Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirements, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12.
Appears in 2 contracts
Sources: Credit Agreement (Evolve Transition Infrastructure LP), Credit Agreement (Constellation Energy Partners LLC)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower any party to each Lender any other party under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt or charging thereof would be contrary to provisions of law applicable to such Lender the party charging interest limiting rates of interest that which may be charged or collected by such Lenderparty. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lenderthe party charging interest, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: :
(a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender party shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such party herein called the “Highest Lawful Rate”), and any excess shall be credited to the Borrower other party by such Lender party (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrowersuch other party); (c) all sums paid, or agreed to be paid, to such Lender party for the use, forbearance and detention of the indebtedness of the Borrower amounts owed under this Agreement by such other party to such Lender party hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness amounts owed under this Agreement until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, this Agreement together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender party pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductionsreductions in the interest otherwise provided pursuant to this Agreement, as applicable, shall not reduce be carried forward and collected in periods in which the amount of interest to accrue to such Lender accruing otherwise pursuant to this Agreement below shall be less than the Highest Lawful Rate until the total amount of interest (including such fees deemed to be interest) accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to such Lender party if a varying rate per annum equal to the interest provided pursuant to Section 3.02 Alternate Base Rate had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.12Section.
Appears in 2 contracts
Sources: Receivables Purchase Agreement (Greif Inc), Sale and Contribution Agreement (Greif Inc)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirements, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12..
Appears in 1 contract
Sources: Credit Agreement (Evolve Transition Infrastructure LP)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to the Agent and each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to the Agent or such Lender limiting rates of interest that which may be charged or collected by the Agent or such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: the
(a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by the Agent or such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the “Highest Lawful Rate”), and any excess shall be credited to the Borrower by the Agent or such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to the Agent or such Lender for the use, forbearance and detention of the indebtedness Indebtedness of the Borrower to the Agent or such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, 4.1 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to the Agent or such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to the Agent or such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to the Agent or such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section. For purposes of Section 12.12303.201 of the Texas Finance Code, as amended, to the extent, if any, applicable to the Agent or a Lender, the Borrower agrees that the Highest Lawful Rate shall be the “indicated (weekly) rate ceiling” as defined in said Section, provided that the Agent or such Lender may also rely, to the extent permitted by applicable laws, on alternative maximum rates of interest under other laws applicable to the Agent or such Lender if greater. Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving tri-party accounts (formerly Tex. Rev. Civ.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto Bank and the Borrower to conform strictly to applicable usury lawscomply with the laws of the State of Illinois, and, anything herein notwithstanding any provision to the contrary notwithstandingcontained herein or in the other Related Documents, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to pay, and the extent that receipt thereof would Bank shall not be contrary permitted to provisions collect, any amount in excess of law applicable to such Lender limiting rates the maximum amount of interest that may be charged permitted by applicable law ("EXCESS INTEREST"). If any Excess Interest is provided for or collected determined to have been provided for by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws a court of competent jurisdiction in this Agreement or in any of the United States of Americaother Related Documents, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, then in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: such event (ai) the provisions of this Section 12.12 SECTION 4.15 shall govern and control; (bii) the aggregate Borrower shall not be obligated to pay any Excess Interest; (iii) any Excess Interest that the Bank may have received hereunder shall be, at the Bank's sole option, (A) applied as a credit against either the outstanding principal balance of all consideration that constitutes the Revolving Loans or accrued and unpaid interest hereon, (B) refunded to the payor thereof, or (C) any combination of the foregoing; (iv) the interest rate(s) provided for herein shall be automatically reduced to the maximum rate allowed under Governmental Requirements that is contracted forapplicable law, charged and this Agreement and the other Related Documents shall be deemed to have been, and shall be, reformed and modified to reflect such reduction; and (v) the Borrower shall not have any action against the Bank for any damages arising out of the payment or received under this Agreementcollection of any Excess Interest. Notwithstanding the foregoing, if any interest payment or other charge or fee payable hereunder or under any of the other Loan Document or otherwise in connection with this Agreement Related Documents exceeds the maximum amount then permitted by such Lender shall under no circumstances exceed applicable law, then to the Highest Lawful Rateextent permitted by law, and any excess the Borrower shall be credited obligated to pay the maximum amount then permitted by applicable law and the Borrower shall continue to pay the maximum amount from time to time permitted by applicable law until all such Lender interest payments and other charges and fees otherwise due hereunder or under any of the other Related Documents (or, if in the absence of such consideration shall restraint imposed by applicable law) have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirements, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to each Lender and the Issuer under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender or the Issuer limiting rates of interest that may be charged or collected by such LenderLender or the Issuer. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, Lender or the Issuer then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 4.11 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement Agreement, by such Lender or the Issuer shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender or the Issuer herein called the “Highest Lawful Rate”), and any excess shall be credited to the Borrower outstanding principal of the Loans by such Lender or the Issuer (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender or the Issuer for the use, forbearance and detention of the indebtedness Indebtedness of the Borrower to such Lender or the Issuer hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, 3.2 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender or the Issuer pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender or the Issuer pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to such Lender or the Issuer if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.124.11.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable interest, usury laws, and criminal laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower Company to each an Australian Lender or any Agent under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Australian Lender or Agent limiting rates of interest that which may be charged or collected by such LenderAustralian Lender or Agent. Accordingly, if the transactions contemplated hereby would be illegal, unenforceable, usurious or criminal under Governmental Requirements laws applicable to an Australian Lender or Agent (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicableapplicable to such Australian Lender or Agent notwithstanding anything to the contrary in this Agreement or any other Australian Loan Document but subject to Section 3.8 hereof) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this AgreementAgreement or any other Australian Loan Document, it is agreed as follows: :
(a) the provisions of this Section 12.12 3.2 shall govern and control; ;
(b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, taken, reserved, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Australian Lender or Agent shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to each Australian Lender and the Agent herein called the "Highest Lawful Rate"), and any excess shall be cancelled automatically and if theretofore paid shall be credited to the Borrower Company by such Australian Lender or Agent (or, if such consideration shall have been paid in full, such excess promptly refunded to the BorrowerCompany); ;
(c) all sums paid, or agreed to be paid, to such Australian Lender or Agent for the use, forbearance and detention of the indebtedness of the Borrower Company to such Australian Lender or Agent hereunder or under any Australian Loan Document shall, to the extent permitted by Governmental Requirementslaws applicable to such Australian Lender or Agent, as the case may be, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and ;
(d) if at any time the interest provided pursuant to this Section 3.023.2 or any other clause of this Agreement or any other Australian Loan Document, together with any other fees and expenses or compensation payable pursuant to this Agreement and the or any other Australian Loan Documents Document and deemed interest under Governmental Requirementslaws applicable to such Australian Lender or Agent, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees or compensation to accrue to such Australian Lender or Agent pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this AgreementAgreement or any other Australian Loan Document, to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Australian Lender or Agent pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement or such other Australian Loan Document, as the case may be, and such fees or compensation deemed to be interest equals the amount of interest that which would have accrued to such Australian Lender or Agent if a varying rate per annum equal to the interest provided pursuant to any other relevant Section 3.02 hereof (other than this Section 3.2), as applicable, had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.12.3.2; and
(e) with the intent that the rate of interest herein shall at all times be lawful, and if the receipt of any funds owing hereunder or under any other agreement related hereto (including any of the other Australian Loan Documents) by such Australian Lender or Agent would cause such Australian Lender
Appears in 1 contract
Sources: Credit Agreement (Apache Corp)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower Seller to each Lender the Purchaser under this Agreement and the other Production Payment Documents shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender the Purchaser limiting rates of interest that which may be charged or collected by such Lenderthe Purchaser. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, the Purchaser then, in that event, notwithstanding anything to the contrary in this AgreementAgreement or the other Production Payment Documents, it is agreed as follows: :
(a) the provisions of this Section 12.12 shall govern and control; ;
(b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this AgreementAgreement and the other Production Payment Documents, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender the Purchaser shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to the Purchaser herein called the "Highest Lawful Rate"), and any excess shall be credited to the Borrower Seller by such Lender the Purchaser (or, if such consideration shall have been paid in full, such excess promptly refunded to the BorrowerSeller); ;
(c) all sums paid, or agreed to be paid, to such Lender the Purchaser for the use, forbearance and detention of the indebtedness of amounts owed under this Agreement by the Borrower Seller to such Lender the Purchaser hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness amounts owed under this Agreement and the other Production Payment Documents until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and and
(d) if at any time the interest provided pursuant to Section 3.02, 21 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Production Payment Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender the Purchaser pursuant to this Agreement and the other Production Payment Documents shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement or in any other Production Payment Document to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender the Purchaser pursuant to this Agreement and other Production Payment Documents below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and the other Production Payment Documents and such fees deemed to be interest equals the amount of interest that which would have accrued to such Lender the Purchaser if a varying rate per annum equal to the interest provided pursuant to Section 3.02 21 had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.12Section. In the event applicable law provides for an interest ceiling under ss.303 of the Texas Finance Code and Chapter ID of Title 79, Texas Revised Civil Statutes Annotated, that ceiling shall be the "indicated rate ceiling" or "weekly ceiling" as defined in the Texas Finance Code or such Chapter 1D, provided that the Purchaser may also rely, to the extent permitted by applicable laws, on alternative maximum rates of interest under other laws applicable to the Purchaser if greater. As used in this section the term "applicable law" means the laws of the State of Texas or the laws of the United States of America, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: the
(a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirements, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12.
