 8.6 shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s Lender's or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate.such
Appears in 1 contract
Limitation on Interest. Each BankLender, each Agent, Borrower, each other Credit Party Related Person and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, any other Credit Party, Neither each Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s Lender's or such holder’s 's option, promptly returned to Borrower each Related Person or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender and the other Credit Parties each Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling under said Chapter 303.
Appears in 1 contract
Limitation on Interest. Each Bank, each Agent, BorrowerLenders, each other Credit Party the Related Persons and any the other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Rate. None of Borrower, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If law from
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) Agent or any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s Agent's or such Lender's or holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower Lenders and the other Credit Parties Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. As used in this section the term "applicable law" means the laws of the State of New York or the laws of the United States of America, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Sources: Credit Agreement (Forcenergy Inc)
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party WFBW and any other parties to the Loan Papers Obligated Persons intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Obligated Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent WFBW expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If: (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank WFBW or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s WFBW's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate.
Appears in 1 contract
Limitation on Interest. Each Bank, each Agent, Parent, Borrower, each other Credit Party and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Rate. None of Parent, Borrower, any other Credit Party, Party nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative each Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s 's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative AgentAgents, Banks, Borrower Parent, Borrower, and the any other Credit Parties Party (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate.
Appears in 1 contract
Limitation on Interest. Each BankAgent, Lenders, each Agent, Borrower, each other Credit Party Related Person and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither each Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank Agent and Administrative Agent Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) Agent or any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s Agent's or such Lender's or such holder’s 's option, promptly returned to Borrower each Related Person or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower Lenders and the other Credit Parties each Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Section 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling.
Appears in 1 contract
Sources: Credit Agreement (Nab Asset Corp)
Limitation on Interest. Each Bank, each Agent, It is expressly stipulated and agreed to be the intent of Borrower, each Administrative Agent and the Lenders at all times to comply with the applicable law governing the maximum rate or amount of interest payable on or in connection with the Notes and the Loan. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under the Notes, this Agreement or under any of the other Credit Party and Loan Documents, or contracted for, charged, taken, reserved or received with respect to any of the Notes, this Agreement or any other parties Loan Document, or if acceleration of the maturity of the Notes, any prepayment by Borrower, or any other circumstance whatsoever, results in any Lender having been paid any interest in excess of that permitted by applicable law, then it is the express intent of Borrower, Administrative Agent and the Lenders that all excess amounts theretofore collected by the Lenders be credited on the balance of the Notes (or, if the Notes have been or would thereby be paid in full, refunded to Borrower) if applicable, and the provisions of the Notes, and the other applicable Loan Papers Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder. The right to accelerate the maturity of the Notes, does not include the right to accelerate any interest which has not otherwise accrued on the date of such acceleration, and the Lenders do not intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained collect any unearned interest in the Loan Papers shall ever event of acceleration. All sums paid or agreed to be construed paid to create a contract to pay, Administrative Agent or the Lenders for the use, forbearance or detention of moneythe indebtedness evidenced hereby or by the Notes, interest in excess of the Maximum Lawful Rate. None of Borrower, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penaltyto the extent permitted by applicable law, be promptly applied to reduce the then outstanding principal of the related Obligations oramortized, at any Bank’s or such holder’s optionprorated, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, allocated and spread the total amount of interest throughout the entire contemplated full term of the instrument evidencing the Obligations such indebtedness until payment in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate.full CREDIT AGREEMENT (Camden Bridge Loan) PAGE 46
Appears in 1 contract
Limitation on Interest. Each Bank, each Agent, The Borrower, each other Credit Party the Administrative Agent and any other parties to the Loan Papers Lenders intend to contract in strict compliance with applicable usury Law laws from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither the Borrower nor any present or future guarantorsGuarantors, endorsers, endorsers or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged or received under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers which Documents that may be in conflict or apparent conflict herewith. Each Bank and The Administrative Agent and the Lenders expressly disavow any intention to contract for, charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank the Administrative Agent or any other holder of any or all of the Obligations a Lender shall otherwise collect moneys which that are determined to constitute interest which that would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s the option of the Administrative Agent or such holder’s optionLender, as applicable, promptly returned to the Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, the Administrative Agent, Banks, Borrower Agent and the other Credit Parties (Lenders and any other payors or payees thereof) the Borrower shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, allocate and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the “Texas Finance Code”), as amended, for that day, the ceiling shall be the “weekly ceiling” as defined in the Texas Finance Code, provided that if any applicable law permits greater interest, the law permitting the greatest interest shall apply. As used in this section the term “applicable law” means the laws of the State of Texas or the laws of the United States, whichever allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Limitation on Interest. Each Bank(a) The Holders, each Agent, Borrower, each other Credit Party Issuer and any other parties to the Loan Papers Note Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Note Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None Neither of Borrower, any other Credit Party, the Companies nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Note Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers Note Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent .
(b) The Holders expressly disavow any intention to contract for, charge or collect excessive unearned interest or finance charges in the event the maturity of any Note Obligation is accelerated. If (ai) the maturity of any Note Obligation is accelerated for any reason, (bii) any Note Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (ciii) any Bank the Holders or any other holder of any or all of the Note Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then then-outstanding principal of the related Note Obligations or, at any Bank’s or such holder’s the Holders’ option, promptly returned to Borrower Issuer or the other payor thereof upon such determination. .
(c) In determining whether or not the interest paid or payable, payable under any specific circumstance, circumstances exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower the Holders and the other Credit Related Parties thereof (and any other payors or payees thereof) shall shall, to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Note Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Highest Lawful Rate from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law.
