Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect. (b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 3 contracts
Sources: Loan Agreement (Karts International Inc), Loan Agreement (Karts International Inc), Loan Agreement (Karts International Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "“Contract Rate"”) for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Bank shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 2 contracts
Sources: Credit Agreement (Tufco Technologies Inc), Credit Agreement (Tufco Technologies Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. .
(b) If at any time the interest rate (the "“Contract Rate"”) for the Loan or any other indebtedness, liability or obligation Liability shall exceed the Maximum Rate, thereby causing the so that, as provided in Section 19-18(a), interest accruing thereon to be on such Liability is limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Liability shall not reduce the rate of interest therefor on such Liability below the Maximum Rate until the aggregate amount of interest accrued thereon on such Liability equals the aggregate amount of interest which would have accrued thereon on such Liability if the Contract Rate for such Liability had at all times been in effect.
(bc) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Agent nor any Revolving Credit Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationLiabilities, any amount in excess of the Maximum Rate. The parties hereto agree Agent, each Revolving Credit Lender and the Borrower each agrees that any interest, charge, fee, expense or other obligation Liability provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law shall belaw, ipso facto and under any and all circumstances, shall be limited or reduced to an amount equal to the lesser of (ix) the amount of such interest, charge, fee, expense or other obligation Liability that would be payable in the absence of this Section 24(b) 19-18, or (iiy) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ the Agent or any Revolving Credit Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Liabilities and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationLiabilities, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower Agent, each Revolving Credit Lender and the other Obligors and ▇▇▇▇▇▇▇▇▇ shallBorrower, to the maximum extent permitted by applicable lawApplicable Law, shall (ai) characterize any nonprincipal non-principal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated actual term of the Loan or any other indebtedness, liability or obligationLiabilities, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum RateLiabilities.
Appears in 2 contracts
Sources: Loan and Security Agreement (Hastings Entertainment Inc), Loan and Security Agreement (Hastings Entertainment Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Agent nor any Bank shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) 12.12(b), or (ii) an amount, which when added to all other interest payable under this Agreement and or the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ the Agent or any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower Borrower, the Agent, and the other Obligors and ▇▇▇▇▇▇▇▇▇ Banks shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or equivalent unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Agent and/or the Banks, as appropriate, shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ the Agent and the Banks shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
(c) The provisions of Chapter 346 of the Finance Code of Texas are specifically declared by the parties hereto not to be applicable to any Loan Documents or to the transactions contemplated thereby.
Appears in 2 contracts
Sources: Loan Agreement (Uici), Loan Agreement (Uici)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or Regardless of any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary provision contained in ---------------------- this Agreement or the other Loan DocumentsDebenture, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ Lender shall never charge, be entitled to receive, take, collect, reserve collect or apply, apply as interest on the Loan or any other indebtedness, liability or obligation, Debenture any amount in excess of interest calculated at the Maximum Rate. The parties hereto agree that any interest, chargeand, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation event that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, receives, takes, collects, reserves collects or applies as interest any amount in excess of such excess, the Maximum Rate, such amount which would be deemed excessive interest shall be deemed to be a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal amount of the Debenture is paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, payable under any specific contingency, contingency exceeds interest calculated at the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lender shall, to the maximum extent permitted by under applicable law, (ai) characterize any nonprincipal non principal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, proratepro rate, allocate and spread spread, in equal or unequal parts parts, the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationDebenture; provided that, if the unpaid principal balance Debenture is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds interest calculated at the Maximum Rate, ▇▇▇▇▇▇▇▇▇ Lender shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess or credit the amount of such excess against the principal amount of the Debenture and, in such event, ▇▇▇▇▇▇▇▇▇ Lender shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying receiving interest in excess of interest calculated at the Maximum Rate.
Appears in 2 contracts
Sources: Convertible Debenture (La Man Corporation), Convertible Debenture (La Man Corporation)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Bank shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 2 contracts
Sources: Credit Agreement (Horizon Health Corp /De/), Credit Agreement (Horizon Health Corp /De/)
Maximum Interest Rate. (a) No The maximum total interest that Holder shall be entitled to receive pursuant to this Debenture shall not exceed the maximum rate specified in permitted pursuant to applicable law. Borrower and Holder intend to comply at all times with applicable usury laws. Notwithstanding any provision of this Agreement or any other Loan Document shall Debenture, if at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or applicable usury law would ever render usurious any other indebtednessamounts contemplated by this Debenture, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor it is Borrower’s and ▇▇▇▇▇▇'s express intention that Borrower shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation required to pay interest pursuant to this Debenture at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never chargemaximum lawful rate, receive, take, collect, reserve or apply, as interest on that the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence provisions of this Section 24(b) or (ii) an amount8.1 of this Article Eight shall control any other inconsistent provisions of this Debenture, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in that such excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment immediately credited pursuant to the principal balance of principal this Debenture (or, if this Debenture has been fully paid, refunded by Holder to Borrower), and the provisions hereof shall be immediately reformed and the amounts thereafter collectible pursuant to this Debenture reduced, without the necessity of the Loan execution of any further documents, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount otherwise called for pursuant to this Debenture. Any such crediting or refund shall not cure or waive any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or default by Borrower pursuant to this Debenture. If at any other indebtedness, liability or obligation, or applicable portions thereof, are paid time following any reduction in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under rate payable by Borrower there remains unpaid any specific contingency, exceeds the Maximum Rate, the Borrower principal amount pursuant to this Debenture and the other Obligors and ▇▇▇▇▇▇▇▇▇ shallmaximum interest rate allowed by applicable law is increased or eliminated, then the interest payable pursuant to this Debenture shall be readjusted, to the maximum extent permitted not prohibited by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts so that the total dollar amount of interest throughout payable pursuant to this Debenture shall be equal to the entire contemplated dollar amount of interest which would have been paid by Borrower without giving effect to the reduction in interest resulting from compliance with applicable usury laws. The term “applicable law” as used in this Debenture shall mean the laws of the Loan or any other indebtedness, liability or obligationState of Nevada, or applicable portions thereof, so federal law in the event that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratefederal law preempts Nevada law.
Appears in 2 contracts
Sources: Convertible Debenture (Environmental Control Corp.), Convertible Debenture (Environmental Control Corp.)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary Nothing contained in this Agreement or the other Loan Documents, none of Notes shall require the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation Borrower to pay interest at a rate in excess exceeding the maximum rate permitted by applicable law. Neither this Section nor Section 9.08 is intended to limit the rate of interest payable for the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve account of any Bank or applythe Issuing Bank, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law shall case may be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent rate permitted by the laws of the State of New York if a higher rate is permitted with respect to such Bank or the Issuing Bank, as the case may be, by supervening provisions of United States federal law.
(b) If the amount of interest payable for the account of any Bank or the Issuing Bank, as the case may be, on any date in respect of the immediately preceding interest computation period, computed pursuant to Section 2.06 or, in the case of interest on Reimbursement Obligations or other amounts payable in respect of Letters of Credit, Section 2.07, would exceed the maximum amount permitted by applicable lawlaw to be charged by such Bank or the Issuing Bank, as the case may be, the amount of interest payable for its account on such date shall be automatically reduced to such maximum permissible amount.
(ac) characterize If the amount of interest payable for the account of any nonprincipal payment Bank or the Issuing Bank, as an expensethe case may be, fee or premium rather than as interest, in respect of any interest computation period is reduced pursuant to clause (b) exclude voluntary prepayments of this Section and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout payable for its account in respect of any subsequent interest computation period, computed pursuant to Section 2.06 or, in the entire contemplated term case of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower on Reimbursement Obligations or other amounts payable in respect of Letters of Credit, Section 2.07, would be less than the maximum permissible amount permitted by applicable Obligor law to be charged by such Bank or Obligors (the Issuing Bank, as appropriate) the case may be, then the amount of interest payable for its account in respect of such excess andsubsequent interest computation period shall be automatically increased to such maximum permissible amount; provided that at no time shall the aggregate amount by which interest paid for the account of any Bank or the Issuing Bank, in such eventas the case may be, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.has been increased
Appears in 2 contracts
Sources: Credit Agreement (New Beverly Holdings Inc), Credit Agreement (Beverly Enterprises Inc /De/)
Maximum Interest Rate. (a) No interest rate specified Regardless of any provision contained --------------------- in this Agreement or any other Loan Document shall at any time exceed of the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ Lenders shall never be entitled to contract for, charge, take, reserve, receive, take, collect, reserve or apply, as interest on the Loan Obligations, or any other indebtedness, liability or obligationpart thereof, any amount in excess of the Maximum Highest Lawful Rate. The parties hereto agree that any interest, chargeand, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law shall be, ipso facto and under event any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, takes, reserves, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch excess, such amount which would be deemed excessive interest it shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; such and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid refunded to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Maximum Highest Lawful Rate, the Borrower Borrower, its Subsidiaries, and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by under applicable lawLaw, (a) treat all Loans as but a single extension of credit (and Lenders, the Borrower and the Borrower's Subsidiaries agree that such is the case and that provision herein for multiple Loans and for one or more Notes is for convenience only), (b) characterize any nonprincipal payment as an expense, fee fee, or premium rather than as interest, (bc) exclude voluntary prepayments and the effects thereof, and (cd) amortize, prorate, allocate and spread in equal or unequal parts "spread" the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligation; provided that, if the unpaid principal balance Obligation -------- ---- is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Highest Lawful Rate, ▇▇▇▇▇▇▇▇▇ Lenders shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess excess, and, in such event, ▇▇▇▇▇▇▇▇▇ Lenders shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collectingreserving, reserving or applying receiving interest in excess of the Maximum Highest Lawful Rate.
Appears in 2 contracts
Sources: Credit Agreement (Radio One Inc), Credit Agreement (Radio One Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, ------------- thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations; and, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Lender shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the CREDIT AGREEMENT - Page 82 total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 2 contracts
Sources: Credit Agreement (Imperial Financial Group Inc), Credit Agreement (Imperial Financial Group Inc)
Maximum Interest Rate. (a) No interest rate specified in In the event that any provision of this Agreement would oblige the Borrower to make any payment of interest or any other Loan Document shall payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at any time exceed a rate which would be prohibited by law or would result in a receipt by the Maximum Rate. If Lender of interest at any time the interest a criminal rate (as such terms are construed under the "Contract Rate") for Criminal Code (Canada)), then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted nunc pro tunc to the Loan maximum amount or any other indebtednessrate of interest, liability as the case may be, as would not be so prohibited by law or obligation shall exceed the Maximum Rateso result in a receipt by a Lender of interest at a criminal rate, thereby causing the interest accruing thereon such adjustment to be limited effected, to the Maximum Rateextent necessary, then any subsequent reduction in as follows:
(i) firstly, by reducing the Contract Rate therefor shall not reduce the amount or rate of interest therefor below the Maximum Rate until the aggregate amount required to be paid under Section 5.01 of interest accrued thereon equals the aggregate amount of interest this Agreement; and
(ii) thereafter, by reducing any fees, commissions, premiums and other amounts which would have accrued thereon if constitute interest for the Contract Rate had at all times been in effect.purposes of Section 347 of the Criminal Code (Canada);
(b) Notwithstanding anything to If, notwithstanding the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of Subsection (a) of this Agreement or Section and after giving effect to all adjustments contemplated thereby, the other Loan Documents Lender shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any have received an amount in excess of the Maximum Rate. The parties hereto agree that any interestmaximum permitted by such clause, charge, fee, expense or other obligation provided for in this Agreement or in then such excess shall be applied by the other Loan Documents which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal Lender to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess reduction of the Maximum Rateprincipal balance of the Outstanding Obligations and not to the payment of interest or if such excessive interest exceeds such principal balance, such amount which would be deemed excessive interest excess shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid refunded to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and Borrower; and
(c) amortize, prorate, allocate and spread in equal Any amount or unequal parts the total amount rate of interest throughout the entire contemplated term referred to in this section shall be determined in accordance with generally accepted actuarial practices and principles at an effective annual rate of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during over the term of this Agreement on the Loan assumption that any charges, fees or any other indebtedness, liability or obligation; provided thatexpenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if the unpaid principal balance is paid and performed in full prior they relate to the end of the full contemplated term thereof, and if the interest received for the actual a specific period of existence thereof exceeds time, be prorated over that period of time and otherwise be prorated over the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount term of such excess this Agreement and, in such eventthe event of dispute, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess a certificate of a Fellow of the Maximum RateCanadian Institute of Actuaries appointed by the Lender shall be conclusive for the purposes of such determination.
Appears in 2 contracts
Sources: Credit Agreement (Rti International Metals Inc), Credit Agreement (Rti International Metals Inc)
Maximum Interest Rate. (a) No interest rate specified in provision of this Agreement or any other Loan Document shall at require the payment or the collection of interest in excess of the maximum permitted by applicable law. The maximum interest to be charged under this Loan shall be governed by Section 312 of the Maritime Act which provides that loans secured by a preferred mortgage filed or recorded under Chapter 3 of that act may have any time exceed rate of interest to which the Maximum Rateparties to the mortgage may agree. If at any time excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and prevail and neither Borrower, nor any Guarantor, nor any other sureties, guarantors, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest rate (the "Contract Rate") for the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate detention of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) sums loaned pursuant hereto. Notwithstanding anything to the contrary contained in this Agreement herein or elsewhere, if at any time the other Loan Documentsrate of interest payable hereunder, none of under the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never chargeNote, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtednessLoan Document would exceed the "Maximum Rate," then for so long as the Maximum Rate would be so exceeded, liability or obligation, any amount in excess the rate of interest payable shall be equal to the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes If Lender receives 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount hereunder in excess of the Maximum Rate, such the excess amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal applied ratably to the reduction of the Loan principal balance of the Note, or to other amounts (other than interest) payable hereunder, under such instruments or any other indebtednessLoan Document, liability or obligation and treated hereunder as such; and if no Obligations of Borrower remain outstanding, the Loan or any other indebtednessbalance, liability or obligationif any, or applicable portions thereof, are paid in full, any remaining excess shall promptly will be paid refunded to the Borrower or other applicable Obligor or Obligors (to such Person as appropriate)may be entitled thereto. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower Borrower, Guarantor and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lender shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, indebtedness evidenced by the Note so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement (International Shipholding Corp)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document Paper shall at any time exceed the Maximum Highest Lawful Rate. If at any time the interest rate (the "“Contract Rate"”) for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Highest Lawful Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Highest Lawful Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Highest Lawful Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan DocumentsPapers, none of the terms and provisions of this Agreement or the other Loan Documents Papers shall ever be .be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Highest Lawful Rate; and ▇▇▇▇▇▇▇▇▇ neither any Agent nor any Bank shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Highest Lawful Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents Papers which constitutes interest under applicable law Law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b9.19(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan DocumentsPapers, equals the Maximum Highest Lawful Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ any Agent or any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Highest Lawful Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower Borrower, Parent or other applicable Obligor or Obligors Subsidiary (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Highest Lawful Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ parties hereto shall, to the maximum extent permitted by applicable lawLaw, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Highest Lawful Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇exc ▇▇▇▇ the Highest Lawful Rate, the Agents and/or the Banks, as appropriate, shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) Person the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ the Agents and the Banks shall not be subject to any penalties provided by any laws Laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Highest Lawful Rate.
Appears in 2 contracts
Sources: Credit Agreement (Frozen Food Express Industries Inc), Credit Agreement (Frozen Food Express Industries Inc)
Maximum Interest Rate. (a) No If the amount of interest rate specified payable on this Note for any period in accordance with the terms hereof or the Credit Agreement exceeds the amount of interest that would be payable on this Agreement or any other Loan Document shall Note for such period had interest for such period been calculated at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Interest Rate, then interest for such period shall be payable in an amount calculated at the Maximum Interest Rate for such period. Any interest that would have been due and payable for any subsequent reduction period but for the operation of the immediately preceding paragraph shall accrue and be payable on this Note as provided in this paragraph and shall, less interest actually paid to the Registered Owner, as applicable, for such period, constitute the “Excess Interest Amount.” If there is any accrued and unpaid Excess Interest Amount as of any date with respect to this Note then the principal amount of this Note shall bear interest at the Maximum Interest Rate, until payment to the Registered Owner, of the entire Excess Interest Amount. The Authority shall treat the Registered Owner hereof as the absolute owner hereof for all purposes, and the Authority shall not be affected by any notice to the contrary. Fourth Amendment To Credit Agreement T-28582.003.004 / 2029024.doc 4860-5893-6415.5 THIS NOTE IS BEING ISSUED AS A DRAW-DOWN NOTE, IN THAT THE REGISTERED OWNER OF THIS NOTE WILL PURCHASE THE PRINCIPAL AMOUNT OF THIS NOTE IN INSTALLMENTS BY MAKING ADVANCES IN ACCORDANCE WITH THE TERMS OF THE CREDIT AGREEMENT. ACCORDINGLY, THE PRINCIPAL AMOUNT OF THIS NOTE WHICH HAS BEEN PURCHASED AND IS OUTSTANDING AT ANY GIVEN TIME MAY BE LESS THAN THE COMMITMENT IN EFFECT AT SUCH TIME. THE REGISTERED OWNER OF THIS NOTE MAY MAKE A NOTATION ON THIS NOTE ON THE SCHEDULE ATTACHED HERETO AS TO THE DATE AND THE AMOUNT OF EACH ADVANCE AND AS TO EACH PAYMENT OF PRINCIPAL OF THIS NOTE, BUT THE FAILURE TO MAKE A NOTATION SHALL NOT RELIEVE THE AUTHORITY OF ITS OBLIGATIONS TO PAY THE OUTSTANDING PRINCIPAL OF THIS NOTE, TOGETHER WITH INTEREST HEREON, AS PROVIDED HEREIN AND IN THE CREDIT AGREEMENT. PAYMENTS OF THE PRINCIPAL OF AND PREMIUM, IF ANY, AND INTEREST ON THIS NOTE MAY BE MADE DIRECTLY TO THE REGISTERED OWNER HEREOF WITHOUT NOTATION HEREON. IT CANNOT BE DETERMINED FROM THE FACE OF THIS NOTE WHETHER ALL OR ANY PART OF SUCH PAYMENTS HAVE BEEN PAID. It is hereby certified and recited that any and all acts, conditions and things required to exist, to have happened and to have been performed precedent to and in the Contract Rate therefor shall not reduce issuance of this Note do exist, have happened and have been performed in due time, form and manner as required by the rate provisions of interest therefor below the Maximum Rate until Act and by the aggregate Constitution and laws of the State of California, and that the amount of interest accrued thereon equals this Note, together with all other indebtedness of the aggregate amount of interest which would have accrued thereon if Authority, does not exceed any limit prescribed by the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement Act or the other Loan Documents, none Constitution and laws of the terms State of California, and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate is not in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would Notes permitted to be payable in issued under the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum RateCredit Agreement.
Appears in 2 contracts
Sources: Credit Agreement, Credit Agreement
Maximum Interest Rate. (a) No interest rate specified in In the event that any provision of this Agreement would oblige a Borrower to make any payment of interest or any other Loan Document shall payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at any time exceed a rate which would be prohibited by applicable law, regulation, order, rule or direction (a "Usury Restraint") which prohibits or restricts the Maximum Rate. If charging, receipt or retention of interest or other amounts at any time the interest rate rates and amounts set forth herein (the "Contract Stated Rate") for in excess (the Loan "Excess") of the maximum rates or any other indebtedness, liability or obligation shall exceed amount (the "Maximum Rate") stipulated in the Usury Restraint, thereby causing the interest accruing thereon then notwithstanding such provision, such amount or rate shall be deemed to be limited have been adjusted nunc pro tunc to the Maximum Rate, then any subsequent reduction in such adjustment to be effected, to the Contract Rate therefor shall not reduce extent necessary, as follows:
(i) firstly, by reducing the amount or rate of interest therefor below the Maximum Rate until the aggregate amount required to be paid under Section 5.01 of interest accrued thereon equals the aggregate amount of interest this Agreement; and
(ii) thereafter, by reducing any fees, commissions, premiums and other amounts which would have accrued thereon if constitute interest for the Contract Rate had at all times been in effect.purposes of such Usury Restraint;
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoingprovisions of clause (a) of this Section and after giving effect to all adjustments contemplated thereby, ▇▇▇▇▇▇▇▇▇ ever contracts forthe Agents, chargesthe Lenders, receivesor any of them, takes, collects, reserves or applies as interest any shall have received an amount in excess of the Maximum Rate, then such amount which would be deemed excessive interest Excess shall be deemed a partial payment or prepayment of principal applied by the Administrative Agent (on behalf of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if Lenders) rateably in accordance with the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shallLenders' respective Commitments, to the maximum extent permitted by applicable lawreduction of the principal balance of the Outstanding Borrowings and not to the payment of interest or if such excessive interest exceeds such principal balance, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and such Excess shall be refunded to the effects thereof, and Borrowers; and
(c) amortize, prorate, allocate and spread in equal Any amount or unequal parts the total amount rate of interest throughout the entire contemplated term referred to in this Section shall be determined in accordance with generally accepted actuarial practices and principles at an effective annual rate of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during over the term of this Agreement on the Loan assumption that any charges, fees or any other indebtedness, liability or obligation; provided thatexpenses that fall within the meaning of "interest" (as defined in Usury Restraint) shall, if the unpaid principal balance is paid and performed in full prior they relate to the end of the full contemplated term thereof, and if the interest received for the actual a specific period of existence thereof exceeds time, be prorated over that period of time and otherwise be prorated over the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount terms of such excess this Agreement and, in such eventthe event of dispute, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess a certificate of a Fellow of the Maximum RateCanadian Institute of Actuaries appointed by the Administrative Agent (on behalf of the Lenders) shall be conclusive for the purposes of such determination.
