Common use of Intent to Limit Charges to Maximum Lawful Rate Clause in Contracts

Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under this Agreement, plus any fees, charges, costs and payments construed to be equivalent to interest and any other amounts paid in connection herewith, exceed the highest rate permissible under any Law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under Applicable Law, then, ipso facto, as of the date of this Agreement, Borrowers are and shall be liable only for the payment of such maximum as allowed by Law, and payment received from Borrowers in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate paid or rates payable under this Agreement, plus any fees, charges, costs and payments construed to be equivalent to interest and any other amounts (including under Section 2.14) paid or payable as compensation for the use, forbearance or detention of money in connection herewith, exceed the highest rate maximum amount permissible under any Applicable Law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers Borrower and the Lender GroupLender, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, that anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under Applicable Law, then, ipso facto, as of the date of this Agreement, Borrowers are Borrower is and shall be liable only for the payment of such maximum as allowed by Lawlaw, and payment received from Borrowers Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excessexcess or returned to Borrower if all outstanding Obligations have been paid in full.

Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under this AgreementAgreement or the Capital Expenditure Loan Note, plus any fees, charges, costs and payments construed to be equivalent to interest and any other amounts paid in connection herewith, exceed the highest rate permissible under any Law law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers Borrower and the Lender GroupFoothill, in executing this Agreement and delivering this Agreementthe Capital Expenditure Loan Note, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein or in the Capital Expenditure Loan Note to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under Applicable Lawapplicable law, then, ipso facto, facto as of the date of this AgreementAgreement and the Capital Expenditure Loan Note, Borrowers are Borrower is and shall be liable only for the payment of such maximum as allowed by Lawlaw, and payment received from Borrowers Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under this Agreement, plus any fees, charges, costs and payments construed to be equivalent to interest and any other amounts paid in connection herewith, exceed the highest rate permissible under any Law law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers Each of Borrower, the Lenders and the Lender GroupAgent, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; , provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under Applicable Law, then, ipso facto, as of the date of this Agreement, Borrowers are Borrower is and shall be liable only for the payment of such maximum as allowed by Lawlaw, and payment received from Borrowers Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excessexcess or returned to Borrower if all outstanding Obligations have been paid in full.

Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate Interest Rate or rates payable under this AgreementAgreement or any other Loan Document, plus any fees, charges, costs and payments construed to be equivalent to interest and any other amounts paid in connection herewithherewith or therewith, exceed the highest rate permissible under any Applicable Law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers The Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, provided that anything contained herein to the contrary notwithstanding, if said such rate or rates of interest or manner of payment exceeds the maximum allowable under Applicable Law, then, ipso facto, as of the date of this Agreementthe Closing Date, Borrowers are the Borrower is and shall be liable only for the payment of such maximum amount as is allowed by Applicable Law, and payment received from Borrowers the Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance Outstanding Amount of the Obligations to the extent of such excess.

Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under this AgreementAgreement or any other Loan Document, plus any fees, charges, costs and payments construed to be equivalent to interest and any other amounts paid in connection herewithherewith and therewith, exceed the highest rate permissible under any Law law (including the Criminal Code (Canada)) that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers and the Lender GroupLender, in executing and delivering this AgreementAgreement and the other Loan Documents, intend legally to agree upon the rate or rates of interest and other amounts paid in connection therewith and manner of payment stated within itherein and therein; provided, however, that, anything contained herein and therein to the contrary notwithstanding, if said rate or rates of interest or other amounts paid in connection therewith or manner of payment exceeds the maximum allowable under Applicable Lawapplicable law, then, ipso facto, as of the date of this Agreement, Borrowers are and shall be liable only for the payment of such maximum amount as is allowed by Lawapplicable law, and payment received from Borrowers in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under this Agreement, plus any fees, charges, costs and payments construed to be equivalent to interest and any other amounts paid in connection herewith, exceed the highest rate permissible under any Law law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said such rate or rates of interest or manner of payment exceeds the maximum allowable under Applicable Lawapplicable law, including resulting in an amount or at a rate that would result in the receipt by the Lenders or the Agent of interest at a criminal rate, as the terms “interest” and “criminal rate” are defined under the Criminal Code (Canada), then, ipso facto, as of the date of this Agreement, Borrowers are Borrower is and shall be liable only for the payment of such maximum amount as is allowed by Lawlaw, and payment received from Borrowers Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under this Agreement, plus any fees, charges, costs and payments construed to be equivalent to interest and any other amounts paid in connection herewith, exceed the highest rate permissible under any Law law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers Borrower and the Lender GroupLender, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under Applicable LawLaws, then, ipso facto, as of the date of this Agreement, Borrowers are Borrower is and shall be liable only for the payment of such maximum as allowed by LawApplicable Laws, and payment received from Borrowers Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excessexcess or returned to Borrower if all outstanding Obligations have been paid in full.

Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under this Agreement, plus any fees, charges, costs and payments construed to be equivalent to interest and any other amounts paid in connection herewith, exceed the highest rate permissible under any Law law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrowers Each Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said such rate or rates of interest or manner of payment exceeds the maximum allowable under Applicable Lawapplicable law, then, ipso facto, as of the date of this Agreement, Borrowers are and shall be liable only for the payment of such maximum amount as is allowed by Lawlaw, and payment received from Borrowers in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess, and after repayment of such principal balance in full, any remaining amount shall be refunded to Borrowers.