Appears in 1 contract
Limitation on Interest. Each Bank, each Administrative Agent, BorrowerLenders, each other Credit Party the Related Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance comply strictly with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Related Person nor any present or future guarantors, endorsersindorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount permitted by applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent and Lenders expressly disavow any intention to contract for, receive, charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is acceleratedaccelerated or any Obligation is prepaid. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratemaximum amount permitted by applicable law then in effect, or (c) Administrative Agent or any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate maximum amount then permitted by applicable law shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate.,
Appears in 1 contract
Sources: Credit Agreement (Nuevo Energy Co)
Limitation on Interest. Each Bank, each Agent, Borrower, each It is the intent of Payee and Maker in the execution of this Note and all other Credit Party and any other parties to the Loan Papers intend instruments now or hereafter securing this Note to contract in strict compliance with applicable usury Law from time to time in effectlaw. In furtherance thereof such Persons thereof, Payee and Maker stipulate and agree that none of the terms and provisions contained in the Loan Papers this Note, or in any other instrument executed in connection herewith, shall ever be construed to create a contract to pay, pay for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Lawful Rate. None of Borrower, maximum interest rate permitted to be charged by applicable law; that neither Maker nor any other Credit Party, nor any present parties now or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation this Note shall ever be liable for unearned interest thereon obligated or shall ever be required to pay interest thereon on this Note at a rate in excess of the Maximum Lawful Rate maximum interest that may be lawfully charged under applicable law; and that the provisions of this Section 14.6 paragraph shall control over all other provisions of the Loan Papers this Note and any other instruments now or hereafter executed in connection herewith which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent The holder of this Note expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation this Note is accelerated. If (a) the maturity of any Obligation is this Note shall be accelerated for any reasonreason or if the principal of this Note is paid prior to the end of the term of this Note, (b) any Obligation is prepaid and as a result any amounts held to constitute thereof the interest are determined to be in excess received for the actual period of existence of the Maximum Lawful Rateloan evidenced by this Note exceeds the applicable maximum lawful rate, the holder of this Note shall, at its option, either refund to Maker the amount of such excess or (c) credit the amount of such excess against the principal balance of this Note then outstanding and thereby shall render inapplicable any Bank and all penalties of any kind provided by applicable law as a result of such excess interest. In the event that Payee or any other holder of this Note shall contract for, charge or receive any amount or all amounts and/or any other thing of the Obligations shall otherwise collect moneys value which are determined to constitute interest which would otherwise increase the effective interest rate on any or all of the Obligations this Note to an amount a rate in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law, then all such sums determined an amount equal to constitute interest in excess of the Maximum Lawful Rate lawful rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether , at the option of the holder of this Note, be either immediately returned to Maker or not credited against the interest paid or payableprincipal balance of this Note then outstanding, under in which event any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and all penalties of any other payors or payees thereof) shall to the greatest extent permitted kind under applicable Lawlaw as a result of such excess interest shall be inapplicable. The term "applicable law" as used in this Note shall mean the laws of the State of Delaware or the laws of the United States, (i) characterize any non-principal payment as an expense, fee or premium rather than as whichever laws allow the greater rate of interest, (ii) exclude voluntary prepayments and as such laws now exist or may be changed or amended or come into effect in the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Ratefuture.
Appears in 1 contract
Sources: Note (Fonix Corp)
Limitation on Interest. Each Bank, each AgentLender Parties, Borrower, each other Credit Party PAA and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be contracted for, charged, or received by applicable Law from time to time in effect. None of Neither Borrower, any other Credit Party, PAA nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect receive excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be contracted for, charged or received by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, BanksLender Parties, Borrower and the other Credit Parties PAA (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the “Texas Finance Code”) as amended, to the extent that the Texas Finance Code is mandatorily applicable to any Lender, for that day, the ceiling shall be the “weekly ceiling” as defined in the Texas Finance Code, provided that if any applicable Law permits greater interest, the Law permitting the greatest interest shall apply. In no event shall Chapter 346 of the Texas Finance Code apply to this Agreement or any other Loan Document, or any transactions or loan arrangement provided or contemplated hereby or thereby.
Appears in 1 contract
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the US Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the US Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the US Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If in
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to US Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the "Texas Finance Code") as amended, for that day, the ceiling shall be the "weekly ceiling" as defined in the Texas Finance Code; provided that if any applicable Law permits greater interest, the Law permitting the greatest interest shall apply. As used in this section the term "applicable Law" means the Laws of the State of Texas or the Laws of the United States of America, whichever Laws allow the greater interest, as such Laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Limitation on Interest. Each BankNotwithstanding anything in this Agreement or the other Loan Documents to the contrary, each all agreements between or among the Borrower, the Guarantors, the Lenders and the Agent, Borrowerwhether now existing or hereafter arising and whether written or oral, each other Credit Party and are hereby limited so that in no contingency, whether by reason of acceleration of the maturity of any other parties of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under Applicable Law. If, from any circumstance whatsoever, interest would otherwise be payable to the Loan Papers intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest Lenders in excess of the Maximum Lawful Rate. None of Borrowermaximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under Applicable Law; and if from any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation circumstance the Lenders shall ever be liable for unearned receive anything of value deemed interest thereon or shall ever be required to pay interest thereon by Applicable Law in excess of the Maximum Lawful Rate and maximum lawful amount, an amount equal to any excessive interest shall be applied to the provisions of this Section 14.6 shall control over all other provisions reduction of the Loan Papers which may principal balance of the Obligations and to the payment of interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations, such excess shall be refunded to the Borrower. All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by Applicable Law, be amortized, prorated, allocated and spread throughout the full period until payment in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in full of the event principal of the maturity Obligations (including the period of any Obligation renewal or extension thereof) so that the interest thereon for such full period shall not exceed the NAI-5000431466v13 maximum amount permitted by Applicable Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is acceleratedand shall be the interest specifically described in Section 2.6. If (a) Notwithstanding the maturity foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, arrangement fees, amendment fees, extension fees, up-front fees, commitment fees, facility fees, closing fees, letter of credit fees, underwriting fees, prepayment fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Agent or any Obligation is accelerated Lender to third parties or for damages incurred by the Agent or any reasonLender, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder similar amounts are charges made to compensate the Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. Borrower hereby acknowledges and agrees that the Lenders have imposed no minimum borrowing requirements, reserve or escrow balances or compensating balances related in any way to the Obligations. Any use by the Borrower of certificates of deposit issued by any Lender or all other accounts maintained with any Lender has been and shall be voluntary on the part of the Obligations Borrower. All charges other than charges for the use of money shall otherwise collect moneys which are determined to constitute interest which would otherwise increase be fully earned and nonrefundable when due. This Section 4.13 shall control all agreements between or among the interest on any or all of Borrower, the Obligations to an amount in excess of Guarantors, the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower Lenders and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful RateAgent.