Appears in 2 contracts
Sources: Credit Agreement (Kingsway Financial Services Inc), Credit Agreement (Kingsway Financial Services Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "“Contract Rate"”) for any obligation under the Loan or any other indebtedness, liability or obligation Documents shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such obligation shall not reduce the rate of interest therefor on such obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such obligation equals the aggregate amount of interest which would have accrued thereon on such obligation if the Contract Rate for such obligation had at all times been in effect. As used herein, the term “Maximum Rate” means, at any time with respect to any Lender, the maximum rate of nonusurious interest under applicable law that such Lender may contract for, charge, reserve, or receive. The Maximum Rate shall be calculated in a manner that takes into account any and all fees, payments, and other charges contracted for, charged, reserved, or received in connection with the Loan Documents that constitute interest under applicable law. Each change in any interest rate provided for herein based upon the Maximum Rate resulting from a change in the Maximum Rate shall take effect without notice to Borrower at the time of such change in the Maximum Rate. For purposes of determining the Maximum Rate under Texas law, the applicable rate ceiling shall be the weekly rate ceiling described in, and computed in accordance with, Chapter 303 of the Texas Finance Code.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess interest is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligationdetention of sums loaned pursuant hereto. In the event any Lender ever receives, any amount or collects, interest in excess of the Maximum Rate. The parties hereto agree that any maximum lawful amount of interest, charge, fee, expense such amount which is or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such maximum amount which would be deemed excessive interest permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessobligations outstanding hereunder, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the obligations outstanding hereunder has been paid in fullfull or would be paid in full by all or part of such application, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid contracted for, charged, reserved or payable, under any specific contingency, received exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Lender shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest contracted for, charged, reserved and received throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, obligations outstanding hereunder so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term Rate.
(c) The provisions of Chapter 346 of the Loan Finance Code of Texas are specifically declared by the parties hereto not to be applicable to this Agreement or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full transactions contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratehereby.
Appears in 2 contracts
Sources: Credit Agreement (Eagle Materials Inc), Credit Agreement (Eagle Materials Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or Regardless of any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary provision contained in this Agreement or any of the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents no Lender shall ever be construed entitled to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never for, charge, take, reserve, receive, take, collect, reserve or apply, as interest on the Loan Obligations, or any other indebtedness, liability or obligationpart thereof, any amount in excess of the Maximum Highest Lawful Rate. The parties hereto agree that any interest, chargeand, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law shall be, ipso facto and under event any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, takes, reserves, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch excess, such amount which would be deemed excessive interest it shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; such and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid refunded to the Borrower or other applicable Obligor or Obligors (as appropriate)relevant Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Maximum Highest Lawful Rate, the Borrower Borrowers and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by under applicable lawLaw, (a) treat all Advances as but a single extension of credit (and the Lenders and the Borrowers agree that such is the case and that provision herein for multiple Advances and for one or more Notes is for convenience only), (b) characterize any nonprincipal payment as an expense, fee fee, or premium rather than as interest, (bc) exclude voluntary prepayments and the effects thereof, and (cd) amortize, prorate, allocate and spread in equal or unequal parts "spread" the total amount of interest throughout the entire contemplated term of the Loan or any other indebtednessObligations, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance Obligations is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Highest Lawful Rate, ▇▇▇▇▇▇▇▇▇ any Lender receiving such excess interest shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess excess, and, in such event, ▇▇▇▇▇▇▇▇▇ such Lender shall not be subject to any penalties provided by any laws Laws for contracting for, charging, receiving, taking, collectingreserving, reserving or applying receiving interest in excess of the Maximum Highest Lawful Rate. To the extent the Laws of the State of Texas are applicable for purposes of determining the "Highest Lawful Rate," such term shall mean the "weekly ceiling" from time to time in effect under Chapter 303 of the Texas Finance Code, as amended.
Appears in 2 contracts
Sources: Multi Currency Revolving Credit Agreement (Electronic Data Systems Corp /De/), Three Year Multi Currency Revolving Credit Agreement (Electronic Data Systems Corp /De/)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or Regardless of any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary provision contained in this Agreement or any of the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents no Lender shall ever be construed entitled to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never for, charge, take, reserve, receive, take, collect, reserve or apply, as interest on the Loan Obligations, or any other indebtedness, liability or obligationpart thereof, any amount in excess of the Maximum Highest Lawful Rate. The parties hereto agree that any interest, chargeand, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law shall be, ipso facto and under event any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, takes, reserves, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch excess, such amount which would be deemed excessive interest it shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; such and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid refunded to the Borrower or other applicable Obligor or Obligors (as appropriate)relevant Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Maximum Highest Lawful Rate, the Borrower Borrowers and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by under applicable lawLaw, (a) treat all Advances as but a single extension of credit (and the Lenders and the Borrowers agree that such is the case and that provision herein for multiple Advances and for one or more Notes is for convenience only), (b) characterize any nonprincipal payment as an expense, fee fee, or premium rather than as interest, (bc) exclude voluntary prepayments and the effects thereof, and (cd) amortize, prorate, allocate and spread in equal or unequal parts “spread” the total amount of interest throughout the entire contemplated term of the Loan or any other indebtednessObligations, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance Obligations is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Highest Lawful Rate, ▇▇▇▇▇▇▇▇▇ any Lender receiving such excess interest shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess excess, and, in such event, ▇▇▇▇▇▇▇▇▇ such Lender shall not be subject to any penalties provided by any laws Laws for contracting for, charging, receiving, taking, collectingreserving, reserving or applying receiving interest in excess of the Maximum Highest Lawful Rate. To the extent the Laws of the State of Texas are applicable for purposes of determining the “Highest Lawful Rate,” such term shall mean the “weekly ceiling” from time to time in effect under Chapter 303 of the Texas Finance Code, as amended.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Electronic Data Systems Corp /De/), Amendment and Restatement Agreement (Electronic Data Systems Corp /De/)
Maximum Interest Rate. (a) No interest rate specified Regardless of any provision contained in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for of the Loan or any other indebtednessPapers, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents no Lender shall ever be construed entitled to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never for, charge, take, reserve, receive, take, collect, reserve or apply, as interest on the Loan Obligation, or any other indebtedness, liability or obligationpart thereof, any amount in excess of the Maximum Highest Lawful Rate. The parties hereto agree that any interest, and, in the event the Lenders ever contract for, charge, feetake, expense reserve, receive, or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies apply as interest any amount in excess of the Maximum Ratesuch excess, such amount which would be deemed excessive interest it shall be deemed a partial payment or prepayment without penalty of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; such and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid refunded to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Maximum Highest Lawful Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by under applicable lawLaw, (a) treat all Borrowings as but a single extension of credit (and the Lenders and the Borrower agree that such is the case and that provision herein for multiple Borrowings and multiple Notes is for convenience only), (b) characterize any nonprincipal payment as an expense, fee fee, or premium rather than as interest, (bc) exclude voluntary prepayments and the effects thereof, and (cd) amortize, prorate, allocate and spread in equal or unequal parts "spread" the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligation; provided that, if the unpaid principal balance Obligation is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Highest Lawful Rate, ▇▇▇▇▇▇▇▇▇ the Lenders shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess excess, and, in such event, ▇▇▇▇▇▇▇▇▇ the Lenders shall not be subject to any penalties provided by any laws Laws for contracting for, charging, receiving, taking, collectingreserving, reserving or applying receiving interest in excess of the Maximum Highest Lawful Rate.
Appears in 2 contracts
Sources: Competitive Advance and Revolving Credit Facility Agreement (Century Telephone Enterprises Inc), Revolving Credit Facility Agreement (Centurytel Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Administrative Agent nor any Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, 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 Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower Borrower, the Administrative Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower or other applicable Obligor or Obligors (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, reserving or applying interest in excess of the Maximum Rate.
Appears in 2 contracts
Sources: Credit Agreement (World Access Inc /New/), Credit Agreement (Telergy Inc /Ny)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "“Contract Rate"”) for any obligation under the Loan or any other indebtedness, liability or obligation Documents shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such obligation shall not reduce the rate of interest therefor on such obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such obligation equals the aggregate amount of interest which would have accrued thereon on such obligation if the Contract Rate for such obligation had at all times been in effect. As used herein, the term “Maximum Rate” means, at any time with respect to any Lender, the maximum rate of nonusurious interest under applicable law that such Lender may contract for, charge, reserve, or receive. The Maximum Rate shall be calculated in a manner that takes into account any and all fees, payments, and other charges contracted for, charged, reserved, or received in connection with the Loan Documents that constitute interest under applicable law. Each change in any interest rate provided for herein based upon the Maximum Rate resulting from a change in the Maximum Rate shall take effect without notice to Borrower at the time of such change in the Maximum Rate. For purposes of determining the Maximum Rate under Texas law, the applicable rate ceiling shall be the weekly rate ceiling described in, and computed in accordance with, Chapter 303 of the Texas Finance Code.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess interest is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligationdetention of sums loaned pursuant hereto. In the event any Lender ever receives, any amount or collects, interest in excess of the Maximum Rate. The parties hereto agree that any maximum lawful amount of interest, charge, fee, expense such amount which is or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such maximum amount which would be deemed excessive interest permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessobligations outstanding hereunder, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the obligations outstanding hereunder has been paid in fullfull or would be paid in full by all or part of such application, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid contracted for, charged, reserved or payable, under any specific contingency, received exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Lender shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest contracted for, charged, reserved and received throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, obligations outstanding hereunder so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 2 contracts
Sources: Credit Agreement (Eagle Materials Inc), Credit Agreement (Eagle Materials Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Agent nor any Bank shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) 13.12(b), or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ the Agent or any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower (or other applicable Obligor or Obligors (as appropriateappropriate Person). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, Borrower, the Borrower Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Banks shall, to the maximum extent permitted by applicable law, (aA) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bB) exclude voluntary prepayments and the effects thereof, and (cC) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Agent and/or the Banks, as appropriate, shall refund to the Borrower (or other applicable Obligor or Obligors (as appropriateappropriate Person) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ the Agent and the Banks shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
(c) Pursuant to Article 15.10(b) of Chapter 15, Subtitle 79, Revised Civil Statutes of Texas 1925, as amended, Borrower agrees that such Chapter 15 (which regulates certain revolving credit loan accounts and revolving tri-party accounts) shall not govern or in any manner apply to the Obligations.
Appears in 1 contract
Sources: Credit Agreement (R&b Falcon Corp)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "“Contract Rate"”) for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Administrative Agent nor any Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, 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 Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors SOURCECORP (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, SOURCECORP, the Borrower Administrative Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) SOURCECORP 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, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Sources: Credit Agreement (Sourcecorp Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or Regardless of any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary provision contained in this Agreement or any of the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ Lender shall never charge, be entitled to receive, take, collect, reserve collect or apply, apply as interest on the Loan or any other indebtedness, liability or obligation, Debentures any amount in excess of interest calculated at the Maximum Rate. The parties hereto agree that any interest, chargeand, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation event that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, receives, takes, collects, reserves collects or applies as interest any amount in excess of such excess, the Maximum Rate, such amount which would be deemed excessive interest shall be deemed to be a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal amount of the Obligation is paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, payable under any specific contingency, contingency exceeds interest calculated at the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lender shall, to the maximum extent permitted by under applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, proratepro rate, allocate and spread spread, in equal or unequal parts parts, the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationDebentures; provided that, if the unpaid principal balance Debentures is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds interest calculated at the Maximum Rate, ▇▇▇▇▇▇▇▇▇ Lender shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess or credit the amount of such excess against the principal amount of the Debentures and, in such event, ▇▇▇▇▇▇▇▇▇ Lender shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying receiving interest in excess of interest calculated at the Maximum Rate. (b) “Maximum Rate” shall mean, on any day, the highest nonusurious rate of interest permitted by applicable law on such day that, at any time or from time to time, may be contracted for, taken, reserved, charged or received on the Indebtedness evidenced by the Debentures under the laws which are presently in effect of the United States of America and the laws of any other jurisdiction which are or may be applicable to the holder of the Debentures and such Indebtedness or, to the extent permitted by law, under such applicable laws of the United States of America and the laws of any other jurisdiction which are or may be applicable to the holder of the Debentures and which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws now allow.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this Revolving Loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Bank shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon It is expressly stipulated and agreed to be limited the intent of Maker and Payee at all times to comply with the Maximum Rate, then any subsequent reduction in applicable Texas law governing the Contract Rate therefor shall not reduce the maximum rate of interest therefor below payable on the Maximum Rate until indebtedness evidenced by this Note and the aggregate Loan Agreement (or applicable United States federal law to the extent that it permits Payee to contract for, charge, take, reserve or receive a greater amount of interest accrued thereon equals than under Texas law). If the aggregate applicable law is ever judicially interpreted so as to render usurious any amount (i) contracted for, charged, taken, reserved or received pursuant to this Note, the Loan Agreement, any of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed or any other communication or writing by or between Maker and Payee related to create a contract the transaction or obligation transactions that are the subject matter of the Loan Documents, (ii) contracted for, charged, taken, reserved or received by reason of Payee’s exercise of the option to pay interest at a rate accelerate the maturity of this Note, or (iii) Maker will have paid or Payee will have received by reason of any voluntary prepayment by Maker of this Note, then it is Maker’s and Payee’s express intent that all amounts charged in excess of the Maximum Rate; Lawful Rate (as hereinafter defined) shall be automatically canceled, ab initio, and ▇▇▇▇▇▇▇▇▇ all amounts in excess of the Maximum Lawful Rate theretofore collected by Payee shall never charge, receive, take, collect, reserve or apply, as interest be credited on the principal balance of this Note (or, if this Note has been or would thereby be paid in full, refunded to Maker), and the provisions of this Note, the Loan Agreement, and other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity for 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; provided, however, if this Note has been paid in full before the end of the stated term of this Note, then Maker and Payee agree that Payee shall, with reasonable promptness after Payee discovers or any other indebtedness, liability or obligation, any is advised by Maker that interest was received in an amount in excess of the Maximum Lawful Rate, either refund such excess interest to Maker and/or credit such excess interest against this Note then owing by Maker to Payee. The parties hereto agree Maker hereby agrees that as a condition precedent to any interestclaim seeking usury penalties against Payee, chargeMaker will provide written notice to Payee, fee, expense or other obligation provided for advising Payee in this Agreement or in reasonable detail of the other Loan Documents which constitutes interest under applicable law shall be, ipso facto nature and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereofviolation, and Payee shall have sixty (c60) amortize, prorate, allocate and spread days after receipt of such notice in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided thatwhich to correct such usury violation, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereofany, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of by either refunding such excess andinterest to Maker or crediting such excess interest against this Note and then owing by Maker to Payee. LOAN AGREEMENT, in such eventSCHEDULE 1, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.PAGE 1-2
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations; and, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Bank shall, to the maximum extent permitted by applicable law, ,
(a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document (the "Contract Rate") shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") Rate for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that If any interestexcess of interest in such respect is hereby provided for, chargeor shall be adjudicated to be so provided, feein any Loan Document or otherwise in connection with this loan transaction, expense the provisions of this Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or other obligation provided for in this Agreement or in assigns of the other Loan Documents which constitutes interest under applicable law Borrower (if any) shall be, ipso facto and under any and all circumstances, limited or reduced be obligated to an amount equal to pay the lesser of (i) the excess amount of such interestinterest or any other excess sum paid for the use, chargeforbearance, fee, expense or other obligation that would be payable in detention of sums loaned pursuant hereto. In the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ event any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the Maximum Rate shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Lender shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term Rate.
(c) The provisions of Chapter 346 of the Texas Finance Code are specifically declared by the parties hereto not to be applicable to any Loan Documents or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full transactions contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratethereby.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified Nothing contained in this Agreement or any other Loan Document the Notes shall at any time exceed require the Maximum Rate. If at any time the Borrower to pay interest rate (the "Contract Rate") for the Loan or account of any other indebtedness, liability or obligation shall exceed Bank at a rate exceeding the Maximum Rate, thereby causing the interest accruing thereon maximum rate permitted without penalty by applicable law to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effectcharged by such Bank.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest if any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratemaximum amount allowed by applicable usury laws is contracted for, charged, taken, reserved, or received for the account of any Bank at any time in connection with this Agreement or its Note under any circumstances whatsoever, then any such excess interest shall be canceled automatically and shall not be collectible or collected, and if paid shall be credited to the unpaid principal balance of such Bank's Note or refunded to the Borrower at the option of such Bank. It is further agreed that all calculations of interest contracted for, charged, taken, reserved, or received for the account of any Bank in connection with this Agreement or its Note, for the purpose of determining whether the rate of interest contracted for, charged, taken, reserved, or received exceeds the maximum rate of interest allowed under all applicable usury laws, shall be made, to the extent permitted by applicable usury laws, by amortizing, prorating, spreading, and allocating in equal parts over the full term of this Agreement and the Notes (including without limitation all prior and future renewals and extensions), all interest at any time contracted for, charged, taken, reserved, or received for the account of such Bank in connection with this Agreement and its Note.
(c) If the amount of interest payable for the account of any Bank in respect of any interest computation period is reduced pursuant to clause (b) of this section and the amount of interest payable for its account in respect of any subsequent interest computation period, computed pursuant to Section 2.05, would be less than the maximum amount permitted without penalty by applicable law to be charged by such Bank, then the amount of interest payable for its account in respect of such subsequent interest computation period shall be automatically increased to such maximum permissible amount; provided that at no time shall the aggregate amount by which interest paid for the account of any Bank has been increased pursuant to this clause (c) exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to clause (b) of this Section.
(d) In the event that maturity of the Loans is accelerated for any reason, or in the event of any required or permitted prepayment of the Loans in full, then such consideration that constitutes interest payable for the account of any Bank shall never include more than the maximum amount allowed without penalty by applicable law to be charged by such Bank, and excess interest, if any, payable for the account of such Bank pursuant to its Notes, this Agreement or otherwise shall be canceled automatically as of the date of such acceleration and prepayment and, if theretofore paid, shall be credited on the Loans of such Bank (or if such Loans would thereby be paid in full, refunded by such Bank to the Borrower).
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or Regardless of any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary provision contained in this Agreement or any of the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ Lender shall never charge, be entitled to receive, take, collect, reserve collect or apply, apply as interest on the Loan or any other indebtedness, liability or obligation, Debentures any amount in excess of interest calculated at the Maximum Rate. The parties hereto agree , and, in the event that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, receives, takes, collects, reserves collects or applies as interest any amount in excess of such excess, the Maximum Rate, such amount which would be deemed excessive interest shall be deemed to be a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal amount of the Obligation is paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, payable under any specific contingency, contingency exceeds interest calculated at the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lender shall, to the maximum extent permitted by under applicable law, (ai) characterize any nonprincipal non-principal payment as an expense, fee or premium rather than as interest, ; (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, proratepro rate, allocate and spread spread, in equal or unequal parts parts, the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationDebentures; provided that, if the unpaid principal balance is Debentures are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds interest calculated at the Maximum Rate, ▇▇▇▇▇▇▇▇▇ Lender shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess or credit the amount of such excess against the principal amount of the Debentures and, in such event, ▇▇▇▇▇▇▇▇▇ Lender shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying receiving interest in excess of interest calculated at the Maximum Rate. (b) "Maximum Rate" shall mean, on any day, the highest nonusurious rate of interest (if any) permitted by applicable law on such day that at any time, or from time to time, may be contracted for, taken, reserved, charged or received on the Indebtedness evidenced by the Debentures under the laws which are presently in effect of the United States of America and the State of Texas or by the laws of any other jurisdiction which are or may be applicable to Be holders of the Debentures and such hndebtedness or, to the extent permitted by law, under such applicable laws of the United States of America and the State of Texas or by the laws of any other junsdiction which are or may be applicable to the holder of the Debentures and which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws now allow.
