Common use of Additional Interest Provisions Clause in Contracts

Additional Interest Provisions. (a) Interest on the Loans, regardless of the rate option, shall be calculated on the basis of a year of three hundred sixty (360) days but charged for the actual number of days elapsed. (b) All contractual rates of interest chargeable on outstanding principal under the Loans, regardless of the rate option, shall continue to accrue and be paid even after Default, an Event of Default, maturity, acceleration, judgment, bankruptcy, insolvency proceedings of any kind or the happening of any event or occurrence similar or dissimilar. (c) In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder and charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such court determines Lenders have charged or received interest hereunder in excess of the highest applicable rate, Lenders shall apply, in their sole discretion, and set off such excess interest received by Lenders against other Loan Obligations due or to become due and such rate shall automatically be reduced to the maximum rate permitted by such law; provided that if the Loan Obligations have been paid and satisfied in full and the Revolving Credit terminated, any excess interest shall be paid as such court directs.

Additional Interest Provisions. (ai) Interest on the Loans, regardless of the rate option, shall be calculated on the basis of a year of three hundred sixty (360) days but charged for the actual number of days elapsed. (bii) All contractual rates of interest chargeable on outstanding principal under the Loans, regardless of the rate option, shall continue to accrue and be paid even after Default, an Event of Default, maturity, acceleration, judgment, bankruptcy, insolvency proceedings of any kind or the happening of any event or occurrence similar or dissimilar. (ciii) In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder and charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such court determines Lenders have Lender has charged or received interest hereunder in excess of the highest applicable rate, Lenders Lender shall apply, in their its sole discretion, and set off such excess interest received by Lenders Lender against other Loan Obligations due or to become due and such rate shall automatically be reduced to the maximum rate permitted by such law; provided that if the Loan Obligations have been paid and satisfied in full and the Revolving Credit terminated, any excess interest shall be paid as such court directs.