Appears in 1 contract
Sources: Credit Agreement (Blue Owl Real Estate Net Lease Trust)
Limitation on Interest. Each BankNoteholder, each Agent, BorrowerCollateral ---------------------- Agent, each other Credit Party the Related Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank Noteholder, Agent and Administrative Collateral Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Noteholder or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s Noteholder's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, BanksNoteholder, Borrower Collateral Agent and the other Credit Parties Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law.
Appears in 1 contract
Limitation on Interest. Each BankBank One, each Agent, Borrower, each other Credit Party Related Person and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither each Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If thereon
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank One or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s Bank One's or such holder’s 's option, promptly returned to Borrower each Related Person or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower Bank One and the other Credit Parties each Related Person (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Texas Revised Civil Statutes Annotated article 5069-1.04, that ceiling shall be the indicated rate ceiling.
Appears in 1 contract
Sources: Credit Agreement (Cameron Ashley Building Products Inc)
Limitation on Interest. Each Bank, each Agent, BorrowerLenders, each other Credit Party the Related Persons and any the other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Rate. None of Borrower, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If 68800 05582 CORP 127213
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) Agent or any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s Agent's or such Lender's or holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower Lenders and the other Credit Parties Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Texas Revised Civil Statutes Annotated article 5069-1.04, that ceiling shall be the indicated rate ceiling. As used in this section the term "applicable law" means the laws of the State of Texas or the laws of the United States of America, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Limitation on Interest. Each BankThe Obligors, each Agent, Borrower, each other Credit Party the Agents and any other parties to the Loan Papers Lenders intend to contract in strict compliance with applicable usury Law laws from time to time in effect. In furtherance thereof -114- such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Credit Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of BorrowerNo Obligor, any other Credit Party, nor any present or future guarantors, endorsers, endorser or other Persons Person hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged or received under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers which Credit Documents that may be in conflict or apparent conflict herewith. Each Bank The Agents and Administrative Agent the Lenders expressly disavow any intention to contract for, charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank an Agent or any other holder of any or all of the Obligations a Lender shall otherwise collect moneys which that are determined to constitute interest which that would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s the option of such Agent or such holder’s optionLender, as applicable, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower the Agents and the other Credit Parties (Lenders and any other payors or payees thereof) Borrower shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, allocate and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code, as amended, for that day, the ceiling shall be the "weekly ceiling" as defined in Chapter 303 of the Texas Finance Code, as amended; provided that if any applicable law permits greater interest, the law permitting the greatest interest shall apply. As used in this section the term "applicable law" means the laws of the State of Texas or the laws of the United States, whichever allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Limitation on Interest. Each BankThe Lenders, each Agent, Borrower, each other Credit Party the Loan Parties and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by Applicable Law from time to time in effect. None of Borrower, any other Credit Party, No Loan Party nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under Applicable Law from time to time in effect, and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent The Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by Applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower Borrowers or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstancecircumstances, exceeds the Maximum Lawful Ratemaximum amount permitted under Applicable Law, Administrative Agent, Banks, Borrower the Lenders and the other Credit Loan Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under Applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under Applicable Law. In the event Applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling and shall be used when appropriate in determining the maximum amount of interest permitted to be charged.
Appears in 1 contract
Limitation on Interest. Each BankIt is expressly stipulated and agreed to be the intent of Borrower and the Holders at all times to comply with applicable Washington law governing the maximum rate or amount of interest payable on or in connection with the Financing Documents and the extension of credit evidenced by the Notes (the “Credit Extension”). If the applicable law is ever judicially interpreted so as to render usurious any amounts called for under any Financing Document, each Agentor contracted for, Borrowercharged, each other Credit Party and any other parties taken, reserved or received with respect to the Loan Papers Credit Extension, or if acceleration of maturity of the Notes or if any prepayment by Borrower results in Borrower having paid any interest in excess of that permitted by applicable law, then it is Borrower’s and the Holders’ express intent that all excess amounts theretofore collected by the Holders be credited on the principal balances of the Notes (or, if the Notes have been or would thereby be paid in full, refunded to Borrower), and the provisions of the Financing Documents immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for under the Financing Documents. The right to accelerate maturity of the Notes does not include the right to accelerate any interest which is not otherwise accrued on the date of such acceleration, and the Holders do not intend to contract collect any unearned interest in strict compliance with applicable usury Law from time to time in effectthe event of acceleration. In furtherance thereof such Persons stipulate and agree that none If the Prepayment Premium payable upon acceleration of maturity of the terms and provisions contained in Notes constitutes interest under applicable law, the Loan Papers shall ever amount of such Prepayment Premium, together with all other amounts which constitute interest under applicable law, will not exceed the maximum amount of interest which may be construed lawfully charged or received with respect to create a contract the Credit Extension for the actual period such Credit Extension is outstanding. All sums paid or agreed to pay, be paid to the Holders for the use, forbearance or detention of moneythe Credit Extension shall, interest in excess to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of the Maximum Lawful Rate. None of Borrower, any other Credit Party, nor any present Extension until payment in full so that the rate or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout on account of such Credit Extension does not exceed the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rateapplicable usury ceiling.