Appears in 1 contract
Sources: Convertible Debenture Loan Agreement (Contour Medical Inc)
Maximum Interest Rate. (a) No It is the intention of the parties hereto to comply strictly with any applicable usury laws as in effect from time to time and, in this regard, there shall never be taken, received, contracted for, collected, charged or received on any sums advanced hereunder interest rate specified in excess of that which would accrue at the Maximum Rate. If, under any circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by law are deemed interest and which would exceed the amount permitted if the Maximum Rate were in effect, the Borrowers stipulate that such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable laws of the State of Colorado or the United States of America, the result of mathematical error on the part of the Borrowers and Agent; and Agent shall at any time exceed promptly credit the amount of such excess to the principal amount due on the Notes, or if the principal amount due on the Notes shall have been paid in full, refund the amount of such excess to the Borrowers (to the extent only of such interest payments in excess of that which would have accrued and been payable on the basis of the Maximum Rate) upon discovery of such error by Agent or notice thereof from the Borrowers. If at the maturity of the Notes is accelerated by reason of an election of Agent resulting from any time Event of Default or otherwise in accordance with this Agreement, or in the event any prepayment, then such consideration that constitutes interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed under applicable laws may never include amounts which are more than the Maximum Rate, thereby causing and the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon such excess, if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documentsany, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in otherwise shall be canceled automatically by Agent as of the other Loan Documents 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 (i) the amount date of such interestacceleration or prepayment and, chargeif theretofore paid, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment credited by Agent on the principal amount due on the Notes, or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal amount due on the Notes shall have been paid in full, any remaining excess shall promptly be paid refunded by Agent to the Borrower Borrowers. All sums paid, or other applicable Obligor or Obligors (as appropriate). In determining whether agreed to be paid, to Agent for the interest paid or payableuse, under forbearance and detention of the proceeds of any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Advance hereunder shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expensebe amortized, fee or premium rather than as interestprorated, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocated and spread in equal or unequal parts the total amount of interest throughout the entire contemplated full term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, hereof until paid in full so that the actual rate of interest rate is uniform but does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of throughout the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratehereof.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in In the event that any provision of this Agreement would oblige any person to make any payment of interest or any other Loan Document shall payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at any time exceed a rate which would be prohibited by applicable law, regulation, order, rule or direction (a "Usury Restraint) which prohibits or restricts the Maximum Rate. If charging, receipt or retention of interest or other amounts at any time the interest rate rates and amounts set forth herein (the "Contract Stated Rate") for in excess (the Loan "Excess") of the maximum rates or any other indebtedness, liability or obligation shall exceed amount (the "Maximum Rate") stipulated in the Usury Restraint, thereby causing the interest accruing thereon then notwithstanding such provision, such amount or rate shall be deemed to be limited have been adjusted nunc pro tunc to the Maximum Rate, then any subsequent reduction in such adjustment to be effected, to the Contract Rate therefor shall not reduce extent necessary as follows:
(i) firstly, by reducing the amount or rate of interest therefor below the Maximum Rate until the aggregate amount required to be paid under Section 3.2 of interest accrued thereon equals the aggregate amount of interest this Agreement; and
(ii) thereafter, by reducing any fees, commissions, premiums and other amounts which would have accrued thereon if constitute interest for the Contract Rate had at all times been in effect.purposes of such Usury Restraint;
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoingprovisions of clause (a) of this Section and after giving effect to all adjustments contemplated thereby, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any the Lender shall have received an amount in excess of the Maximum Rate, then such amount which would be deemed excessive interest Excess shall be deemed a partial payment or prepayment applied by the Lender to the reduction of the principal balance of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid not to the Borrower payment of interest or other applicable Obligor or Obligors (as appropriate). In determining whether the if such excessive interest paid or payableexceeds such principal balance, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, such Excess shall be refunded to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and Borrower; and
(c) amortize, prorate, allocate and spread in equal Any amount or unequal parts the total amount rate of interest throughout the entire contemplated term referred to in this Section shall be determined in accordance with Generally Accepted Accounting Principles at an effective annual rate of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during over the term of this Agreement on the Loan assumption that any charges, fees or any other indebtedness, liability or obligation; provided thatexpenses that fall within the meaning of "interest" (as defined in Usury Restraint) shall, if the unpaid principal balance is paid and performed in full prior they relate to the end of the full contemplated term thereof, and if the interest received for the actual a specific period of existence thereof exceeds time, be prorated over that period of time and otherwise be prorated over the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount terms of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratethis Agreement.
Appears in 1 contract
Maximum Interest Rate. (a) In no event shall charges constituting interest payable by Borrower exceed the maximum amount or the rate permitted under any applicable law or regulation, and if any part or provision of this Note is in contravention of any such law or regulation, such part or provision shall be deemed amended to conform thereto. No interest rate specified agreements, conditions, provisions or stipulations contained in this Agreement Note or any other instrument, document or agreement among Borrower, Lender or default of Borrower, or the exercise by Lender of the right to accelerate the payment of the maturity of principal and interest, or to exercise any option whatsoever contained in this Note or any other Loan Document Document, or the arising of any contingency whatsoever, shall at entitle Lender to contract for, charge, or receive, in any time exceed event, interest exceeding the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the maximum rate of interest therefor below the permitted by applicable state or federal law in effect from time to time (hereinafter “Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents Legal Rate”). In no event shall ever Borrower be construed to create a contract or obligation obligated to pay interest at exceeding such Maximum Legal Rate and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrower to pay a rate of interest exceeding the Maximum Legal Rate, shall be without binding force or effect, at law or in equity, to the extent only of the excess of interest over such Maximum Legal Rate. In the event any interest is contracted for, charged or received in excess of the Maximum Rate; Legal Rate (“Excess Payment”), Borrower acknowledges and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree stipulates that any interestsuch contract, charge, feeor receipt shall be the result of an accident and bona fide error, expense and that any Excess Payment received by Lender for the account of Lender shall be first applied to reduce the principal then unpaid hereunder; second, to reduce the other Obligations; and third, returned to Borrower, it being the intention of the parties hereto not to enter at any time into a usurious or other obligation provided for in this Agreement or otherwise illegal relationship. Borrower recognizes that, with fluctuations in the other Loan Documents which constitutes interest under applicable law shall bePrime Rate and the Maximum Legal Rate, ipso facto and under any and all circumstancessuch a result could inadvertently occur. By the execution of this Agreement, limited or reduced to an amount equal to the lesser of Borrower covenants that (i) the amount credit or return of any Excess Payment shall constitute the acceptance by Borrower of such interestExcess Payment, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or and (ii) an amountBorrower shall not seek or pursue any other remedy, which when added to all other interest payable under this Agreement and the other Loan Documentslegal or equitable, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan against Lender or any other indebtednessof Lender, liability based in whole or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for part upon contracting for, charging, receiving, taking, collecting, reserving charging or applying receiving of any interest in excess of the Maximum Ratemaximum authorized or receiving of any interest in excess of the maximum authorized by applicable law. For the purpose of determining whether or not any Excess Payment has been contracted for, charged or received, all interest at any time contracted for, charged or received in connection with this Note shall be amortized, prorated, allocated and spread in equal parts during the entire term of this Note.
Appears in 1 contract
Sources: Promissory Note (Resource Innovation Office REIT, Inc.)
Maximum Interest Rate. (a) No Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, no interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Administrative Agent nor any Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, 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 Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower Borrower, the Administrative Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower or other applicable Obligor or Obligors (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, reserving or applying interest in excess of the Maximum Rate.
(c) Pursuant to Article 15.10(b) of Chapter 15, Subtitle 79, Revised Civil Statutes of Texas 1925, as amended, the Borrower agrees that such Chapter 15 (which regulates certain revolving credit loan accounts and revolving tri-party accounts) shall not govern or in any manner apply to the Obligations.
Appears in 1 contract
Maximum Interest Rate. (a) Notwithstanding the provisions of this Agreement regarding the rates of interest applicable to the Loans and other Obligations, if at any time the amount of such interest would exceed the amount of such interest computed upon the basis of the maximum rate of interest permitted by applicable law in effect from time to time, after taking into account, to the extent required by applicable law, any and all fees, payments, charges and calculations provided for in this Agreement or in any other Loan Document (the "Maximum ------- Rate"), the interest payable under this Agreement shall be computed upon the ---- basis of the Maximum Rate, but any subsequent reduction in the Reference Rate or in the LIBOR Rate shall not reduce such interest thereafter payable hereunder below the amount computed on the basis of the Maximum Rate until the aggregate amount of such interest accrued and payable under this Agreement equals the total amount of interest which would have accrued if such interest had not been limited by the Maximum Rate.
(b) No interest rate specified agreements, conditions, provisions or stipulations contained in this Agreement or any other Loan Document shall at or default of any time exceed Borrower Party, or the Maximum Rate. If at exercise by the Lender of any time right (including in respect of the interest rate (the "Contract Rate"acceleration of payment of principal or interest) for the Loan under or in connection with this Agreement or any other indebtednessLoan Document, liability or obligation the arising of any contingency whatsoever, shall exceed entitle the Lender to collect, in any event, interest exceeding the Maximum Rate and in no event shall any Borrower Party be obligated to pay interest exceeding the Maximum Rate, thereby causing the and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel any Borrower Party to pay a rate of interest accruing thereon to be limited to exceeding the Maximum Rate, then any subsequent reduction shall be without binding force or effect, at law or in equity, to the Contract Rate therefor shall not reduce extent only of the rate excess of interest therefor below over such Maximum Rate. In the Maximum Rate until the aggregate amount of event any interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate is charged in excess of the Maximum RateRate ("Excess ------ Interest"), each Borrower Party acknowledges and stipulates that any such charge --------- shall be the result of an accidental and bona fide error, and such Excess ---- ---- Interest shall be, first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the other Obligations then payable; and ▇▇▇▇▇▇▇▇▇ third, returned to the applicable Borrower Party, it being the intention of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. Each Borrower Party recognizes that, considering, among other things, fluctuations in the Reference Rate, the LIBOR Rate or the Maximum Rate, such an unintentional result could inadvertently occur. The Borrower Parties covenant that (i) the credit or return of any Excess Interest shall never chargeconstitute the acceptance by the Borrower Parties of such Excess Interest, receive, take, collect, reserve and (ii) the Borrower Parties shall not seek or apply, as interest on the Loan or pursue any other indebtednessremedy, liability legal or obligationequitable, against the Lender, based in whole or in part upon the charging or receiving of any amount interest in excess of the Maximum Ratemaximum authorized by applicable law. For the purpose of determining whether or not any Excess Interest has been contracted for, charged or received by the Lender, all interest at any time contracted for, charged or received by the Lender in connection with this Agreement shall be amortized, prorated, allocated and spread in equal parts during the entire term of this Agreement.
(c) The parties hereto agree that provisions of this Section 3.3 shall be deemed to be ----------- incorporated into every document or communication relating to the Obligations which sets forth or prescribes any interestaccount, chargeright or claim or alleged account, feeright or claim of the Lender with respect to any Borrower Party (or any other obligor in respect of Obligations), expense whether or not any provision of this Section ------- 3.3 is referred to therein. All such documents and communications and all --- figures set forth therein shall, for the sole purpose of computing the extent of the liabilities and obligations of any Borrower Party (or other obligation obligor) asserted by the Lender thereunder, be automatically recomputed by such Borrower Party or other obligor, and by any court considering the same, to give effect to the adjustments or credits required by this Section 3.3. -----------
(d) If applicable law is amended in the future to allow a greater rate of interest (after taking into account, to the extent required by law, any and all other fees, payments, charges and calculations provided for in this Agreement or in the any other Loan Documents which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced Document) to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable charged under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted Document than is presently allowed by applicable law, (a) characterize any nonprincipal payment then the limitation of interest under this Section 3.3 shall be increased to the maximum ----------- rate of interest allowed by applicable law as an expenseamended, fee or premium rather than as interestwhich increase shall be effective hereunder on the effective date of such amendment, (b) exclude voluntary prepayments and all interest charges owing to the effects Lender by reason thereof, and (c) amortizeif any, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratepayable upon demand.
Appears in 1 contract
Sources: Loan and Security Agreement (Pediatric Services of America Inc)
Maximum Interest Rate. (a) No interest rate specified Regardless of any provision contained herein or in this Agreement any Note or any other Loan Document shall at any time exceed document relating to the Maximum Rate. If at any time the interest rate Loans (the "Contract RateLOAN DOCUMENTS") for the Loan or any other indebtedness), liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents no Bank shall ever be construed entitled to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never chargereceive, receivecollect, take, collectreserve, reserve charge or apply, apply as interest (whether termed interest herein or deemed to be interest by operation of law or judicial determination) on the any Loan or any other indebtedness, liability or obligation, any amount in excess of interest calculated at the Maximum Rate. The parties hereto agree , and, in the event that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of such excess, then the Maximum Rate, such amount which would be deemed excessive interest shall be deemed to be a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or principal amount of the applicable portions thereof, Loans are paid in full, then any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, payable under any specific contingency, contingency exceeds interest calculated at the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Banks shall, to the maximum extent permitted by under applicable law, :
(a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, ; (b) exclude voluntary prepayments and the effects thereof, ; and (c) amortize, prorate, allocate allocate, and spread spread, in equal or unequal parts parts, the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationLoans; provided that, if the unpaid principal balance is Loans are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds interest calculated at the Maximum Rate, ▇▇▇▇▇▇▇▇▇ then the applicable Lender shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess or credit the amount of such excess against the principal amount of the applicable Loans and, in such event, ▇▇▇▇▇▇▇▇▇ no Bank shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collectingreserving, reserving or applying receiving interest in excess of interest calculated at the Maximum Rate. "MAXIMUM RATE" means the highest nonusurious rate of interest (if any) permitted from day to day by applicable law. The parties agree that Chapter 346 of the Texas Finance Code, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not be applicable to this Agreement, any Note or any Loans.
Appears in 1 contract
Maximum Interest Rate. (a) The collateral covered in the Vessel Mortgage and the Obligations covered by this Agreement, the Note and other Loan Documents is or will be secured by a "Preferred Mortgage" on the United States-flagged Vessels within the meaning of Section 31322 of 46 U.S.C. 131301-31343 (1994), as amended (the "Ship Mortgage Act"), and the regulations promulgated thereunder. If, for any reason, the provisions of Section 31322 of the Ship Mortgage Act shall be found not to exempt any and all interest and other charges contracted for, charged, taken, received or reserved in connection with the Obligations covered by this Agreement, the Note, and other Loan Documents from any limitations otherwise applicable, then the provisions of Section 12.12(b) shall apply, but otherwise the provisions of Section 31322 of the Ship Mortgage Act shall be applicable.
(b) No interest rate specified in provision of this Agreement or of any other Loan Document shall at any time exceed require the Maximum Rate. If at any time payment or the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate collection of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither any of the Borrowers nor the sureties, guarantors, successors, or assigns of any of the Borrowers shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, any amount in excess detention of sums loaned pursuant hereto. In the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in event the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessindebtedness evidenced by the Note; and, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Note has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrowers. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower Borrowers and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lender shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, indebtedness evidenced by the Note so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Sources: Credit Agreement (Transcoastal Marine Services Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Administrative Agent nor any Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, 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 Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower applicable Loan Party or other applicable Obligor or Obligors Loan Parties (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower Loan Parties, the Administrative Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.,
Appears in 1 contract
Sources: Credit Agreement (Dynamex Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or Regardless of any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary provision contained in this Agreement or any of the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ Lender shall never charge, be entitled to receive, take, collect, reserve collect or apply, apply as interest on the Loan or any other indebtedness, liability or obligation, Debentures any amount in excess of interest calculated -------------------------------------------------------------------------------- 26 27 Loan Agreement (continued) -------------------------------------------------------------------------------- at the Maximum Rate. The parties hereto agree , and, in the event that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, receives, takes, collects, reserves collects or applies as interest any amount in excess of such excess, the Maximum Rate, such amount which would be deemed excessive interest shall be deemed to be a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal amount of the Obligation is paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, payable under any specific contingency, contingency exceeds interest calculated at the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lender shall, to the maximum extent permitted by under applicable law, (ai) characterize any nonprincipal non-principal payment as an expense, fee or premium rather than as interest, ; (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, proratepro rate, allocate and spread spread, in equal or unequal parts parts, the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationDebentures; provided that, if the unpaid principal balance is Debentures are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds interest calculated at the Maximum Rate, ▇▇▇▇▇▇▇▇▇ Lender shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess or credit the amount of such excess against the principal amount of the Debentures and, in such event, ▇▇▇▇▇▇▇▇▇ Lender shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying receiving interest in excess of interest calculated at the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No In no event shall the interest rate specified in this Agreement or any other Loan Document shall at any time charged with respect to a Series 2006-2 Note exceed the Maximum Ratemaximum amount permitted by Applicable Law. If at any time the interest rate (charged with respect to the "Contract Rate") for Series 2006-2 Notes exceeds the Loan or any other indebtednessmaximum rate permitted by Applicable Law, liability or obligation the rate of interest to accrue pursuant to this Supplement and such Series 2006-2 Note shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Ratemaximum rate permitted by Applicable Law, then but any subsequent reduction reductions in the Contract CP Rate therefor or the Alternative Rate shall not reduce the rate of interest therefor to accrue on such Series 2006-2 Note below the Maximum Rate maximum amount permitted by Applicable Law until the aggregate total amount of interest accrued thereon on such Series 2006-2 Note equals the aggregate amount of interest which that would have accrued thereon if a varying rate per annum equal to the Contract Rate interest rate had at all times been in effect.
(b) Notwithstanding anything . If the total amount of interest paid or accrued on the Series 2006-2 Note under the foregoing provisions is less than the total amount of interest that would have accrued if the interest rate had at all times been in effect, the Issuer agrees to pay to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to Series 2006-2 Noteholders an amount equal to the difference between (a) the lesser of (i) the amount of such interest, charge, fee, expense or other obligation interest that would be payable have accrued if the maximum rate permitted by Applicable Law had at all times been in the absence of this Section 24(b) effect, or (ii) an amount, which when added to all other the amount of interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which that would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and have accrued if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid interest rate had at all times been in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereofeffect, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriateb) the amount of interest accrued in accordance with the other provisions of this Supplement. Section 204. Principal Payments on the Series 2006-2 Notes; Scheduled Amortization of Series 2006-2 Notes.
(a) The principal balance of each Series 2006-2 Note shall be payable on each Payment Date from amounts on deposit in the Series 2006-2 Series Account in an amount equal to (i) prior to a Conversion Event, the Supplemental Principal Payment Amount (if any), (ii) after the occurrence of a Conversion Event and for so long as no Early Amortization Event is continuing, the Minimum Principal Payment Amount, the Scheduled Principal Payment Amount, and the Supplemental Principal Payment Amount (if any) for such excess andPayment Date to the extent that funds are available for such purpose in accordance with the provisions of Part (I) of Section 302 hereof, (iii) if an Early Amortization Event, but not an Event of Default has occurred and is continuing, the Minimum Principal Payment Amount, the Scheduled Principal Payment Amount, and the then Aggregate Series 2006-2 Note Principal Balance shall be payable in full to the extent that funds are available for such purposes in accordance with the provisions of Part (II) of Section 302 hereof, or (iv) if an Event of Default is then continuing, the Minimum Principal Payment Amount, the Scheduled Principal Payment Amount and the then Aggregate Series 2006-2 Note Principal Balance shall be payable in full to the extent that funds are available for such purposes in accordance with the provisions of Part (III) of Section 302 hereof. The unpaid principal amount of each Series 2006-2 Note together with all unpaid interest and fees (including VFN Fees, Step-Up Fees and all Default Fees), indemnification, expenses, costs and other amounts payable by the Issuer to the Series 2006-2 Noteholders, the Indenture Trustee and the Series Enhancer pursuant to the terms of the Indenture and this Supplement, shall be due and payable in full on the earlier to occur of (x) the date on which an Event of Default shall occur and the Series 2006-2 Notes have been accelerated in accordance with Section 802 of the Indenture and (y) the Series 2006-2 Legal Final Maturity Date.
(b) The Aggregate Series 2006-2 Note Principal Balance shall be required to be prepaid at the time and in the amounts set forth in Section 702(a) of the Indenture.
(c) The Issuer may, on any Payment Date and upon not less than three (3) Business Days’ prior notice (which notice shall be irrevocable once given) to the Indenture Trustee, Series Enhancer, and each Deal Agent, voluntarily prepay, in whole or in part, the Aggregate Series 2006-2 Note Principal Balance in accordance with the terms of this Supplement and the Indenture, by making a wire transfer to the Series 2006-2 Noteholders; provided, however, that (i) any partial prepayment shall be in a minimum amount of at least Five Hundred Thousand Dollars ($500,000), and (ii) the Issuer may not make such eventPrepayment from funds in the Trust Account, ▇▇▇▇▇▇▇▇▇ shall not Manager Transition Account, Restricted Cash Account, Manager Collection Account or the Series 2006-2 Series Account, except to the extent that funds in any such account would otherwise be subject payable to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest the Issuer in excess accordance with the terms of the Maximum Ratethis Supplement.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract RateCONTRACT RATE") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this SECTION shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither the Borrowers nor the sureties, guarantors, successors, or assigns of the Borrowers shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations; and, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Parent. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower Borrowers and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Bank shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for any obligation under the Loan or any other indebtedness, liability or obligation Documents shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such obligation shall not reduce the rate of interest therefor on such obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such obligation equals the aggregate amount of interest which would have accrued thereon on such obligation if the Contract Rate for such obligation had at all times been in effect.
(b) Notwithstanding anything . As used herein, the term "Maximum Rate" means, at any time with respect to the contrary contained Lender, the maximum rate of non-usurious interest under applicable law that the Lender may charge the Borrower. The Maximum Rate shall be calculated in this Agreement a manner that takes into account any and all fees, payments, and other charges contracted for, charged, or received in connection with the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay that constitute interest at a under applicable law. Each change in any interest rate in excess of provided for herein based upon the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ Rate resulting from a change in the Maximum Rate shall never charge, receive, take, collect, reserve or apply, as interest on take effect without notice to the Loan or any other indebtedness, liability or obligation, any amount Borrower at the time of such change in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 For purposes of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals determining the Maximum Rate. IfRate under Texas law, notwithstanding the foregoingapplicable rate ceiling shall be the "indicated rate ceiling" described in, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount and computed in excess accordance with Chapter 303 of the Maximum RateTexas Finance Code, such amount which would be deemed excessive interest shall be deemed as amended, substituted for a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationrestated, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent if permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments law and effective upon the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term giving of the Loan notices required by such Chapter 303 the "quarterly ceiling" or any other indebtedness"annualized ceiling" from time to time in effect under such Chapter 303, liability or obligation, or applicable portions thereof, so that whichever the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior Lender shall elect to the end of the full contemplated term thereof, and if the interest received substitute for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate"indicated rate ceiling."
