Rate Provision. It is not the intention of any party to any Loan Paper to make an agreement violative of the Laws of any applicable jurisdiction relating to usury. In no event shall Pledgor be obligated to pay any amount in excess of the maximum amount of interest permitted under applicable Law. If from any circumstances Administrative Lender or any Secured Party shall ever receive anything of value deemed excess interest under applicable Law, an amount equal to such excess shall be applied to the reduction of the outstanding balance of the Obligations and any remainder shall be promptly refunded to the payor.
Appears in 1 contract
Sources: Credit Agreement (Itc Deltacom Inc)
Rate Provision. It is not the intention of any party to any Loan Paper -------------- Papers to make an agreement violative of the Laws of any applicable jurisdiction relating to usury. In no event shall Pledgor any Borrower or any Guarantor be obligated to pay any amount in excess of the maximum amount of interest permitted under applicable Law. If from any circumstances Administrative circumstance Lender or any Secured Party shall ever receive anything of value deemed excess interest under applicable Law, an amount equal to such excess shall be applied to the reduction of the principal amount of outstanding balance of the Obligations Advances and any remainder shall be promptly refunded to the payor.
Appears in 1 contract
Sources: Loan and Security Agreement (Holiday Rv Superstores Inc)