Appears in 1 contract
Sources: Note Purchase Agreement (Pope Resources LTD Partnership)
Limitation on Interest. Each BankThe Purchaser, each Agent, Borrower, each other Credit Party the Issuer and any other parties to the Loan Papers any Transaction Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons thereof, the parties stipulate and agree that none of the terms and provisions contained in the Loan Papers Transaction Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither the Issuer nor any present or future guarantors, endorsers, endorsers or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Transaction Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent The Purchaser expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank the Purchaser or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s the Purchaser's or such holder’s 's option, promptly returned to Borrower the Issuer or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, payable under any specific circumstance, circumstance exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower the Purchaser and the other Credit Parties Issuer (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (ix) characterize any non-non- principal payment as an expense, fee or premium rather than as interest, (iiy) exclude voluntary prepayments and the effects thereof, and (iiiz) amortize, prorate, allocate, allocate and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law.
Appears in 1 contract
Limitation on Interest. Each BankBank Parties, each Agent, Borrower, each other Credit Party the Company and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither the Company nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Parties expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Party or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Bank Party's or such holder’s 's option, promptly returned to Borrower the Company or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower Bank Parties and the other Credit Parties Company (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (ia) characterize any non-principal payment as an expense, fee or premium rather than as interest, (iib) exclude voluntary prepayments and the effects thereof, and (iiic) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum maximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Texas Revised Civil Statutes Annotated article 5069-1.04, that ceiling shall be the indicated rate ceiling and shall be used when appropriate in determining the Highest Lawful Rate. As used in this section the term "applicable Law" means the Laws of the State of Texas or the Laws of the United States of America, whichever Laws allow the greater interest, as such Laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Sources: Credit Agreement (Crown Central Petroleum Corp /Md/)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect 63 collect-moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to _ . be Charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge contract for, charge,- or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. As used in this section the term "applicable Law" means the Laws of the State of New York or the Laws of the United States of America, whichever Laws allow the greater interest, as such Laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Limitation on Interest. Each BankAgent, each Agent, Borrower, each other Credit Party Lender and any other parties to the Loan Papers Borrower intend to contract in strict compliance comply at all times with applicable usury Law from time to time in effectlaws. In furtherance thereof such Persons stipulate All agreements between Agent, each Lender and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Rate. None of Borrower, any other Credit Partywhether now existing or hereafter arising and whether written or oral, nor any present are hereby limited so that in no contingency, whether by reason of demand or future guarantors, endorsers, or other Persons hereafter becoming liable for payment acceleration of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of the Note or otherwise, shall the interest contracted for, charged, received, paid or agreed to be paid to any Obligation is acceleratedLender exceed the highest lawful rate permissible under applicable usury laws. If (a) the maturity If, from any circumstance whatsoever, fulfillment of any Obligation is accelerated for provision hereof, of the Note or of any reasonother Loan Documents shall involve transcending the limit of such validity prescribed by any law which a Court of competent jurisdiction may deem applicable hereto, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined then ipso facto, the obligation to be in excess fulfilled shall be reduced to the limit of such validity; and if from any circumstance Agent or any Lender shall ever receive anything of value deemed interest by applicable law which would exceed the highest lawful rate, such amount which would be excessive interest shall be applied to the reduction of the Maximum Lawful Rateprincipal of Loan and not to the payment of interest, or (c) any Bank or any other holder if such excessive interest exceeds the unpaid balance of any or all principal of the Obligations Loan, such excess shall otherwise collect moneys which are determined be refunded to constitute Borrower. All interest which would otherwise increase paid or agreed to be paid to Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal so that the interest on any or all of the Obligations to an amount Loan for such full period shall not exceed the highest lawful rate. Borrower agrees that in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not any interest payment under the interest paid or payable, under any specific circumstance, Loan Documents exceeds the Maximum Lawful Ratehighest lawful rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment (except payments specifically described in the Loan Documents as “interest”) including without limitation, prepayment fees and late charges, shall to the maximum extent not prohibited by law, be an expense, fee fee, premium or premium penalty rather than as interest. Agent and each Lender hereby expressly disclaim any intent to contract for, (ii) exclude voluntary prepayments and charge or receive interest in an amount which exceeds the effects thereofhighest lawful rate. The provisions of the Note, this Agreement, and (iii) amortize, prorate, allocateall other Loan Documents are hereby modified to the extent necessary to conform with the limitations and provisions of this Section, and spread this Section shall govern over all other provisions in any document or agreement now or hereafter existing. This Section shall never be superseded or waived unless there is a written document executed by Agent, each Lender and Borrower, expressly declaring the total amount usury limitation of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time this Agreement to time thereunder be null and the Maximum Lawful Rate in order void, and no other method or language shall be effective to lawfully charge the Maximum Lawful Ratesupersede or waive this paragraph.
Appears in 1 contract
Limitation on Interest. Each Bank, It is the intent of the Company and each Agent, Borrower, each other Credit Party and any other parties holder of Notes to the Loan Papers intend to contract in strict compliance comply strictly with applicable usury Law from time to time in effect. In furtherance thereof such Persons laws, and the Company and each holder of Notes stipulate and agree that none of the terms and provisions contained in this Agreement or the Loan Papers Notes shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None If any excess of Borrowerinterest in such respect is hereby or in the Notes provided for or shall be adjudicated to be so provided in this Agreement or the Notes, any other Credit Partythe provisions of this Section 22 shall govern and prevail, and neither the Company nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation the Notes shall ever be liable for unearned interest thereon or shall ever be required obligated to pay interest thereon in the excess amount of the Maximum Lawful Rate and the such interest. The provisions of this Section 14.6 22 shall control over all other provisions of this Agreement, the Loan Papers which Notes, the Subsidiary Guaranty Agreement and the Security Documents that may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent holder of Notes expressly disavow disavows any intention to charge charge, collect or collect contract for excessive unearned interest or finance charges in the event the maturity of any Obligation the Notes is accelerated. If (a) the maturity of any Obligation Note is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest which are determined to then unearned and have theretofore been collected by any holder of Notes shall be in excess applied as of the Maximum Lawful Ratedate of receipt thereof to reduce the principal balance of its Notes then outstanding and if the principal of such Notes has been paid in full, or (c) any Bank or remaining excess shall be forthwith paid to the Company. If any other holder of any Notes shall receive, collect or all of the Obligations shall otherwise collect moneys apply monies which are determined deemed to constitute interest which would otherwise increase the interest on any or all of the Obligations its Notes to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined deemed to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, such legal limit shall be promptly applied to reduce the principal balance of its Notes then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly immediately returned to Borrower the Company or the other payor thereof upon such determination. In determining whether or not the interest All sums paid or payableagreed to be paid to any holder of Notes for the use, forbearance or detention of sums due hereunder or under any specific circumstancethe Notes shall, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of the Debt evidenced by its Notes until payment in full so that the rate or amount of interest on account of any Debt outstanding under its Notes does not exceed the maximum amount allowed by such applicable Lawlaw. If at any time and from time to time (a) the amount of interest payable to any holder of Notes on any date shall, (i) characterize any non-principal payment as an expensepursuant to this Section 22, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, be limited and (iiib) amortizein respect of any subsequent interest computation period, proratethe amount of interest otherwise payable to such holder would be less than the amount of interest payable to such holder computed at the maximum lawful rate, allocate, and spread then the amount of interest payable to such holder in respect to such subsequent interest computation period shall continue to be computed at the maximum lawful rate until the total amount of interest throughout payable to such holder shall equal the entire contemplated term total amount of interest which would have been payable to such holder if the instrument evidencing the Obligations in accordance with the amounts outstanding from time total amount of interest had been computed without giving effect to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Ratethis Section 22.