Appears in 1 contract
Sources: Term Credit Agreement (Acxiom Corp)
Maximum Interest Rate. (a) No interest rate specified It is the intent of the Agent, the Banks and the Borrower in the execution and performance of this Agreement and the other Loan Documents to remain in strict compliance with applicable Texas law from time to time in effect (or applicable United States federal law to the extent it preempts Texas law and permits the Agent or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan Bank to contract for, charge, take, reserve or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate receive a greater amount of interest accrued thereon equals than under Texas law). In furtherance thereof, the aggregate amount of interest which would have accrued thereon if Agent, the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to Banks and the contrary contained in this Agreement or the other Loan Documents, Borrower stipulate and agree that none of the terms and provisions of contained in this Agreement or and the other Loan Documents shall ever be construed to create a contract or obligation to pay for the use, forbearance or detention of money with interest at a rate or in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any an amount in excess of the Maximum RateRate or the amount of interest permitted to be charged under applicable law. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in For purposes of this Agreement or in and the other Loan Documents Documents, "interest" shall include the aggregate of all charges which constitutes constitute interest under applicable law shall bethat are contracted for, ipso facto and under any and all circumstancescharged, limited reserved, received or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable paid under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves The Borrower shall never be required to pay unearned interest and shall never be required to pay interest at a rate or applies as interest any in an amount in excess of the Maximum RateRate or the amount of interest that may be lawfully charged under applicable law, such and the provisions of this paragraph shall control over all other provisions of this Agreement or the Notes, and of any other instrument pertaining to or securing this Agreement or the Notes, which may be in actual or apparent conflict herewith. If the Notes are prepaid, or if the maturity of the Notes is accelerated for any reason, or if under any other contingency the effective rate or amount of interest which would otherwise be deemed excessive payable under the Notes and this Agreement would exceed the Maximum Rate or the amount of interest shall be deemed a partial payment or prepayment of principal of the Loan any Bank or any other indebtednessholder of a Note is allowed by applicable law to charge, liability contract for, take, reserve or obligation and treated hereunder as such; and if receive, or in the Loan event any Bank or any holder of a Note shall charge, contract for, take, reserve or receive monies that are deemed to constitute interest which would, in the absence of this provision, increase the effective rate or amount of interest payable under this Agreement or the Notes to a rate or amount in excess of that permitted to be charged, contracted for, taken, reserved or received under applicable law then in effect, then this Agreement, the Notes and the other indebtednessLoan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder shall be reduced to the amount allowed under applicable law as now or hereinafter construed by the courts having jurisdiction without the necessity of the execution of any new document, liability so as to comply with applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder. In addition, all such moneys so charged, contracted for, taken, reserved or obligationreceived that are deemed to constitute interest in excess of the Maximum Rate or the amount of interest permitted by applicable law shall be automatically cancelled, ab initio, and all amounts in excess of the Maximum Rate theretofore collected by any Bank shall be credited to the account of the Borrower upon such determination (or, if all of the Obligations have been or applicable portions thereof, are would thereby be paid in full, any remaining excess shall promptly be paid refunded to the Borrower or other applicable Obligor or Obligors (as appropriateBorrower). In The Agent, the Banks and the Borrower further stipulate and agree that, without limitation of the foregoing, all calculations of the rate or amount of interest contracted for, charged, taken, reserved or received under this Agreement, the Notes and the other Loan Documents which are made for the purpose of determining whether the interest paid such rate or payable, under any specific contingency, amount exceeds the Maximum RateRate or amount, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shallshall be made, to the maximum extent permitted not prohibited by applicable law, by (ai) characterize characterizing any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (bii) exclude excluding voluntary prepayments and the effects thereof, and (ciii) amortizeamortizing, prorateprorating, allocate allocating and spread in equal or unequal parts spreading, using the total amount actuarial method, during the period of interest throughout the entire contemplated full stated term of the Loan indebtedness evidenced by the Notes, all interest at any time contracted for, charged, taken, reserved or received from the Borrower or otherwise by any Bank or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term holder of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratea Note.
Appears in 1 contract
Sources: Credit Agreement (Drypers Corp)
Maximum Interest Rate. (a) No Notwithstanding the provisions of Section 3.1 regarding the rates of interest applicable to the Loans, if at any time the amount of such interest computed on the basis of the Reference Rate or the LIBOR Rate would exceed the amount of such interest computed upon the basis of the maximum rate specified of interest permitted by applicable state or federal law in effect from time to time, after taking into account, to the extent required by applicable law, any and all fees, payments, charges and calculations provided for in this Agreement or in any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Maximum Rate") for ), the Loan or any other indebtedness, liability or obligation interest payable under this Agreement shall exceed be computed upon the basis of the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then but any subsequent reduction in the Contract Reference Rate therefor or in the LIBOR Rate shall not reduce such interest thereafter payable hereunder below the rate amount computed on the basis of interest therefor below the Maximum Rate until the aggregate amount of such interest accrued thereon and payable under this Agreement equals the aggregate total amount of interest which would have accrued thereon if such interest had not been limited by the Contract Rate had at all times been in effectMaximum Rate.
(b) Notwithstanding anything to the contrary No agreements, conditions, provisions or stipulations contained in this Agreement or any other instrument, document or agreement between the other Loan Documents, none Borrower and the Lender or default of the terms and provisions Borrower, or the exercise by the Lender of any right (including in respect of the acceleration of payment of principal or interest) under or in connection with this Agreement or the any other Loan Documents Document, or the arising of any contingency whatsoever, shall ever entitle the Lender to collect, in any event, interest exceeding the Maximum Rate and in no event shall the Borrower be construed to create a contract or obligation obligated to pay interest at exceeding such Maximum Rate, and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel the Borrower to pay a rate of interest exceeding the Maximum Rate, shall be without binding force or effect, at law or in equity, to the extent only of the excess of interest over such Maximum Rate. In the event any interest is charged in excess of the Maximum Rate; Rate ("Excess"), the Borrower acknowledges and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree stipulates that any interestsuch charge shall be the result of an accidental and bona fide error, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law and such Excess shall be, ipso facto first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the other Obligations; and under any and all circumstancesthird, limited or reduced to an amount equal returned to the lesser Borrower, it being the intention of (i) the amount of such interestparties hereto not to enter at any time into a usurious or otherwise illegal relationship. The Borrower recognizes that, chargeconsidering, feeamong other things, expense or other obligation that would be payable fluctuations in the absence of this Section 24(b) Reference Rate, the LIBOR Rate or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest an unintentional result could inadvertently occur. The Borrower covenants that (i) the credit or return of any Excess shall be deemed a partial payment or prepayment of principal of constitute the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to acceptance by the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereofof such Excess, and (cii) amortize, prorate, allocate and spread in equal the Borrower shall not seek or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or pursue any other indebtednessremedy, liability legal or obligationequitable, against the Lender, based in whole or applicable portions thereof, so that in part upon the interest rate does not exceed the Maximum Rate at charging or receiving of any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratemaximum authorized by applicable law. For the purpose of determining whether or not any Excess has been contracted for, charged or received by the Lender, all interest at any time contracted for, charged or received by the Lender in connection with this Agreement shall be amortized, prorated, allocated and spread in equal parts during the entire term of this Agreement.
(c) The provisions of this Section 3.3 shall be deemed to be incorporated into every document or communication relating to the Obligations which sets forth or prescribes any account, right or claim or alleged account, right or claim of the Lender with respect to the Borrower (or any other obligor in respect of Obligations), whether or not any provision of this Section 3.3 is referred to therein. All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent of the liabilities and obligations of the Borrower (or other obligor) asserted by the Lender thereunder, be automatically recomputed by the Borrower or other obligor, and by any court considering the same, to give effect to the adjustments or credits required by this Section 3.3.
(d) If applicable state or federal law is amended in the future to allow a greater rate of interest to be charged under this Agreement or any other Loan Document than is presently allowed by applicable state or federal law, then the limitation of interest under this Section 3.3 shall be increased to the maximum rate of interest allowed by applicable state or federal law as amended, which increase shall be effective hereunder on the effective date of such amendment, and all interest charges owing to the Lender by reason thereof shall be payable upon demand.
Section 7.1 (d) of the Loan and Security Agreement is hereby amended by deleting the first sentence thereof and substituting therefor the following new sentence: Notwithstanding the foregoing, but subject to the next sentence, nothing contained herein shall be deemed to constitute the grant of security interest in favor of the Lender (x) with respect to the Borrower's interest in any license pursuant to which the Borrower is a licensee or in any lease pursuant to which the Borrower is a lessee or any agreement pursuant to which the Borrower markets the product of any Person which is not an Account Debtor or (y) with respect to the Borrower's ownership interest in Adeza Biomedical Corporation, a Delaware corporation.
2.10. Section 7.9(a) of the Loan and Security Agreement is hereby amended by adding the following new sentence to the end thereof: The Borrower hereby represents and warrants to the Lender that Account Debtor Notices, signed by the Borrower, have been delivered to all of the Account Debtors, including the Specified Account Debtors (but excluding any Government Account Debtors or Self-Pay Account Debtors).
2.11. Section 9.29 of the Loan and Security Agreement is hereby amended by adding the following new sentence to the end thereof: On the basis of a comprehensive review and assessment undertaken by the Borrower of the Borrower's computer applications and inquiry made of the Borrower's material suppliers, vendors and customers, the Borrower reasonably believes that the "Year 2000 problem" (that is, the risk that computer applications used by any Person may be unable to recognize and perform properly date- sensitive functions involving certain dates prior to and any date after December 31, 1999) shall not result in a Material Adverse Effect.
Appears in 1 contract
Sources: Loan and Security Agreement (Matria Healthcare Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, ------------- thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Agent nor any Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b13.12(b) or (ii) ---------------- an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ the Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to Mail-Well, the Borrower or other applicable Obligor or Obligors (as appropriate)appropriate Loan Party. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, Mail- Well, the Borrower Borrower, the other Loan Parties, the Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if -------- ---- the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Agent and/or the Lenders, as appropriate, shall refund to Mail-Well, the Borrower or other applicable Obligor or Obligors (as appropriate) appropriate Loan Party the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ the Agent and the Lenders shall not be subject be
(c) Pursuant to Article 15.10(b) of Chapter 15, Subtitle 79, Revised Civil Statutes of Texas 1925, as amended, Mail-Well, the Borrower and the other Loan Parties agree that such Chapter 15 (which regulates certain revolving credit loan accounts and revolving tri-party accounts) shall not govern or in any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of manner apply to the Maximum RateObligations.
Appears in 1 contract
Sources: Credit Agreement (Mail Well I Corp)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Agent nor any Bank shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) 13.12(b), or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ the Agent or any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower BORROWERS (or other applicable Obligor or Obligors (as appropriateappropriate Person). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower BORROWERS, the Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Banks shall, to the maximum extent permitted by applicable law, (aA) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bB) exclude voluntary prepayments and the effects thereof, and (cC) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Agent and/or the Banks, as appropriate, shall refund to the Borrower BORROWERS (or other applicable Obligor or Obligors (as appropriateappropriate Person) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ the Agent and the Banks shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
(c) Pursuant to Article 15.10(b) of Chapter 15, Subtitle 79, Revised Civil Statutes of Texas 1925, as amended, the BORROWERS agree that such Chapter 15 (which regulates certain revolving credit loan accounts and revolving tri-party accounts) shall not govern or in any manner apply to the Obligations.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon It is expressly stipulated and agreed to be limited the intent of Maker and Payee at all times to comply with the Maximum Rate, then any subsequent reduction in applicable Colorado law governing the Contract Rate therefor shall not reduce the maximum rate of interest therefor below payable on the Maximum Rate until indebtedness evidenced by this Note and the aggregate Loan Agreement (or applicable United States federal law to the extent that it permits Payee to contract for, charge, take, reserve or receive a greater amount of interest accrued thereon equals than under Colorado law). If the aggregate applicable law is ever judicially interpreted so as to render usurious any amount (i) contracted for, charged, taken, reserved or received pursuant to this Note, the Loan Agreement, any of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed or any other communication or writing by or between Maker and Payee related to create a contract the transaction or obligation transactions that are the subject matter of the Loan Documents, (ii) contracted for, charged, taken, reserved or received by reason of Payee’s exercise of the option to pay interest at a rate accelerate the maturity of this Note, or (iii) Maker will have paid or Payee will have received by reason of any voluntary prepayment by Maker of this Note, then it is Maker’s and Payee’s express intent that all amounts charged in excess of the Maximum Rate; Lawful Rate (as hereinafter defined) shall be automatically canceled, ab initio, and ▇▇▇▇▇▇▇▇▇ all amounts in excess of the Maximum Lawful Rate theretofore collected by Payee shall never charge, receive, take, collect, reserve or apply, as interest be credited on the principal balance of this Note (or, if this Note has been or would thereby be paid in full, refunded to Maker), and the provisions of this Note, the Loan Agreement, and other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity for 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; provided, however, if this Note has been paid in full before the end of the stated term of this Note, then Maker and Payee agree that Payee shall, with reasonable promptness after Payee discovers or any other indebtedness, liability or obligation, any is advised by Maker that interest was received in an amount in excess of the Maximum Lawful Rate, either refund such excess interest to Maker and/or credit such excess interest against this Note then owing by Maker to Payee. The parties hereto agree Maker hereby agrees that as a condition precedent to any interestclaim seeking usury penalties against Payee, chargeMaker will provide written notice to Payee, fee, expense or other obligation provided for advising Payee in this Agreement or in reasonable detail of the other Loan Documents which constitutes interest under applicable law shall be, ipso facto nature and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereofviolation, and Payee shall have sixty (c60) amortize, prorate, allocate and spread days after receipt of such notice in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided thatwhich to correct such usury violation, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereofany, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of by either refunding such excess andinterest to Maker or crediting such excess interest against this Note and then owing LOAN AGREEMENT, in such eventSCHEDULE 1, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.PAGE 1-2
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (borne by the "Contract Rate") for Bonds, calculated without regard to the Loan or any other indebtedness, liability or obligation shall exceed limitation of such rate to the Maximum Rate, thereby causing as provided in the Indenture, for any period would exceed the Maximum Interest Rate, then interest accruing thereon to on the Bonds during such period shall be limited to the Maximum Interest Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an An amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation interest that would have accrued on the Bonds for any Interest Period (as defined in the Indenture) but for the limitation set forth in the Indenture limiting the interest rate on the Bonds to the Maximum Interest Rate, less interest actually paid on the Bonds for such Interest Period, shall be payable in by the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable Borrower under this Agreement and shall constitute the other Loan Documents“Excess Bond Interest Amount.” If there is any accrued and unpaid Excess Bond Interest Amount as of any Interest Payment Date, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to then the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable lawpossible without violating Applicable Law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and pay to the effects thereof, and Purchaser the Excess Bond Interest Amount on such Interest Payment Date.
(c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that If the interest rate does not borne by amounts owed hereunder, excluding the Excess Bond Interest Amount, for any period would exceed the Maximum Rate at any time during the term of the Loan or any other indebtednessLawful Rate, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior then such interest rate for such period shall be limited to the end of Maximum Lawful Rate.
(d) Notwithstanding the full contemplated term thereofforegoing, and if on the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund date on which no principal amount hereunder remains unpaid with respect to the Bonds, to the extent possible without violating Applicable Law, the Borrower or shall pay to the Purchaser and each other applicable Obligor or Obligors (Owner, as appropriate) the amount of such excess andapplicable, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject a fee equal to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rateaccrued and unpaid Excess Bond Interest Amount.
Appears in 1 contract
Sources: Continuing Covenant Agreement (New Jersey Resources Corp)
Maximum Interest Rate. (a) No interest rate specified It is the intention of Lender, --------------------- Borrower, the Guarantor, and all other parties to the Loan to conform to and contract in this Agreement strict compliance with applicable usury laws from time-to-time in effect. All agreements between Lender or any other Loan Document shall at any time exceed holder of the Maximum Rate. If at any time the interest rate Note and Borrower (the "Contract Rate") for the Loan or any other indebtednessparty liable with respect to indebtedness under the Loan Documents) are hereby limited by this provision, liability which shall control and override all such agreements. In no way, nor in any event or obligation contingency (including, but not limited to, prepayment, default, demand for payment, or the acceleration of maturity of any Obligations, or the recharacterization of any application fee, loan commitment fees, additional commitment fees, or origination fees as interest), shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to taken, reserved, contracted for, charged or received under the Maximum RateNote, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documentsotherwise, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals exceed the Maximum Rate. If, notwithstanding the foregoingfrom any possible construction of any document, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount would otherwise be payable in excess of the Maximum Rate, any such construction shall be subject to this provision, and such document shall be automatically reformed, and the interest payable shall be automatically reduced to the Maximum Rate permitted under applicable law, without the necessity of the execution of any amendment or new document. If Lender or the holder of the Note shall ever receive any thing of value that is characterized as interest under applicable law and that would apart from this provision, be in excess of the Maximum Rate, an amount equal to the amount that would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Note in the inverse order of its maturity and not to the payment of interest, or refunded to Borrower or the other payor thereof if and to the extent such amount, which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal have been excessive, exceeds such unpaid principal. The right to accelerate the maturity of the Loan Note, or any other indebtedness, liability does not include the right to accelerate any interest that has not otherwise accrued on the date of such acceleration, and the Lender or obligation and treated hereunder as such; and if the Loan holder thereof does not intend to charge or receive any other indebtedness, liability unearned interest in the event of acceleration. All interest paid or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly agreed to be paid to the Borrower Lender or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds holder of the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Note shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expensebe amortized, fee or premium rather than as interestprorated, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocated and spread in equal throughout the full stated term (including any renewal or unequal parts extension) of the total Note so that the amount of interest throughout the entire contemplated term on account of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate such indebtedness does not exceed the Maximum Rate at any time during Rate. As used in this paragraph, the term "applicable law" shall mean the laws of the Loan State of Texas or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end federal laws of the full contemplated term thereofUnited States of America, and if which ever laws allow the interest received for greater h laws now exist may be changed or amended or come in effect in the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratefuture.
Appears in 1 contract
Maximum Interest Rate. Any provision herein, or in any document --------------------- securing this Loan Agreement, or in any other document executed or delivered in connection herewith, or in any other agreement or commitment, whether written or oral, express or implied, to the contrary notwithstanding, neither Lender nor any holder of this Loan Agreement shall ever be entitled to receive or collect, nor may amounts received hereunder be credited, in such a manner that Lender or any holder hereof would be paid, as interest, a sum greater than the maximum amount permitted by applicable law to be charged to the person, partnership, firm or corporation primarily obligated to pay the Indebtedness at the time in question (a) No interest rate specified in hereinafter called the "Maximum Rate"). If any construction of this Loan Agreement or any other Loan Document shall at any time exceed document securing the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan Indebtedness, or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law shall be, ipso facto and under any and all circumstancesother papers, limited agreements or reduced commitments, shall indicate a different right given to an amount equal Lender or any holder thereof to the lesser of (i) the amount of such ask for, demand or receive any larger sum as interest, chargesuch is a mistake in calculation or wording which this clause shall override and control, feeit being the intention of the parties that this Loan Agreement, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to and all other interest payable under this Agreement instruments securing the payment of the Indebtedness or executed or delivered in connection herewith, shall in all things comply with applicable law and the other Loan Documents, equals the Maximum Ratethat proper adjustments shall automatically be made accordingly. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ If Lender or any holder hereof ever contracts for, charges, receives, takes, collects, reserves collects or applies as interest any amount sum in excess of the Maximum Rate, such excess amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal applied to the reduction of the Loan or any other indebtednessunpaid principal balance of the Indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are Indebtedness is paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether the interest paid or payable, under any specific contingencycontingency or other consideration, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lender or any holder of this Indebtedness shall, to the maximum extent permitted by under applicable law, (a) characterize any nonprincipal payment as an expense, expense or fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, "allocate and spread in equal or unequal parts spread" the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Indebtedness so that the interest rate does not exceed is uniform throughout the Maximum Rate at any time during the entire term of the Loan or any other indebtednessthis Indebtedness; provided, liability or obligation; provided that, that if the unpaid principal balance Indebtedness is paid and performed in full prior to the end of the full contemplated term thereofhereof, and if the interest received for the actual period of existence thereof exceeds the interest permitted at the Maximum Rate, ▇▇▇▇▇▇▇▇▇ Lender or any holder hereof shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess andincluding other consideration, or credit the amount of such excess or other consideration against the ,aggregate unpaid principal balance of all advances made by Lender or any holder hereof under this Loan Agreement at the time in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratequestion.
Appears in 1 contract
Sources: Loan Agreement (Polyphase Corp)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations; and, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Lender shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in At no time shall any Applicable Interest Rate or Default Rate under this Agreement or any other Note, or otherwise in respect of any Loan Document shall at or any time Indebtedness hereunder, exceed the Maximum Legal Rate, giving due consideration to the execution of this Agreement and each Note. If at In the event that any time interest is charged or otherwise received by Bank in excess of the Maximum Legal Rate, Borrower hereby acknowledges and agrees that any such excess interest rate (shall be the "Contract Rate") for result of an accidental and bona fide error, and any such excess shall be deemed to have been payments of principal, and not of interest, and shall be applied, first, to reduce the Loan or principal Indebtedness then outstanding, second, any remaining excess, if any, shall be applied to reduce any other indebtednessIndebtedness, liability and third, any remaining excess, if any, shall be returned to Borrower. Notwithstanding the foregoing or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the any other Loan DocumentsDocument, none but subject to all limitations contained in this paragraph, if at anytime any Applicable Interest Rate or Default Rate or other rate of interest applicable to any portion of the terms and provisions of this Agreement or Indebtedness is computed on the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess basis of the Maximum Legal Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount subsequent reduction in excess the Applicable Interest Rate, Default Rate or such other rate of interest shall not reduce such interest rate thereafter payable below the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in Legal Rate until the other Loan Documents 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 (i) the aggregate amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, accrued equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout that would have accrued if interest had, at all times, been computed solely on the entire contemplated term basis of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Applicable Interest Rate, ▇▇▇▇▇▇▇▇▇ Default Rate or such other interest rate. This paragraph shall refund to control all agreements between the Borrower or other applicable Obligor or Obligors (as appropriate) and the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum RateBank.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations; and, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Lender shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract RateCONTRACT RATE") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Administrative Agent nor any Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law shall be, ipso facto IPSO FACTO and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(bSECTION 13.12(B) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, 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 Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)appropriate Loan Party. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower Borrower, the Administrative Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, (aA) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bB) exclude voluntary prepayments and the effects thereof, and (cC) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided thatPROVIDED THAT, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) appropriate Loan Party 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, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or In the event that any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions provision of this Agreement or the other Loan Documents shall ever would oblige the Borrower to make any payment of interest or any other payment which is construed by a court of competent jurisdiction to be construed to create interest in an amount or calculated at a contract rate which would be prohibited by law or obligation to pay would result in a receipt by the Bank of interest at a criminal rate in excess (as such terms are construed under the Criminal Code (Canada)), then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted nunc pro tunc to the maximum amount or rate of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or applyinterest, as the case may be, as would not be so prohibited by law or so result in a receipt by the Bank of interest on at a criminal rate, such adjustment to be effected, to the Loan extent necessary, as follows:
(i) firstly, by reducing the amount or rate of interest required to be paid under this Agreement or any other indebtednessLoan Document; and
(ii) thereafter, liability or obligationby reducing any fees, any commissions, premiums, lieu payments and other amounts payable by the Borrower to the Bank under the Loan Documents which would constitute interest for the purposes of Section 347 of the Criminal Code (Canada);
(b) If, notwithstanding the provisions of clause (a) of this Section and after giving effect to all adjustments contemplated thereby, the Bank shall have received an amount in excess of the Maximum Rate. The parties hereto agree that any interestmaximum permitted by such clause, charge, fee, expense or other obligation provided for in this Agreement or in then such excess shall be applied by the other Loan Documents which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal Bank to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess reduction of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal balance of the Loan and not to the payment of interest, fees, lieu payments and other amounts or any if such excessive interest, fees, lieu payments or other indebtednessamounts exceed or exceeds such principal balance, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining such excess shall promptly be paid refunded to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and Borrower; and
(c) amortize, prorate, allocate and spread in equal Any amount or unequal parts the total amount rate of interest throughout the entire contemplated term referred to in this Section shall be determined in accordance with generally accepted actuarial practices and principles at an effective annual rate of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during over the term of this Agreement on the Loan assumption that any charges, fees, expenses or any other indebtedness, liability or obligation; provided thatamounts that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if the unpaid principal balance is paid and performed in full prior they relate to the end of the full contemplated term thereof, and if the interest received for the actual a specific period of existence thereof exceeds time, be prorated over that period of time and otherwise be prorated over the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount terms of such excess this Agreement and, in such eventthe event of dispute, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess a certificate of a Fellow of the Maximum RateCanadian Institute of Actuaries appointed by the Bank shall be conclusive for the purposes of such determination.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement Agreement, Borrower shall not be obligated to pay, and Lender shall not be entitled to charge, collect, receive, reserve, or take, interest (it being understood that “interest” shall be calculated as the other Loan Documentsaggregate of all charges which constitute interest under applicable law that are contracted for, none charged, reserved, received, or paid) in excess of the terms Highest Lawful Rate. During any period of time in which the interest rates specified herein exceed the Highest Lawful Rate, interest shall accrue and provisions be payable at such maximum rate; provided that, if the interest rates decline below the Highest Lawful Rate, interest shall continue to accrue and be payable at the Highest Lawful Rate (so long as there remains any unpaid principal with respect to the Advances) until the interest that has been paid equals the amount of interest that would have been paid if interest had at all times accrued and been payable at the applicable interest rates specified in this Agreement.
(b) If, for any reason, Lender receives anything of value as interest or anything deemed interest by applicable law under this Agreement or any of the other Loan Documents shall ever be construed to create a contract or obligation to pay otherwise that results in Lender receiving interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any an amount in excess of the Maximum Highest Lawful Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would excess shall be payable in applied to the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess reduction of the Maximum Rateprincipal amount owing hereunder or on account of any other Indebtedness of Borrower owing to Lender, and not to the payment of interest. If the amount of such excess exceeds the unpaid principal balance of all Indebtedness of Borrower owing to Lender, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid refunded to the Borrower or other applicable Obligor or Obligors Borrower.
(as appropriate). c) In determining whether or not the interest paid or payable, under payable with respect to any specific contingency, Indebtedness of Borrower owing to Lender exceeds the Maximum Highest Lawful Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lender shall, to the maximum extent permitted by applicable law, : (aA) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, ; (bB) exclude voluntary prepayments and the effects thereof, and ; (cC) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated actual term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, such Indebtedness so that the interest rate it does not exceed the Maximum Rate maximum amount permitted by applicable law; or (D) allocate interest between portions of such Indebtedness so that, to the greatest extent possible, no such portion shall bear interest at any time during a rate greater than the Highest Lawful Rate.
(d) For purposes of this Section 2.13, the term “applicable law” means the internal laws of the Loan or any other indebtednessState of Illinois, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end extent, contrary to the express intent of the full contemplated term thereofparties, Illinois law is found to be inapplicable to this Agreement, then “applicable law” also means that law in effect from time to time and if applicable to this loan transaction which lawfully permits the charging and collection of the highest permissible, lawful, non-usurious rate of interest received for the actual period of existence thereof exceeds the Maximum Rateon such loan transaction and this Agreement, ▇▇▇▇▇▇▇▇▇ shall refund and, to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess andextent controlling, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum RateUnited States of America.
Appears in 1 contract
Sources: Borrowing Base Revolving Line of Credit Agreement (Cole Credit Property Trust III, Inc.)
Maximum Interest Rate. (a) No interest rate specified in In the event that any provision of this Agreement would oblige the Company to make any payment of interest or any other Loan Document shall payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at any time exceed a rate which would be prohibited by law or would result in a receipt by the Maximum Rate. If Lender of interest at any time the interest a criminal rate (as such terms are construed under the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum RateCriminal Code (Canada)), then any subsequent reduction in the Contract Rate therefor shall not reduce the notwithstanding such provision, such amount or rate of interest therefor below shall be deemed to have been adjusted nunc pro tunc to the Maximum Rate until maximum amount or rate of interest, as the aggregate amount case may be, as would not be so prohibited by law or so result in a receipt by the Lender of interest accrued thereon equals at a criminal rate, such adjustment to be effected, to the aggregate extent necessary, as follows:
(i) firstly, by reducing the amount or rate of interest required to be paid hereunder; and
(ii) thereafter, by reducing any fees, commissions, premiums and other amounts which would have accrued thereon if constituted interest for the Contract Rate had at all times been in effect.purposes of Section 347 of the Criminal Code (Canada);
(b) Notwithstanding anything to If, notwithstanding the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of clause (a) of this Agreement or section and after giving effect to all adjustments contemplated thereby, the other Loan Documents Lender shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any have received an amount in excess of the Maximum Rate. The parties hereto agree that any interestmaximum permitted by such clause, charge, fee, expense or other obligation provided for in this Agreement or in then such excess shall be applied by the other Loan Documents which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal Lender to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess reduction of the Maximum Rateprincipal balance of the Outstanding Borrowing and not to the payment of interest or if such excessive interest exceeds such principal balance, such amount which would be deemed excessive interest excess shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid refunded to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and Company; and
(c) amortize, prorate, allocate and spread in equal Any amount or unequal parts the total amount rate of interest throughout referred to in this section shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the entire contemplated term terms of this Agreement on the Loan assumption that any charges, fees or any other indebtednessexpenses that fall within the meaning of "interest" (as defined in the Criminal Code (Canada)) shall, liability or obligationif they relate to a specific period of time, or applicable portions thereof, so be prorated over that the interest rate does not exceed the Maximum Rate at any period of time during and otherwise be prorated over the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess this Agreement and, in such eventthe event of dispute, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess a certificate of a Fellow of the Maximum RateCanadian Institute of Actuaries appointed by the Lender shall be conclusive for the purposes of such determination.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Bank shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non - principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document (the "Contract Rate") shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") Rate for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that If any interestexcess of interest in such respect is hereby provided for, chargeor shall be adjudicated to be so provided, feein any Loan Document or otherwise in connection with this loan transaction, expense the provisions of this Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or other obligation provided for in this Agreement or in assigns of Borrower shall be obligated to pay the other Loan Documents 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 (i) the excess amount of such interestinterest or any other excess sum paid for the use, chargeforbearance, fee, expense or other obligation that would be payable in detention of sums loaned pursuant hereto. In the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ event any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the Maximum Rate shall be deemed applied as 102 a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Lender shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Sources: Credit Agreement (Intervoice Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Administrative Agent nor any Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b13.12(b) or (ii) ---------------- an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, 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 Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)appropriate Loan Party. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors Loan Parties, the Administrative Agent and ▇▇▇▇▇▇▇▇▇ the Lenders shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) appropriate Loan Party 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, reserving or applying interest in excess of the Maximum Rate.. 105
Appears in 1 contract
Sources: Credit Agreement (Ipcs Inc)
Maximum Interest Rate. (a) No In no event shall any interest rate specified in this Agreement or any other Loan Document shall at any time provided for hereunder exceed the Maximum Ratemaximum rate legally chargeable by any Lender under applicable law for such Lender with respect to loans of the type provided for hereunder (the "MAXIMUM RATE"). If at any time the interest rate (the "Contract RateCONTRACT RATE") for the Loan or any other indebtedness, liability or obligation Obligations shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require or permit the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract contracting for or obligation to pay charging interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section 1.9 shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither the Borrower nor any surety, guarantor, successor or assign of the Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, receives, takes, collects, reserves collects or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations (in the inverse order of maturity); and, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Lender shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects effect thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Sources: Credit Agreement (Packaged Ice Inc)
Maximum Interest Rate. (a) No Notwithstanding the foregoing provisions of Section 2.3 regarding the rates of interest rate specified in this Agreement or any other Loan Document shall at any time exceed applicable to the Maximum Rate. If Loan, if at any time the amount of such interest rate (computed on the "Contract Rate") for basis of the Loan or any other indebtedness, liability or obligation shall Applicable Interest Rate would exceed the Maximum Rate, thereby causing amount of such interest computed upon the interest accruing thereon to be limited to basis of the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the maximum rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been permitted by applicable state or federal law in effect.
(b) Notwithstanding anything effect from time to time hereafter, after taking into account, to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationextent required by applicable law, any amount in excess of the Maximum Rate. The parties hereto agree that any interestand all fees, chargepayments, fee, expense or other obligation charges and calculations provided for in this Agreement or in any other agreement between Borrower and Lender (the other Loan Documents which constitutes interest under applicable law shall be"Maximum Legal Rate"), ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Loan Agreement and shall be computed upon the other Loan Documents, equals basis of the Maximum Legal Rate. If.
(b) No agreements, notwithstanding conditions, provisions or stipulations contained in this Loan Agreement or any other instrument, document or agreement between Borrower and Lender or default of Borrower, or the foregoingexercise by Lender of the right to accelerate the payment of the maturity of principal and interest, ▇▇▇▇▇▇▇▇▇ ever contracts foror to exercise any option whatsoever contained in this Loan Agreement or any other agreement between Borrower and Lender, chargesor the arising of any contingency whatsoever, receivesshall entitle Lender to collect, takesin any event, collectsinterest exceeding the Maximum Legal Rate and in no event shall Borrower be obligated to pay interest exceeding such Maximum Legal Rate and all agreements, reserves conditions or applies as stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrower to pay a rate of interest any amount exceeding the Maximum Legal Rate, shall be without binding force or effect, at law or in equity, to the extent only of the excess of the Maximum Legal Rate ("Excess"), Borrower acknowledges and stipulates that any such charge shall be the result of an accidental and bona fide error, and such Excess shall be, first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the Obligations; and third, returned to Borrower, it being the intention of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. Borrower recognizes that, with fluctuations in the Applicable Interest Rate and the Maximum Legal Rate, such amount which would be deemed excessive interest an unintentional result could inadvertently occur. By the execution of this Loan Agreement, Borrower covenants that it shall be deemed a partial payment not seek or prepayment of principal of the Loan or pursue any other indebtednessremedy, liability legal or obligation and treated hereunder as such; and if equitable, against Lender, based in whole or in part upon the Loan charging or receiving of any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratemaximum authorized by applicable law. For the purpose of determining whether or not any Excess has been contracted for, charged or received by Lender, all interest at any time contracted for, charged or received by Lender in connection with this Loan Agreement shall be amortized, prorated, allocated and spread in equal parts during the entire term of this Loan Agreement.
(c) The provisions of this Section 2.4 shall be deemed to be incorporated into every document or communication relating to the Obligations which set forth or prescribe any account, right or claim or alleged account, right or claim of Lender with respect to Borrower (or any other obligor in respect of Obligations), whether or not any provision of Section 2.4 is referred to therein. All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent of the liabilities and obligations of Borrower (or other obligor) asserted by Lender thereunder, be automatically recomputed by Borrower or other obligor, and by any court considering the same, to give effect to the adjustments or credits required by Section 2.4.
(d) If the applicable state or federal law is amended in the future to allow a greater rate of interest to be charged under this Agreement or any other Loan Documents than is presently allowed by applicable state or federal law, then the limitation of interest under this Section 2.4 shall be increased to the maximum rate of interest allowed by applicable state or federal law as amended, which increase shall be effective hereunder on the effective date of such amendment, and all interest charges owing to Lender by reason thereof shall be payable upon demand.
Appears in 1 contract
Sources: Loan Agreement (Pet Quarters Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate for any Obligation (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, ------------- thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ Lender shall never not charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b11.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.or
Appears in 1 contract
Sources: Credit Agreement (Earthwatch Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract RateCONTRACT RATE") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations; and, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Lender shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Sources: Credit Agreement (First Investors Financial Services Group Inc)
Maximum Interest Rate. (a) No Borrower acknowledges and agrees that 12 U.S.C. section 2205 provides that institutions of the Farm Credit System are not subject to any interest rate specified limitation imposed by any state constitution or statute or other laws, and that any such limitations are preempted, and that therefore interest owing under the Notes, to the extent funded by an institution of the Farm Credit System, is not subject to any ceiling. Nonetheless, in the event it is ever determined by a court of competent jurisdiction that interest owing on the Notes, or some of them, is subject to any limitations imposed by the laws of the State of Colorado or Texas or any other jurisdiction, it is the intent of Borrower, and the Syndication Parties to, notwithstanding the provisions of Section 4.1 hereof, at all times comply with the applicable usury laws relating to this Credit Agreement or the Notes now or hereafter in effect including, without limitation, Title 4 of the Texas Finance Code and any subsequent revisions or judicial interpretations thereof if, and to the extent, determined by a court to be applicable to the Notes. It is agreed that the aggregate of all interest and other charges constituting interest, or adjudicated as constituting interest, and contracted for, chargeable, or receivable in connection with the Notes shall under no circumstances exceed the maximum nonusurious amount of interest permitted by applicable law. If the applicable laws are ever revised or judicially interpreted so as to render usurious any amount called for under this Credit Agreement or the Notes or contracted for, charged, chargeable, received or receivable with respect to this Credit Agreement or the Notes, or if the exercise of the option to accelerate the maturity of the Notes, or if any payment, results in Borrower having paid any interest on one or more of the Notes in excess of that permitted by applicable law, any such construction shall be subject to the provisions of this Section and, to the extent permitted by applicable law all excess amounts collected on such Notes shall be credited on the principal balance of such Notes (or, if it has been paid in full, refunded to Borrower), and those provisions shall immediately be deemed reformed and the amounts thereafter collectible will be reduced, without the necessity of the execution of any new documents, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount of interest otherwise lawfully called for under this Credit Agreement or the Notes. In the event the maturity of any Note is accelerated, then earned interest may never include more than the maximum amount of interest permitted by applicable law from the date of each advance of the proceeds of such Note until paid. Specifically, but without in any way limiting the generality of the foregoing, if from any circumstances whatsoever fulfillment of any provision of this Credit Agreement or the Notes, at the time performance of such provision is due, would cause the interest contracted for, charged, chargeable, received or receivable with respect to this Credit Agreement or any other Loan Document shall at any time of the Notes to exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rateamount permitted by applicable law, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding ipso facto and notwithstanding anything to the contrary contained in this Agreement or the other Loan Documentsherein, none of the terms and provisions of this Agreement or the other Loan Documents Borrower shall ever only be construed to create a contract or obligation required to pay interest at a rate on each such Note in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest amounts payable under this Credit Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any maximum amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or permitted by applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)law. In determining whether the amount of interest paid contracted for, charged, chargeable, received or payable, under receivable with respect to this Credit Agreement or any specific contingency, exceeds of the Maximum Rate, Notes would ever exceed the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent amount permitted by applicable law, (a) characterize any nonprincipal payment as an expenseall sums charged, fee paid or premium rather than as interestagreed to be paid under this Credit Agreement for the use, (b) exclude voluntary prepayments and forbearance, or detention of the effects thereofindebtedness of Borrower to the Administrative Agent and/or the Syndication Parties shall, to the extent possible under applicable law, be amortized, prorated, allocated, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated full term of the Loan Notes (including any renewal or extension), until payment in full. The provisions of this Section control all agreements between the Administrative Agent and/or the Syndication Parties and Borrower relative to the Notes. In the event any other indebtednessinterest is required to be credited to principal or refunded to Borrower with respect to some, liability or obligationbut not all, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtednessNotes, liability or obligation; provided that, if such adjustment shall be for the unpaid principal balance is paid and performed in full prior to the end account of the full contemplated term thereofSyndication Party which is the payee under such Note or Notes, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving affect the other Notes or applying interest in excess of the Maximum RateSyndication Parties which are the payees under such other Notes.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "“Contract Rate"”) for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Bank shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or Regardless of any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary provision contained in this Agreement or any of the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ Lender shall never charge, be entitled to receive, take, collect, reserve collect or apply, apply as interest on the Loan or any other indebtedness, liability or obligation, Debentures any amount in excess of interest calculated at the Maximum Rate. The parties hereto agree , and, in the event that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, receives, takes, collects, reserves collects or applies as interest any amount in excess of such excess, the Maximum Rate, such amount which would be deemed excessive interest shall be deemed to be a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal amount of the Obligation is paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, payable under any specific contingency, contingency exceeds interest calculated at the Maximum Rate, the -------------------------------------------------------------------------------- 35 36 Agreement (continued) -------------------------------------------------------------------------------- Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lender shall, to the maximum extent permitted by under applicable law, (ai) characterize any nonprincipal non-principal payment as an expense, fee or premium rather than as interest, ; (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, proratepro rate, allocate and spread spread, in equal or unequal parts parts, the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationDebentures; provided that, if the unpaid principal balance is Debentures are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds interest calculated at the Maximum Rate, ▇▇▇▇▇▇▇▇▇ Lender shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess or credit the amount of such excess against the principal amount of the Debentures and, in such event, ▇▇▇▇▇▇▇▇▇ Lender shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying receiving interest in excess of interest calculated at the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a1) No interest rate specified in In the event that any provision of this Agreement would oblige a Borrower to make any payment of interest or any other Loan Document shall payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at any time exceed a rate which would be prohibited by applicable law, regulation, order, rule or direction (a "Usury Restraint") which prohibits or restricts the Maximum Rate. If charging, receipt or retention of interest or other amounts at any time the interest rate rates and amounts set forth herein (the "Contract Stated Rate") for in excess (the Loan "Excess") of the maximum rates or any other indebtedness, liability or obligation shall exceed amount (the "Maximum Rate") stipulated in the Usury Restraint, thereby causing the interest accruing thereon then notwithstanding such provision, such amount or rate shall be deemed to be limited have been adjusted nunc pro tunc to the Maximum Rate, then any subsequent reduction in such adjustment to be effected, to the Contract Rate therefor shall not reduce extent necessary, as follows:
(a) firstly, by reducing the amount or rate of interest therefor below the Maximum Rate until the aggregate amount required to be paid under Section 5.01 of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.this Agreement; and
(b) Notwithstanding anything to thereafter, by reducing any fees, commissions, premiums and other amounts which would constitute interest for the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount purposes of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(bUsury Restraint;
(2) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoingprovisions of clause (a) of this Section 1.06 and after giving effect to all adjustments contemplated thereby, ▇▇▇▇▇▇▇▇▇ ever contracts forthe Agents, chargesthe Lenders, receivesor any of them, takes, collects, reserves or applies as interest any shall have received an amount in excess of the Maximum Rate, then such amount which would be deemed excessive interest Excess shall be deemed a partial payment or prepayment of principal applied by the Administrative Agent (on behalf of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if Lenders) rateably in accordance with the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shallLenders' respective Commitments, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal reduction of the principal balance of the Outstanding Borrowings and not to the payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout or if such excessive interest exceeds such principal balance, such Excess shall be refunded to the entire contemplated term Borrowers; and
(3) Any amount or rate of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest referred to in this Section shall be determined in accordance with generally accepted actuarial practices and principles at an effective annual rate does not exceed the Maximum Rate at any time during of interest over the term of this Agreement on the Loan assumption that any charges, fees or any other indebtedness, liability or obligation; provided thatexpenses that fall within the meaning of "interest" (as defined in Usury Restraint) shall, if the unpaid principal balance is paid and performed in full prior they relate to the end of the full contemplated term thereof, and if the interest received for the actual a specific period of existence thereof exceeds time, be prorated over that period of time and otherwise be prorated over the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount terms of such excess this Agreement and, in such eventthe event of dispute, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess a certificate of a Fellow of the Maximum RateCanadian Institute of Actuaries appointed by the Administrative Agent (on behalf of the Lenders) shall be conclusive for the purposes of such determination.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon It is expressly stipulated and agreed to be limited the intent of Borrower and Lender at all times to comply with the Maximum Rate, then any subsequent reduction in applicable Colorado law governing the Contract Rate therefor shall not reduce the maximum rate of interest therefor below payable on the Maximum Rate until indebtedness evidenced by the aggregate Notes and the Loan Agreement (or applicable United States federal law to the extent that it permits Lender to contract for, charge, take, reserve or receive a greater amount of interest accrued thereon equals than under Colorado law). If the aggregate applicable law is ever judicially interpreted so as to render usurious any amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(bi) Notwithstanding anything contracted for, charged, taken, reserved or received pursuant to the contrary contained in this Agreement or Notes, the other Loan DocumentsAgreement, none any of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed or any other communication or writing by or between Borrower and Lender related to create a contract the transaction or obligation transactions that are the subject matter of the Loan Documents, (ii) contracted for, charged, taken, reserved or received by reason of Lender’s exercise of the option to pay interest at a rate accelerate the maturity of the Notes, or (iii) Borrower will have paid or Lender will have received by reason of any voluntary prepayment by Borrower of the Notes, then it is Borrower’s and Lender’s express intent that all amounts charged in excess of the Maximum Rate; Lawful Rate (as hereinafter defined) shall be automatically canceled, ab initio, and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount all amounts in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in Lawful Rate theretofore collected by Lender shall be credited on the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess principal balance of the Maximum RateNotes (or, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan Notes has been or any other indebtedness, liability or obligation, or applicable portions thereof, are would thereby be paid in full, any remaining excess shall promptly be paid refunded to Borrower), and the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether provisions of the interest paid or payable, under any specific contingency, exceeds the Maximum RateNotes, the Borrower Loan Agreement, and other Loan Documents shall immediately be deemed reformed and the other Obligors amounts thereafter collectible hereunder and ▇▇▇▇▇▇▇▇▇ shallthereunder reduced, without the necessity for the execution of any new document, so as to comply with the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment but so as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and to permit the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term recovery of the Loan or any other indebtednessfullest amount otherwise called for hereunder and thereunder; provided, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided thathowever, if the unpaid principal balance is Notes have been paid and performed in full prior to before the end of the full contemplated stated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.Notes, then Borrower and Lender agree that Lender shall, with reasonable promptness after Lender discovers or is advised by Borrower that interest was received in an amount in
Appears in 1 contract
Maximum Interest Rate. It is the intention of the parties to comply strictly with applicable usury laws. Accordingly, notwithstanding any provision to the contrary in this Agreement, or in any contract, instrument or document evidencing or securing the payment hereof or otherwise relating hereto (a) No interest rate specified each, a "Related Document"), in no event shall this Agreement or any other Loan Related Document shall at require the payment or permit the payment, taking, reserving, receiving, collection or charging of any time sums constituting interest under applicable laws that exceed the Maximum Rate. If at any maximum amount permitted by such laws, as the same may be amended or modified from time the interest rate to time (the "Contract Maximum Rate") for the Loan ). If any such excess interest is called for, contracted for, charged, taken, reserved or received in connection with this Agreement or any Related Document, or in any communication by Lender or any other indebtednessperson to Borrower or any other person, liability or obligation in the event that all or part of the principal or interest hereof or thereof shall be prepaid or accelerated, so that under any of such circumstances or under any other circumstance whatsoever the amount of interest contracted for, charged, taken, reserved or received on the amount of principal actually outstanding from time to time under this Agreement or Related Document shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.such event it is agreed that:
(bi) Notwithstanding anything to the contrary contained in provisions of this paragraph shall govern and control; (ii) neither Borrower nor any other person or entity now or hereafter liable for the payment of the Obligations under this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents any Related Document shall ever be construed to create a contract or obligation obligated to pay the amount of such interest at a rate to the extent it is in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ (iii) any such excess interest which is or has been received by Lender shall never chargebe credited against the then unpaid principal balance hereof or thereof, receive, take, collect, reserve or apply, as interest on if the Loan Obligations or any Related Document has been or would be paid in full by such credit, refunded to Borrower; and (iv) the provisions of this Agreement and each Related Document, and any other indebtednesscommunication to Borrower, liability or obligationshall immediately be deemed reformed and such excess interest reduced, without the necessity of executing any amount in excess of other document, to the Maximum Rate. The parties hereto agree that right to accelerate the maturity of the Obligations or any Related Document does not include the right to accelerate, collect or charge unearned interest, chargebut only such interest that has otherwise accrued as of the date of acceleration. Without limiting the foregoing, feeall calculations of the rate of interest contracted for, expense charged, taken, reserved or other obligation provided received in connection with this Agreement and any Related Document which are made for in the purpose of determining whether such rate exceeds the Maximum Rate shall be made to the extent permitted by applicable laws by amortizing, prorating, allocating and spreading during the period of the full term of this Agreement or in the other Loan Documents which constitutes such Related Document, including all prior and subsequent renewals and extensions hereof or thereof, all interest under applicable law shall be, ipso facto and under at any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts time contracted for, chargescharged, receivestaken, takes, collects, reserves reserved or applies as interest any amount in excess received by Lender. To the extent that Chapter 1D of Article 5069 of the Texas Revised Civil Statutes is relevant to Lender for the purpose of determining the Maximum Rate, Lender hereby elects to determine the applicable rate ceiling under such amount Article by the weekly rate ceiling from time to time in effect, subject to Lender's right subsequently to change such method in accordance with applicable law, as the same may be amended or modified from time to time. Borrower and Lender agree that Chapter 346 of the Texas Finance Code (which would be deemed excessive interest regulates certain revolving credit loan accounts and revolving triparty accounts) shall not apply to any revolving loan accounts created under this Agreement or maintained in connection herewith. The terms of this paragraph shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly to be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rateincorporated into each Related Document.
Appears in 1 contract
Sources: Revolving Credit Agreement (Tandy Brands Accessories Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document Paper shall at any time exceed the Maximum Highest Lawful Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Highest Lawful Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Highest Lawful Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Highest Lawful Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan DocumentsPapers, none of the terms and provisions of this Agreement or the other Loan Documents Papers shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Highest Lawful Rate; and ▇▇▇▇▇▇▇▇▇ neither any Agent nor any Bank shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Highest Lawful Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents Papers which constitutes interest under applicable law Law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b9.19(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan DocumentsPapers, equals the Maximum Highest Lawful Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ any Agent or any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Highest Lawful Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower Borrower, Parent or other applicable Obligor or Obligors Subsidiary (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Highest Lawful Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ parties hereto shall, to the maximum extent permitted by applicable lawLaw, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Highest Lawful Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Highest Lawful Rate, ▇▇▇▇▇▇▇▇▇ the Agents and/or the Banks, as appropriate, shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) Person the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ the Agents and the Banks shall not be subject to any penalties provided by any laws Laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Highest Lawful Rate.
Appears in 1 contract
Sources: Credit Agreement (Frozen Food Express Industries Inc)
Maximum Interest Rate. (a) No interest rate specified If the Interest Rate, absent the limitation set forth in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtednessSection 3.3, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to would have exceeded the Maximum Rate, then any subsequent reduction the Interest Rate shall be the Maximum Rate. Each Agent, each Lender, and each Borrower acknowledges, agrees, and declares that it is its intention to expressly comply with all Requirements of Law in respect of limitations on the Contract Rate therefor shall not reduce the amount or rate of interest therefor below that can legally be contracted for, charged, or received under or in connection with the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Loan Documents. Notwithstanding anything to the contrary contained in this Agreement or any Loan Document (even if any such provision expressly declares that it controls all other provisions of the other Loan Documents), none in no contingency or event whatsoever shall the amount of interest (including the terms and provisions aggregate of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never chargeall charges, receivefees, takebenefits, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents compensation which constitutes interest under applicable law shall beany Requirement of Law) under the Loan Documents paid by any Borrower, ipso facto and under received by the Administrative Agent, the Letter of Credit Issuer, or any and all circumstancesLender, limited agreed to be paid by any Borrower, or reduced requested or demanded to an amount equal to be paid by the lesser Administrative Agent, the Letter of (i) the amount of such interestCredit Issuer, chargeor any Lender, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of exceed the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal and all provisions of the Loan or any other indebtednessDocuments in respect of the contracting for, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationcharging, or applicable portions thereofreceiving compensation for the use, are paid in fullforbearance, or detention of money shall be limited as provided by this Section 3.3. In the event any remaining excess shall promptly be such interest is paid to the Borrower Administrative Agent, the Letter of Credit Issuer, or other applicable Obligor any Lender by the Borrowers, or Obligors (as appropriate). In determining whether the interest paid any of them, in an amount or payable, under any specific contingency, exceeds at a rate which would exceed the Maximum Rate, the Borrower Administrative Agent, the Letter of Credit Issuer, or such Lender, as the case may be, shall automatically apply such excess to any unpaid amount of the Obligations other than interest, in inverse order of maturity, or if the amount of such excess exceeds said unpaid amount, such excess shall be paid to the paying Borrowers or Borrower, as applicable. All interest paid, or agreed to be paid, by any Borrower, or taken, reserved, or received by the Administrative Agent, the Letter of Credit Issuer, or any Lender, shall be amortized, prorated, spread, and allocated in respect of the Obligations throughout the full term of this Agreement. The Borrowers, the Agents, the Letter of Credit Issuer, and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable lawunder any Requirement of Law and the Loan Documents, (aA) characterize any nonprincipal non principal payment as an a standby fee, commitment fee, prepayment charge, delinquency charge, expense, fee or premium reimbursement for a third party expense rather than as interest, interest and (bB) exclude voluntary prepayments prepayments, acceleration, and the effects thereof. Nothing in any Loan Document shall be construed or so operate as to require or obligate the Borrowers, and (c) amortizeor any of them, prorateto pay any interest, allocate and spread in equal fees, costs, or unequal parts charges greater than is permitted by any Requirement of Law. Subject to the total amount foregoing, the Borrowers hereby agree that the actual effective rate of interest throughout the entire contemplated term of from time to time existing under the Loan Documents, including all amounts agreed to by the Borrowers or any other indebtednesscharged or received by the Administrative Agent, liability or obligationthe Letter of Credit Issuer, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of Lenders pursuant to and in accordance with the Loan or Documents, which may be deemed to be interest under any other indebtednessRequirement of Law, liability or obligation; provided that, if shall be deemed to be a rate which is agreed to and stipulated by the unpaid principal balance is paid Borrowers and performed the Lenders in full prior to the end accordance with Requirements of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum RateLaw.
Appears in 1 contract
Sources: Loan and Security Agreement (EveryWare Global, Inc.)
Maximum Interest Rate. (a) No Notwithstanding the foregoing provisions of Sections 3.1 through 3.3 regarding the rates of interest applicable to the Loans, if at any time the amount of such interest computed on the basis of the Applicable Interest Rate would exceed the amount of such interest computed upon the basis of the maximum rate specified of interest permitted by applicable state or federal law in effect from time to time hereafter, after taking into account, to the extent required by applicable law, any and all fees, payments, charges and calculations provided for in this Agreement or in any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate agreement between Borrower and Lender (the "Contract Maximum Legal Rate") for ), the Loan or any other indebtedness, liability or obligation interest payable under this Agreement shall exceed be computed upon the basis of the Maximum Legal Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then but any subsequent reduction in the Contract Reference Rate therefor or the Eurodollar Rate shall not reduce the rate of such interest therefor thereafter payable hereunder below the amount computed on the basis of the Maximum Legal Rate until the aggregate amount of such interest accrued thereon and payable under this Agreement equals the aggregate total amount of interest which would have accrued thereon if the Contract Rate such interest had been at all times been in effectcomputed solely on the basis of the Applicable Interest Rate.
(b) Notwithstanding anything to the contrary No agreements, conditions, provisions or stipulations contained in this Agreement or any other instrument, document or agreement between the other Loan Documents, none Borrower and the Lender or default of the terms Borrower, or the exercise by the Lender of the right to accelerate the payment of the maturity of principal and provisions of interest, or to exercise any option whatsoever contained in this Agreement or any other agreement between the other Loan Documents Borrower and the Lender, or the arising of any contingency whatsoever, shall ever entitle the Lender to collect, in any event, interest exceeding the Maximum Legal Rate and in no event shall the Borrower be construed to create a contract or obligation obligated to pay interest at exceeding such Maximum Legal Rate and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel the Borrower to pay a rate of interest exceeding the Maximum Legal Rate, shall be without binding force or effect, at law or in equity, to the extent only of the excess of interest over such Maximum Legal Rate. In the event any interest is charged in excess of the Maximum Rate; Legal Rate ("Excess"), the Borrower acknowledges and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree stipulates that any interestsuch charge shall be the result of an accidental and bona fide error, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law and such Excess shall be, ipso facto first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the Obligations; and under any and all circumstancesthird, limited or reduced to an amount equal returned to the lesser Borrower, it being the intention of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. The Borrower recognizes that, with fluctuations in the Applicable Interest Rate and the Maximum Legal Rate, such an unintentional result could inadvertently occur. By the execution of this Agreement, the Borrower covenants that (i) the amount credit or return of any Excess shall constitute the acceptance by the Borrower of such interestExcess, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or and (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves Borrower shall not seek or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or pursue any other indebtednessremedy, liability legal or obligation and treated hereunder as such; and if equitable, against Lender, based in whole or in part upon the Loan charging or receiving of any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratemaximum authorized by applicable law. For the purpose of determining whether or not any Excess has been contracted for, charged or received by Lender, all interest at any time contracted for, charged or received by the Lender in connection with this Agreement shall be amortized, prorated, allocated and spread in equal parts during the entire term of this Agreement.
(c) The provisions of Section 3.4 shall be deemed to be incorporated into every document or communication relating to the Obligations which sets forth or prescribes any account, right or claim or alleged account, right or claim of the Lender with respect to the Borrower (or any other obligor in respect of Obligations), whether or not any provision of Section 3.4 is referred to therein. All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent of the liabilities and obligations of the Borrower (or other obligor) asserted by the Lender thereunder, be automatically recomputed by any Borrower or obligor, and by any court considering the same, to give effect to the adjustments or credits required by Section 3.4.
(d) If the applicable state or federal law is amended in the future to allow a greater rate of interest to be charged under this Agreement or any other Loan Documents than is presently allowed by applicable state or federal law, then the limitation of interest under Section 3.4 shall be increased to the maximum rate of interest allowed by applicable state or federal law as amended, which increase shall be effective hereunder on the effective date of such amendment, and all interest charges owing to the Lender by reason thereof shall be payable upon demand.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified It is the intention of Lender and Borrower and all other parties to the Loans to conform to and contract in this Agreement strict compliance with applicable usury laws from time-to-time in effect. All agreements between Lender or any other Loan Document shall at any time exceed holder of the Maximum Rate. If at any time the interest rate Notes and Borrower (the "Contract Rate") for the Loan or any other indebtednessparty liable with respect to indebtedness under the Loan Documents) are hereby limited by this provision, liability which shall control and override all such agreements. In no way, nor in any event or obligation contingency (including, but not limited to, prepayment, default, demand for payment, or the acceleration of maturity of any Obligations, or the recharacterization of any application fee, loan commitment fees, additional commitment fees, or origination fees as interest), shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to taken, reserved, contracted for, charged or received under the Maximum RateNotes, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documentsotherwise, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals exceed the Maximum Rate. If, notwithstanding the foregoingfrom any possible construction of any document, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount would otherwise be payable in excess of the Maximum Rate, any such construction shall be subject to this provision, and such document shall be automatically reformed, and the interest payable shall be automatically reduced to the Maximum Rate permitted under applicable law, without the necessity of the execution of any amendment or new document. If Lender or the holder of the Notes shall ever receive any thing of value that is characterized as interest under applicable law and that would apart from this provision, be in excess of the Maximum Rate, an amount equal to the amount that would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the applicable Note in the inverse order of its maturity and not to the payment of interest, or refunded to Borrower or the other payor thereof if and to the extent such amount, which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal have been excessive, exceeds such unpaid principal. The right to accelerate the maturity of the Loan Notes, or any other indebtedness, liability does not include the right to accelerate any interest that has not otherwise accrued on the date of such acceleration, and the Lender or obligation and treated hereunder as such; and if the Loan holder thereof does not intend to charge or receive any other indebtedness, liability unearned interest in the event of acceleration. All interest paid or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly agreed to be paid to the Borrower Lender or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds holder of the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Notes shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expensebe amortized, fee or premium rather than as interestprorated, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocated and spread in equal throughout the full stated term (including any renewal or unequal parts extension) of the total Notes so that the amount of interest throughout the entire contemplated term on account of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate such indebtedness does not exceed the Maximum Rate at any time during Rate. As used in this paragraph, the term "applicable law" shall mean the laws of the Loan State of Texas or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end federal laws of the full contemplated term thereofUnited States of America, and if which ever laws allow the interest received for greater interest, as such laws now exist may be changed or amended or come in effect in the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratefuture.
Appears in 1 contract
Sources: Loan Agreement (Emeritus Corp\wa\)
Maximum Interest Rate. (a) No Notwithstanding the foregoing provisions of Sections 3.1 through 3.3 regarding the rates of interest applicable to the Loans, if at any time the amount of such interest computed on the basis of the Applicable Interest Rate would exceed the amount of such interest computed upon the basis of the maximum rate specified of interest permitted by applicable state or federal law in effect from time to time hereafter, after taking into account, to the extent required by applicable law, any and all fees, payments, charges and calculations provided for in this Agreement or in any other Loan Document shall at agreement between any time exceed the Maximum Rate. If at any time the interest rate Borrower and Lender (the "Contract Maximum Legal Rate") for ), the Loan or any other indebtedness, liability or obligation interest payable under this Agreement shall exceed be computed upon the basis of the Maximum Legal Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then but any subsequent reduction in the Contract Reference Rate therefor or the Eurodollar Rate shall not reduce the rate of such interest therefor thereafter payable hereunder below the amount computed on the basis of the Maximum Legal Rate until the aggregate amount of such interest accrued thereon and payable under this Agreement equals the aggregate total amount of interest which would have accrued thereon if the Contract Rate such interest had been at all times been in effectcomputed solely on the basis of the Applicable Interest Rate.
(b) Notwithstanding anything to the contrary No agreements, conditions, provisions or stipulations contained in this Agreement or any other instrument, document or agreement between any Borrower and the other Loan DocumentsLender or default of any Borrower, none or the exercise by the Lender of the terms right to accelerate the payment of the maturity of principal and provisions of interest, or to exercise any option whatsoever contained in this Agreement or any other agreement between any Borrower and the other Loan Documents Lender, or the arising of any contingency whatsoever, shall ever entitle the Lender to collect, in any event, interest exceeding the Maximum Legal Rate and in no event shall any Borrower be construed to create a contract or obligation obligated to pay interest at exceeding such Maximum Legal Rate and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel such Borrower to pay a rate of interest exceeding the Maximum Legal Rate, shall be without binding force or effect, at law or in equity, to the extent only of the excess of interest over such Maximum Legal Rate. In the event any interest is charged in excess of the Maximum Rate; Legal Rate ("Excess"), each Borrower acknowledges and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree stipulates that any interestsuch charge shall be the result of an accidental and bona fide error, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law and such Excess shall be, ipso facto first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the Obligations; and under any and all circumstancesthird, limited or reduced to an amount equal returned to the lesser Borrowers, it being the intention of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. Each Borrower recognizes that, with fluctuations in the Applicable Interest Rate and the Maximum Legal Rate, such an unintentional result could inadvertently occur. By the execution of this Agreement, each Borrower covenants that (i) the amount credit or return of any Excess shall constitute the acceptance by such Borrower of such interestExcess, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or and (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves Borrower shall not seek or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or pursue any other indebtednessremedy, liability legal or obligation and treated hereunder as such; and if equitable, against Lender, based in whole or in part upon the Loan charging or receiving of any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratemaximum authorized by applicable law. For the purpose of determining whether or not any Excess has been contracted for, charged or received by Lender, all interest at any time contracted for, charged or received by the Lender in connection with this Agreement shall be amortized, prorated, allocated and spread in equal parts during the entire term of this Agreement.
(c) The provisions of Section 3.4 shall be deemed to be incorporated into every document or communication relating to the Obligations which sets forth or prescribes any account, right or claim or alleged account, right or claim of the Lender with respect to the Borrowers (or any other obligor in respect of Obligations), whether or not any provision of Section 3.4 is referred to therein. All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent of the liabilities and obligations of the Borrowers (or other obligor) asserted by the Lender thereunder, be automatically recomputed by any Borrower or obligor, and by any court considering the same, to give effect to the adjustments or credits required by Section 3.4.
(d) If the applicable state or federal law is amended in the future to allow a greater rate of interest to be charged under this Agreement or any other Loan Documents than is presently allowed by applicable state or federal law, then the limitation of interest under Section 3.4 shall be increased to the maximum rate of interest allowed by applicable state or federal law as amended, which increase shall be effective hereunder on the effective date of such amendment, and all interest charges owing to the Lender by reason thereof shall be payable upon demand.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. .
(b) If at any time the interest rate (the "Contract RateCONTRACT RATE") for the Loan or any other indebtedness, liability or obligation Liability shall exceed the Maximum Rate, thereby causing the so that, as provided in Section , interest accruing thereon to be on such Liability is limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Liability shall not reduce the rate of interest therefor on such Liability below the Maximum Rate until the aggregate amount of interest accrued thereon on such Liability equals the aggregate amount of interest which would have accrued thereon on such Liability if the Contract Rate for such Liability had at all times been in effect.
(bc) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Agent nor any Revolving Credit Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationLiabilities, any amount in excess of the Maximum Rate. The parties hereto agree Agent, each Revolving Credit Lender and the Borrower each agrees that any interest, charge, fee, expense or other obligation Liability provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law shall belaw, ipso facto and under any and all circumstances, shall be limited or reduced to an amount equal to the lesser of (ix) the amount of such interest, charge, fee, expense or other obligation Liability that would be payable in the absence of this Section 24(b) , or (iiy) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ the Agent or any Revolving Credit Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Liabilities and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationLiabilities, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower Agent, each Revolving Credit Lender and the other Obligors and ▇▇▇▇▇▇▇▇▇ shallBorrower, to the maximum extent permitted by applicable law, shall (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated actual term of the Loan or any other indebtedness, liability or obligationLiabilities, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum RateLiabilities.
Appears in 1 contract
Sources: Loan and Security Agreement (Hastings Entertainment Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "“Contract Rate"”) for any obligation under the Loan or any other indebtedness, liability or obligation Documents shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such obligation shall not reduce the rate of interest therefor on such obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such obligation equals the aggregate amount of interest which would have accrued thereon on such obligation if the Contract Rate for such obligation had at all times been in effect. As used herein, the term “Maximum Rate” means, at any time with respect to any Lender, the maximum rate of nonusurious interest under applicable law that such Lender may contract for, charge, reserve, or receive. The Maximum Rate shall be calculated in a manner that takes into account any and all fees, payments, and other charges contracted for, charged, reserved, or received in connection with the Loan Documents that constitute interest under applicable law. Each change in any interest rate provided for herein based upon the Maximum Rate resulting from a change in the Maximum Rate shall take effect without notice to Borrower at the time of such change in the Maximum Rate. For purposes of determining the Maximum Rate under Texas law, the applicable rate ceiling shall be the weekly rate ceiling described in, and computed in accordance with, Chapter 303 of the Texas Finance Code.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess interest is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall never chargebe obligated to pay the excess amount of AMENDED AND RESTATED CREDIT AGREEMENT, receive, take, collect, reserve or apply, as Page 61 such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligationdetention of sums loaned pursuant hereto. In the event any Lender ever receives, any amount or collects, interest in excess of the Maximum Rate. The parties hereto agree that any maximum lawful amount of interest, charge, fee, expense such amount which is or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such maximum amount which would be deemed excessive interest permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessobligations outstanding hereunder, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the obligations outstanding hereunder has been paid in fullfull or would be paid in full by all or part of such application, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid contracted for, charged, reserved or payable, under any specific contingency, received exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Lender shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest contracted for, charged, reserved and received throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, obligations outstanding hereunder so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term Rate.
(c) The provisions of Chapter 346 of the Loan Finance Code of Texas are specifically declared by the parties hereto not to be applicable to this Agreement or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full transactions contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratehereby.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, ------------- thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Agent nor any Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b13.12(b) or (ii) an amount, which when ---------------- added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ the Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)appropriate Loan Party. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower Borrower, the other Loan Parties, the Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and -------- ---- performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Agent and/or the Lenders, as appropriate, shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) appropriate Loan Party the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ the Agent and the Lenders shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
(c) Pursuant to Article 15.10(b) of Chapter 15, Subtitle 79, Revised Civil Statutes of Texas 1925, as amended, the Borrower and the other Loan Parties agree that such Chapter 15 (which 123 regulates certain revolving credit loan accounts and revolving tri-party accounts) shall not govern or in any manner apply to the Obligations.
Appears in 1 contract
Sources: Credit Agreement (Mail Well Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement Agreement, Borrower shall not be obligated to pay, and Lenders shall not be entitled to charge, collect, receive, reserve, or take, interest (it being understood that "interest" shall be calculated as the other Loan Documentsaggregate of all charges which constitute interest under applicable law that are contracted for, none charged, reserved, received, or paid) in excess of the terms Highest Lawful Rate. During any period of time in which the interest rates specified herein exceed the Highest Lawful Rate, interest shall accrue and provisions be payable at such maximum rate; provided that, if the interest rates decline below the Highest Lawful Rate, interest shall continue to accrue and be payable at the Highest Lawful Rate (so long as there remains any unpaid principal with respect to the Advances) until the interest that has been paid equals the amount of interest that would have been paid if interest had at all times accrued and been payable at the applicable interest rates specified in this Agreement.
(b) If, for any reason, Lenders receive anything of value as interest or anything deemed interest by applicable law under this Agreement or any of the other Loan Documents shall ever be construed to create a contract or obligation to pay otherwise that results in Lenders receiving interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any an amount in excess of the Maximum Highest Lawful Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would excess shall be payable in applied to the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess reduction of the Maximum Rateprincipal amount owing hereunder or on account of any other Indebtedness of Borrower owing to Lenders, and not to the payment of interest. If the amount of such excess exceeds the unpaid principal balance of all Indebtedness of Borrower owing to Lenders, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid refunded to the Borrower or other applicable Obligor or Obligors Borrower.
(as appropriate). c) In determining whether or not the interest paid or payable, under payable with respect to any specific contingency, Indebtedness of Borrower owing to Lenders exceeds the Maximum Highest Lawful Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, : (aA) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, ; (bB) exclude voluntary prepayments and the effects thereof, and ; (cC) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated actual term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, such Indebtedness so that the interest rate it does not exceed the Maximum Rate maximum amount permitted by applicable law; or (D) allocate interest between portions of such Indebtedness so that, to the greatest extent possible, no such portion shall bear interest at any time during a rate greater than the Highest Lawful Rate.
(d) For purposes of this Section 2.13, the term "applicable law" means the internal laws of the Loan or any other indebtednessState of New York, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end extent, contrary to the express intent of the full contemplated term thereofparties, New York law is found to be inapplicable to this Agreement, then "applicable law" also means that law in effect from time to time and if applicable to this loan transaction which lawfully permits the charging and collection of the highest permissible, lawful, non-usurious rate of interest received for the actual period of existence thereof exceeds the Maximum Rateon such loan transaction and this Agreement, ▇▇▇▇▇▇▇▇▇ shall refund and, to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess andextent controlling, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum RateUnited States of America.
Appears in 1 contract
Sources: Borrowing Base Revolving Line of Credit Agreement (Cole Credit Property Trust Iv, Inc.)
Maximum Interest Rate. (a) No It is the intention of the parties hereto to comply strictly with any applicable usury laws as in effect from time to time and, in this regard, there shall never be taken, received, contracted for, collected, charged or received on any sums advanced hereunder interest rate specified in excess of that which would accrue at the Maximum Rate. If, under any circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by law are deemed interest and which would exceed the amount permitted if the Maximum Rate were in effect, the Borrower stipulate that such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable laws of the State of Oklahoma or the United States of America, the result of mathematical error on the part of the Borrower and the Bank; and the Bank shall at any time exceed promptly credit the amount of such excess to the principal amount due on the Notes, or if the principal amount due on the Note shall have been paid in full, refund the amount of such excess to the Borrower (to the extent only of such interest payments in excess of that which would have accrued and been payable on the basis of the Maximum Rate) upon discovery of such error by the Bank or notice thereof from the Borrower. If at the maturity of the Note is accelerated by reason of an election of the Bank resulting from any time Event of Default or otherwise in accordance with this Agreement, or in the event any prepayment, then such consideration that constitutes interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed under applicable laws may never include amounts which are more than the Maximum Rate, thereby causing and the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon such excess, if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documentsany, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in otherwise shall be canceled automatically by the other Loan Documents which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to Bank as of the lesser of (i) the amount date of such interestacceleration or prepayment and, chargeif theretofore paid, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment credited by the Bank on the principal amount due on the Notes, or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal amount due on the Notes shall have been paid in full, any remaining excess shall promptly be paid refunded by the Bank to the Borrower Borrower. All sums paid, or other applicable Obligor or Obligors (as appropriate). In determining whether agreed to be paid, to the interest paid or payableBank for the use, under forbearance and detention of the proceeds of any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Advance hereunder shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expensebe amortized, fee or premium rather than as interestprorated, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocated and spread in equal or unequal parts the total amount of interest throughout the entire contemplated full term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, hereof until paid in full so that the actual rate of interest rate is uniform but does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of throughout the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratehereof.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Administrative Agent nor any Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, 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 Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrowers. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower Borrowers, the Administrative Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) Borrowers 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, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No Notwithstanding the foregoing provisions of Section 2.3 regarding the rates of interest rate specified in this Agreement or any other Loan Document shall at any time exceed applicable to the Maximum Rate. If Loans, if at any time the amount of such interest rate (computed on the "Contract Rate") for basis of the Loan or any other indebtedness, liability or obligation shall Applicable Interest Rate would exceed the Maximum Rate, thereby causing amount of such interest computed upon the interest accruing thereon to be limited to basis of the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the maximum rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been permitted by applicable state or federal law in effect.
(b) Notwithstanding anything effect from time to time hereafter, after taking into account, to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationextent required by applicable law, any amount in excess of the Maximum Rate. The parties hereto agree that any interestand all fees, chargepayments, fee, expense or other obligation charges and calculations provided for in this Agreement or in any other agreement between Borrower and Lender (the other Loan Documents which constitutes interest under applicable law shall be"Maximum Legal Rate"), ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Participating Loan Agreement and shall be computed upon the other Loan Documents, equals basis of the Maximum Legal Rate. If.
(b) No agreements, notwithstanding conditions, provisions or stipulations contained in this Participating Loan Agreement or any other instrument, document or agreement between Borrower and Lender or default of Borrower, or the foregoingexercise by Lender of the right to accelerate the payment of the maturity of principal and interest, ▇▇▇▇▇▇▇▇▇ ever contracts foror to exercise any option whatsoever contained in this Participating Loan Agreement or any other agreement between Borrower and Lender, chargesor the arising of any contingency whatsoever, receivesshall entitle Lender to collect, takesin any event, collectsinterest exceeding the Maximum Legal Rate and in no event shall Borrower be obligated to pay interest exceeding such Maximum Legal Rate and all agreements, reserves conditions or applies as stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrower to pay a rate of interest any amount exceeding the Maximum Legal Rate, shall be without binding force or effect, at law or in equity, to the extent only of the excess of the Maximum Legal Rate ("Excess"), Borrower acknowledges and stipulates that any such charge shall be the result of an accidental and bona fide error, and such Excess shall be, first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the Obligations; and third, returned to Borrower, it being the intention of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. Borrower recognizes that, with fluctuations in the Applicable Interest Rate and the Maximum Legal Rate, such amount which would be deemed excessive interest an unintentional result could inadvertently occur. By the execution of this Participating Loan Agreement, Borrower covenants that it shall be deemed a partial payment not seek or prepayment of principal of the Loan or pursue any other indebtednessremedy, liability legal or obligation and treated hereunder as such; and if equitable, against Lender, based in whole or in part upon the Loan charging or receiving of any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratemaximum authorized by applicable law. For the purpose of determining whether or not any Excess has been contracted for, charged or received by Lender, all interest at any time contracted for, charged or received by Lender in connection with this Participating Loan Agreement shall be amortized, prorated, allocated and spread in equal parts during the entire term of this Participating Loan Agreement.
(c) The provisions of this Section 2.4 shall be deemed to be incorporated into every document or communication relating to the Obligations which set forth or prescribe any account, right or claim or alleged account, right or claim of Lender with respect to Borrower (or any other obligor in respect of Obligations), whether or not any provision of Section 2.4 is referred to therein. All such documents and communications and all figures set forth therein shall, for the
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Agent nor any Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ the Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower applicable Loan Party or other applicable Obligor or Obligors Loan Parties (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower Loan Parties, the Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Agent and/or the Lenders, as appropriate, shall refund to the Borrower applicable Loan Party or other applicable Obligor or Obligors Loan Parties (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.,
Appears in 1 contract
Sources: Credit Agreement (Dynamex Inc)
Maximum Interest Rate. (a) No interest rate specified It is the intention of the parties hereto to comply with applicable usury laws, if any; accordingly, notwithstanding any provision to the contrary in this Loan Agreement, the Note or in any of the other Loan Documents securing the payment hereof or otherwise relating hereto, in no event shall this Loan Agreement, the Note or such other Loan Documents require or permit the payment, taking, reserving, receiving, collection, or charging of any sums constituting interest under applicable laws which exceed the maximum amount permitted by such laws. If any such excess interest is called for, contracted for, charged, taken, reserved, or received in connection with the loans evidenced by the Note or in any of the Loan Documents securing the
(i) the provisions of this paragraph shall govern and control, (ii) neither the Company nor any other Person or entity now or hereafter liable for the payment of the Note shall be obligated to pay the amount of such interest to the extent such interest is in excess of the maximum amount of interest permitted by applicable usury laws, (iii) any such excess which is or has been received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Note or, if the Note has been or would be paid in full, refunded to the Company, and (iv) the provisions of this Loan Agreement, the Note and the other Loan Documents securing the payment thereof and otherwise relating thereto, and any communication to the Company, shall immediately be deemed reformed and such excess interest reduced, without the necessity of executing any other document, to the maximum lawful rate allowed under applicable laws as now or hereafter construed by courts having jurisdiction hereof or thereof. Without limiting the foregoing, all calculations of the rate of the interest contracted for, charged, collected, taken, reserved, or received in connection with the Note or this Loan Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful rate shall be made to the extent permitted by applicable laws by amortizing, prorating, allocating and spreading during the period of the full term of the loans, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken, collected, reserved, or received. The terms of this paragraph shall be deemed to be incorporated in every document and communication relating to the Note, the loans or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effectDocument.
(b) Notwithstanding anything Texas Finance Code, Chapter 346 (formerly Tex. Rev. Civ. Stat., Title 79, Chapter 15), which regulates certain revolving loan accounts and revolving triparty accounts, shall not apply to any revolving loan accounts created under the contrary contained in Note, this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate maintained in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and connection therewith.
(c) amortize, prorate, allocate and spread in equal or unequal parts To the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so extent that the interest rate does not exceed the Maximum Rate at any time during the term laws of the State of Texas are applicable to the Loans, the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Tex. Rev. Civ. Stat., Title 79, Article 5069-1D.003, also codified at Texas Finance Code, Section 303.301 (formerly Article 5069-1.01(a)(1)), and, to the extent that this Loan Agreement, the Note or any other indebtednessLoan Document is deemed an open end account as such term is defined in Tex. Rev. Civ. Stat., liability or obligation; provided thatTitle 79, if Article 5069-1B.002(14), also codified at Texas Finance Code Section 3.01.001(3) (formerly Article 5069-1.01(f)), the unpaid principal balance is paid and performed in full prior Payee retains the right to the end of the full contemplated term thereof, and if modify the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other rate in accordance with applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratelaw."
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Panchos Mexican Buffet Inc /De)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or Regardless of any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary provision contained in this Agreement or any of the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ Lender shall never charge, be entitled to receive, take, collect, reserve collect or apply, apply as interest on the Loan or any other indebtedness, liability or obligation, Debentures any amount in excess of interest calculated at the Maximum Rate. The parties hereto agree that any interest, chargeand, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation event that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Lender ever contracts for, charges, receives, takes, collects, reserves collects or applies as interest any amount in excess of such excess, the Maximum Rate, such amount which would be deemed excessive interest shall be deemed to be a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal amount of the Obligation is paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, payable under any specific contingency, contingency exceeds interest calculated at the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lender shall, to the maximum extent permitted by under applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, proratepro rate, allocate and spread spread, in equal or unequal parts parts, the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationDebentures; provided that, if the unpaid principal balance Debentures is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds interest calculated at the Maximum Rate, ▇▇▇▇▇▇▇▇▇ Lender shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess or credit the amount of such excess against the principal amount of the Debentures and, in such event, ▇▇▇▇▇▇▇▇▇ Lender shall not be subject to any Agreement -------------------------------------------------------------------------------- penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying receiving interest in excess of interest calculated at the Maximum Rate.
Appears in 1 contract
Sources: Convertible Loan Agreement (Cover All Technologies Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "“Contract Rate"”) for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither any Obligated Party nor the sureties, guarantors, successors, or assigns of any Obligated Party shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance, or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower Obligated Parties and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Bank shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document (the "Contract Rate") shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") Rate for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to No provision of any Loan Document shall require the contrary contained in this Agreement payment or the other Loan Documents, none collection of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that If any interestexcess of interest in such respect is hereby provided for, chargeor shall be adjudicated to be so provided, feein any Loan Document or otherwise in connection with this loan transaction, expense the provisions of this Section 14.12 shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or other obligation provided for in this Agreement or in assigns of the other Loan Documents which constitutes interest under applicable law Borrower shall be, ipso facto and under any and all circumstances, limited or reduced be obligated to an amount equal to pay the lesser of (i) the excess amount of such interestinterest or any other excess sum paid for the use, chargeforbearance, fee, expense or other obligation that would be payable in detention of sums loaned pursuant hereto. In the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ event any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the Maximum Rate shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations, liability or obligation and treated hereunder as such; and and, if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Lender shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified Any provision herein, or in any document --------------------- securing this Agreement, or any other document executed or delivered in connection herewith, including the Loan Documents, or in any other agreement or commitment, whether written or oral, expressed or implied, to the contrary notwithstanding, neither Lender nor any successor or assignee shall in any event be entitled to receive or collect, nor shall or may amounts received hereunder be credited, so that Lender or any successor or assignee shall be paid, as interest, a sum greater than the maximum amount permitted by applicable law to be charged to the Borrowers. If any construction of this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan document securing this Agreement, or any and all other indebtednesspapers, liability agreements or obligation commitments, indicate a different right given to Lender or any successor or assignee to ask for, demand or receive any larger sum as interest, such is a mistake in calculation or wording which this clause shall exceed override and control, it being the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none intention of the terms parties that this Agreement, and provisions all other instruments securing the payment of this Agreement or the other Loan Documents executed or delivered in connection herewith shall ever in all things comply with applicable law and proper adjustments shall automatically be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan made accordingly. In any event that Lender or any other indebtednesssuccessor or assignee ever receives, liability collects or obligationapplies or a governmental entity deems as interest, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount sum in excess of the Maximum Rate, if any such excess amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal applied to the reduction of the Loan or any other indebtednessunpaid principal balance of the Obligation, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are Obligation is paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrowers. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower if any, Borrowers and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lender or any successor or assignee shall, to the maximum extent permitted by under applicable law, : (ai) characterize any nonprincipal payment as an expense, expense or fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts "spread" the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationthis Agreement; provided that, that if the unpaid principal balance this Agreement is paid and performed in full prior to the end of the full contemplated term thereofhereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ if any, Lender or any successor or assignee shall refund to Borrowers the Borrower amount of such excess, or other applicable Obligor or Obligors (as appropriate) credit the amount of such excess and, against the aggregate unpaid principal balance of all advances made by the Lender or any successor or assignee under the Obligation at the time in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratequestion.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified It is the intention of Lender, --------------------- Borrower, the Guarantor, and all other parties to the Loan to conform to and contract in this Agreement strict compliance with applicable usury laws from time-to-time in effect. All agreements between Lender or any other Loan Document shall at any time exceed holder of the Maximum Rate. If at any time the interest rate Note and Borrower (the "Contract Rate") for the Loan or any other indebtednessparty liable with respect to indebtedness under the Loan Documents) are hereby limited by this provision, liability which shall control and override all such agreements. In no way, nor in any event or obligation contingency (including, but not limited to, prepayment, default, demand for payment, or the acceleration of maturity of any Obligations, or the recharacterization of any application fee, loan commitment fees, or origination fees as interest), shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to taken, reserved, contracted for, charged or received under the Maximum RateNote, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documentsotherwise, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals exceed the Maximum Rate. If, notwithstanding the foregoingfrom any possible construction of any document, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount would otherwise be payable in excess of the Maximum Rate, any such construction shall be subject to this provision, and such document shall be automatically reformed, and the interest payable shall be automatically reduced to the Maximum Rate permitted under applicable law, without the necessity of the execution of any amendment or new document. If Lender or the holder of the Note shall ever receive any thing of value that is characterized as interest under applicable law and that would apart from this provision, be in excess of the Maximum Rate, an amount equal to the amount that would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Note in the inverse order of its maturity and not to the payment of interest, or refunded to Borrower or the other payor thereof if and to the extent such amount, which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal have been excessive, exceeds such unpaid principal. The right to accelerate the maturity of the Loan Note, or any other indebtedness, liability does not include the right to accelerate any interest that has not otherwise accrued on the date of such acceleration, and the Lender or obligation and treated hereunder as such; and if the Loan holder thereof does not intend to charge or receive any other indebtedness, liability unearned interest in the event of acceleration. All interest paid or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly agreed to be paid to the Borrower Lender or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds holder of the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Note shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expensebe amortized, fee or premium rather than as interestprorated, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocated and spread in equal throughout the full stated term (including any renewal or unequal parts extension) of the total Note so that the amount of interest throughout the entire contemplated term on account of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate such indebtedness does not exceed the Maximum Rate at any time during Rate. As used in this paragraph, the term "applicable law" shall mean the laws of the Loan State of Texas or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end federal laws of the full contemplated term thereofUnited States of America, and if which ever laws allow the interest received for greater h laws now exist may be changed or amended or come in effect in the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratefuture.
Appears in 1 contract
Maximum Interest Rate. (a) No Notwithstanding the foregoing provisions of Section 2.3 regarding the rates of interest rate specified in this Agreement or any other Loan Document shall at any time exceed applicable to the Maximum Rate. If Loan, if at any time the amount of such interest rate (computed on the "Contract Rate") for basis of the Loan or any other indebtedness, liability or obligation shall Applicable Interest Rate would exceed the Maximum Rate, thereby causing amount of such interest computed upon the interest accruing thereon to be limited to basis of the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the maximum rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been permitted by applicable state or federal law in effect.
(b) Notwithstanding anything effect from time to time hereafter, after taking into account, to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationextent required by applicable law, any amount in excess of the Maximum Rate. The parties hereto agree that any interestand all fees, chargepayments, fee, expense or other obligation charges and calculations provided for in this Agreement or in any other agreement between Borrower and Lender (the other Loan Documents which constitutes interest under applicable law shall be"Maximum Legal Rate"), ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and shall be computed upon the other Loan Documents, equals basis of the Maximum Legal Rate. If.
(b) No agreements, notwithstanding conditions, provisions or stipulations contained in this Agreement or any other instrument, document or agreement between Borrower and Lender or default of Borrower, or the foregoingexercise by Lender of the right to accelerate the payment of the maturity of principal and interest, ▇▇▇▇▇▇▇▇▇ ever contracts foror the exercise any option whatsoever contained in this Agreement, chargesor the arising of any contingency whatsoever, receivesshall entitle Lender to collect, takesin any event, collectsinterest exceeding the Maximum Legal Rate and in no event shall Borrower be obligated to pay interest exceeding such Maximum Legal Rate and all agreements, reserves conditions or applies as stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrower to pay a rate of interest any amount exceeding the Maximum Legal Rate, shall be without binding force or effect, at law or in equity, to the extent only of the excess of the Maximum Legal Rate ("Excess"), Borrower acknowledges and stipulates that any such charge shall be the result of an accidental and bona fide error, and such Excess shall be, first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the Obligations; and third, returned to Borrower, it being the intention of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. Borrower recognizes that, with fluctuations in the Applicable Interest Rate and the Maximum Legal Rate, such amount which would be deemed excessive interest an unintentional result could inadvertently occur. By the execution of this Agreement, Borrower covenants that it shall be deemed a partial payment not seek or prepayment of principal of the Loan or pursue any other indebtednessremedy, liability legal or obligation and treated hereunder as such; and if equitable, against Lender, based in whole or in part upon the Loan charging or receiving of any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratemaximum authorized by applicable law. For the purpose of determining whether or not any Excess has been contracted for, charged or received by Lender, all interest at any time contracted for, charged or received by Lender in connection with this Agreement shall be amortized, prorated, allocated and spread in equal parts during the entire term of this Agreement.
(c) The provisions of this Section 2.4 shall be deemed to be incorporated into every document or communication relating to the Obligations which set forth or prescribe any account, right or claim or alleged account, right or claim of Lender with respect to Borrower (or any other obligor in respect of Obligations), whether or not any provision of Section 2.4 is referred to therein. All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent of the liabilities and obligations of Borrower (or other obligor) asserted by Lender thereunder, be automatically recomputed by Borrower or other obligor, and by any court considering the same, to give effect to the adjustments or credits required by Section 2.4.
(d) If the applicable state or federal law is amended in the future to allow a greater rate of interest to be charged under this Agreement or any other Loan Documents than is presently allowed by applicable state or federal law, then the limitation of interest under this Section 2.4 shall be increased to the maximum rate of interest allowed by applicable state or federal law as amended, which increase shall be effective hereunder on the effective date of such amendment, and all interest charges owing to Lender by reason thereof shall be payable upon demand.
Appears in 1 contract
Sources: Loan Agreement (Pet Quarters Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement Agreement, Borrower shall not be obligated to pay, and Lenders shall not be entitled to charge, collect, receive, reserve, or take, interest (it being understood that “interest” shall be calculated as the other Loan Documentsaggregate of all charges which constitute interest under applicable law that are contracted for, none charged, reserved, received, or paid) in excess of the terms Highest Lawful Rate. During any period of time in which the interest rates specified herein exceed the Highest Lawful Rate, interest shall accrue and provisions be payable at such maximum rate; provided that, if the interest rates decline below the Highest Lawful Rate, interest shall continue to accrue and be payable at the Highest Lawful Rate (so long as there remains any unpaid principal with respect to the Advances) until the interest that has been paid equals the amount of interest that would have been paid if interest had at all times accrued and been payable at the applicable interest rates specified in this Agreement.
(b) If, for any reason, Lenders receive anything of value as interest or anything deemed interest by applicable law under this Agreement or any of the other Loan Documents shall ever be construed to create a contract or obligation to pay otherwise that results in Lenders receiving interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any an amount in excess of the Maximum Highest Lawful Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would excess shall be payable in applied to the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess reduction of the Maximum Rateprincipal amount owing hereunder or on account of any other Indebtedness of Borrower owing to Lenders, and not to the payment of interest. If the amount of such excess exceeds the unpaid principal balance of all Indebtedness of Borrower owing to Lenders, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid refunded to the Borrower or other applicable Obligor or Obligors Borrower.
(as appropriate). c) In determining whether or not the interest paid or payable, under payable with respect to any specific contingency, Indebtedness of Borrower owing to Lenders exceeds the Maximum Highest Lawful Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, : (aA) characterize any nonprincipal non-principal payment as an expense, fee fee, or premium rather than as interest, ; (bB) exclude voluntary prepayments and the effects thereof, and ; (cC) amortize, prorate, allocate allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated actual term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, such Indebtedness so that the interest rate it does not exceed the Maximum Rate maximum amount permitted by applicable law; or (D) allocate interest between portions of such Indebtedness so that, to the greatest extent possible, no such portion shall bear interest at any time during a rate greater than the Highest Lawful Rate.
(d) For purposes of this Section 2.12, the term “applicable law” means the internal laws of the Loan or any other indebtednessState of Colorado, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end extent, contrary to the express intent of the full contemplated term thereofparties, Colorado law is found to be inapplicable to this Agreement, then “applicable law” also means that law in effect from time to time and if applicable to this loan transaction which lawfully permits the charging and collection of the highest permissible, lawful, non-usurious rate of interest received for the actual period of existence thereof exceeds the Maximum Rateon such loan transaction and this Agreement, ▇▇▇▇▇▇▇▇▇ shall refund and, to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess andextent controlling, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum RateUnited States of America.
Appears in 1 contract
Sources: Borrowing Base Revolving Line of Credit Agreement (Industrial Income Trust Inc.)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions No provision of this Agreement or the of any other Loan Documents Document shall ever be construed to create a contract require the payment or obligation to pay the collection of interest at a rate in excess of the Maximum Rate; maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section 13.12 shall govern and ▇▇▇▇▇▇▇▇▇ prevail and neither the Borrower nor its sureties, guarantors, successors or assigns shall never charge, receive, take, collect, reserve or apply, as be obligated to pay the excess amount of such interest on the Loan or any other indebtednessexcess sum paid for the use, liability forbearance or obligation, detention of sums loaned pursuant hereto. In the event any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ Bank ever contracts for, charges, receives, takes, collects, reserves collects or applies as interest any amount in excess of the Maximum Ratesuch sum, such amount which would be deemed excessive interest in excess of the maximum amount permitted by applicable law shall be deemed applied as a partial payment or prepayment and reduction of the principal of the Loan or any other indebtednessObligations; and, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are principal of the Obligations has been paid in full, any remaining excess shall promptly forthwith be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether or not the interest paid or payable, under any specific contingency, payable exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ each Bank shall, to the maximum extent permitted by applicable law, law (a) characterize any nonprincipal non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, Obligations so that interest for the interest rate entire term does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in At no time shall any Applicable Interest Rate or Default Rate under this Agreement or any other Note, or otherwise in respect of any Loan Document shall at or any time Indebtedness hereunder, exceed the Maximum Legal Rate, giving due consideration to the execution of this Agreement and each Note. If at In the event that any time interest is charged or otherwise received by Banks in excess of the Maximum Legal Rate, each Borrower hereby acknowledges and agrees that any such excess interest rate (shall be the "Contract Rate") for result of an accidental and bona fide error, and any such excess shall be deemed to have been payments of principal, and not of interest, and shall be applied, first, to reduce the Loan or principal Indebtedness then outstanding, second, any remaining excess, if any, shall be applied to reduce any other indebtednessIndebtedness, liability and third, any remaining excess, if any, shall be returned to Borrowers. Notwithstanding the foregoing or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the any other Loan DocumentsDocument, none but subject to all limitations contained in this paragraph, if at anytime any Applicable Interest Rate or Default Rate or other rate of interest applicable to any portion of the terms and provisions of this Agreement or Indebtedness is computed on the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess basis of the Maximum Legal Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount subsequent reduction in excess the Applicable Interest Rate, Default Rate or such other rate of interest shall not reduce such interest rate thereafter payable below the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in Legal Rate until the other Loan Documents 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 (i) the aggregate amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, accrued equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout that would have accrued if interest had, at all times, been computed solely on the entire contemplated term basis of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Applicable Interest Rate, ▇▇▇▇▇▇▇▇▇ Default Rate or such other interest rate. This paragraph shall refund to control all agreements between the Borrower or other applicable Obligor or Obligors (as appropriate) Borrowers and the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum RateBanks.
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum RateRate nor shall the amount of interest contracted for, charged, received, taken, collected, reserved or applied exceed the maximum amount permitted by applicable law. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then then, to the extent permitted by law, any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Agent, the Documentation Agent, the Managing Agent, the Arranger, the Issuing Bank, any Co-Agent nor any Lender nor any other Person shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum RateRate or the maximum amount permitted by applicable law or any unearned interest in violation of applicable law. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b13.11(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum RateRate and in no event exceeds the maximum amount permitted by applicable law. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ the Agent, the Documentation Agent, the Managing Agent, the Arranger, the Issuing Bank or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower Borrower, the Agent, the Documentation Agent, the Managing Agent, the Arranger, the Issuing Bank, any Co-Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund Rate to the Borrower or other maximum extent permitted by applicable Obligor or Obligors (as appropriate) law, the amount of such excess andAgent, in such eventthe Documentation Agent, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.Managing
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document Paper shall at any time exceed the Maximum Highest Lawful Rate. If at any time the interest rate (the "Contract RateCONTRACT RATE") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Highest Lawful Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Highest Lawful Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Highest Lawful Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan DocumentsPapers, none of the terms and provisions of this Agreement or the other Loan Documents Papers shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Highest Lawful Rate; and ▇▇▇▇▇▇▇▇▇ neither any Agent nor any Bank shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Highest Lawful Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents Papers which constitutes interest under applicable law Law shall be, ipso facto IPSO FACTO and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(bSECTION 9.19(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan DocumentsPapers, equals the Maximum Highest Lawful Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ any Agent or any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Highest Lawful Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower Borrower, Parent or other applicable Obligor or Obligors Subsidiary (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Highest Lawful Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ parties hereto shall, to the maximum extent permitted by applicable lawLaw, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Highest Lawful Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided thatPROVIDED THAT, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Highest Lawful Rate, ▇▇▇▇▇▇▇▇▇ the Agent and/or the Banks, as appropriate, shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) Person the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ the Agent and the Banks shall not be subject to any penalties provided by any laws Laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Highest Lawful Rate.
(c) Pursuant to Article 15.10(b) of Chapter 15, Subtitle 79, Revised Civil Statutes of Texas 1925, as amended, each of the Borrower, the Parent and the Subsidiaries agrees that such Chapter 15 (which regulates certain revolving credit loan accounts and revolving tri-party accounts) shall not govern or in any manner apply to the Obligations.
Appears in 1 contract
Sources: Credit Agreement (Frozen Food Express Industries Inc)
Maximum Interest Rate. (a) No Borrower acknowledges and agrees that 12 U.S.C. § 2205 provides that Farm Credit System Institutions are not subject to any interest rate specified limitation imposed by any state constitution or statute or other laws, and that any such limitations are preempted, and that therefore interest owing under the Notes, to the extent funded by a Farm Credit System Institution, is not subject to any ceiling. Nonetheless, in the event it is ever determined by a court of competent jurisdiction that interest owing on the Notes, or some of them, is subject to any limitations imposed by the laws of the State of Colorado or Texas or any other jurisdiction, it is the intent of Borrower, and the Syndication Parties to, notwithstanding the provisions of Section 3.1 hereof, at all times comply with the applicable usury laws relating to this Credit Agreement or the Notes now or hereafter in effect including, without limitation, Title 4 of the Texas Finance Code and any subsequent revisions or judicial interpretations thereof if, and to the extent, determined by a court to be applicable to the Notes. It is agreed that the aggregate of all interest and other charges constituting interest, or adjudicated as constituting interest, and contracted for, chargeable, or receivable in connection with the Notes shall under no circumstances exceed the maximum nonusurious amount of interest permitted by applicable law. If the applicable laws are ever revised or judicially interpreted so as to render usurious any amount called for under this Credit Agreement or the Notes or contracted for, charged, chargeable, received or receivable with respect to this Credit Agreement or the Notes, or if the exercise of the option to accelerate the maturity of the Notes, or if any payment, results in Borrower having paid any interest on one or more of the Notes in excess of that permitted by applicable law, any such construction shall be subject to the provisions of this Section and, to the extent permitted by applicable law all excess amounts collected on such Notes shall be credited on the principal balance of such Notes (or, if it has been paid in full, refunded to Borrower), and those provisions shall immediately be deemed reformed and the amounts thereafter collectible will be reduced, without the necessity of the execution of any new documents, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount of interest otherwise lawfully called for under this Credit Agreement or the Notes. In the event the maturity of any Note is accelerated, then earned interest may never include more than the maximum amount of interest permitted by applicable law from the date of each advance of the proceeds of such Note until paid. Specifically, but without in any way limiting the generality of the foregoing, if from any circumstances whatsoever fulfillment of any provision of this Credit Agreement or the Notes, at the time performance of such provision is due, would cause the interest contracted for, charged, chargeable, received or receivable with respect to this Credit Agreement or any other Loan Document shall at any time of the Notes to exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rateamount permitted by applicable law, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding ipso facto and notwithstanding anything to the contrary contained in this Agreement or the other Loan Documentsherein, none of the terms and provisions of this Agreement or the other Loan Documents Borrower shall ever only be construed to create a contract or obligation required to pay interest at a rate on each such Note in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest amounts payable under this Credit Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any maximum amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or permitted by applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate)law. In determining whether the amount of interest paid contracted for, charged, chargeable, received or payable, under receivable with respect to this Credit Agreement or any specific contingency, exceeds of the Maximum Rate, Notes would ever exceed the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent amount permitted by applicable law, (a) characterize any nonprincipal payment as an expenseall sums charged, fee paid or premium rather than as interestagreed to be paid under this Credit Agreement for the use, (b) exclude voluntary prepayments and forbearance, or detention of the effects thereofindebtedness of Borrower to the Administrative Agent and/or the Syndication Parties shall, to the extent possible under applicable law, be amortized, prorated, allocated, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated full term of the Loan Notes (including any renewal or extension), until payment in full. The provisions of this Section control all agreements between the Administrative Agent and/or the Syndication Parties and Borrower relative to the Notes. In the event any other indebtednessinterest is required to be credited to principal or refunded to Borrower with respect to some, liability or obligationbut not all, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtednessNotes, liability or obligation; provided that, if such adjustment shall be for the unpaid principal balance is paid and performed in full prior to the end account of the full contemplated term thereofSyndication Party which is the payee under such Note or Notes, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving affect the other Notes or applying interest in excess of the Maximum RateSyndication Parties which are the payees under such other Notes.
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Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation Obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor for such Obligation shall not reduce the rate of interest therefor on such Obligation below the Maximum Rate until the aggregate amount of interest accrued thereon on such Obligation equals the aggregate amount of interest which would have accrued thereon on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ neither the Administrative Agent nor any Lender shall never ever charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligationObligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, 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 Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation Obligations and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors F.Y.I. (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, F.Y.I., the Borrower Administrative Agent and the other Obligors and ▇▇▇▇▇▇▇▇▇ Lenders shall, to the maximum extent permitted by applicable law, (ai) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationObligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligationObligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) F.Y.I. 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, reserving or applying interest in excess of the Maximum Rate.
Appears in 1 contract
Sources: Credit Agreement (Fyi Inc)
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed It is the Maximum Rate. If at any time intent of the interest rate (parties hereto that each of the "Contract Rate") for Bank and the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction Borrower in the Contract Rate therefor shall not reduce the rate execution, delivery and performance of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, the transactions provided for therein and contemplated thereby, and all matters incidental and related thereto and arising therefrom, shall comply and conform strictly with Applicable Law from time to time in effect. In furtherance thereof, the Bank and the Borrower stipulate and agree that none of the terms and provisions of this Agreement contained in, or pertaining to, the other Loan Documents shall ever be construed to create a contract or obligation to pay for the use or forbearance or detention of money with interest at a rate or in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any an amount in excess of the Maximum RateRate or maximum amount of interest permitted or allowed to be contracted for, charged, received, taken or reserved under said Laws. The parties hereto agree that any interestFor purposes of each Loan Document, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents 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 (i) "interest" shall include the amount aggregate of all amounts which constitute or are deemed to constitute interest under the Laws of the State of Texas or, to the extent they may apply, the Laws of the United States of America, that are contracted for, chargeable, receivable(whether received or deemed to have been received), taken or reserved under each such interestdocument, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or and (ii) all computations of the maximum amount of interest permitted or allowed under Applicable Law will be made on the basis of the actual number of days elapsed over a 365 or 366 day year, whichever is applicable. Neither the Borrower nor any other person shall ever be required to pay unearned interest on, or with respect to any of, the Loan Documents and shall never be required to pay interest on, or with respect to any of, the Loan Documents at a rate or in an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment Rate or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout that may be lawfully contracted for, charged, received, taken or reserved under Applicable Law, AND THE PROVISIONS OF THIS PARAGRAPH SHALL CONTROL OVER ALL OTHER PROVISIONS OF THE LOAN DOCUMENTS. If the entire contemplated term effective rate or amount of interest which would otherwise be payable under the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not Documents would exceed the Maximum Rate at any time during or maximum amount of interest the term of the Loan Bank or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end holder of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower any Note or other applicable Obligor Obligations is allowed by Applicable Law to charge, contract for, take, reserve or Obligors (as appropriate) receive, or in the event the Bank or any holder of any Note or other Obligations shall charge, contract for, take, reserve or receive monies that are deemed to constitute interest which would, in the absence of this provision, increase the effective rate or amount of interest payable under the Loan Documents to a rate or amount in excess of that permitted or allowed to be charged, contracted for, taken, reserved or received under Applicable Law then in effect, then the principal amount of such Note or other Obligations or the amount of interest which would otherwise be payable thereunder shall be payable at, or reduced to, as applicable, the maximum amount allowed pursuant to the then applicable indicated (weekly) rate ceiling referred to herein above at the definition of the term Applicable Law, or if no such excess andceiling is then in effect, in as authorized and allowed under said Laws as now or hereafter construed by the courts having jurisdiction, and all such eventmonies so charged, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting contracted, for, chargingreceived, receiving, taking, collecting, reserving taken or applying reserved that are deemed to constitute interest in excess of the Maximum RateRate or maximum amount of interest permitted by Applicable Law shall be immediately returned or credited to the account of such Borrower upon such determination.
Appears in 1 contract
Maximum Interest Rate. (a) No Notwithstanding the foregoing provisions of Section 3.1 regarding the rates of interest applicable to the Loans, if at any time the amount of such interest computed on the basis of the Applicable Interest Rate would exceed the amount of such interest computed upon the basis of the maximum rate specified of interest permitted by applicable state or federal law in effect from time to time hereafter, after taking into account, to the extent required by applicable law, any and all fees, payments, charges and calculations provided for in this Agreement or in any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate agreement between Borrower and Lender (the "Contract Maximum Legal Rate") for ), the Loan or any other indebtedness, liability or obligation interest payable under this Agreement shall exceed be computed upon the basis of the Maximum Legal Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then but any subsequent reduction in the Contract Reference Rate therefor shall not reduce the rate of such interest therefor thereafter payable hereunder below the amount computed on the basis of the Maximum Legal Rate until the aggregate amount of such interest accrued thereon and payable under this Agreement equals the aggregate total amount of interest which would have accrued thereon if the Contract Rate such interest had been at all times been in effectcomputed solely on the basis of the Applicable Interest Rate.
(b) Notwithstanding anything to the contrary No agreements, conditions, provisions or stipulations contained in this Agreement or any other instrument, document or agreement between Borrower and the other Loan DocumentsLender or default of Borrower, none or the exercise by the Lender of the terms and provisions of this Agreement or right to accelerate the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess payment of the Maximum Rate; maturity of principal and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for to exercise any option whatsoever contained in this Agreement or in the other Loan Documents 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 (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the agreement between Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligationLender, or applicable portions thereofthe arising of any contingency whatsoever, so that shall entitle the Lender to collect, in any event, interest rate does not exceed exceeding the Maximum Legal Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior no event shall Borrower be obligated to the end of the full contemplated term thereof, and if the pay interest received for the actual period of existence thereof exceeds the exceeding such Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Rate.Legal
Appears in 1 contract
Maximum Interest Rate. (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary Nothing contained in this Agreement or the other Loan Documents, none of Notes shall require the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation Borrower to pay interest at a rate in excess exceeding the maximum rate permitted by applicable law. Neither this Section nor Section 9.08 is intended to limit the rate of interest payable for the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve account of any Bank or applythe Issuing Bank, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest under applicable law shall case may be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent rate permitted by the laws of the State of New York if a higher rate is permitted with respect to such Bank or the Issuing Bank, as the case may be, by supervening provisions of United States federal law.
(b) If the amount of interest payable for the account of any Bank or the Issuing Bank, as the case may be, on any date in respect of the immediately preceding interest computation period, computed pursuant to Section 2.06 or, in the case of interest on Reimbursement Obligations or other amounts payable in respect of Letters of Credit, Section 2.07, would exceed the maximum amount permitted by applicable lawlaw to be charged by such Bank or the Issuing Bank, as the case may be, the amount of interest payable for its account on such date shall be automatically reduced to such maximum permissible amount.
(ac) characterize If the amount of interest payable for the account of any nonprincipal payment Bank or the Issuing Bank, as an expensethe case may be, fee or premium rather than as interest, in respect of any interest computation period is reduced pursuant to clause (b) exclude voluntary prepayments of this Section and the effects thereofamount of interest payable for its account in respect of any subsequent interest computation period, and computed pursuant to Section 2.06 or, in the case of interest on Reimbursement Obligations or other amounts payable in respect of Letters of Credit, Section 2.07, would be less than the maximum permissible amount permitted by applicable law to be charged by such Bank or the Issuing Bank, as the case may be, then the amount of interest payable for its account in respect of such subsequent interest computation period shall be automatically increased to such maximum permissible amount; provided that at no time shall the aggregate amount by which interest paid for the account of any Bank or the Issuing Bank, as the case may be, has been increased pursuant to this clause (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term aggregate amount by which interest paid for its account has theretofore been reduced pursuant to clause (b) of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any penalties provided by any laws for contracting for, charging, receiving, taking, collecting, reserving or applying interest in excess of the Maximum Ratethis Section.
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