Appears in 1 contract
Sources: Credit Agreement (Constellation Energy Partners LLC)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 In no event whatsoever shall govern and control; (b) the aggregate of all consideration that constitutes amounts deemed interest under Governmental Requirements that is contracted for, hereunder and charged or received under collected pursuant to the terms of this Agreement, or Agreement exceed the highest rate permissible under any other Loan Document or otherwise law which a court of competent jurisdiction shall, in connection with a final determination, deem applicable hereto. If any provisions of this Agreement by are in contravention of any such Lender shall under no circumstances exceed the Highest Lawful Ratelaw, and any excess such provisions shall be credited deemed amended to conform thereto (the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower“Maximum Rate”); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirements, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if . If at any time the interest provided pursuant to Section 3.02time, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest paid hereunder is limited by the Maximum Rate, and any such fees to accrue to such Lender pursuant to this Agreement the amount at which interest accrues hereunder is subsequently below the Maximum Rate, the rate at which interest accrues hereunder shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued remain at the Highest Lawful Maximum Rate, but any subsequent reductions, until such time as applicable, shall not reduce the aggregate interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest paid hereunder equals the amount of interest that would have accrued been paid had the Maximum Rate not applied.
(b) Without limiting subsection 2.1.3(a), if any provision of this Agreement or any of the other Loan Documents would obligate Canadian Borrower to make any payment of interest under the Canadian Obligations or other amount in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by Canadian Lender of interest under the Canadian Obligations at a criminal rate (as such terms are construed under the Criminal Code (Canada)) then, notwithstanding such provision, such amount or rates shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by Canadian Lender of interest under the Canadian Obligations at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rates of interest required to be paid to Canadian Lender under this subsection 2.1.3(b) and (2) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to Canadian Lender which would constitute interest under the Canadian Obligations for purposes of Section 347 of the Criminal Code (Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if Canadian Lender shall have received an amount in excess of the maximum permitted by that section of the Criminal Code (Canada), then Canadian Borrower shall be entitled, by notice in writing to Canadian Agent for the benefit of Canadian Lender at the Appropriate Notice Office, to obtain reimbursement from Canadian Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by Canadian Lender to Canadian Borrower. Any amount or rate of interest under the Canadian Obligations referred to in this subsection 2.1.3 shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that any Canadian Revolving Credit Loan to Canadian Borrower remains outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a varying rate per annum specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the Restatement Date to the date all Obligations have been indefeasibly paid in full and all the Canadian Lender’s Revolving Loan Commitments have been terminated and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Canadian Agent shall be conclusive for the purposes of such determination.
(c) For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest or fees to which the rates of interest or fees that are required in this Agreement and the other Loan Documents to be computed on the basis of a 360-day year, or any other period of time less than a calendar year, are equivalent is equal to the interest provided pursuant to Section 3.02 had at all times been rates so determined multiplied by the actual number of days in effectthe applicable calendar year and divided by 360 or such other period of time, plus the amount of fees that would have been received but for the effect of this Section 12.12respectively.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to the Agent and each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to the Agent or such Lender limiting rates of interest that which may be charged or collected by the Agent or such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to the Agent or a Lender, Lender then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: :
(a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by the Agent or such Lender shall under no circumstances exceed the Highest Lawful Ratemaximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the "HIGHEST LAWFUL RATE"), and any excess shall be credited to the Borrower by the Agent or such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to the Agent or such Lender for the use, forbearance and detention of the indebtedness Indebtedness of the Borrower to the Agent or such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, SECTION 4.1 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to the Agent or such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to the Agent or such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to the Agent or such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 SECTION 3.2 had at all times been in effect, plus PLUS the amount of fees that which would have been received but for the effect of this Section. For purposes of Section 12.12.303.201 of the Texas Finance Code, as amended, to the extent, if any, applicable to the Agent or a Lender, the Borrower agrees that the Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Section, provided that the Agent or such Lender may also rely, to the extent permitted by applicable laws, on alternative maximum rates of interest under other laws applicable to the Agent or such Lender if greater. Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving tri-party accounts
Appears in 1 contract
Maximum Interest. It is All agreements between the intention Companies and FPM are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the parties hereto to conform strictly to applicable usury lawsindebtedness evidenced hereby or otherwise, and, anything herein to shall the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been amount paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, paid to such Lender FPM for the use, use or the forbearance and detention of the indebtedness evidenced hereby exceed the maximum permissible under applicable law. As used herein, the term "applicable law" shall mean the law in effect as of the Borrower date hereof; provided, however, that in the event there is a change in the law which results in a higher permissible rate of interest, then this Consignment, Forward Contracts and Trading Line Agreement shall be governed by such new law as of its effective date. In this regard, it is expressly agreed that it is the intent of the Companies and FPM in the execution, delivery and acceptance of this Consignment, Forward Contracts and Trading Line Agreement to such Lender hereunder shallcontract in strict compliance with the laws of the State of Rhode Island from time to time in effect. If, to under or from any circumstances whatsoever, fulfillment of any provision hereof or at the extent permitted by Governmental Requirements, be amortized, prorated, allocated and spread throughout the full term time of performance of such indebtedness until payment in full so that provision shall be due, shall involve transcending the actual rate limit of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Ratesuch validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits of such validity, and if under or from circumstances whatsoever FPM should ever receive as interest an amount of which would exceed the highest lawful rate, such amount which would be excessive interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything applied to the contrary in this Agreement, to that amount that would have accrued at reduction of the Highest Lawful Rate, but any subsequent reductions, as applicable, shall principal balance evidenced hereby and not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at payment of interest. This provision shall control every other provision of all times been in effect, plus agreements between the amount of fees that would have been received but for the effect of this Section 12.12Companies and FPM.
Appears in 1 contract
Sources: Consignment, Forward Contracts and Trading Line Agreement (Wolverine Tube Inc)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to each Lender the Lenders under this Agreement Agreement, the other Loan Documents and any other document or instrument executed in connection herewith or therewith, shall be subject to the limitation that payments of interest or of other amounts constituting interest under applicable law to a Lender shall not be required to the extent that receipt thereof would be in excess of the Highest Lawful Rate, or otherwise contrary to provisions of law applicable to such Lender limiting rates of interest that which may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby or the amount paid or otherwise agreed to be paid for the use, forbearance or detention of money under this Agreement, the other Loan Documents and any other document or instrument executed in connection herewith or therewith would exceed the Highest Lawful Rate or otherwise be usurious under Governmental Requirements applicable law (including the Federal federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, any Lender then, in that event, notwithstanding anything to the contrary in this AgreementAgreement or the other Loan Documents and any other document or instrument executed in connection herewith or therewith, it is agreed as follows: follows as to such Lender:
(a) with respect to such Lender, the provisions of this Section 12.12 3.2.4 shall govern and control; control over any other provision in this Agreement, the other Loan Documents and any other document or instrument executed in connection herewith or therewith and each provision set forth therein is hereby so limited;
(b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, the other Loan Documents, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the “Highest Lawful Rate”), and all amounts owed under this Agreement, the other Loan Documents and any other document or instrument executed in connection herewith or therewith shall be held subject to reduction and (i) the amount of interest which would otherwise be payable to such Lender hereunder and under the other Loan Documents and any other document or instrument executed in connection herewith or therewith, shall be automatically reduced to the amount allowed under applicable law and (ii) any unearned interest paid by the Borrower in excess of the Highest Lawful Rate shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); ;
(c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and ;
(d) if at any time the interest provided pursuant to Section 3.02Sections 3.2.1 or 3.2.2, as the case may be, together with any other fees and expenses payable pursuant to or in connection with this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, with respect to any Lender exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful RateRate for such Lender, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the such Lender’s Highest Lawful Rate until the total amount of interest accrued pursuant payable to this Agreement and such fees deemed to be interest Lender (including all consideration which constitutes interest) equals the amount of interest that which would have accrued been payable to such Lender if (including all consideration which constitutes interest) assuming a varying rate per annum equal to the interest provided pursuant to Section 3.02 had Sections 3.2.1 and 3.2.2 at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.123.2.4.