Appears in 1 contract
Sources: Note Purchase Agreement (Egl Inc)
Limitation on Interest. Each BankLender, each Agent, Borrower, each other Credit Party Related Person and any ---------------------- other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither each Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s Lender's or such holder’s 's option, promptly returned to Borrower each Related Person or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower Lender and the other Credit Parties each Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-non- principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Texas Revised Civil Statutes Annotated article 5069-1.04, that ceiling shall be the indicated rate ceiling.
Appears in 1 contract
Sources: Credit Agreement (Nab Asset Corp)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to contract for, charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower Borrowers or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully contract for, charge or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the “Texas Finance Code”) as amended, for that day, the ceiling shall be the “weekly ceiling” as defined in the Texas Finance Code, provided that if any applicable Law permits greater interest, the Law permitting the greatest interest shall apply. As used in this section the term “applicable Law” means the Laws of the State of Texas or the Laws of the United States of America, whichever Laws allow the greater interest, as such Laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Limitation on Interest. Each BankThe Lenders, each Agent, Borrower, each other Credit Party the Loan Parties and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, No Loan Party nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent The Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to Borrower the Co-Borrowers or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstancecircumstances, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower the Lenders and the other Credit Loan Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling and shall be used when appropriate in determining the maximum amount of interest permitted to be charged.
Appears in 1 contract
Limitation on Interest. Each BankLender, each Agent, Borrower, each other Credit Party Related Person and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, any other Credit Party, Neither each Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s Lender's or such holder’s 's option, promptly returned to Borrower each Related Person or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender and the other Credit Parties each Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Section 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling.
Appears in 1 contract
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party Wells Fargo and any other parties to the Loan Papers Obligated P▇▇▇▇▇s intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Obligated Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect. and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If apparent
(a) the maturity of any Obligation obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Wells Fargo or any other holder of any ▇▇ ▇ny or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s Wells Fargo's option, promptly returned ▇▇▇▇▇ned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate.
Appears in 1 contract
Limitation on Interest. Each Bank, each Agent, Borrower, provision in this Agreement and each other Credit Party and any other parties Loan Document is expressly limited so that in no event whatsoever shall the amount paid, or otherwise agreed to the Loan Papers intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create paid, by a contract to pay, Borrower for the use, forbearance or detention of the money to be loaned under this Agreement or any other Loan Document or otherwise (including any sums paid as required by any covenant or obligation contained herein or in any other Loan Document which is for the use, forbearance or detention of such money), exceed that amount of money which would cause the effective rate of interest to exceed the Highest Lawful Rate, and all amounts owed under this Agreement and each other Loan Document shall be held to be subject to reduction to the effect that such amounts so paid or agreed to be paid which are for the use, forbearance or detention of money under this Agreement or such Loan Document shall in excess no event exceed that amount of money which would cause the Maximum effective rate of interest to exceed the Highest Lawful Rate. None To the extent that the Highest Lawful Rate applicable to a Bank is at any time determined by Texas law, such rate shall be the "indicated rate ceiling" described in Section (a)(1) of BorrowerArticle 1.04 of Chapter 1, Subtitle 1, Title 79, of the Revised Civil Statutes of Texas, 1925, as amended; PROVIDED, to the extent permitted by such Article, the Banks from time to time by notice from the Administrative Agent to the Borrowers may revise the aforesaid election of such interest rate ceiling as such ceiling affects the then-current or future balances of the Loans outstanding under the Notes. Notwithstanding any provision in this Agreement or any other Credit PartyLoan Document to the contrary, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event if the maturity of any Obligation is accelerated. If (a) the maturity Notes or the obligations in respect of any Obligation is the other Loan Documents are accelerated for any reason, (b) or in the event of prepayment of all or any Obligation portion of the Notes or the obligations in respect of the other Loan Documents by a Borrower or in any other event, earned interest on the Loans and such other obligations of such Borrower may never exceed the maximum amount permitted by applicable law, and any unearned interest otherwise payable under the Notes or the obligations in respect of the other Loan Documents that is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all maximum amount permitted by applicable law shall be canceled automatically as of the Obligations date of such acceleration or prepayment or other such event and, if theretofore paid, shall otherwise collect moneys which are determined to constitute interest which would otherwise increase be credited on the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations relevant Notes or, at if the principal of the relevant Notes has been paid in full, held as collateral for any Bank’s contingent or unmatured obligation of such holder’s optionBorrower, promptly returned or, if there are no contingent or unmatured obligations of such Borrower then outstanding, refunded to Borrower or the other payor thereof upon such determinationBorrower. In determining whether or not the interest paid or payable, under any specific circumstancecontingency, exceeds the Maximum Highest Lawful Rate, Administrative Agent, Banks, Borrower the Borrowers and the other Credit Parties (and any other payors or payees thereof) shall Banks shall, to the greatest maximum extent permitted under by applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocateallocate and spread, and spread in equal parts during the total amount period of interest throughout the entire contemplated actual term of this Agreement, all interest at any time contracted for, charged, received or reserved in connection with this Agreement. Chapter 15, Subtitle 3, Title 79, of the instrument evidencing Revised Civil Statutes of Texas, 1925, as amended (relating to revolving loans and revolving triparty accounts), shall not apply to this Agreement or the Obligations in accordance with Notes or the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Ratetransactions contemplated hereby.
