Common use of Maximum Interest Rate; Payment of Fee Clause in Contracts

Maximum Interest Rate; Payment of Fee. If the rate of interest payable hereunder shall exceed the Maximum Interest Rate for any period for which interest is payable, then (i) interest at the Maximum Interest Rate shall be due and payable with respect to such interest period and (ii) interest at the rate equal to the difference between (A) the rate of interest calculated in accordance with the terms hereof and without regard to the limitations of this Section 3.04 and (B) the Maximum Interest Rate (the “Excess Interest”), shall be deferred until such date as the rate of interest calculated in accordance with the terms hereof ceases to exceed the Maximum Interest Rate, at which time the City shall pay to the Bank with respect to amounts then payable to the Bank that are required to accrue interest hereunder, such portion of the deferred Excess Interest as will cause the rate of interest then paid to the Bank to equal the Maximum Interest Rate, which payments of deferred Excess Interest shall continue to apply to such unpaid amounts hereunder until all deferred Excess Interest is fully paid to the Bank. Upon the termination of the Letter of Credit and this Agreement, in consideration for the limitation of the rate of interest otherwise payable hereunder, the City shall pay to the Bank a fee equal to the amount of all unpaid deferred Excess Interest.

Maximum Interest Rate; Payment of Fee. If the rate of interest payable hereunder with respect to any Loan, the Note or any other Obligations hereunder shall exceed the Maximum Interest Lawful Rate for any period for which interest is payable, then (ia) interest at the such Maximum Interest Lawful Rate shall be due and payable with respect to such interest period and (iib) interest at the rate equal to the difference between (Ai) the rate of interest calculated in accordance with the terms hereof and without regard to the limitations of this Section 3.04 thereof and (Bii) the such Maximum Interest Lawful Rate (the “Excess Interest”), shall be deferred until such date as the rate of interest calculated in accordance with the terms hereof ceases to exceed the such Maximum Interest Lawful Rate, at which time the City Borrower shall pay or cause to be paid to the Bank Bank, with respect to amounts then payable to any Loan, the Bank that are required to accrue interest Note or any other Obligations hereunder, such portion of the deferred Excess Interest as will cause the rate of interest then paid to the Bank to equal the such Maximum Interest Lawful Rate, which payments of deferred Excess Interest shall continue to apply to such unpaid amounts Loan, the Note or any other Obligations hereunder until all deferred Excess Interest is fully paid to the Bank. Upon On the termination of date on which no principal amount with respect to the Letter of Credit and this AgreementObligations or the Note remains unpaid, in consideration for the any limitation of the rate of interest which may otherwise be payable hereunder, the City Borrower shall pay or cause to be paid to the Bank a fee equal to the amount of all unpaid deferred Excess InterestInterest (the “Excess Interest Fee”).

Maximum Interest Rate; Payment of Fee. If the rate of interest payable hereunder shall exceed the Maximum Interest Rate any maximum interest rate payable by law for any period for which interest is payable, then (i) interest at the Maximum Interest Rate such maximum interest rate shall be due and payable with respect to such interest period and (ii) interest at the rate equal to the difference between (A) the rate of interest calculated in accordance with the terms hereof and without regard to the limitations of this Section 3.04 and (B) the Maximum Interest Rate such maximum interest rate (the “Excess Interest”), shall be deferred until such date as the rate of interest calculated in accordance with the terms hereof ceases to exceed the Maximum Interest Ratesuch maximum interest rate, at which time the City Authority shall pay to the Bank Bank, with respect to amounts then payable to the Bank that are required to accrue interest hereunder, such portion of the deferred Excess Interest as will cause the rate of interest then paid to the Bank to equal the Maximum Interest Ratesuch maximum interest rate, which payments of deferred Excess Interest shall continue to apply to such unpaid amounts hereunder until all deferred Excess Interest is fully paid to the Bank. Upon the termination of the Letter of Credit and this Agreement, in consideration for the any limitation of the rate of interest which may otherwise be payable hereunder, the City Authority shall pay to the Bank Agent for the credit of the Bank a fee equal to the amount of all unpaid deferred Excess InterestInterest (the “Termination Fee”); provided that the Termination Fee shall be payable as and to the extent that the then fair rental value with respect to the Components subject to the Sublease for such Base Rental Period exceeds the sum of all other Reimbursement Obligations remaining unpaid hereunder and the amount of interest accruing on the Notes during such Base Rental Period. In accordance with Section 5922 of the California Government Code, the Authority hereby represents and warrants that the obligations of the Authority under the Revolving Note and all other Reimbursement Obligations hereunder are not subject to any limitation as to maximum interest rate.

Maximum Interest Rate; Payment of Fee. If Upon termination of this Agreement, the rate of interest payable hereunder Commission shall exceed pay to the Bank a fee in an amount equal to the aggregate Excess Amount (as defined herein), if any, for all Bank Bonds. The “Excess Amount” for each Bank Bond shall be the aggregate amount obtained by multiplying the principal amount due on such Bank Bond on any day by the positive difference between (w) the Bank Rate or Default Rate otherwise applicable to such Bank Bond and (x) the Maximum Interest Rate Rate, for each day during any period for which interest that the Bank Rate or Default Rate is payable, then (i) interest at the Maximum Interest Rate shall be due and payable with respect to such interest period and (ii) interest at the rate equal to the difference between (A) the rate of interest calculated in accordance with the terms hereof and without regard to the limitations of this Section 3.04 and (B) higher than the Maximum Interest Rate (the “Excess InterestInterest Period”), . The Excess Amount for each Bank Bond shall be deferred until reduced by the aggregate amount obtained by multiplying the principal amount due on such date as Bank Bond on any day by the rate of interest calculated in accordance with negative difference between (y) the terms hereof ceases Bank Rate or Default Rate otherwise applicable to exceed such Bank Bond and (z) the Maximum Interest Rate, at which time the City shall pay to the for each day following any Excess Interest Period that such Bank with respect to amounts then payable to the Bank that are required Bond continues to accrue interest hereunderat the Maximum Interest Rate. As long as a Bank Bond is Outstanding, such portion of the deferred Excess Interest as will cause the rate of interest then paid to if the Bank Rate or Default Rate relating to equal such Bank Bond shall change, the Excess Amount, if any, shall be recalculated using the then current Bank Rate or Default Rate. In the event that the Bank Rate or Default Rate applicable to a Bank Bond on any day falls below the Maximum Interest Rate, which payments of deferred Excess Interest interest on the principal amount due on such Bank Bond shall continue to apply accrue, but only until such Bank Bond is paid in full, at the Maximum Interest Rate until such time as the Excess Amount is reduced to such unpaid amounts hereunder until all deferred Excess Interest is fully paid zero. The amount of the fee payable to the Bank. Upon the termination of the Letter of Credit and Bank under this Agreement, Section 2.02(h) shall be in consideration for the limitation of the rate of interest otherwise payable hereunder, on the City shall pay Bank Bonds to the Bank a fee equal to the amount of all unpaid deferred Excess InterestMaximum Interest Rate.