Appears in 1 contract
Sources: Credit Agreement (Pogo Producing Co)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to the Administrative Agent and each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to the Administrative Agent or such Lender limiting rates of interest that which may be charged or collected by the Administrative Agent or such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to the Administrative Agent or a Lender, Lender then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by the Administrative Agent or such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the “Highest Lawful Rate”), and any excess shall be credited to the Borrower by the Administrative Agent or such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to the Administrative Agent or such Lender for the use, forbearance and detention of the indebtedness Indebtedness of the Borrower to the Administrative Agent or such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, 3.2 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to the Administrative Agent or such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to the Administrative Agent or such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to the Administrative Agent or such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section. For purposes of Section 12.12303.201 of the Texas Finance Code, as amended, to the extent, if any, applicable to the Administrative Agent or a Lender, the Borrower agrees that the Highest Lawful Rate shall be the “indicated (weekly) rate ceiling” as defined in said Section, provided that the Administrative Agent or such Lender may also rely, to the extent permitted by applicable laws, on alternative maximum rates of interest under other laws applicable to the Administrative Agent or such Lender if greater.
Appears in 1 contract
Maximum Interest. (a) It is the intention of the parties hereto to conform comply strictly with Applicable Laws pertaining to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordinglyusury, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that eventany; accordingly, notwithstanding anything any provision to the contrary in this AgreementAgreement or in any of the other Loan Documents, it in no event shall the 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 of interest permitted by such laws (such maximum lawful interest rate, if any, herein called the "Highest Lawful Rate"). If any such excess interest is agreed as follows: called for, contracted for, charged, taken, reserved, or received in connection with any Obligation under this Agreement or in any of the documents securing the payment hereof or otherwise relating hereto, or in any communication by the Administrative Agent, any Lender or any other person to the Borrower or any other person, or in the event all or part of the principal or interest of any Loan 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
(ai) the provisions of this Section 12.12 shall govern and control; , (bii) the aggregate of all consideration that which constitutes interest under Governmental Requirements Applicable Law that is called for, contracted for, charged charged, taken, reserved or received under this AgreementAgreement and the other Loan Documents, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any such excess shall be credited to against the then unpaid principal balance of Obligations of the Borrower by such Lender the Administrative Agent (or, if such consideration Obligations shall have been paid in full, such excess promptly refunded to Borrower by the BorrowerLenders); (ciii) all sums paid, or agreed to be paid, to such Lender the Administrative Agent for the benefit of the Lenders for the use, forbearance and detention of the indebtedness of amounts owed under this Agreement by the Borrower to such Lender hereunder shall, to the extent permitted by Governmental RequirementsApplicable Law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness the Obligations, including all prior and subsequent renewals and extensions, owed under this Agreement and the other Loan Documents until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (div) if at any time the interest provided pursuant to Section 3.02, this Agreement together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental RequirementsApplicable Law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest interest, swap breakage, and any such fees to accrue to such Lender pursuant to this Agreement and the other Loan Documents shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement or in any other Loan Document to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductionsreductions in the interest otherwise provided pursuant to this Agreement, as applicable, shall not reduce be carried forward and collected in periods in which the amount of interest to accrue to such Lender accruing otherwise pursuant to this Agreement below shall be less than the Highest Lawful Rate until the total amount of interest (including such fees deemed to be interest) accrued pursuant to this Agreement and such fees deemed to be interest the other Loan Documents equals the amount of interest that which would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 Alternate Base Rate had at all times been in effect, effect plus the amount of fees that which would have been received but for the effect of this Section 12.12and the Highest Lawful Rate limitation imposed in Section 3.
2.1. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, taken, reserved, or received in connection herewith 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 Obligations, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken, reserved, or received. The terms of this section shall be deemed to be incorporated in every Loan Document, security instrument and other document executed in connection therewith, and every communication relating thereto.
(b) The Borrower, the Administrative Agent, each Issuer and each Lender agree that Chapter 346 of the Texas Finance Code ("Chapter 346") (which regulates certain revolving loan accounts and revolving tri-party accounts) shall not apply to any revolving loan accounts created under this Agreement, the Notes or the other Loan Documents or maintained in connection therewith.
(c) To the extent that the interest rate laws of the State of Texas are applicable to this Agreement, any Note or any other Loan Document, the applicable interest rate ceiling is the indicated "weekly ceiling" determined in accordance with Chapter 1D of the Texas Credit Code, as amended, and, to the extent that any Obligation under this Agreement, any Note or any other Loan Document is deemed an open end account as such term is defined in the Texas Credit Code, the Administrative Agent retains the right to modify the interest rate in accordance with Applicable Law.
Appears in 1 contract
Sources: Credit Agreement (Bargo Energy Co)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein Notwithstanding any provision to the contrary notwithstandingcontained herein or in any other Loan Document, the Obligations Lender shall not collect a rate of interest on any obligation or liability due and owing by Borrower to Lender in excess of the maximum contract rate of interest permitted by applicable law (such excess referred to as "Excess Interest"). Lender and Borrower agree that the interest laws of the State of Arizona shall govern the relationship among them and understand and believe that the transactions contemplated by the Loan Documents comply with the usury laws of the State of Arizona, but in the event of a final adjudication to each Lender under this Agreement the contrary, Borrower shall be subject obligated to pay, nunc pro tunc, to Lender only such interest as then shall be permitted by the limitation that payments laws of interest the state found to govern the contract relationship between Lender and Borrower. If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or any other Loan Document, then in such event (i) Borrower shall not be required obligated to pay such Excess Interest, (ii) any Excess Interest collected by Lender shall be, at Lender's option, (A) applied to the extent that receipt thereof would be contrary Principal Balance in such manner as Lender may elect or to provisions of law applicable to such Lender limiting rates of accrued and unpaid interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws not in excess of the United States of America, maximum rate permitted by applicable law (the "Maximum Rate") or of any other jurisdiction whose laws may be mandatorily applicable(B) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); payor thereof, (ciii) all sums paidthe interest rates provided for herein (the "Stated Rate") shall be automatically reduced to the Maximum Rate and the Loan Documents shall be deemed to have been, or agreed and shall be, modified to be paid, to reflect such reduction and (iv) Borrower shall not have any action against Lender for the use, forbearance and detention any damages arising out of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirements, be amortized, prorated, allocated and spread throughout the full term payment or collection of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereofExcess Interest; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12.provided,
Appears in 1 contract
Sources: Loan Agreement (Practice Works Inc)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to the Agent and each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to the Agent or such Lender limiting rates of interest that which may be charged or collected by the Agent or such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to the Agent or a Lender, Lender then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: :
(a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by the Agent or such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the “Highest Lawful Rate”), and any excess shall be credited to the Borrower by the Agent or such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to the Agent or such Lender for the use, forbearance and detention of the indebtedness Indebtedness of the Borrower to the Agent or such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, 4.1 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to the Agent or such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to the Agent or such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to the Agent or such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section. For purposes of Section 12.12.303.201 of the Texas Finance Code, as amended, to the extent, if any, applicable to the Agent or a Lender, the Borrower agrees that the Highest Lawful Rate shall be the “indicated (weekly) rate ceiling” as defined in said Section, provided that the Agent or such Lender may also rely, to the extent permitted by applicable laws, on alternative maximum rates of interest under other laws applicable to the Agent or such Lender if greater. Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving tri-party accounts
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the each Borrower to each Lender and the Issuer under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender or the Issuer limiting rates of interest that which may be charged or collected by such LenderLender or the Issuer. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, Lender or the Issuer then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (ai) the provisions of this Section 12.12 10.6 shall govern and control; (bii) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender or the Issuer shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender or the Issuer herein called the “Highest Lawful Rate”), and any excess shall be credited to the such Borrower by such Lender or the Issuer (or, if such consideration shall have been paid in full, such excess promptly refunded to the such Borrower); (ciii) all sums paid, or agreed to be paid, to such Lender or the Issuer for the use, forbearance and detention of the indebtedness of the such Borrower to such Lender or the Issuer hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (div) if at any time the interest provided pursuant to Section 3.02, Article II together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender or the Issuer pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender or the Issuer pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to such Lender or the Issuer if a varying rate per annum equal to the interest provided pursuant to Section 3.02 Article II had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.1210.6.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirements, be amortized, prorated, allocated 715347206 14464587 and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that which may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, Lender then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 4.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the "Highest Lawful Rate"), and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness Indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12.full
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirements, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the 733476286 14464587 amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein or in any other Loan Document to the contrary notwithstanding, the Obligations obligations of the Borrower to each Lender under this Agreement and the other Loan Documents shall be subject to the limitation that payments of interest shall not be required to the extent that receipt or charging thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that which may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this AgreementAgreement or the other Loan Documents, it is agreed as follows: :
(a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this AgreementAgreement and the other Loan Documents, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to Lender herein called the "Highest Lawful Rate"), and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the amounts owed under this Agreement by Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness amounts owed under this Agreement and the other Loan Documents until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, this Agreement together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest interest, swap breakage, and any such fees to accrue to such Lender pursuant to this Agreement and the other Loan Documents shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement or in any other Loan Document to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductionsreductions in the interest otherwise provided pursuant to this Agreement, as applicable, shall not reduce be carried forward and collected in periods in which the amount of interest to accrue to such Lender accruing otherwise pursuant to this Agreement below shall be less than the Highest Lawful Rate until the total amount of interest (including such fees deemed to be interest) accrued pursuant to this Agreement and such fees deemed to be interest the other Loan Documents equals the amount of interest that which would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 Coupon Interest Rate had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.12Section.