Appears in 1 contract
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable Law from time to time in effect, and the provisions of this Section 14.6 10.11 shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If:
(a) the maturity of any Obligation is accelerated for any reason, ;
(b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or legal maximum; or
(c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower Borrowers or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lenders and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, and in accordance with generally accepted actuarial practices and principles:
(i) characterize any non-principal payment as an expense, fee or premium rather than as interest, ;
(ii) exclude voluntary prepayments and the effects thereof, and ; and
(iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In no event shall the aggregate "interest" (as defined in section 347 of the Criminal Code (Canada)) payable under the Loan Documents exceed the maximum effective annual rate of interest on the "credit advanced" (as defined in that section) permitted under that section and, if any payment, collection or demand pursuant to this Agreement in respect of "interest" (as defined in that section) is determined to be contrary to the provisions of that section, such payment, collection or demand shall be deemed to have been made by mutual mistake of Borrowers, Agent and Lenders and the amount of such excess payment or collection shall be refunded to Borrowers. For purposes of the Loan Documents, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term applicable to the Obligations on the basis of annual compounding of the lawfully permitted rate of interest and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Agent shall be prima facie evidence, for the purposes of such determination.
Appears in 1 contract
Limitation on Interest. Each Bank, each Agent, The Borrower, each other Credit Party and any other parties to the Loan Papers Parties, the Administrative Agent and the Lenders intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, provide for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Loan Party nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and The Administrative Agent and the Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any may other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Lenders, the Administrative Agent, Banks, Borrower Agent and the other Credit Loan Parties (and any other payors or payees payers thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law.
Appears in 1 contract
Limitation on Interest. Each BankThe Lenders, each Agent, Borrower, each other Credit Party the Loan Parties and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by Requirements of Law from time to time in effect. None of Borrower, any other Credit Party, No Loan Party nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under Requirements of Law from time to time in effect, and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent The Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by Requirements of Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Banksuch Lender’s or such holder’s option, promptly returned to the Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstancecircumstances, exceeds the Maximum Lawful Ratemaximum amount permitted under Requirements of Law, Administrative Agent, Banks, Borrower the Lenders and the other Credit Loan Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Requirements of Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under Requirements of Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under Requirements of Law.
Appears in 1 contract
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party and any other parties Notwithstanding anything to the Loan Papers intend contrary ---------------------- contained or referred to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that this Guaranty, none of the terms and provisions contained in of this Guaranty, the Credit Agreement, the Notes or any other Loan Papers Document shall ever be construed to create a contract or obligation to pay, for the use, forbearance or detention of money, pay interest at a rate in excess of the Maximum Lawful Rate. None of Borrower, and neither Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations or the Guaranteed Obligations, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate. The parties hereto agree that any interest, then charge, fee, expense or other indebtedness, liability or obligation provided for in this Guaranty, the Credit Agreement, the Notes or any other Loan Document which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances,limited or reduced to an amount equal to the lesser of (a) the amount of such sums determined interest, charge, fee, expense or other indebtedness, liability or obligation that would be payable in the absence of this Paragraph 24 or (b) an amount, which when added to constitute all other interest payable under this Guaranty, the Credit Agreement, the Notes and any other Loan Document, equals the Maximum Rate. If, notwithstanding the foregoing, Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Lawful Rate shallRate, without penalty, such amount which would be promptly applied to reduce the then outstanding deemed excessive interest shall be deemed a partial payment or prepayment of principal of the related Obligations orand the Guaranteed Obligations and treated hereunder as such, at and if the Obligations and the Guaranteed Obligations, or applicable portions thereof, are paid in full, any Bank’s remaining excess shall promptly be paid to Borrower, Guarantor or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determinationPerson (as appropriate). In determining whether or not the interest paid or payable, under any specific circumstancecontingency, exceeds the Maximum Lawful Rate, Guarantor, Borrower, Administrative AgentAgent and Lenders shall, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest maximum extent permitted under by applicable Lawlaw, (i) characterize any non-principal nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the instrument evidencing Obligations and the Guaranteed Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate Guaranteed Obligations; provided that, if the unpaid principal balance is paid and performed in order full prior to lawfully charge the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Lawful Rate, Administrative Agent and Lenders shall refund to Borrower, Guarantor or such other Person (as appropriate) the amount of such excess and, in such event, neither Administrative Agent nor any Lender shall be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, receiving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Limitation on Interest. Each Bank, each Administrative Agent, BorrowerLenders, each other Credit Party the Related Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance comply strictly with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Related Person nor any present or future guarantors, endorsersindorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount permitted by applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent and Lenders expressly disavow any intention to contract for, receive, charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is acceleratedaccelerated or any Obligation is prepaid. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratemaximum amount permitted by applicable law then in effect, or (c) Administrative Agent or any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate maximum amount then permitted by applicable law shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s if all Obligations have been paid in full or if Administrative Agent or such holder’s optionLender or holder otherwise prefers, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower Lenders and the other Credit Parties Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum lawful rate of interest from time to time in order to lawfully charge effect under applicable law. In the Maximum Lawful Rateevent applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the "Texas Finance Code") and Chapter 1D of Title 79, Tex. Rev. Civ.
