Common use of Interest Adjustment Clause in Contracts

Interest Adjustment. Notwithstanding anything to the contrary contained in this Agreement or the Revolving Credit Note, the rate of interest payable on the Revolving Credit Note shall never exceed the maximum rate of interest permitted under applicable law. If at any time the rate of interest otherwise prescribed herein shall exceed such maximum rate, and such prescribed rate is thereafter below such maximum rate, the prescribed rate shall be increased to the maximum rate for such period of time as is required so that the total amount of interest received by the Bank is that which would have been received by the Bank except for the operation of the first sentence of this Section 10.13.

Appears in 1 contract

Samples: Credit Agreement (Cpi Aerostructures Inc)

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Interest Adjustment. Notwithstanding anything to the contrary contained in this Agreement or the Revolving Credit Note, the rate of interest payable on the Revolving Credit this Note shall never exceed the maximum rate of interest permitted under applicable law. If at any time the rate of interest otherwise prescribed herein shall exceed such maximum rate, and such prescribed rate is thereafter below such maximum rate, the prescribed rate shall be increased to the maximum rate for such period of time as is required so that the total amount of interest received by the Bank is that which would have been received by the Bank Bank, except for the operation of the first sentence of this Section 10.1310.

Appears in 1 contract

Samples: Credit Note and Agreement (Medical Action Industries Inc)

Interest Adjustment. Notwithstanding anything to the contrary contained in this Agreement or the Revolving Credit any Note, the rate of interest payable on the Revolving Credit either Note shall never exceed the maximum rate of interest permitted under applicable law. If at any time the rate of interest otherwise prescribed herein shall exceed such maximum rate, and such prescribed rate is thereafter below such maximum rate, the prescribed rate shall be increased to the maximum rate rated for such period of time as is required so that the total amount of interest received by the Bank is that which would have been received by the Bank except for the operation of the first sentence of this Section 10.12. 10.13.

Appears in 1 contract

Samples: Execution Copy Loan Agreement   Loan Agreement (Chyron Corp)

Interest Adjustment. Notwithstanding anything to the contrary ------------------- contained in this Agreement or the Revolving Credit Note, the rate of interest payable on the Revolving Credit Note shall never exceed the maximum rate of interest permitted under applicable law. If at any time the rate of interest otherwise prescribed herein shall exceed such maximum rate, and such prescribed rate is thereafter below such maximum rate, the prescribed rate shall be increased to the maximum rate for such period of time as is required so that the total amount of interest received by the Bank is that which would have been received by the Bank except for the operation of the first sentence of this Section 10.1310.11.

Appears in 1 contract

Samples: Revolving Credit Agreement (Asi Solutions Inc)

Interest Adjustment. Notwithstanding anything to the contrary contained in this Agreement or the Revolving Credit NoteNotes, the rate of interest payable on the Revolving Credit Note Notes shall never exceed the maximum rate of interest permitted under applicable law. If at any time the rate of interest otherwise prescribed herein shall exceed such maximum rate, and such prescribed rate is thereafter below such maximum rate, the prescribed rate shall be increased to the maximum rate for such period of time as is required so that the total amount of interest received by the Bank is that which would have been received by the Bank except for the operation of the first sentence of this Section 10.1310.10.

Appears in 1 contract

Samples: Security Agreement (Balchem Corp)

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Interest Adjustment. Notwithstanding anything to the contrary contained in this Agreement or the Revolving Credit any Note, the rate of interest payable on the Revolving Credit any Note shall never exceed the maximum rate of interest permitted under applicable law. If at any time the rate of interest otherwise prescribed herein shall exceed such maximum rate, and such prescribed rate is thereafter below such maximum rate, the prescribed rate shall be increased to the maximum rate for such period of time as is required so that the total amount of interest received by the Bank is that which would have been received by the Bank except for the operation of the first sentence of this Section 10.12. 10.13.

Appears in 1 contract

Samples: Loan Agreement Loan Agreement (Fresh Juice Co Inc)

Interest Adjustment. Notwithstanding anything to the contrary contained in this Agreement or the Revolving Credit any Note, the rate of interest payable on the Revolving Credit any Note shall never exceed the maximum rate of interest permitted under applicable law. If at any time the rate of interest otherwise prescribed herein shall exceed such maximum rate, and such prescribed rate is thereafter below such maximum rate, the prescribed rate shall be increased to the maximum rate for such period of time as is required so that the total amount of interest received by the Bank obligee under such Note is that which would have been received by the Bank such obligee except for the operation of the first sentence of this Section 10.1311.13.

Appears in 1 contract

Samples: Loan Agreement (Corvis Corp)

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