Appears in 1 contract
Sources: Credit Agreement (Energy Search Inc)
Maximum Interest. All agreements between the Company and the Holder are expressly limited so that in no contingency or event shall the amount paid or agreed to be paid to the Holder for the use, forbearance or detention of the money to be loaned hereunder exceed the maximum amount permissible under the applicable federal and state usury laws. It is therefore the intention of the parties hereto Company and the Holder to conform strictly to state and federal usury laws applicable usury laws, and, anything herein to this loan and to limit the interest paid on this Debenture to the contrary notwithstandingamount herein stated or the highest rate of interest according to law, whichever is the lesser. Therefore, in this Debenture or in any of the documents relating hereto, the Obligations aggregate of all interest or any other charges constituting interest under the applicable law contracted for, chargeable, or receivable under this Debenture or otherwise in connection with this Debenture shall under no circumstances exceed the maximum amount of interest permitted by law. If any excess of interest in such respect is provided for or shall be adjudicated to be so provided for in this Debenture or in any of the Borrower to each Lender under documents securing payment hereof or otherwise relating hereto, then in such event:
(a) The provisions of this Agreement Section 6 shall govern and control;
(b) Neither the Company, its successors or assigns nor any other party liable for the payment hereof shall be subject obligated to pay the limitation that payments amount of such interest shall not be required to the extent that receipt thereof would it is in excess of the maximum permitted by law;
(c) Any excess of said interest shall be contrary deemed a mistake and is hereby canceled automatically and if theretofore paid, shall at the option of the Holder be refunded to provisions the Company or, to the extent permitted by law, credited to the principal amount of law applicable to such Lender limiting rates said ▇▇▇▇▇▇▇▇▇ as a prepayment; and
(d) The effective rate of interest that shall be automatically subject to reduction to the maximum lawful contract rate allowed under said law as is now or may hereinafter be charged or collected construed by such Lender. Accordinglycourts of appropriate jurisdiction and to the extent permitted by law, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws determination of the United States rate of Americainterest shall be made by amortizing, or prorating, allocating and spreading in equal parts during the period of the full stated term of the loan, all interest at any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is time contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise from the Company in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirements, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12said loan.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to each Lender and the Issuer under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender or the Issuer limiting rates of interest that which may be charged or collected by such LenderLender or the Issuer. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, Lender or the Issuer then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: :
(a) the provisions of this Section 12.12 4.11 shall govern and control; ;
(b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender or the Issuer shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender or the Issuer herein called the "Highest Lawful Rate"), and any excess shall be credited to the Borrower by such Lender or the Issuer (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); ;
(c) all sums paid, or agreed to be paid, to such Lender or the Issuer for the use, forbearance and detention of the indebtedness of the Borrower to such Lender or the Issuer hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and and
(d) if at any time the interest provided pursuant to Section 3.02, 3.2 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender or the Issuer pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender or the Issuer pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to such Lender or the Issuer if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.124.11.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that which may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, Lender then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: :
(a) the provisions of this Section 12.12 4.11 shall govern and control; ;
(b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the “Highest Lawful Rate”), and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); ;
(c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and and
(d) if at any time the interest provided pursuant to Section 3.02, 3.2 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.124.11.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations of the each Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that which may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 4.11 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the "Highest Lawful Rate"), and any excess shall be credited to the such Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the such Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the such Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.023.2, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.124.11. For purposes of Chapter 303 of the Texas Finance Code, as amended, to the extent applicable, each Borrower agrees that the Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Article, provided that such Lender may also rely, to the extent permitted by applicable laws, on alternative maximum rates of interest under other laws applicable to such Lender, if greater. Chapter 346 of the Texas Finance Code shall not apply to this Agreement or the Notes.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that which may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, Lender then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: :
(a) the provisions of this Section 12.12 4.11 shall govern and control; ;
(b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Ratemaximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the "HIGHEST LAWFUL RATE"), and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); ;
(c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and and
(d) if at any time the interest provided pursuant to Section 3.02, 3.2 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.124.11.
Appears in 1 contract
Sources: Credit Agreement (American Real Estate Holdings L P)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower Sellers to each Lender Purchaser under this Agreement and the other Operative Documents shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender Purchaser limiting rates of interest that which may be charged contracted for, charged, reserved, received, or collected taken by such LenderPurchaser. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws Laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, Purchaser then, in that event, notwithstanding anything to the contrary in this AgreementAgreement or any other Operative Document, it is agreed as follows: (a) the provisions of this Section 12.12 8.14 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged charged, received, reserved, or received taken under this Agreement, Agreement or under any other Loan Document Operative Document, or otherwise in connection with this Agreement or the transactions contemplated by such Lender the Operative Documents by Purchaser shall under no circumstances exceed the Highest Lawful Ratemaximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to Purchaser herein called the "HIGHEST LAWFUL RATE"), and any excess shall be credited to the Borrower Sellers by such Lender Purchaser (or, if such consideration shall have been paid in full, such excess promptly refunded to the BorrowerSellers); (c) all sums paid, or agreed to be paid, to such Lender Purchaser for the use, forbearance forbearance, and detention of the any indebtedness of the Borrower Sellers to such Lender Purchaser hereunder or under any other Operative Document shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated allocated, and spread throughout the full term of any such indebtedness until payment in full so that the actual rate of interest is uniform throughout does not exceed the full term thereofHighest Lawful Rate; and (d) if at any time the sum of the interest provided pursuant to Section 3.02, together with any and all other fees and expenses amounts payable pursuant to this Agreement and the other Loan Operative Documents and that are deemed to be interest under Governmental Requirements, applicable law exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees other amounts to accrue to such Lender Purchaser pursuant to this Agreement and the other Operative Documents shall be limited, notwithstanding anything to the contrary in this AgreementAgreement or any other Operative Document, to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest or other amounts payable to accrue to such Lender Purchaser pursuant to this Agreement and the other Operative Documents below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and the other Operative Documents and such fees other amounts deemed to be interest equals the amount of interest that would have accrued to such Lender Purchaser if a varying the rate per annum equal to set forth in the interest provided pursuant to Section 3.02 Note had at all times been in effect, plus the amount of fees PLUS all other amounts that which would have been received but for the effect of this Section 12.128.14. For purposes of Article 5069-1.04, Vernon's Texas Civil Statutes, as amended, to the extent, if any, applicable to Purchaser, the Sellers agree that the Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Article; PROVIDED that Purchaser may also rely, to the extent permitted by applicable laws, on alternative maximum rates of interest under other laws applicable to Purchaser if greater. Tex. Rev. Civ.
Appears in 1 contract
Sources: Note and Warrant Purchase Agreement (Equalnet Holding Corp)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the The provisions of this Section 12.12 shall govern Deed of Trust and control; (b) the aggregate of all consideration agreements between Grantor and Beneficiary, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that constitutes interest under Governmental Requirements that is contracted forin no contingency or event whatsoever, charged whether by reason of demand or received under this Agreementacceleration of the maturity of the Note or otherwise, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums amount paid, or agreed to be paidpaid ("Interest"), to such Lender Beneficiary for the use, forbearance and detention or retention of the indebtedness money loaned under the Note exceed the maximum amount permissible under applicable law. If, from any circumstance whatsoever, performance or fulfillment of any provision hereof or of any agreement between Grantor and Beneficiary shall, at the time performance or fulfillment of such provision shall be due, exceed the limit for Interest prescribed by law or otherwise transcend the limit of validity prescribed by applicable law, then ipso facto the obligation to be performed or fulfilled shall be reduced to such limit and if, from any circumstance whatsoever, Beneficiary shall ever receive anything of value deemed Interest by applicable law in excess of the Borrower maximum lawful amount, an amount equal to such Lender hereunder any excessive Interest shall be applied to the reduction of the principal balance owing under the Note in the inverse order of its maturity (whether or not then due) or at the option of Beneficiary be paid over to Grantor, and not to the payment of Interest. All Interest (including any amounts or payments deemed to be Interest) paid or agreed to be paid to Beneficiary shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness period until payment in full of the principal balance of the Note so that the actual rate of interest is uniform throughout Interest thereon for such full period will not exceed the full term thereof; maximum amount permitted by applicable law. This paragraph will control all agreements between Grantor and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12Beneficiary.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Inland Diversified Real Estate Trust, Inc.)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein Notwithstanding any provision to the contrary notwithstandingcontained herein or in any other Loan Instrument, Lenders shall not collect a rate of interest, including, without limitation, the Obligations Loan Fee, on any obligation or liability due and owing by Borrower to Lenders in excess of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments maximum contract rate of interest shall not be required to permitted by applicable law ("Excess Interest"). Lenders and Borrower agree that the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States State of AmericaNew York govern the relationship among them, or but in the event of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything final adjudication to the contrary contrary, Borrower shall be obligated to pay, nunc pro tunc, to Lenders only such interest as then shall be permitted by the laws of the state found to govern the contract relationship among Lenders and Borrower. If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is contracted for, charged Loan Agreement or received under this Agreement, or under any other Loan Document or otherwise Instrument, then in connection with this Agreement by such Lender shall under event (i) no circumstances exceed the Highest Lawful Rate, and any excess Obligor shall be credited obligated to pay such Excess Interest, (ii) any Excess Interest collected by Lenders shall be, at Lenders' option, (A) applied to the Borrower Principal Balance or to accrued and unpaid interest not in excess of the maximum rate permitted by such Lender applicable law or (or, if such consideration shall have been paid in full, such excess promptly B) refunded to the Borrower); payor thereof, (ciii) all sums paidthe interest rates provided for herein (collectively, including, without limitation, the Loan Fee, the "Stated Rate") shall be automatically reduced to the maximum rate allowed from time to time under applicable law (the "Maximum Rate") and this Loan Agreement and the other Loan Instruments, as applicable, shall be deemed to have been, and shall be, modified to reflect such reduction, and (iv) neither 29 Borrower nor any other Obligor shall have any action against Agent or agreed to be paid, to such Lender Lenders for the use, forbearance and detention any damages arising out of the indebtedness payment or collection of such Excess Interest; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Rate, Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementslaw, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of continue to pay interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Maximum Rate until such time as the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum received by Lenders is equal to the total interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that which Lenders would have received had the Stated Rate been received (but for the effect operation of this Section 12.12provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again exceeds the Maximum Rate, in which event the provisions contained in this subsection 2.5.1(c) shall again apply.
Appears in 1 contract
Sources: Loan Agreement (Spartan Stores Inc)
Maximum Interest. It is the intention of the parties hereto to that the Agent and each Lender shall conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law laws applicable to such Lender limiting rates of interest that may be charged or collected by such Lenderit. Accordingly, if the transactions contemplated hereby or by any other Loan Document would be usurious as to the Agent or any Lender under Governmental Requirements laws applicable to it (including the Federal and state laws of the United States of America, America and the State of New York or of any other jurisdiction whose laws may be mandatorily applicable) with respect applicable to a Lenderthe Agent or such Lender notwithstanding the other provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in this AgreementAgreement or any other Loan Document or any agreement entered into in connection with or as security for the Obligations, it is agreed as follows: :
(a) the provisions of this Section 12.12 shall govern and control; (bi) the aggregate of all consideration that which constitutes interest under Governmental Requirements law applicable to the Agent or any Lender that is contracted for, taken, reserved, charged or received by the Agent or such Lender under this Agreement, Agreement or under any other Loan Document or agreements or otherwise in connection with this Agreement by such Lender the Obligations shall under no circumstances exceed the Highest Lawful Ratemaximum amount allowed by such applicable law, and any excess shall be canceled automatically and if theretofore paid shall be credited to by the Borrower by Agent or such Lender on the principal amount of the Obligations (or, if such consideration to the extent that the principal amount of the Obligations shall have been or would thereby be paid in full, refunded by the Agent or such excess promptly refunded Lender, as applicable, to the BorrowerBorrowers); and (cii) all sums in the event that the maturity of the Obligations is accelerated by reason of any Event of Default under this Agreement or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under law applicable to the Agent or any Lender may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Agreement or otherwise shall be canceled automatically by the Agent or such Lender, as applicable, as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Agent or such Lender, as applicable, on the principal amount of the Obligations (or, to the extent that the principal amount of the Obligations shall have been or would thereby be paid in full, refunded by the Agent or such Lender to the Borrowers). All sums paid or agreed to be paid, paid to such the Agent or any Lender for the use, forbearance and or detention of the indebtedness of the Borrower to such Lender sums due hereunder shall, to the extent permitted by Governmental Requirementslaw applicable to the Agent or such Lender, be amortized, prorated, allocated and spread throughout the full term of such indebtedness the Loans until payment in full so that the actual rate or amount of interest is uniform throughout on account of any Loans hereunder does not exceed the full term thereof; maximum amount allowed by such applicable law. If at an time and from time to time (dx) if at the amount of interest payable to the Agent or any time the interest provided pursuant to Section 3.02, together with Lender on any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued date shall be computed at the Highest Lawful RateRate applicable to the Agent or such Lender pursuant to this Section 12.19 and (y) in respect of any subsequent interest computation period the amount of interest otherwise payable to the Agent or such Lender would be less than the amount of interest payable to the Agent or such Lender computed at the Highest Lawful Rate applicable to the Agent or such Lender, then the amount of interest and any such fees payable to accrue to the Agent or such Lender pursuant in respect of such subsequent interest computation period shall continue to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued computed at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce Rate applicable to the interest to accrue to Agent or such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant payable to this Agreement and the Agent or such fees deemed to be interest equals Lender shall equal the total amount of interest that which would have accrued been payable to the Agent or such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the total amount of fees that would have interest had been received but for the computed without giving effect of to this Section 12.1212.19.
Appears in 1 contract
Sources: Financing Agreement (Value City Department Stores Inc /Oh)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations of the Borrower and the other Obligors to each Lender and the other Secured Parties under this Agreement and the other Loan Documents shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such LenderLender or Secured Party, as applicable. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements Applicable Law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 10.18 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements Applicable Law that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender or Secured Party, as applicable, shall under no circumstances exceed the maximum amount of interest allowed by Applicable Law (such maximum lawful interest rate, if any, with respect to such Lender or Secured Party, as applicable herein called the “Highest Lawful Rate”), and any excess shall be credited to the Borrower by such Lender or Secured Party, as applicable (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender or Secured Party, as applicable for the use, forbearance and detention of the indebtedness of the Borrower to such Lender or Secured Party, as applicable hereunder shall, to the extent permitted by Governmental RequirementsApplicable Law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.023.2, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental RequirementsApplicable Law, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender or Secured Party, as applicable pursuant to this Agreement and the other Loan Documents shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender or Secured Party, as applicable pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and the other Loan Documents and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender or Secured Party, as applicable, if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.1210.18.
Appears in 1 contract
Sources: First Lien Exit Credit Agreement (Energy XXI Gulf Coast, Inc.)
Maximum Interest. It is All agreements between or among each Obligated Party and the intention Lender, whether now existing or hereafter arising, are hereby limited so that in no event shall the amount paid, agreed to be paid to, charged or demanded by the Lender for the use, forbearance, or detention of money or for the payment or performance of any covenant or obligation contained herein or in any other Loan Documents exceed the Legal Maximum. If any circumstance otherwise would cause the amount paid, charged, or demanded to exceed the Legal Maximum, the amount paid, agreed to be paid to, charged or demanded shall be reduced to the Legal Maximum, and if the Lender ever receives an amount which otherwise would exceed the Legal Maximum, such amount which would be excessive interest shall be applied to the reduction of the parties hereto to conform strictly to applicable usury laws, and, anything herein principal of the Obligations and not to the contrary notwithstandingpayment of interest, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required or to the extent that receipt thereof such excessive amount otherwise would be contrary to provisions exceed the unpaid balance of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws principal of the United States of AmericaObligations, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums . In determining whether the interest paid, or agreed to be paid, charged, or demanded hereunder exceeds the Legal Maximum, all sums paid or agreed to such Lender be paid to, charged, or demanded for the use, forbearance and forbearance, or detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, (i) be amortized, prorated, allocated allocated, and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of such indebtedness is uniform throughout the full term thereofsuch term; (i) be characterized as a fee, expense, or other charge other than interest; and (diii) if at exclude any time voluntary prepayments and the interest provided pursuant to Section 3.02, together with effects thereof. The terms and provisions of this paragraph shall control and supersede every other provision of all agreements and communications between the Borrower or any other fees and expenses payable pursuant to this Agreement Obligated Party and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12conflict herewith.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that which may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, Lender then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: :
(a) the provisions of this Section 12.12 SECTION 4.16 shall govern and control; ;
(b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Ratemaximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the "HIGHEST LAWFUL RATE"), and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); ;
(c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and and
(d) if at any time the interest provided pursuant to Section 3.02, SECTION 4.1 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding not withstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 SECTION 4.1 had at all times been in effectef fect, plus PLUS the amount of fees that which would have been received but for the effect of this Section 12.12SECTION 4.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements Applicable Law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 10.18 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements Applicable Law that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful RateRate with respect to such Lender, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental RequirementsApplicable Law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.023.2, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental RequirementsApplicable Law, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.1210.18. In regards to the foregoing, in determining whether or not the interest paid or payable with respect to any Indebtedness of the Borrower to the Lenders, under any specified contingency, exceeds the Highest Lawful Rate, the Borrower and the Lenders shall, to the maximum extent permitted by Applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, (iii) amortize, prorate, allocate and spread the total amount of interest throughout the entire contemplated term of such Indebtedness so that interest thereon does not exceed the maximum amount permitted by Applicable Law, and (iv) allocate interest between portions of such Indebtedness, to the end that no such portion shall bear interest at a rate greater than that permitted by Applicable Law. The right to accelerate the maturity of the this Loans under this Agreement and the other Obligations does not include the right to accelerate any interest which has not otherwise accrued on the date of such acceleration, and the Lenders do not intend to charge or receive any unearned interest in the event of acceleration. In the event Applicable Law provides for an interest ceiling under Section 303 of the Texas Finance Code, that ceiling shall be the weekly ceiling.
Appears in 1 contract
Sources: First Lien Credit Agreement (Radiant Oil & Gas Inc)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding Notwithstanding anything to the contrary contained elsewhere in this Agreement or in any Other Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of parties hereto hereby agree that all consideration that constitutes interest under Governmental Requirements that is contracted for, charged or received agreements between them under this AgreementAgreement and the Other Agreements, whether now existing or under any other Loan Document hereafter arising and whether written or otherwise oral, are expressly limited so that in connection with this Agreement by such Lender no contingency or event whatsoever shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums amount paid, or agreed to be paid, to such the Agent or any Lender for the use, forbearance and forbearance, or detention of the indebtedness money loaned to the Borrower and evidenced hereby or obligation contained herein or therein, exceed the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Liabilities, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatory applicable notwithstanding other provisions of this Agreement and the Other Agreements), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate that under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the Other Agreements executed in connection herewith, and any available exemptions, exceptions and exclusions (the “Highest Lawful Rate”). If due to any circumstance whatsoever, fulfillment of any provision of this Agreement or any of the Other Agreements at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, then automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit such interest to the Highest Lawful Rate, and if from any such circumstance Agent or any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such principal amount then outstanding hereunder or on account of any other then outstanding Liabilities and not to the payment of interest, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Liabilities, such excess shall be refunded to Borrower. All sums paid or agreed to be paid to Agent or the Lenders for the use, forbearance, or detention of the Liabilities and other Indebtedness of Borrower to such Lender hereunder the Lenders shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount on account of interest and any all such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall Indebtedness does not reduce the interest to accrue to such Lender pursuant to this Agreement below exceed the Highest Lawful Rate until throughout the total amount entire term of interest accrued pursuant to this Agreement such Indebtedness. The terms and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect provisions of this Section 12.12paragraph shall control every other provision of this Agreement, the Other Agreements and all other agreements among the parties hereto.
Appears in 1 contract
Sources: Loan and Security Agreement (Impco Technologies Inc)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to the Administrative Agent and each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to the Administrative Agent or such Lender limiting rates of interest that which may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: collected
(a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by the Administrative Agent or such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the “Highest Lawful Rate”), and any excess shall be credited to the Borrower by the Administrative Agent or such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to the Administrative Agent or such Lender for the use, forbearance and detention of the indebtedness Indebtedness of the Borrower to the Administrative Agent or such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, 4.1 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to the Administrative Agent or such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to the Administrative Agent or such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to the Administrative Agent or such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section. For purposes of Section 12.12303.201 of the Texas Finance Code, as amended, to the extent, if any, applicable to the Administrative Agent or a Lender, the Borrower agrees that the Highest Lawful Rate shall be the “indicated (weekly) rate ceiling” as defined in said Section, provided that the Administrative Agent or such Lender may also rely, to the extent permitted by applicable laws, on alternative maximum rates of interest under other laws applicable to the Administrative Agent or such Lender if greater. Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving tri-party accounts shall not apply to this Agreement or the other Loan Documents.
Appears in 1 contract
Sources: Credit Agreement (Noble Energy Inc)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to the Administrative Agent and each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to the Administrative Agent or such Lender limiting rates of interest that which may be charged or collected by the Administrative Agent or such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to the Administrative Agent or a Lender, Lender then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: :
(a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by the Administrative Agent or such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the “Highest Lawful Rate”), and any excess shall be credited to the Borrower by the Administrative Agent or such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to the Administrative Agent or such Lender for the use, forbearance and detention of the indebtedness Indebtedness of the Borrower to the Administrative Agent or such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, 4.1 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to the Administrative Agent or such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to the Administrative Agent or such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to the Administrative Agent or such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section. For purposes of Section 12.12.303.201 of the Texas Finance Code, as amended, to the extent, if any, applicable to the Administrative Agent or a Lender, the Borrower agrees that the Highest Lawful Rate shall be the “indicated (weekly) rate ceiling” as defined in said Section, provided that the Administrative Agent or such Lender may also rely, to the extent permitted by applicable laws, on alternative maximum rates of interest under other laws applicable to the Administrative Agent or such Lender if greater. Chapter 346 of the Texas Finance Code (which regulates
Appears in 1 contract
Sources: Credit Agreement (Noble Energy Inc)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to each Lender the Lenders under this Agreement Agreement, the Loan Documents and any other document or instrument executed in connection herewith or therewith, shall be subject to the limitation that payments of interest or of other amounts constituting interest under applicable law to a Lender shall not be required to the extent that receipt thereof would be in excess of the Highest Lawful Rate, or otherwise contrary to provisions of law applicable to such Lender limiting rates of interest that which may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby or the amount paid or otherwise agreed to be paid for the use, forbearance or detention of money under this Agreement, the Loan Documents and any other document or instrument executed in connection herewith or therewith would exceed the Highest Lawful Rate or otherwise be usurious under Governmental Requirements applicable law (including the Federal federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, any Lender then, in that event, notwithstanding anything to the contrary in this AgreementAgreement or the Loan Documents and any other document or instrument executed in connection herewith or therewith, it is agreed as follows: follows as to such Lender:
(a) in respect to such Lender, the provisions of this Section 12.12 3.3.5 shall govern and control; control over any other provision in this Agreement, the Loan Documents and any other document or instrument executed in connection herewith or therewith and each provision set forth therein is hereby so limited;
(b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the "Highest Lawful Rate"), and all amounts owed under this Agreement, the Loan Documents and any other document or instrument executed in connection herewith or therewith shall be held subject to reduction and (i) the amount of interest which would otherwise be payable to such Lender hereunder and under the Loan Documents and any other document or instrument executed in connection herewith or therewith, shall be automatically reduced to the amount allowed under applicable law and (ii) any unearned interest paid by the Borrower in excess of the Highest Lawful Rate shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); ;
(c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and ;
(d) if at any time the interest provided pursuant to Section 3.02Sections 3.3.1 or 3.3.2, as the case may be, together with any other fees and expenses payable pursuant to or in connection with this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, with respect to any Lender exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful RateRate for such Lender, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the such Lender's Highest Lawful Rate until the total amount of interest accrued pursuant payable to this Agreement and such fees deemed to be interest Lender (including all consideration which constitutes interest) equals the amount of interest that which would have accrued been payable to such Lender if (including all consideration which constitutes interest) assuming a varying rate per annum equal to the interest provided pursuant to Section 3.02 had Sections 3.3.1 and 3.3.2 at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.123.3.
Appears in 1 contract
Sources: Credit Agreement (Pogo Producing Co)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to the Administrative Agent and each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to the Administrative Agent or such Lender limiting rates of interest that which may be charged or collected by the Administrative Agent or such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to the Administrative Agent or a Lender, Lender then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: :
(a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by the Administrative Agent or such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the “Highest Lawful Rate”), and any excess shall be credited to the Borrower by the Administrative Agent or such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to the Administrative Agent or such Lender for the use, forbearance and detention of the indebtedness Indebtedness of the Borrower to the Administrative Agent or such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, 4.1 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to the Administrative Agent or such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to the Administrative Agent or such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to the Administrative Agent or such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section. For purposes of Section 12.12303.201 of the Texas Finance Code, as amended, to the extent, if any, applicable to the Administrative Agent or a Lender, the Borrower agrees that the Highest Lawful Rate shall be the “indicated (weekly) rate ceiling” as defined in said Section, provided that the Administrative Agent or such Lender may also rely, to the extent permitted by applicable laws, on alternative maximum rates of interest under other laws applicable to the Administrative Agent or such Lender if greater. Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving tri-party accounts) shall not apply to this Agreement or the other Loan Documents.
Appears in 1 contract
Sources: Third Amendment (Noble Energy Inc)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that which may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: :
(a) the provisions of this Section 12.12 4.11 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the "Highest Lawful Rate"), and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, 3.2 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.124.11.
Appears in 1 contract
Maximum Interest. It is the intention of the parties ---------------- hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the each Borrower to each Lender and the Issuer under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender or the Issuer limiting rates of interest that which may be charged or collected by such LenderLender or the Issuer. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, Lender or the Issuer then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: :
(ai) the provisions of this Section 12.12 10.6 shall govern and control; (bii) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender or the Issuer shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender or the Issuer herein called the "Highest Lawful Rate"), and any excess shall be credited to the such Borrower by ------------------- such Lender or the Issuer (or, if such consideration shall have been paid in full, such excess promptly refunded to the such Borrower); (ciii) all sums paid, or agreed to be paid, to such Lender or the Issuer for the use, forbearance and detention of the indebtedness of the such Borrower to such Lender or the Issuer hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (div) if at any time the interest provided pursuant to Section 3.02, Article II together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender or the Issuer pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender or the Issuer pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to such Lender or the Issuer if a varying rate per annum equal to the interest provided pursuant to Section 3.02 Article II had at all times been in effect, plus the amount of fees that ---- which would have been received but for the effect of this Section 12.1210.6.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein or in any other Loan Document to the contrary notwithstanding, the Obligations obligations of the Borrower to each Lender under this Agreement and the other Loan Documents shall be subject to the limitation that payments of interest shall not be required to the extent that receipt or charging thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: law
(a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this AgreementAgreement and the other Loan Documents, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to Lender herein called the “Highest Lawful Rate”), and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the amounts owed under this Agreement by Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness amounts owed under this Agreement and the other Loan Documents until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, this Agreement together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest interest, swap breakage, and any such fees to accrue to such Lender pursuant to this Agreement and the other Loan Documents shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement or in any other Loan Document to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductionsreductions in the interest otherwise provided pursuant to this Agreement, as applicable, shall not reduce be carried forward and collected in periods in which the amount of interest to accrue to such Lender accruing otherwise pursuant to this Agreement below shall be less than the Highest Lawful Rate until the total amount of interest (including such fees deemed to be interest) accrued pursuant to this Agreement and such fees deemed to be interest the other Loan Documents equals the amount of interest that which would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 Interest Rate had at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.12Section.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to the Administrative Agent and each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to the Administrative Agent or such Lender limiting rates of interest that which may be charged or collected by the Administrative Agent or such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to the Administrative Agent or a Lender, Lender then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: :
(a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by the Administrative Agent or such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the “Highest Lawful Rate”), and any excess shall be credited to the Borrower by the Administrative Agent or such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to the Administrative Agent or such Lender for the use, forbearance and detention of the indebtedness Indebtedness of the Borrower to the Administrative Agent or such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, 4.1 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to the Administrative Agent or such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to the Administrative Agent or such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to the Administrative Agent or such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 3.2 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12.times
Appears in 1 contract
Sources: Credit Agreement (Noble Energy Inc)
Maximum Interest. It is In the intention event that any provision of the parties hereto to conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of this Note would oblige the Borrower to each Lender make any payment of interest (more so than the maximum interest of 10% per annum agreed to herein) or any other payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at a rate which would be prohibited by Applicable Law (as defined below) or would result in a receipt by the Holder of interest at a criminal rate (as such terms are construed under this Agreement shall the Criminal Code (Canada)), then notwithstanding such provision, such amount or rate will be subject deemed to have been adjusted nunc pro tunc to the limitation that payments maximum amount or rate of interest shall (which for clarity herein is agreed to be calculated at 10% per annum), as the case may be, as would not be required to so prohibited by Applicable Law or so result in a receipt by the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordinglyat a criminal rate, if and the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as followsfollowing shall apply: (ai) the provisions of this Section 12.12 paragraph shall govern and control; , (bii) neither the Borrower nor any other person or entity now or hereafter liable for the payment thereof, will be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by such Applicable Law, (iii) any such excess which may have been collected will be either applied as a credit against the then unpaid principal amount thereof or refunded to the Borrower at the Holder’s option, and (iv) the aggregate effective rate of interest will be automatically reduced to the maximum lawful rate of interest allowed under the Applicable Law as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without limitation of the foregoing, all consideration that constitutes calculations of the rate of interest under Governmental Requirements that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender Note which are made for the usepurpose of determining whether such rate exceeds the maximum lawful rate of interest, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shallwill be made, to the extent permitted by Governmental RequirementsApplicable Law, be amortizedby amortizing, proratedprorating, allocated allocating and spread throughout spreading in equal parts during the period of the full stated term of such indebtedness until payment in full so that the actual rate of Note evidenced thereby, all interest is uniform throughout the full term thereof; and (d) if at any time contracted for, charged or received from the interest provided pursuant to Section 3.02, together Company or otherwise by the Holder in connection with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12Note.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the each Borrower to each Lender and the Issuer under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender or the Issuer limiting rates of interest that which may be charged or collected by such LenderLender or the Issuer. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements applicable law (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, Lender or the Issuer then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (ai) the provisions of this Section 12.12 10.6 shall govern and control; (bii) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender or the Issuer shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender or the Issuer herein called the "Highest Lawful Rate"), and any excess shall be credited to the such Borrower by such Lender or the Issuer (or, if such consideration shall have been paid in full, such excess promptly refunded to the such Borrower); (c) ii all sums paid, or agreed to be paid, to such Lender or the Issuer for the use, forbearance and detention of the indebtedness of the such Borrower to such Lender or the Issuer hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) iv if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12.provided
Appears in 1 contract
Sources: 364 Day Credit Agreement (Spinnaker Exploration Co)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein Notwithstanding any provision to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged contained herein or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Document, Lender shall under no circumstances exceed not collect a rate of interest on any obligation or liability due and owing by Borrower to Lender in excess of the Highest Lawful Ratemaximum contract rate of interest permitted by applicable law ("Excess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or any other Loan Document, and any excess then in such event (i) neither Company shall be credited obligated to pay such Excess Interest, (ii) any Excess Interest collected by Lender shall be, at Lender's option, (A) applied to the Borrower Principal Balance or to accrued and unpaid interest not in excess of the maximum rate permitted by such Lender applicable law or (or, if such consideration shall have been paid in full, such excess promptly B) refunded to the Borrower); payor thereof, (ciii) all sums paidthe interest rates provided for herein (the "Stated Rate") shall be automatically reduced to the maximum rate allowed from time to time under applicable law (the "Maximum Rate") and this Loan Agreement and the other Loan Documents, or agreed as applicable, shall be deemed to be paidhave been, and shall be, modified to reflect such reduction, and (iv) neither Company shall have any action against Lender for the use, forbearance and detention any damages arising out of the indebtedness payment or collection of such Excess Interest; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Rate, Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementslaw, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of continue to pay interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Maximum Rate until such time as the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such received by Lender if a varying rate per annum is equal to the total interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that which Lender would have received had the Stated Rate been received (but for the effect operation of this Section 12.12provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again exceeds the Maximum Rate, in which event the provisions contained in this subsection 2.3.3 again shall apply.
Appears in 1 contract
Sources: Loan Agreement (Shopko Stores Inc)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to the Agent and each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to the Agent or such Lender limiting rates of interest that which may be charged or collected by the Agent or such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: the
(a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by the Agent or such Lender shall under no circumstances exceed the Highest Lawful Ratemaximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the "HIGHEST LAWFUL RATE"), and any excess shall be credited to the Borrower by the Agent or such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to the Agent or such Lender for the use, forbearance and detention of the indebtedness Indebtedness of the Borrower to the Agent or such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, SECTION 4.1 together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to the Agent or such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to the Agent or such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that which would have accrued to the Agent or such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 SECTION 3.2 had at all times been in effect, plus PLUS the amount of fees that which would have been received but for the effect of this Section. For purposes of Section 12.12303.201 of the Texas Finance Code, as amended, to the extent, if any, applicable to the Agent or a Lender, the Borrower agrees that the Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Section, provided that the Agent or such Lender may also rely, to the extent permitted by applicable laws, on alternative maximum rates of interest under other laws applicable to the Agent or such Lender if greater. Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving tri-party accounts (formerly Tex. Rev. Civ.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, laws and, anything herein to the contrary notwithstanding, the Obligations obligations of the Borrower to each Lender the Lenders under this Agreement Agreement, the other Loan Documents and any other document or instrument executed in connection herewith or therewith, shall be subject to the 38 44 limitation that payments of interest or of other amounts constituting interest under applicable law to a Lender shall not be required to the extent that receipt thereof would be in excess of the Highest Lawful Rate, or otherwise contrary to provisions of law applicable to such Lender limiting rates of interest that which may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby or the amount paid or otherwise agreed to be paid for the use, forbearance or detention of money under this Agreement, the other Loan Documents and any other document or instrument executed in connection herewith or therewith would exceed the Highest Lawful Rate or otherwise be usurious under Governmental Requirements applicable law (including the Federal federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, any Lender then, in that event, notwithstanding anything to the contrary in this AgreementAgreement or the other Loan Documents and any other document or instrument executed in connection herewith or therewith, it is agreed as follows: follows as to such Lender:
(a) with respect to such Lender, the provisions of this Section 12.12 3.2.5 shall govern and control; control over any other provision in this Agreement, the other Loan Documents and any other document or instrument executed in connection herewith or therewith and each provision set forth therein is hereby so limited;
(b) the aggregate of all consideration that which constitutes interest under Governmental Requirements applicable law that is contracted for, charged or received under this Agreement, the other Loan Documents, or under any of the other Loan Document aforesaid agreements or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the maximum amount of interest allowed by applicable law (such maximum lawful interest rate, if any, with respect to such Lender herein called the "Highest Lawful Rate"), and all amounts owed under this Agreement, the other Loan Documents and any other document or instrument executed in connection herewith or therewith shall be held subject to reduction and (i) the amount of interest which would otherwise be payable to such Lender hereunder and under the other Loan Documents and any other document or instrument executed in connection herewith or therewith, shall be automatically reduced to the amount allowed under applicable law and (ii) any unearned interest paid by the Borrower in excess of the Highest Lawful Rate shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); ;
(c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirementsapplicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and ;
(d) if at any time the interest provided pursuant to Section 3.02Sections 3.2.1 or 3.2.2, as the case may be, together with any other fees and expenses payable pursuant to or in connection with this Agreement and the other Loan Documents and deemed interest under Governmental Requirementsapplicable law, with respect to any Lender exceeds that amount that which would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, Agreement to that amount that which 39 45 would have accrued at the Highest Lawful RateRate for such Lender, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the such Lender's Highest Lawful Rate until the total amount of interest accrued pursuant payable to this Agreement and such fees deemed to be interest Lender (including all consideration which constitutes interest) equals the amount of interest that which would have accrued been payable to such Lender if (including all consideration which constitutes interest) assuming a varying rate per annum equal to the interest provided pursuant to Section 3.02 had Sections 3.2.1 and 3.2.2 at all times been in effect, plus the amount of fees that which would have been received but for the effect of this Section 12.123.2.5.
Appears in 1 contract
Sources: Credit Agreement (Pogo Producing Co)
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirements, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to Third Amended and Restated Credit Agreement – Page 120 715347206 14464587 716874472 14464587 the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12.
Appears in 1 contract
Sources: Credit Agreement
Maximum Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to such Lender limiting rates of interest that may be charged or collected by such Lender. Accordingly, if the transactions contemplated hereby would be usurious under Governmental Requirements (including the Federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to a Lender, then, in that event, notwithstanding anything to the contrary in this Agreement, it is agreed as follows: (a) the provisions of this Section 12.12 shall govern and control; (b) the aggregate of all consideration that constitutes interest under Governmental Requirements that is contracted for, charged or received under this Agreement, or under any other Loan Document or otherwise in connection with this Agreement by such Lender shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited to the Borrower by such Lender (or, if such consideration shall have been paid in full, such excess promptly refunded to the Borrower); (c) all sums paid, or agreed to be paid, to such Lender for the use, forbearance and detention of the indebtedness of the Borrower to such Lender hereunder shall, to the extent permitted by Governmental Requirements, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (d) if at any time the interest provided pursuant to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued at the Highest Lawful Rate, then the amount of interest and any such fees to accrue to such Lender pursuant to this Agreement shall be limited, notwithstanding anything to 715347206 14464587 the contrary in this Agreement, to that amount that would have accrued at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue to such Lender pursuant to this Agreement below the Highest Lawful Rate until the total amount of interest accrued pursuant to this Agreement and such fees deemed to be interest equals the amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that would have been received but for the effect of this Section 12.12.
Appears in 1 contract
Maximum Interest. It is the intention of the parties hereto to that each Bank shall conform strictly to applicable usury laws, and, anything herein to the contrary notwithstanding, the Obligations of the Borrower to each Lender under this Agreement shall be subject to the limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of law laws applicable to such Lender limiting rates of interest that may be charged or collected by such Lenderit. Accordingly, if the transactions contemplated hereby would be usurious as to any Bank under Governmental Requirements laws applicable to it (including the Federal and state laws of the United States of America, America and the State of Texas or of any other jurisdiction whose laws may be mandatorily applicable) with respect applicable to a Lendersuch Bank notwithstanding the other provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in this Agreementany of the Loan Documents or any agreement entered into in connection with or as security for the Notes, it is agreed as follows: :
(a) the provisions of this Section 12.12 shall govern and control; (bi) the aggregate of all consideration that which constitutes interest under Governmental Requirements law applicable to any Bank that is contracted for, taken, reserved, charged or received under this Agreement, or by such Bank under any other of the Loan Document Documents or agreements or otherwise in connection with this Agreement by such Lender the Notes shall under no circumstances exceed the Highest Lawful Ratemaximum amount allowed by such applicable law, and any excess shall be cancelled automatically and if theretofore paid shall be credited to the Borrower by such Lender Bank on the principal amount of the Obligations (or, if such consideration to the extent that the principal amount of the Obligations shall have been or would thereby be paid in full, refunded by such excess promptly refunded Bank to the Borrower); and
(cii) all sums in the event that the maturity of the Notes is accelerated by reason of an election of the holder thereof resulting from any Event of Default under this Agreement or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under law applicable to any Bank may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Agreement or otherwise shall be cancelled automatically by such Bank as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Bank on the principal amount of the Obligations (or, to the extent that the principal amount of the Obligations shall have been or would thereby be paid in full, refunded by such Bank to the Borrower). All sums paid or agreed to be paid, paid to such Lender any Bank for the use, forbearance and or detention of the indebtedness of the Borrower to such Lender sums due hereunder shall, to the extent permitted by Governmental Requirementslaw applicable to such Bank, be amortized, prorated, allocated and spread throughout the full term of such indebtedness the Loans evidenced by the Notes until payment in full so that the actual rate or amount of interest is uniform throughout on account of any Loans hereunder does not exceed the full term thereof; and (d) if maximum amount allowed by such applicable law. If at any time and from time to time (i) the amount of interest provided pursuant payable to Section 3.02, together with any other fees and expenses payable pursuant to this Agreement and the other Loan Documents and deemed interest under Governmental Requirements, exceeds that amount that would have accrued Bank on any date shall be computed at the Highest Lawful RateRate applicable to such Bank pursuant to this Section 9.9 and (ii) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Bank would be less than the amount of interest payable to such Bank computed at the Highest Lawful Rate applicable to such Bank, then the amount of interest and any such fees to accrue payable to such Lender pursuant Bank in respect of such subsequent interest computation period shall continue to this Agreement shall be limited, notwithstanding anything to the contrary in this Agreement, to that amount that would have accrued computed at the Highest Lawful Rate, but any subsequent reductions, as applicable, shall not reduce the interest to accrue Rate applicable to such Lender pursuant to this Agreement below the Highest Lawful Rate Bank until the total amount of interest accrued pursuant payable to this Agreement and such fees deemed to be interest equals Bank shall equal the total amount of interest that would have accrued to such Lender if a varying rate per annum equal to the interest provided pursuant to Section 3.02 had at all times been in effect, plus the amount of fees that which would have been received but for payable to such Bank if the total amount of interest had been computed without giving effect of to this Section 12.129.
Appears in 1 contract