Appears in 1 contract
Sources: Credit Agreement (Nuevo Energy Co)
Limitation on Interest. Each BankThe Company and Payee, each Agentby its acceptance hereof, Borrower, each other Credit Party and any other parties to the Loan Papers intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in this Note, the Loan Papers Purchase Agreement, or any other documents or agreements executed in connection with the transactions contemplated hereunder or thereunder (collectively, the "Transaction Documents") shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither the Company nor any present or future guarantors, endorsers, or other Persons persons hereafter becoming liable for payment of any Obligation obligation under any Transaction Document shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers which Transaction Documents that may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Payee expressly disavow disavows any intention to charge contract for, charge, or collect excessive unearned interest or finance charges in the event the maturity of any Obligation obligation under any Transaction Document is accelerated. If (a) the maturity of any Obligation obligation under any Transaction Document is accelerated for any reason, (b) any Obligation such obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Payee or any other holder of any or all of the Obligations such obligations shall otherwise collect moneys which that are determined to constitute interest which that would otherwise increase the interest on any or all of the Obligations such obligation to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations obligation or, at any Bank’s Payee's or such holder’s 's option, promptly returned to Borrower the Company or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower Payee and the other Credit Parties Company (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations applicable obligation in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code, for that day, the ceiling shall be the "weekly ceiling" as defined in the Texas Finance Code, provided that if any applicable law permits greater interest, the law permitting the greatest interest shall apply. As used in this section the term "applicable law" means the laws of the State of Texas or the laws of the United States of America, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Limitation on Interest. Each BankAgent, Lenders, each Agent, Borrower, each other Credit Party Related Person and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither each Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank Agent and Administrative Agent Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If event
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) Agent or any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s Agent's or such Lender's or such holder’s 's option, promptly returned to Borrower each Related Person or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower Lenders and the other Credit Parties each Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Section 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling.
Appears in 1 contract
Sources: Credit Agreement (Nab Asset Corp)
Limitation on Interest. Each BankThe Company and Payee, each Agentby its acceptance hereof, Borrower, each other Credit Party and any other parties to the Loan Papers intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in this Note, the Loan Papers Settlement Agreement, or any other documents or agreements executed in connection with the transactions contemplated hereunder or thereunder (collectively, the "Transaction Documents") shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither the Company nor any present or future guarantors, endorsers, or other Persons persons hereafter becoming liable for payment of any Obligation obligation under any Transaction Document shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers which Transaction Documents that may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Payee expressly disavow disavows any intention to charge contract for, charge, or collect excessive unearned interest or finance charges in the event the maturity of any Obligation obligation under any Transaction Document is accelerated. If (a) the maturity of any Obligation obligation under any Transaction Document is accelerated for any reason, (b) any Obligation such obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Payee or any other holder of any or all of the Obligations such obligations shall otherwise collect moneys which that are determined to constitute interest which that would otherwise increase the interest on any or all of the Obligations such obligation to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations obligation or, at any Bank’s Payee's or such holder’s 's option, promptly returned to Borrower the Company or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower Payee and the other Credit Parties Company (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations applicable obligation in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code, for that day, the ceiling shall be the "weekly ceiling" as defined in the Texas Finance Code, provided that if any applicable law permits greater interest, the law permitting the greatest interest shall apply. As used in this section the term "applicable law" means the laws of the State of Texas or the laws of the United States of America, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party Lender and any other parties to the Loan Papers Borrowers intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained herein or in the Loan Papers Note shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither Borrowers nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation obligation hereunder or under the Note shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of herein or in the Loan Papers Note which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation obligation hereunder or under the Note is accelerated. If (a) the maturity of any Obligation obligation hereunder or under the Note is accelerated for any reason, (b) any Obligation obligation hereunder or under the Note is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations obligations hereunder or under the Note shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations obligations hereunder or under the Note to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations obligations hereunder or under the Note or, at any Bank’s Lender's or such holder’s 's option, promptly returned to Borrower Borrowers or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower Lender and the other Credit Parties Borrowers (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations obligations hereunder or under the Note in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the "Texas Finance Code") as amended, for that day, the ceiling shall be the "weekly ceiling" as defined in the Texas Finance Code; provided that if any applicable law permits greater interest, the law permitting the greatest interest shall apply. As used in this section the term "applicable law" means the laws of the State of Texas including the laws of the United States of America, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Limitation on Interest. Each BankPurchaser, each Agent, Borrower, each other Credit Party the Company and any other parties to the Loan Papers Closing Documents intend to contract in strict compliance with applicable usury Law laws from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Closing Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither the Company nor any present or future guarantors, endorsers, or other Persons persons hereafter becoming liable for payment of any Obligation obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Closing Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Purchaser expressly disavow disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation obligation is accelerated. If If
(a) the maturity of any Obligation obligation is accelerated for any reason, (b) any Obligation obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Purchaser or any other holder of any or all of the Obligations obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations obligations or, at any Bank’s Purchaser's or such holder’s 's option, promptly returned to Borrower the Company or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower Purchaser and the other Credit Parties Company (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling for that day, the ceiling imposed for the shortest period allowed.
Appears in 1 contract
Limitation on Interest. Each BankBank Parties, each Agent, Borrower, each other Credit Party the Related Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, Neither any other Credit Party, Related Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each The Bank and Administrative Agent Parties expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Party or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Bank Party's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower the Bank Parties and the other Credit Parties Related Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. As used in this section the term "applicable Law" means the Laws of the State of Texas or the Laws of the United States of America, whichever Laws allow the greater interest, as such Laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Sources: Master Loan Agreement (Alternative Living Services Inc)
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code as amended, for that day, the ceiling shall be the "weekly ceiling" as defined in the Texas Finance Code, provided that if any applicable Law permits greater interest, the Law permitting the greatest interest shall apply. As used in this section the term "applicable Law" means the Laws of the State of Texas or the Laws of the United States of America, whichever Laws allow the greater interest, as such Laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Limitation on Interest. Each Bank, each Agent, Borrower, each other Credit Party Lenders and any other parties to the Loan Papers Borrower intend to contract in strict compliance with applicable usury Law law from time to time in effect. In furtherance thereof such Persons persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be charged by applicable law from time to time in effect. None of Borrower, any other Credit Party, Neither Borrower nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lenders expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If: (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s Lenders' option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful Rate.
Appears in 1 contract
Limitation on Interest. Each BankLender Parties, each Agent, Borrower, each other Credit Party Restricted Persons and any the other parties to the Loan Papers Documents intend to contract in strict compliance with applicable usury Law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers Documents shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Ratemaximum amount of interest permitted to be contracted for, charged, or received by applicable Law from time to time in effect. None of Borrower, Neither any other Credit Party, Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate maximum amount that may be lawfully contracted for, charged, or received under applicable Law from time to time in effect, and the provisions of this Section 14.6 section shall control over all other provisions of the Loan Papers Documents which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent Lender Parties expressly disavow any intention to charge contract for, charge, or collect receive excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If If
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank Lender or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be contracted for, charged, or received by applicable Law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s such Lender's or such holder’s 's option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable Law, Administrative Agent, Banks, Borrower Lender Parties and the other Credit Parties Restricted Persons (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-non- principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable Law in order to lawfully charge the Maximum Lawful Ratemaximum amount of interest permitted under applicable Law. In the event applicable Law provides for an interest ceiling under Chapter 303 of the Texas Finance Code (the "Texas Finance Code") as amended, to the extent that the Texas Finance Code is mandatorily applicable to any Lender, for that day, the ceiling shall be the "weekly ceiling" as defined in the Texas Finance Code, provided that if any applicable Law permits greater interest, the Law permitting the greatest interest shall apply.
Appears in 1 contract
Limitation on Interest. Each BankAll agreements between and among the Borrowers, each Agentany Guarantors, Borrower, each any other Credit Loan Party and the Lender Party and/or the Administrative Agent are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the Indebtedness evidenced hereby or otherwise, shall the amount paid or agreed to be paid to any other parties to Lender Party for the Loan Papers intend use or the forbearance of the Indebtedness incurred hereunder exceed the maximum permissible under applicable law. As used herein the term "applicable law" shall mean the law in effect as of the date hereof; PROVIDED, HOWEVER, that in the event there is a change in the law which results in a higher permissible rate of interest, then this Agreement and the Notes issued hereunder shall be governed by such new law as of its effective date. In this regard it is expressly agreed that it is the intent of the Borrowers, the Lender Parties and the Administrative Agent in execution, delivery and acceptance of this Agreement to contract in strict compliance with applicable usury Law the laws of the State of New York from time to time in effect. In furtherance thereof such Persons stipulate and agree that none If under any circumstances whatsoever, fulfillment of any provision hereof or of any of the terms Loan Documents at the time performance of such provision shall be due shall involve transcending the limits of such validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits of such validity, and provisions contained in if under or from any circumstance whatsoever the Loan Papers Administrative Agent or any Lender Party should ever receive as interest any amount which would exceed the highest lawful rate, such amount which would be excessive interest shall ever be construed applied to create a contract to pay, for the use, forbearance or detention of money, interest in excess reduction of the Maximum Lawful Rateprincipal balance of the Revolving Credit Notes and then the principal amounts evidenced by the other Notes issued hereunder and not to the payment of interest. None This provision shall control every other provision of Borrowerall agreements between and among the Borrowers, any Guarantors, any other Credit Loan Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate Administrative Agent and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If (a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Rate, or (c) any Bank or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Rate, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s or such holder’s option, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Rate, Administrative Agent, Banks, Borrower and the other Credit Parties (and any other payors or payees thereof) shall to the greatest extent permitted under applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the instrument evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate in order to lawfully charge the Maximum Lawful RateLender Parties.
Appears in 1 contract
Sources: Credit Agreement (Polyvision Corp)
Limitation on Interest. Each BankThe Obligors, each Agent, Borrower, each other Credit Party the Agents and any other parties to the Loan Papers Lenders intend to contract in strict compliance with applicable usury Law laws from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Papers shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the Maximum Lawful Rate. None of Borrower, any other Credit Party, nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any Obligation shall ever be liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the Maximum Lawful Rate and the provisions of this Section 14.6 shall control over all other provisions of the Loan Papers which may be in conflict or apparent conflict herewith. Each Bank and Administrative Agent expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of any Obligation is accelerated. If Documents
(a) the maturity of any Obligation is accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Lawful Ratelegal maximum, or (c) any Bank an Agent or any other holder of any or all of the Obligations a Lender shall otherwise collect moneys which that are determined to constitute interest which that would otherwise increase the interest on any or all of the Obligations to an amount in excess of the Maximum Lawful Ratethat permitted to be charged by applicable law then in effect, then all such sums determined to constitute interest in excess of the Maximum Lawful Rate such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at any Bank’s the option of such Agent or such holder’s optionLender, as applicable, promptly returned to Borrower or the other payor thereof upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Lawful Ratemaximum amount permitted under applicable law, Administrative Agent, Banks, Borrower the Agents and the other Credit Parties (Lenders and any other payors or payees thereof) Borrower shall to the greatest extent permitted under applicable Lawlaw, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, allocate and spread the total amount of interest throughout the entire contemplated term of the instrument instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Lawful Rate maximum legal rate of interest from time to time in effect under applicable law in order to lawfully charge contract for, charge, or receive the Maximum Lawful Ratemaximum amount of interest permitted under applicable law. In the event applicable law provides for an interest ceiling under Chapter 303 of the Texas Finance Code, as amended, for that day, the ceiling shall be the "weekly ceiling" as defined in Chapter 303 of the Texas Finance Code, as amended; provided that if any applicable law permits greater interest, the law permitting the greatest interest shall apply. As used in this section the term "applicable law" means the laws of the State of Texas or the laws of the United States, whichever allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract