Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 3 contracts
Sources: Credit Agreement (Gateway Energy Corp/Ne), Credit Agreement (Gateway Energy Corp/Ne), Credit Agreement (Gateway Energy Corp/Ne)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract -------- Rate") for any Obligation shall exceed the Maximum Rate, thereby causing ---- the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations; and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, Borrower and each Lender shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 3 contracts
Sources: Credit Agreement (Renaissance Worldwide Inc), Credit Agreement (Renaissance Worldwide Inc), Credit Agreement (Renaissance Worldwide Inc)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Loan Parties, the Administrative Agent and the Lenders shall, to the maximum extent permitted by applicable law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower the amount of such excess and, in no event such event, the Administrative Agent and the Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 3 contracts
Sources: Credit Agreement (Alamosa Holdings Inc), Credit Agreement (Alamosa PCS Holdings Inc), Credit Agreement (Texas Telecommunications Lp)
Maximum Interest Rate. It is the intention (a) Regardless of any provision contained in any of the Parties Loan Documents, the Lenders shall never be entitled to strictly comply with applicable usury Lawsreceive, if any; accordingly, it is agreed that notwithstanding collect or apply as interest on the Debentures any provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest amount in excess of interest calculated at the Highest Lawful Maximum Rate. If , and, in the event that any Lender ever receives, collects or applies as interest any such excess of interest is called forexcess, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess excessive interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated a partial prepayment of principal and treated hereunder as such; and, if the principal amount of the Obligation is paid in every Loan Document and communication relating theretofull, any remaining excess shall forthwith be paid to Borrower. To the extent In determining whether or not the interest rate Laws paid or payable under any specific contingency exceeds interest calculated at the Maximum Rate, Borrower and the Lenders shall, to the maximum extent permitted under applicable law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, pro rate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the State of Texas Debentures; provided that, if the Debentures are applicable paid and performed in full prior to the Loan Documents for purposes end of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301full contemplated term thereof, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To if the extent interest received for the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified actual period of existence thereof exceeds interest calculated at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amendedthe Maximum Rate, the Lender retains Lenders shall refund to Borrower the right to modify amount of such excess or credit the interest rate amount of such excess against the principal amount of the Debentures and, in accordance with applicable Law. Borrowerssuch event, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, the Lenders shall not govern be subject to any penalties provided by any laws for contracting for, charging, taking, reserving or receiving interest in any manner apply to excess of interest calculated at the Loan Documents or the ObligationMaximum Rate.
Appears in 3 contracts
Sources: Convertible Loan Agreement (Laserscope), Convertible Loan Agreement (Newcare Health Corp), Convertible Loan Agreement (Simtek Corp)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for the Loan or any other indebtedness, liability or obligation shall exceed the Maximum Rate, thereby causing the interest accruing thereon to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate therefor shall not reduce the rate of interest therefor below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued thereon equals the aggregate amount of interest which would have accrued thereon if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and ▇▇▇▇▇▇▇▇▇ shall never charge, receive, take, collect, reserve or apply, as interest on the Loan or any other indebtedness, liability or obligation, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 24(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, ▇▇▇▇▇▇▇▇▇ ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Loan or any other indebtedness, liability or obligation and treated hereunder as such; and if the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other applicable Obligor or Obligors (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Obligors and ▇▇▇▇▇▇▇▇▇ shall, to the maximum extent permitted by applicable law, (a) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Loan or any other indebtedness, liability or obligation, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Loan or any other indebtedness, liability or obligation; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, ▇▇▇▇▇▇▇▇▇ shall refund to the Borrower or other applicable Obligor or Obligors (as appropriate) the amount of such excess and, in no event such event, ▇▇▇▇▇▇▇▇▇ shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 3 contracts
Sources: Loan Agreement (Karts International Inc), Loan Agreement (Karts International Inc), Loan Agreement (Karts International Inc)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Agent nor any Bank shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 12.12(b), or (ii) an amount, which when added to all other interest payable under this Agreement or the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Agent or any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower, the Agent, and the Banks shall, to the maximum extent permitted by applicable law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equivalent unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Agent and/or the Banks, as appropriate, shall refund to the Borrower the amount of such excess and, in no event such event, the Agent and the Banks shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, .
(c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance The provisions of Chapter 346 of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State Finance Code of Texas are specifically declared by the parties hereto not to be applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or to the Obligationtransactions contemplated thereby.
Appears in 2 contracts
Sources: Loan Agreement (Uici), Loan Agreement (Uici)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Bank ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations, and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, Borrower and each Bank shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 2 contracts
Sources: Credit Agreement (Horizon Health Corp /De/), Credit Agreement (Horizon Health Corp /De/)
Maximum Interest Rate. If the amount of interest payable on this Note for any period in accordance with the terms hereof or the Credit Agreement exceeds the amount of interest that would be payable on this Note for such period had interest for such period been calculated at the Maximum Interest Rate, then interest for such period shall be payable in an amount calculated at the Maximum Interest Rate for such period. Any interest that would have been due and payable for any period but for the operation of the immediately preceding paragraph shall accrue and be payable on this Note as provided in this paragraph and shall, less interest actually paid to the Registered Owner, as applicable, for such period, constitute the “Excess Interest Amount.” If there is any accrued and unpaid Excess Interest Amount as of any date with respect to this Note then the principal amount of this Note shall bear interest at the Maximum Interest Rate, until payment to the Registered Owner, of the entire Excess Interest Amount. The Authority shall treat the Registered Owner hereof as the absolute owner hereof for all purposes, and the Authority shall not be affected by any notice to the contrary. Fourth Amendment To Credit Agreement T-28582.003.004 / 2029024.doc 4860-5893-6415.5 THIS NOTE IS BEING ISSUED AS A DRAW-DOWN NOTE, IN THAT THE REGISTERED OWNER OF THIS NOTE WILL PURCHASE THE PRINCIPAL AMOUNT OF THIS NOTE IN INSTALLMENTS BY MAKING ADVANCES IN ACCORDANCE WITH THE TERMS OF THE CREDIT AGREEMENT. ACCORDINGLY, THE PRINCIPAL AMOUNT OF THIS NOTE WHICH HAS BEEN PURCHASED AND IS OUTSTANDING AT ANY GIVEN TIME MAY BE LESS THAN THE COMMITMENT IN EFFECT AT SUCH TIME. THE REGISTERED OWNER OF THIS NOTE MAY MAKE A NOTATION ON THIS NOTE ON THE SCHEDULE ATTACHED HERETO AS TO THE DATE AND THE AMOUNT OF EACH ADVANCE AND AS TO EACH PAYMENT OF PRINCIPAL OF THIS NOTE, BUT THE FAILURE TO MAKE A NOTATION SHALL NOT RELIEVE THE AUTHORITY OF ITS OBLIGATIONS TO PAY THE OUTSTANDING PRINCIPAL OF THIS NOTE, TOGETHER WITH INTEREST HEREON, AS PROVIDED HEREIN AND IN THE CREDIT AGREEMENT. PAYMENTS OF THE PRINCIPAL OF AND PREMIUM, IF ANY, AND INTEREST ON THIS NOTE MAY BE MADE DIRECTLY TO THE REGISTERED OWNER HEREOF WITHOUT NOTATION HEREON. IT CANNOT BE DETERMINED FROM THE FACE OF THIS NOTE WHETHER ALL OR ANY PART OF SUCH PAYMENTS HAVE BEEN PAID. It is hereby certified and recited that any and all acts, conditions and things required to exist, to have happened and to have been performed precedent to and in the intention issuance of this Note do exist, have happened and have been performed in due time, form and manner as required by the provisions of the Parties to strictly comply Act and by the Constitution and laws of the State of California, and that the amount of this Note, together with applicable usury Lawsall other indebtedness of the Authority, if any; accordinglydoes not exceed any limit prescribed by the Act or the Constitution and laws of the State of California, it and is agreed that notwithstanding any provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest not in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time Notes permitted to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate issued under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the ObligationCredit Agreement.
Appears in 2 contracts
Sources: Credit Agreement, Credit Agreement
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower, the Administrative Agent and the Lenders shall, to the maximum extent permitted by applicable law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower the amount of such excess and, in no event such event, the Administrative Agent and the Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 2 contracts
Sources: Credit Agreement (World Access Inc /New/), Credit Agreement (Telergy Inc /Ny)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the “Contract Rate”) for any obligation under the Loan Documents shall exceed the Maximum Rate, thereby causing the interest accruing on such obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such obligation shall not reduce the rate of interest on such obligation below the Maximum Rate until the aggregate amount of interest accrued on such obligation equals the aggregate amount of interest which would have accrued on such obligation if the Contract Rate for such obligation had at all times been in effect. As used herein, the term “Maximum Rate” means, at any time with respect to any Lender, the maximum rate of nonusurious interest under applicable law that such Lender may contract for, charge, reserve, or receive. The Maximum Rate shall be calculated in a manner that takes into account any and all fees, payments, and other charges contracted for, charged, reserved, or received in connection with the Loan Documents that constitute interest under applicable law. Each change in any interest rate provided for herein based upon the Maximum Rate resulting from a change in the Maximum Rate shall take effect without notice to Borrower at the time of such change in the Maximum Rate. For purposes of determining the Maximum Rate under Texas law, the applicable rate ceiling shall be the weekly rate ceiling described in, and computed in accordance with, Chapter 303 of the Texas Finance Code.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any excess interest is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, or collects, interest in excess of the maximum lawful amount of interest, such amount which is or would be in excess of the maximum amount permitted by applicable law shall be applied as a payment and reduction of the principal of the obligations outstanding hereunder, and, if the principal of the obligations outstanding hereunder has been paid in full or would be paid in full by all or part of such application, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest is called for, contracted for, charged, taken, reserved or received under exceeds the Maximum Rate, Borrower and each Lender shall, to the extent permitted by applicable law, (a) characterize any Loan Document non-principal payment as an expense, fee, or premium rather than as interest, (or in any communication by Lender or any other Person to Borrowers or Guarantorb) or if all or a part of exclude voluntary prepayments and the principal or interest thereof is acceleratedeffects thereof, prepaid or repaidand (c) amortize, so that under any of such circumstances (or any other circumstances) prorate, allocate, and spread the total amount of interest contracted for, charged, taken, reserved or and received under any Loan Document on throughout the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all obligations outstanding hereunder so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 2 contracts
Sources: Credit Agreement (Eagle Materials Inc), Credit Agreement (Eagle Materials Inc)
Maximum Interest Rate. It Regardless of any provision contained in any of the Loan Documents, no Lender shall ever be entitled to contract for, charge, take, reserve, receive, or apply, as interest on the Obligations, or any part thereof, any amount in excess of the Highest Lawful Rate, and, in the event any Lender ever contracts for, charges, takes, reserves, receives, or applies as interest any such excess, it shall be deemed a partial prepayment of principal and treated hereunder as such and any remaining excess shall be refunded to the relevant Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate, the Borrowers and the Lenders shall, to the maximum extent permitted under applicable Law, (a) treat all Advances as but a single extension of credit (and the Lenders and the Borrowers agree that such is the intention case and that provision herein for multiple Advances and for one or more Notes is for convenience only), (b) characterize any nonprincipal payment as an expense, fee, or premium rather than as interest, (c) exclude voluntary prepayments and the effects thereof, and (d) “spread” the total amount of interest throughout the entire contemplated term of the Parties to strictly comply with applicable usury LawsObligations, provided that, if any; accordingly, it the Obligations is agreed that notwithstanding any provisions paid and performed in full prior to the contrary in end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Highest Lawful Rate, any Loan DocumentLender receiving such excess interest shall refund such excess, and, in no event such event, such Lender shall not be subject to any Loan Document permit or require the paymentpenalties provided by any Laws for contracting for, charging, taking, reserving, or receiving collection or charging of interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” such term shall mean the applicable interest rate ceiling is “weekly ceiling” from time to time in effect under Chapter 303 of the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Electronic Data Systems Corp /De/), Amendment and Restatement Agreement (Electronic Data Systems Corp /De/)
Maximum Interest Rate. It Regardless of any provision contained --------------------- in any of the Loan Documents, Lenders shall never be entitled to contract for, charge, take, reserve, receive, or apply, as interest on the Obligations, or any part thereof, any amount in excess of the Highest Lawful Rate, and, in the event any Lender ever contracts for, charges, takes, reserves, receives, or applies as interest any such excess, it shall be deemed a partial prepayment of principal and treated hereunder as such and any remaining excess shall be refunded to the Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate, the Borrower, its Subsidiaries, and Lenders shall, to the maximum extent permitted under applicable Law, (a) treat all Loans as but a single extension of credit (and Lenders, the Borrower and the Borrower's Subsidiaries agree that such is the intention case and that provision herein for multiple Loans and for one or more Notes is for convenience only), (b) characterize any nonprincipal payment as an expense, fee, or premium rather than as interest, (c) exclude voluntary prepayments and the effects thereof, and (d) "spread" the total amount of interest throughout the entire contemplated term of the Parties to strictly comply with applicable usury LawsObligation; provided that, if any; accordingly, it the Obligation -------- ---- is agreed that notwithstanding any provisions paid and performed in full prior to the contrary in any Loan Documentend of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Highest Lawful Rate, Lenders shall refund such excess, and, in no event such event, Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, taking, reserving, or receiving collection or charging of interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 2 contracts
Sources: Credit Agreement (Radio One Inc), Credit Agreement (Radio One Inc)
Maximum Interest Rate. It is (a) Regardless of any provision contained in ---------------------- this Debenture, Lender shall never be entitled to receive, collect or apply as interest on the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding Debenture any provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest amount in excess of interest calculated at the Highest Lawful Maximum Rate. If , and, in the event that Lender ever receives, collects or applies as interest any such excess of interest is called forexcess, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess excessive interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated a partial prepayment of principal and treated hereunder as such; and, if the principal amount of the Debenture is paid in every Loan Document and communication relating theretofull, any remaining excess shall forthwith be paid to Borrower. To the extent In determining whether or not the interest rate Laws paid or payable under any specific contingency exceeds interest calculated at the Maximum Rate, Borrower and Lender shall, to the maximum extent permitted under applicable law, (i) characterize any non principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, pro rate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the State of Texas are applicable Debenture; provided that, if the Debenture is paid and performed in full prior to the Loan Documents for purposes end of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301full contemplated term thereof, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify if the interest rate received for the actual period of existence thereof exceeds interest calculated at the Maximum Rate, Lender shall refund to Borrower the amount of such excess or credit the amount of such excess against the principal amount of the Debenture and, in accordance with applicable Law. Borrowerssuch event, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern be subject to any penalties provided by any laws for contracting for, charging, taking, reserving or receiving interest in any manner apply to excess of interest calculated at the Loan Documents or the ObligationMaximum Rate.
Appears in 2 contracts
Sources: Convertible Debenture (La Man Corporation), Convertible Debenture (La Man Corporation)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the “Contract Rate”) for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither the Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Bank ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations, and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, the Borrower and each Bank shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 2 contracts
Sources: Credit Agreement (Tufco Technologies Inc), Credit Agreement (Tufco Technologies Inc)
Maximum Interest Rate. It is The maximum total interest that Holder shall be entitled to receive pursuant to this Debenture shall not exceed the intention of the Parties maximum rate permitted pursuant to strictly applicable law. Borrower and Holder intend to comply at all times with applicable usury Lawslaws. Notwithstanding any provision of this Debenture, if any; accordinglyat any time any applicable usury law would ever render usurious any amounts contemplated by this Debenture, it is agreed Borrower’s and ▇▇▇▇▇▇'s express intention that notwithstanding any provisions Borrower shall not be required to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of pay interest pursuant to this Debenture at a rate in excess of the Highest Lawful Rate. If any such excess of interest is called formaximum lawful rate, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 8.1 of this Article Eight shall govern and controlcontrol any other inconsistent provisions of this Debenture, (b) no Person now or hereafter liable for the payment of the Obligation that such excess interest shall be obligated to pay the amount of such interest immediately credited pursuant to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation this Debenture (or, if the Obligation this Debenture has been or would be repaid in full by that creditfully paid, refunded by Holder to the Person paying the excessBorrower), and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, hereof shall be immediately be deemed reformed and the excess interest amounts thereafter collectible pursuant to this Debenture reduced, without the necessity of executing the execution of any other documentfurther documents, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount otherwise called for pursuant to this Debenture. Any such crediting or refund shall not cure or waive any default by Borrower pursuant to this Debenture. If at any time following any reduction in the interest rate payable by Borrower there remains unpaid any principal amount pursuant to this Debenture and the maximum interest rate allowed by applicable law is increased or eliminated, then the interest payable pursuant to this Debenture shall be readjusted, to the Highest Lawful Rate under extent not prohibited by applicable law, so that the total dollar amount of interest payable pursuant to this Debenture shall be equal to the dollar amount of interest which would have been paid by Borrower without giving effect to the reduction in interest resulting from compliance with applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or receivedlaws. The terms of term “applicable law” as used in this paragraph Debenture shall be deemed to be incorporated in every Loan Document and communication relating thereto. To mean the extent the interest rate Laws laws of the State of Texas are applicable to Nevada, or federal law in the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree event that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationfederal law preempts Nevada law.
Appears in 2 contracts
Sources: Convertible Debenture (Environmental Control Corp.), Convertible Debenture (Environmental Control Corp.)
Maximum Interest Rate. It (a) In the event that any provision of this Agreement would oblige a Borrower to make any payment of interest or any other payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at a rate which would be prohibited by applicable law, regulation, order, rule or direction (a "Usury Restraint") which prohibits or restricts the intention charging, receipt or retention of interest or other amounts at the rates and amounts set forth herein (the "Stated Rate") in excess (the "Excess") of the Parties maximum rates or amount (the "Maximum Rate") stipulated in the Usury Restraint, then notwithstanding such provision, such amount or rate shall be deemed to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions have been adjusted nunc pro tunc to the contrary in any Loan DocumentMaximum Rate, in no event shall any Loan Document permit such adjustment to be effected, to the extent necessary, as follows:
(i) firstly, by reducing the amount or require the payment, taking, reserving, receiving collection or charging rate of interest required to be paid under Section 5.01 of this Agreement; and
(ii) thereafter, by reducing any fees, commissions, premiums and other amounts which would constitute interest for the purposes of such Usury Restraint;
(b) If, notwithstanding the provisions of clause (a) of this Section and after giving effect to all adjustments contemplated thereby, the Agents, the Lenders, or any of them, shall have received an amount in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Maximum Rate, then in any such event Excess shall be applied by the Administrative Agent (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment on behalf of the Obligation shall be obligated to pay Lenders) rateably in accordance with the amount of such interest Lenders' respective Commitments, to the extent that it is in excess reduction of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation orOutstanding Borrowings and not to the payment of interest or if such excessive interest exceeds such principal balance, if the Obligation has been or would such Excess shall be repaid in full by that credit, refunded to the Person paying the excess, and Borrowers; and
(dc) the provisions of the applicable Loan Documents, and any communication to Borrowers Any amount or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received referred to in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate this Section shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutesgenerally accepted actuarial practices and principles at an effective annual rate of interest over the term of this Agreement on the assumption that any charges, Title 79, Article 5069-1D.003 fees or expenses that fall within the meaning of "interest" (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil StatutesUsury Restraint) shall, Title 79if they relate to a specific period of time, Article 5069-1B.002(14be prorated over that period of time and otherwise be prorated over the terms of this Agreement and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent (on behalf of the Lenders) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, shall be conclusive for the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationpurposes of such determination.
Appears in 2 contracts
Sources: Credit Agreement (Kingsway Financial Services Inc), Credit Agreement (Kingsway Financial Services Inc)
Maximum Interest Rate. It Regardless of any provision contained in any of the Loan Documents, no Lender shall ever be entitled to contract for, charge, take, reserve, receive, or apply, as interest on the Obligation, or any part thereof, any amount in excess of the Highest Lawful Rate, and, in the event any Lender ever contracts for, charges, takes, reserves, receives, or applies as interest any such excess, it shall be deemed a partial prepayment of principal and treated hereunder as such and any remaining excess shall be refunded to the relevant Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate, Borrowers and Lenders shall, to the maximum extent permitted under applicable Law, (a) treat all Advances as but a single extension of credit (and Lenders and Borrowers agree that such is the intention case and that provision herein for multiple Advances and for one or more Notes is for convenience only), (b) characterize any nonprincipal payment as an expense, fee, or premium rather than as interest, (c) exclude voluntary prepayments and the effects thereof, and (d) "spread" the total amount of interest throughout the entire contemplated term of the Parties to strictly comply with applicable usury LawsObligation; provided that, if any; accordingly, it the Obligation is agreed that notwithstanding any provisions paid and performed in full prior to the contrary in end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Highest Lawful Rate, any Loan DocumentLender receiving such excess interest shall refund such excess, and, in no event such event, such Lender shall not be subject to any Loan Document permit or require the paymentpenalties provided by any Laws for contracting for, charging, taking, reserving, or receiving collection or charging of interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “"Highest Lawful Rate,” " such term shall mean the applicable interest rate ceiling is "weekly ceiling" from time to time in effect under Article 5069.1D of the weekly ceiling (formerly Texas Credit Title, as amended, and Chapter 303 of the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 2 contracts
Sources: Revolving Credit and Term Loan Agreement (Electronic Data Systems Corp /De/), Multi Currency Revolving Credit Agreement (Electronic Data Systems Corp /De/)
Maximum Interest Rate. It is the intention No provision of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding this Agreement or any provisions to the contrary in any Loan Document, in no event shall any other Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum permitted by applicable law. The maximum interest to be charged under this Loan shall be governed by Section 312 of the Maritime Act which provides that loans secured by a preferred mortgage filed or recorded under Chapter 3 of that act may have any rate of interest to which the parties to the mortgage may agree. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither Borrower, (b) no Person now nor any Guarantor, nor any other sureties, guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of sums loaned pursuant hereto. Notwithstanding anything to the extent that it is contrary contained herein or elsewhere, if at any time the rate of interest payable hereunder, under the Note, or any other Loan Document would exceed the "Maximum Rate," then for so long as the Maximum Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Rate. If Lender receives interest hereunder in excess of the Highest Lawful Maximum Rate, (c) any such the excess which is or has been collected or received notwithstanding this paragraph amount shall be credited against applied ratably to the then unpaid reduction of the principal balance of the Obligation orNote, or to other amounts (other than interest) payable hereunder, under such instruments or any other Loan Document, and if no Obligations of Borrower remain outstanding, the balance, if the Obligation has been or would any, will be repaid in full by that credit, refunded to the Borrower or to such Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately as may be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofentitled thereto. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, Borrower, Guarantor and Lender shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(i) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (ii) exclude voluntary prepayments and spreading during the period effects thereof, and (iii) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all indebtedness evidenced by the Note so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement (International Shipholding Corp)
Maximum Interest Rate. It (a) Nothing contained in this Agreement or the Notes shall require the Borrower to pay interest at a rate exceeding the maximum rate permitted by applicable law. Neither this Section nor Section 9.08 is intended to limit the intention rate of interest payable for the account of any Bank or the Issuing Bank, as the case may be, to the maximum rate permitted by the laws of the Parties State of New York if a higher rate is permitted with respect to strictly comply with applicable usury Lawssuch Bank or the Issuing Bank, if any; accordinglyas the case may be, it is agreed that notwithstanding any by supervening provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest in excess of the Highest Lawful Rate. United States federal law.
(b) If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted forpayable for the account of any Bank or the Issuing Bank, chargedas the case may be, takenon any date in respect of the immediately preceding interest computation period, reserved computed pursuant to Section 2.06 or, in the case of interest on Reimbursement Obligations or received under any Loan Document on other amounts payable in respect of Letters of Credit, Section 2.07, would exceed the maximum amount permitted by applicable law to be charged by such Bank or the Issuing Bank, as the case may be, the amount of principal actually outstanding from time interest payable for its account on such date shall be automatically reduced to time thereunder shall exceed such maximum permissible amount.
(c) If the Highest Lawful Rateamount of interest payable for the account of any Bank or the Issuing Bank, then as the case may be, in respect of any such event interest computation period is reduced pursuant to clause (ab) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest payable for its account in respect of any subsequent interest computation period, computed pursuant to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation Section 2.06 or, if in the Obligation has been case of interest on Reimbursement Obligations or other amounts payable in respect of Letters of Credit, Section 2.07, would be repaid in full by that credit, refunded to less than the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent maximum permissible amount permitted by applicable Laws law to be charged by amortizingsuch Bank or the Issuing Bank, proratingas the case may be, allocating and spreading during then the amount of interest payable for its account in respect of such subsequent interest computation period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed automatically increased to be incorporated in every Loan Document and communication relating thereto. To such maximum permissible amount; provided that at no time shall the extent aggregate amount by which interest paid for the interest rate Laws account of any Bank or the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01)Issuing Bank, as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutescase may be, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.has been increased
Appears in 2 contracts
Sources: Credit Agreement (New Beverly Holdings Inc), Credit Agreement (Beverly Enterprises Inc /De/)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Paper shall at any time exceed the intention Highest Lawful Rate. If at any time the interest rate (the “Contract Rate”) for any Obligation shall exceed the Highest Lawful Rate, thereby causing the interest accruing on such Obligation to be limited to the Highest Lawful Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Highest Lawful Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Papers, none of the terms and provisions of this Agreement or the other Loan Papers shall ever .be construed to create a contract or obligation to pay interest at a rate in excess of the Highest Lawful Rate; and neither any Agent nor any Bank shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Highest Lawful Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentPapers which constitutes interest under applicable Law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 9.19(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Papers, equals the Highest Lawful Rate. If, notwithstanding the foregoing, any Agent or any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Highest Lawful Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower, Parent or Subsidiary (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate, the parties hereto shall, to the maximum extent permitted by applicable Law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Highest Lawful Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exc ▇▇▇▇ the Highest Lawful Rate, the Agents and/or the Banks, as appropriate, shall refund to the applicable Person the amount of such excess and, in no event such event, the Agents and the Banks shall not be subject to any Loan Document permit or require the paymentpenalties provided by any Laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 2 contracts
Sources: Credit Agreement (Frozen Food Express Industries Inc), Credit Agreement (Frozen Food Express Industries Inc)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, ------------- thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither the Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations; and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, the Borrower and each Lender shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the CREDIT AGREEMENT - Page 82 total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 2 contracts
Sources: Credit Agreement (Imperial Financial Group Inc), Credit Agreement (Imperial Financial Group Inc)
Maximum Interest Rate. It (a) In the event that any provision of this Agreement would oblige the Borrower to make any payment of interest or any other payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by the intention Lender of interest at a criminal rate (as such terms are construed under the Criminal Code (Canada)), then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted nunc pro tunc to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by a Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows:
(i) firstly, by reducing the amount or rate of interest required to be paid under Section 5.01 of this Agreement; and
(ii) thereafter, by reducing any fees, commissions, premiums and other amounts which would constitute interest for the purposes of Section 347 of the Parties Criminal Code (Canada);
(b) If, notwithstanding the provisions of Subsection (a) of this Section and after giving effect to strictly comply with applicable usury Lawsall adjustments contemplated thereby, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary in any Loan Document, in no event Lender shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest have received an amount in excess of the Highest Lawful Rate. If any maximum permitted by such clause, then such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication shall be applied by the Lender or any other Person to Borrowers or Guarantor) or if all or a part the reduction of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation orOutstanding Obligations and not to the payment of interest or if such excessive interest exceeds such principal balance, if the Obligation has been or would such excess shall be repaid in full by that credit, refunded to the Person paying the excess, and Borrower; and
(dc) the provisions of the applicable Loan Documents, and any communication to Borrowers Any amount or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received referred to in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate this section shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutesgenerally accepted actuarial practices and principles at an effective annual rate of interest over the term of this Agreement on the assumption that any charges, Title 79, Article 5069-1D.003 fees or expenses that fall within the meaning of “interest” (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutesthe Criminal Code (Canada)) shall, Title 79if they relate to a specific period of time, Article 5069-1B.002(14) (also codified at Texas Finance Codebe prorated over that period of time and otherwise be prorated over the term of this Agreement and, Section 301.001(3)in the event of dispute, and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Lender retains shall be conclusive for the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationpurposes of such determination.
Appears in 2 contracts
Sources: Credit Agreement (Rti International Metals Inc), Credit Agreement (Rti International Metals Inc)
Maximum Interest Rate. It (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate.
(b) If at any time the interest rate (the “Contract Rate”) for any Liability shall exceed the Maximum Rate, so that, as provided in Section 19-18(a), interest accruing on such Liability is limited to the intention Maximum Rate, then any subsequent reduction in the Contract Rate for such Liability shall not reduce the rate of interest on such Liability below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Liability equals the aggregate amount of interest which would have accrued on such Liability if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Liability had at all times been in effect.
(c) Notwithstanding anything to the contrary contained in any this Agreement or the other Loan DocumentDocuments, in no event none of the terms and provisions of this Agreement or the other Loan Documents shall any Loan Document permit ever be construed to create a contract or require the payment, taking, reserving, receiving collection or charging of obligation to pay interest at a rate in excess of the Highest Lawful Maximum Rate; and neither the Agent nor any Revolving Credit Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Liabilities, any amount in excess of the Maximum Rate. If The Agent, each Revolving Credit Lender and the Borrower each agrees that any such excess of interest, charge, fee, expense or other Liability provided for in this Agreement or in the other Loan Documents which constitutes interest is called forunder applicable law, contracted for, charged, taken, reserved or received ipso facto and under any Loan Document and all circumstances, shall be limited or reduced to an amount equal to the lesser of (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstancesx) the amount of interest contracted forsuch interest, chargedcharge, takenfee, reserved expense or received under any Loan Document on other Liability that would be payable in the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions absence of this Section 9.8 shall govern 19-18, or (y) an amount, which when added to all other interest payable under this Agreement and controlthe other Loan Documents, (b) no Person now equals the Maximum Rate. If, notwithstanding the foregoing, the Agent or hereafter liable for the payment of the Obligation shall be obligated to pay the any Revolving Credit Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount of such interest to the extent that it is in excess of the Highest Lawful Maximum Rate, (c) any such excess amount which is or has been collected or received notwithstanding this paragraph would be deemed excessive interest shall be credited against the then unpaid deemed a partial payment or prepayment of principal balance of the Obligation or, Liabilities and treated hereunder as such; and if the Obligation has been Liabilities, or would applicable portions thereof, are paid in full, any remaining excess shall promptly be repaid in full by that credit, refunded paid to the Person paying Borrower. In determining whether the excessinterest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Agent, each Revolving Credit Lender and the Borrower, to the maximum extent permitted by Applicable Law, shall (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (diii) amortize, prorate, allocate and spread in equal or unequal parts the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate total amount of interest contracted for, charged, collected, taken, reserved or received in connection with throughout the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full actual term of the LoanLiabilities, including all prior and subsequent renewals and extensionsor applicable portions thereof, all so that the interest rate does not exceed the Maximum Rate at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To during the extent the interest rate Laws term of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the ObligationLiabilities.
Appears in 2 contracts
Sources: Loan and Security Agreement (Hastings Entertainment Inc), Loan and Security Agreement (Hastings Entertainment Inc)
Maximum Interest Rate. It Regardless of any provision contained in any of the Loan Documents, no Lender shall ever be entitled to contract for, charge, take, reserve, receive, or apply, as interest on the Obligations, or any part thereof, any amount in excess of the Highest Lawful Rate, and, in the event any Lender ever contracts for, charges, takes, reserves, receives, or applies as interest any such excess, it shall be deemed a partial prepayment of principal and treated hereunder as such and any remaining excess shall be refunded to the relevant Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate, the Borrowers and the Lenders shall, to the maximum extent permitted under applicable Law, (a) treat all Advances as but a single extension of credit (and the Lenders and the Borrowers agree that such is the intention case and that provision herein for multiple Advances and for one or more Notes is for convenience only), (b) characterize any nonprincipal payment as an expense, fee, or premium rather than as interest, (c) exclude voluntary prepayments and the effects thereof, and (d) "spread" the total amount of interest throughout the entire contemplated term of the Parties to strictly comply with applicable usury LawsObligations, provided that, if any; accordingly, it the Obligations is agreed that notwithstanding any provisions paid and performed in full prior to the contrary in end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Highest Lawful Rate, any Loan DocumentLender receiving such excess interest shall refund such excess, and, in no event such event, such Lender shall not be subject to any Loan Document permit or require the paymentpenalties provided by any Laws for contracting for, charging, taking, reserving, or receiving collection or charging of interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “"Highest Lawful Rate,” " such term shall mean the applicable interest rate ceiling is "weekly ceiling" from time to time in effect under Chapter 303 of the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 2 contracts
Sources: Multi Currency Revolving Credit Agreement (Electronic Data Systems Corp /De/), Three Year Multi Currency Revolving Credit Agreement (Electronic Data Systems Corp /De/)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the “Contract Rate”) for any obligation under the Loan Documents shall exceed the Maximum Rate, thereby causing the interest accruing on such obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such obligation shall not reduce the rate of interest on such obligation below the Maximum Rate until the aggregate amount of interest accrued on such obligation equals the aggregate amount of interest which would have accrued on such obligation if the Contract Rate for such obligation had at all times been in effect. As used herein, the term “Maximum Rate” means, at any time with respect to any Lender, the maximum rate of nonusurious interest under applicable law that such Lender may contract for, charge, reserve, or receive. The Maximum Rate shall be calculated in a manner that takes into account any and all fees, payments, and other charges contracted for, charged, reserved, or received in connection with the Loan Documents that constitute interest under applicable law. Each change in any interest rate provided for herein based upon the Maximum Rate resulting from a change in the Maximum Rate shall take effect without notice to Borrower at the time of such change in the Maximum Rate. For purposes of determining the Maximum Rate under Texas law, the applicable rate ceiling shall be the weekly rate ceiling described in, and computed in accordance with, Chapter 303 of the Texas Finance Code.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any excess interest is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, or collects, interest in excess of the maximum lawful amount of interest, such amount which is or would be in excess of the maximum amount permitted by applicable law shall be applied as a payment and reduction of the principal of the obligations outstanding hereunder, and, if the principal of the obligations outstanding hereunder has been paid in full or would be paid in full by all or part of such application, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest is called for, contracted for, charged, taken, reserved or received under exceeds the Maximum Rate, Borrower and each Lender shall, to the extent permitted by applicable law, (a) characterize any Loan Document non-principal payment as an expense, fee, or premium rather than as interest, (or in any communication by Lender or any other Person to Borrowers or Guarantorb) or if all or a part of exclude voluntary prepayments and the principal or interest thereof is acceleratedeffects thereof, prepaid or repaidand (c) amortize, so that under any of such circumstances (or any other circumstances) prorate, allocate, and spread the total amount of interest contracted for, charged, taken, reserved or and received under any Loan Document on throughout the amount entire contemplated term of principal actually the obligations outstanding from time to time thereunder shall hereunder so that interest for the entire term does not exceed the Highest Lawful Maximum Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, .
(c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance The provisions of Chapter 346 of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State Finance Code of Texas are specifically declared by the parties hereto not to be applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern this Agreement or in any manner apply to the Loan Documents or the Obligationtransactions contemplated hereby.
Appears in 2 contracts
Sources: Credit Agreement (Eagle Materials Inc), Credit Agreement (Eagle Materials Inc)
Maximum Interest Rate. It Regardless of any provision contained in any of the Loan Papers, no Lender shall ever be entitled to contract for, charge, take, reserve, receive, or apply, as interest on the Obligation, or any part thereof, any amount in excess of the Highest Lawful Rate, and, in the event the Lenders ever contract for, charge, take, reserve, receive, or apply as interest any such excess, it shall be deemed a partial prepayment without penalty of principal and treated hereunder as such and any remaining excess shall be refunded to the Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate, the Borrower and the Lenders shall, to the maximum extent permitted under applicable Law, (a) treat all Borrowings as but a single extension of credit (and the Lenders and the Borrower agree that such is the intention case and that provision herein for multiple Borrowings and multiple Notes is for convenience only), (b) characterize any nonprincipal payment as an expense, fee, or premium rather than as interest, (c) exclude voluntary prepayments and the effects thereof, and (d) "spread" the total amount of interest throughout the entire contemplated term of the Parties to strictly comply with applicable usury LawsObligation; provided that, if any; accordingly, it the Obligation is agreed that notwithstanding any provisions paid and performed in full prior to the contrary in any Loan Documentend of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Highest Lawful Rate, the Lenders shall refund such excess, and, in no event such event, the Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any Laws for contracting for, charging, taking, reserving, or receiving collection or charging of interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 2 contracts
Sources: Competitive Advance and Revolving Credit Facility Agreement (Century Telephone Enterprises Inc), Revolving Credit Facility Agreement (Centurytel Inc)
Maximum Interest Rate. It is (a) Notwithstanding the intention provisions of this Agreement regarding the rates of interest applicable to the Loans and other Obligations, if at any time the amount of such interest would exceed the amount of such interest computed upon the basis of the Parties maximum rate of interest permitted by applicable law in effect from time to strictly comply with applicable usury Lawstime, if any; accordinglyafter taking into account, it is agreed that notwithstanding any provisions to the contrary extent required by applicable law, any and all fees, payments, charges and calculations provided for in this Agreement or in any other Loan Document (the "Maximum ------- Rate"), the interest payable under this Agreement shall be computed upon the ---- basis of the Maximum Rate, but any subsequent reduction in the Reference Rate or in the LIBOR Rate shall not reduce such interest thereafter payable hereunder below the amount computed on the basis of the Maximum Rate until the aggregate amount of such interest accrued and payable under this Agreement equals the total amount of interest which would have accrued if such interest had not been limited by the Maximum Rate.
(b) No agreements, conditions, provisions or stipulations contained in this Agreement or any other Loan Document or default of any Borrower Party, or the exercise by the Lender of any right (including in respect of the acceleration of payment of principal or interest) under or in connection with this Agreement or any other Loan Document, or the arising of any contingency whatsoever, shall entitle the Lender to collect, in any event, interest exceeding the Maximum Rate and in no event shall any Loan Document permit Borrower Party be obligated to pay interest exceeding the Maximum Rate, and all agreements, conditions or require stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel any Borrower Party to pay a rate of interest exceeding the paymentMaximum Rate, takingshall be without binding force or effect, reservingat law or in equity, to the extent only of the excess of interest over such Maximum Rate. In the event any interest is charged in excess of the Maximum Rate ("Excess ------ Interest"), each Borrower Party acknowledges and stipulates that any such charge --------- shall be the result of an accidental and bona fide error, and such Excess ---- ---- Interest shall be, first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the other Obligations then payable; and third, returned to the applicable Borrower Party, it being the intention of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. Each Borrower Party recognizes that, considering, among other things, fluctuations in the Reference Rate, the LIBOR Rate or the Maximum Rate, such an unintentional result could inadvertently occur. The Borrower Parties covenant that (i) the credit or return of any Excess Interest shall constitute the acceptance by the Borrower Parties of such Excess Interest, and (ii) the Borrower Parties shall not seek or pursue any other remedy, legal or equitable, against the Lender, based in whole or in part upon the charging or receiving collection or charging of any interest in excess of the Highest Lawful Ratemaximum authorized by applicable law. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for For the purpose of determining whether that rate exceeds or not any Excess Interest has been contracted for, charged or received by the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensionsLender, all interest at any time contracted for, chargedcharged or received by the Lender in connection with this Agreement shall be amortized, taken collectedprorated, reserved or received. The terms allocated and spread in equal parts during the entire term of this paragraph Agreement.
(c) The provisions of this Section 3.3 shall be deemed to be ----------- incorporated into every document or communication relating to the Obligations which sets forth or prescribes any account, right or claim or alleged account, right or claim of the Lender with respect to any Borrower Party (or any other obligor in every respect of Obligations), whether or not any provision of this Section ------- 3.3 is referred to therein. All such documents and communications and all --- figures set forth therein shall, for the sole purpose of computing the extent of the liabilities and obligations of any Borrower Party (or other obligor) asserted by the Lender thereunder, be automatically recomputed by such Borrower Party or other obligor, and by any court considering the same, to give effect to the adjustments or credits required by this Section 3.3. -----------
(d) If applicable law is amended in the future to allow a greater rate of interest (after taking into account, to the extent required by law, any and all other fees, payments, charges and calculations provided for in this Agreement or in any other Loan Document) to be charged under this Agreement or any other Loan Document and communication relating thereto. To than is presently allowed by applicable law, then the extent the limitation of interest rate Laws of the State of Texas are applicable under this Section 3.3 shall be increased to the Loan Documents for purposes maximum ----------- rate of determining the “Highest Lawful Rate,” the interest allowed by applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), law as amended, which increase shall be effective hereunder on the effective date of such amendment, and all interest charges owing to the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowersby reason thereof, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accountsif any, shall not govern or in any manner apply to the Loan Documents or the Obligationbe payable upon demand.
Appears in 1 contract
Sources: Loan and Security Agreement (Pediatric Services of America Inc)
Maximum Interest Rate. It is expressly stipulated and agreed to be the intention intent of the Parties Maker and Payee at all times to strictly comply with the applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions Texas law governing the maximum rate of interest payable on the indebtedness evidenced by this Note and the Loan Agreement (or applicable United States federal law to the contrary in any Loan Documentextent that it permits Payee to contract for, in no event shall any Loan Document permit charge, take, reserve or require the payment, taking, reserving, receiving collection or charging receive a greater amount of interest in excess of the Highest Lawful Ratethan under Texas law). If the applicable law is ever judicially interpreted so as to render usurious any such excess of interest is called for, amount (i) contracted for, charged, taken, reserved or received under pursuant to this Note, the Loan Agreement, any of the other Loan Document (or in any communication by Lender Documents or any other Person communication or writing by or between Maker and Payee related to Borrowers the transaction or Guarantor) or if all or a part transactions that are the subject matter of the principal or interest thereof is acceleratedLoan Documents, prepaid or repaid, so that under any of such circumstances (or any other circumstancesii) the amount of interest contracted for, charged, taken, reserved or received under by reason of Payee’s exercise of the option to accelerate the maturity of this Note, or (iii) Maker will have paid or Payee will have received by reason of any Loan Document voluntary prepayment by Maker of this Note, then it is Maker’s and Payee’s express intent that all amounts charged in excess of the Maximum Lawful Rate (as hereinafter defined) shall be automatically canceled, ab initio, and all amounts in excess of the Maximum Lawful Rate theretofore collected by Payee shall be credited on the amount principal balance of principal actually outstanding from time this Note (or, if this Note has been or would thereby be paid in full, refunded to time thereunder shall exceed the Highest Lawful RateMaker), then in any such event (a) and the provisions of this Section 9.8 shall govern and controlNote, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excessLoan Agreement, and (d) the provisions of the applicable other Loan Documents, and any communication to Borrowers or Guarantor, Documents shall immediately be deemed reformed and the excess interest amounts thereafter collectible hereunder and thereunder reduced, without the necessity for the execution of executing any other new document, so as to the Highest Lawful Rate under comply with the applicable usury Laws law, but so as now or hereafter construed by to permit the courts having jurisdiction thereof. Without limiting the foregoing, all calculations recovery of the rate fullest amount otherwise called for hereunder and thereunder; provided, however, if this Note has been paid in full before the end of the stated term of this Note, then Maker and Payee agree that Payee shall, with reasonable promptness after Payee discovers or is advised by Maker that interest contracted for, charged, collected, taken, reserved or was received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period an amount in excess of the full term Maximum Lawful Rate, either refund such excess interest to Maker and/or credit such excess interest against this Note then owing by Maker to Payee. Maker hereby agrees that as a condition precedent to any claim seeking usury penalties against Payee, Maker will provide written notice to Payee, advising Payee in reasonable detail of the Loan, including all prior nature and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws amount of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301violation, and formerly Texas Revised Civil StatutesPayee shall have sixty (60) days after receipt of such notice in which to correct such usury violation, Article 5069if any, by either refunding such excess interest to Maker or crediting such excess interest against this Note and then owing by Maker to Payee. LOAN AGREEMENT, SCHEDULE 1, PAGE 1-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.2
Appears in 1 contract
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither the Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Bank ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations; and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, the Borrower and each Bank shall, to the extent permitted by applicable Laws by amortizinglaw,
(a) characterize any non-principal payment as an expense, proratingfee, allocating or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument (the "Contract Rate") shall at any time exceed the Maximum Rate. If at any time the Contract Rate for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph Maximum Rate shall be credited against the then unpaid principal balance applied as 102 a payment and reduction of the Obligation orprincipal of the Obligations, and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, Borrower and each Lender shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Credit Agreement (Intervoice Inc)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 13.12(b) or (ii) ---------------- an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other appropriate Loan Party. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the other Loan Parties, the Administrative Agent and the Lenders shall, to the maximum extent permitted by applicable law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower or other appropriate Loan Party the amount of such excess and, in no event such event, the Administrative Agent and the Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.105
Appears in 1 contract
Sources: Credit Agreement (Ipcs Inc)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations; and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, Borrower and each Lender shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Maximum Interest Rate. It is Regardless of any provision contained herein or in any Note or other document relating to the intention Loans (the "LOAN DOCUMENTS"), no Bank shall ever be entitled to receive, collect, take, reserve, charge or apply as interest (whether termed interest herein or deemed to be interest by operation of law or judicial determination) on any Loan any amount in excess of interest calculated at the Maximum Rate, and, in the event that any Bank ever receives, collects, or applies as interest any such excess, then the amount which would be excessive interest shall be deemed to be a partial prepayment of principal and treated hereunder as such; and, if the principal amount of the Parties applicable Loans are paid in full, then any remaining excess shall forthwith be paid to strictly comply with the Borrower. In determining whether or not the interest paid or payable under any specific contingency exceeds interest calculated at the Maximum Rate, the Borrower and the Banks shall, to the maximum extent permitted under applicable usury Lawslaw:
(a) characterize any non-principal payment as an expense, fee, or premium rather than as interest; (b) exclude voluntary prepayments and the effects thereof; and (c) amortize, prorate, allocate, and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loans; provided that, if any; accordingly, it is agreed that notwithstanding any provisions Loans are paid and performed in full prior to the contrary in any Loan Documentend of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds interest calculated at the Maximum Rate, then the applicable Lender shall refund to the Borrower the amount of such excess or credit the amount of such excess against the principal amount of the applicable Loans and, in such event, no event Bank shall be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, taking, reserving, or receiving collection or charging of interest in excess of interest calculated at the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of "MAXIMUM RATE" means the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the highest nonusurious rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made (if any) permitted from day to the extent permitted day by applicable Laws by amortizing, prorating, allocating and spreading during the period law. The parties agree that Chapter 346 of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern be applicable to this Agreement, any Note or in any manner apply to the Loan Documents or the ObligationLoans.
Appears in 1 contract
Maximum Interest Rate. It (a) The collateral covered in the Vessel Mortgage and the Obligations covered by this Agreement, the Note and other Loan Documents is or will be secured by a "Preferred Mortgage" on the intention United States-flagged Vessels within the meaning of Section 31322 of 46 U.S.C. 131301-31343 (1994), as amended (the "Ship Mortgage Act"), and the regulations promulgated thereunder. If, for any reason, the provisions of Section 31322 of the Parties Ship Mortgage Act shall be found not to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding exempt any provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of and all interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, and other charges contracted for, charged, taken, received or reserved in connection with the Obligations covered by this Agreement, the Note, and other Loan Documents from any limitations otherwise applicable, then the provisions of Section 12.12(b) shall apply, but otherwise the provisions of Section 31322 of the Ship Mortgage Act shall be applicable.
(b) No provision of this Agreement or received under of any other Loan Document shall require the payment or the collection of interest in excess of the maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment prevail and neither any of the Obligation Borrowers nor the sureties, guarantors, successors, or assigns of any of the Borrowers shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event the Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the indebtedness evidenced by the Note; and, if the Obligation principal of the Note has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying Borrowers. In determining whether or not the excessinterest paid or payable exceeds the Maximum Rate, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reducedLender shall, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all indebtedness evidenced by the Note so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Credit Agreement (Transcoastal Marine Services Inc)
Maximum Interest Rate. It is (a) Notwithstanding the intention foregoing provisions of Sections 3.1 through 3.3 regarding the rates of interest applicable to the Loans, if at any time the amount of such interest computed on the basis of the Parties Applicable Interest Rate would exceed the amount of such interest computed upon the basis of the maximum rate of interest permitted by applicable state or federal law in effect from time to strictly comply with applicable usury Lawstime hereafter, if any; accordinglyafter taking into account, it is agreed that notwithstanding any provisions to the contrary extent required by applicable law, any and all fees, payments, charges and calculations provided for in this Agreement or in any Loan Documentother agreement between any Borrower and Lender (the "Maximum Legal Rate"), the interest payable under this Agreement shall be computed upon the basis of the Maximum Legal Rate, but any subsequent reduction in the Reference Rate or the Eurodollar Rate shall not reduce such interest thereafter payable hereunder below the amount computed on the basis of the Maximum Legal Rate until the aggregate amount of such interest accrued and payable under this Agreement equals the total amount of interest which would have accrued if such interest had been at all times computed solely on the basis of the Applicable Interest Rate.
(b) No agreements, conditions, provisions or stipulations contained in this Agreement or any other instrument, document or agreement between any Borrower and the Lender or default of any Borrower, or the exercise by the Lender of the right to accelerate the payment of the maturity of principal and interest, or to exercise any option whatsoever contained in this Agreement or any other agreement between any Borrower and the Lender, or the arising of any contingency whatsoever, shall entitle the Lender to collect, in any event, interest exceeding the Maximum Legal Rate and in no event shall any Loan Document permit Borrower be obligated to pay interest exceeding such Maximum Legal Rate and all agreements, conditions or require stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel such Borrower to pay a rate of interest exceeding the paymentMaximum Legal Rate, takingshall be without binding force or effect, reservingat law or in equity, to the extent only of the excess of interest over such Maximum Legal Rate. In the event any interest is charged in excess of the Maximum Legal Rate ("Excess"), each Borrower acknowledges and stipulates that any such charge shall be the result of an accidental and bona fide error, and such Excess shall be, first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the Obligations; and third, returned to the Borrowers, it being the intention of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. Each Borrower recognizes that, with fluctuations in the Applicable Interest Rate and the Maximum Legal Rate, such an unintentional result could inadvertently occur. By the execution of this Agreement, each Borrower covenants that (i) the credit or return of any Excess shall constitute the acceptance by such Borrower of such Excess, and (ii) the Borrower shall not seek or pursue any other remedy, legal or equitable, against Lender, based in whole or in part upon the charging or receiving collection or charging of any interest in excess of the Highest Lawful Ratemaximum authorized by applicable law. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for For the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted or not any Excess has been contracted for, charged or received by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensionsLender, all interest at any time contracted for, chargedcharged or received by the Lender in connection with this Agreement shall be amortized, taken collectedprorated, reserved or received. The terms allocated and spread in equal parts during the entire term of this paragraph Agreement.
(c) The provisions of Section 3.4 shall be deemed to be incorporated in into every Loan Document and document or communication relating theretoto the Obligations which sets forth or prescribes any account, right or claim or alleged account, right or claim of the Lender with respect to the Borrowers (or any other obligor in respect of Obligations), whether or not any provision of Section 3.4 is referred to therein. To All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent the interest rate Laws of the State liabilities and obligations of Texas are applicable the Borrowers (or other obligor) asserted by the Lender thereunder, be automatically recomputed by any Borrower or obligor, and by any court considering the same, to give effect to the adjustments or credits required by Section 3.4.
(d) If the applicable state or federal law is amended in the future to allow a greater rate of interest to be charged under this Agreement or any other Loan Documents for purposes than is presently allowed by applicable state or federal law, then the limitation of determining interest under Section 3.4 shall be increased to the “Highest Lawful Rate,” the maximum rate of interest allowed by applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), state or federal law as amended, which increase shall be effective hereunder on the effective date of such amendment, and all interest charges owing to the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, by reason thereof shall not govern or in any manner apply to the Loan Documents or the Obligationbe payable upon demand.
Appears in 1 contract
Maximum Interest Rate. It If the Interest Rate, absent the limitation set forth in this Section 3.3, would have exceeded the Maximum Rate, then the Interest Rate shall be the Maximum Rate. Each Agent, each Lender, and each Borrower acknowledges, agrees, and declares that it is the its intention of the Parties to strictly expressly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to all Requirements of Law in respect of limitations on the contrary in any Loan Document, in no event shall any Loan Document permit amount or require the payment, taking, reserving, receiving collection or charging rate of interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, that can legally be contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents. Notwithstanding anything to the contrary contained in any Loan Document (even if any such provision expressly declares that it controls all other provisions of the Loan Documents), in no contingency or event whatsoever shall the amount of interest (including the aggregate of all charges, fees, benefits, or other compensation which constitutes interest under any Requirement of Law) under the Loan Documents which are made paid by any Borrower, received by the Administrative Agent, the Letter of Credit Issuer, or any Lender, agreed to be paid by any Borrower, or requested or demanded to be paid by the Administrative Agent, the Letter of Credit Issuer, or any Lender, exceed the Maximum Rate, and all provisions of the Loan Documents in respect of the contracting for, charging, or receiving compensation for the purpose use, forbearance, or detention of determining whether that rate exceeds the Highest Lawful Rate money shall be made limited as provided by this Section 3.3. In the event any such interest is paid to the extent permitted Administrative Agent, the Letter of Credit Issuer, or any Lender by applicable Laws the Borrowers, or any of them, in an amount or at a rate which would exceed the Maximum Rate, the Administrative Agent, the Letter of Credit Issuer, or such Lender, as the case may be, shall automatically apply such excess to any unpaid amount of the Obligations other than interest, in inverse order of maturity, or if the amount of such excess exceeds said unpaid amount, such excess shall be paid to the paying Borrowers or Borrower, as applicable. All interest paid, or agreed to be paid, by amortizingany Borrower, proratingor taken, allocating reserved, or received by the Administrative Agent, the Letter of Credit Issuer, or any Lender, shall be amortized, prorated, spread, and spreading during allocated in respect of the period of Obligations throughout the full term of this Agreement. The Borrowers, the LoanAgents, the Letter of Credit Issuer, and the Lenders shall, to the maximum extent permitted under any Requirement of Law and the Loan Documents, (A) characterize any non principal payment as a standby fee, commitment fee, prepayment charge, delinquency charge, expense, or reimbursement for a third party expense rather than as interest and (B) exclude prepayments, acceleration, and the effects thereof. Nothing in any Loan Document shall be construed or so operate as to require or obligate the Borrowers, or any of them, to pay any interest, fees, costs, or charges greater than is permitted by any Requirement of Law. Subject to the foregoing, the Borrowers hereby agree that the actual effective rate of interest from time to time existing under the Loan Documents, including all prior amounts agreed to by the Borrowers or charged or received by the Administrative Agent, the Letter of Credit Issuer, or the Lenders pursuant to and subsequent renewals and extensionsin accordance with the Loan Documents, all which may be deemed to be interest at under any time contracted forRequirement of Law, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document a rate which is agreed to and communication relating thereto. To stipulated by the extent Borrowers and the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined Lenders in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Requirements of Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Loan and Security Agreement (EveryWare Global, Inc.)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument (the "Contract Rate") shall at any time exceed the Maximum Rate. If at any time the Contract Rate for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither the Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower (if any) shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph Maximum Rate shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations, and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, the Borrower and each Lender shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. for the entire term does not exceed the Maximum Rate.
(c) The terms provisions of this paragraph shall be deemed Chapter 346 of the Texas Finance Code are specifically declared by the parties hereto not to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or to the Obligationtransactions contemplated thereby.
Appears in 1 contract
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither the Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Bank ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations, and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, the Borrower and each Bank shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non - principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Maximum Interest Rate. It is (a) Notwithstanding the foregoing provisions of Section 2.3 regarding the rates of interest applicable to the Loan, if at any time the amount of such interest computed on the basis of the Applicable Interest Rate would exceed the amount of such interest computed upon the basis of the maximum rate of interest permitted by applicable state or federal law in effect from time to time hereafter, after taking into account, to the extent required by applicable law, any and all fees, payments, charges and calculations provided for in this Agreement or in any other agreement between Borrower and Lender (the "Maximum Legal Rate"), the interest payable under this Loan Agreement shall be computed upon the basis of the Maximum Legal Rate.
(b) No agreements, conditions, provisions or stipulations contained in this Loan Agreement or any other instrument, document or agreement between Borrower and Lender or default of Borrower, or the exercise by Lender of the right to accelerate the payment of the maturity of principal and interest, or to exercise any option whatsoever contained in this Loan Agreement or any other agreement between Borrower and Lender, or the arising of any contingency whatsoever, shall entitle Lender to collect, in any event, interest exceeding the Maximum Legal Rate and in no event shall Borrower be obligated to pay interest exceeding such Maximum Legal Rate and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrower to pay a rate of interest exceeding the Maximum Legal Rate, shall be without binding force or effect, at law or in equity, to the extent only of the excess of the Maximum Legal Rate ("Excess"), Borrower acknowledges and stipulates that any such charge shall be the result of an accidental and bona fide error, and such Excess shall be, first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the Obligations; and third, returned to Borrower, it being the intention of the Parties parties hereto not to strictly comply enter at any time into a usurious or otherwise illegal relationship. Borrower recognizes that, with applicable usury Lawsfluctuations in the Applicable Interest Rate and the Maximum Legal Rate, if any; accordinglysuch an unintentional result could inadvertently occur. By the execution of this Loan Agreement, Borrower covenants that it is agreed that notwithstanding shall not seek or pursue any provisions to other remedy, legal or equitable, against Lender, based in whole or in part upon the contrary in charging or receiving of any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest in excess of the Highest Lawful Ratemaximum authorized by applicable law. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for For the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted or not any Excess has been contracted for, charged or received by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensionsLender, all interest at any time contracted for, chargedcharged or received by Lender in connection with this Loan Agreement shall be amortized, taken collectedprorated, reserved or received. The terms allocated and spread in equal parts during the entire term of this paragraph Loan Agreement.
(c) The provisions of this Section 2.4 shall be deemed to be incorporated in into every Loan Document and document or communication relating theretoto the Obligations which set forth or prescribe any account, right or claim or alleged account, right or claim of Lender with respect to Borrower (or any other obligor in respect of Obligations), whether or not any provision of Section 2.4 is referred to therein. To All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent the interest rate Laws of the State liabilities and obligations of Texas are applicable Borrower (or other obligor) asserted by Lender thereunder, be automatically recomputed by Borrower or other obligor, and by any court considering the same, to give effect to the adjustments or credits required by Section 2.4.
(d) If the applicable state or federal law is amended in the future to allow a greater rate of interest to be charged under this Agreement or any other Loan Documents for purposes than is presently allowed by applicable state or federal law, then the limitation of determining interest under this Section 2.4 shall be increased to the “Highest Lawful Rate,” the maximum rate of interest allowed by applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), state or federal law as amended, which increase shall be effective hereunder on the effective date of such amendment, and all interest charges owing to Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, by reason thereof shall not govern or in any manner apply to the Loan Documents or the Obligationbe payable upon demand.
Appears in 1 contract
Sources: Loan Agreement (Pet Quarters Inc)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "CONTRACT RATE") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and the Bank shall never charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this SECTION 11.12(b), or (ii) an amount, which when added to all other interest payable under this Agreement or the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the applicable Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, Borrowers and the Banks shall, to the maximum extent permitted by applicable law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equivalent unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Banks shall refund to the applicable Borrower the amount of such excess and, in no event such event, the Banks shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Credit Agreement (Nelnet Inc)
Maximum Interest Rate. It Borrower acknowledges and agrees that 12 U.S.C. § 2205 provides that Farm Credit System Institutions are not subject to any interest rate limitation imposed by any state constitution or statute or other laws, and that any such limitations are preempted, and that therefore interest owing under the Notes, to the extent funded by a Farm Credit System Institution, is not subject to any ceiling. Nonetheless, in the intention event it is ever determined by a court of competent jurisdiction that interest owing on the Notes, or some of them, is subject to any limitations imposed by the laws of the Parties to strictly comply with applicable usury Laws, if any; accordinglyState of Colorado or Texas or any other jurisdiction, it is the intent of Borrower, and the Syndication Parties to, notwithstanding the provisions of Section 3.1 hereof, at all times comply with the applicable usury laws relating to this Credit Agreement or the Notes now or hereafter in effect including, without limitation, Title 4 of the Texas Finance Code and any subsequent revisions or judicial interpretations thereof if, and to the extent, determined by a court to be applicable to the Notes. It is agreed that notwithstanding any provisions to the contrary aggregate of all interest and other charges constituting interest, or adjudicated as constituting interest, and contracted for, chargeable, or receivable in any Loan Document, in connection with the Notes shall under no event shall any Loan Document permit or require circumstances exceed the payment, taking, reserving, receiving collection or charging maximum nonusurious amount of interest in excess of the Highest Lawful Ratepermitted by applicable law. If the applicable laws are ever revised or judicially interpreted so as to render usurious any such excess of interest is amount called for, for under this Credit Agreement or the Notes or contracted for, charged, takenchargeable, reserved received or received under any Loan Document (receivable with respect to this Credit Agreement or in any communication by Lender or any other Person to Borrowers or Guarantor) the Notes, or if all or a part the exercise of the option to accelerate the maturity of the Notes, or if any payment, results in Borrower having paid any interest on one or more of the Notes in excess of that permitted by applicable law, any such construction shall be subject to the provisions of this Section and, to the extent permitted by applicable law all excess amounts collected on such Notes shall be credited on the principal balance of such Notes (or, if it has been paid in full, refunded to Borrower), and those provisions shall immediately be deemed reformed and the amounts thereafter collectible will be reduced, without the necessity of the execution of any new documents, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount of interest otherwise lawfully called for under this Credit Agreement or interest thereof the Notes. In the event the maturity of any Note is accelerated, prepaid then earned interest may never include more than the maximum amount of interest permitted by applicable law from the date of each advance of the proceeds of such Note until paid. Specifically, but without in any way limiting the generality of the foregoing, if from any circumstances whatsoever fulfillment of any provision of this Credit Agreement or repaidthe Notes, so that under at the time performance of such provision is due, would cause the interest contracted for, charged, chargeable, received or receivable with respect to this Credit Agreement or any of the Notes to exceed the amount permitted by applicable law, then ipso facto and notwithstanding anything to the contrary contained herein, Borrower shall only be required to pay interest on each such circumstances (or any other circumstances) Note in an amount equal to the lesser of the amounts payable under this Credit Agreement and the maximum amount permitted by applicable law. In determining whether the amount of interest contracted for, charged, takenchargeable, reserved received or received under receivable with respect to this Credit Agreement or any Loan Document on of the Notes would ever exceed the amount of principal actually outstanding from time permitted by applicable law, all sums charged, paid or agreed to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of be paid under this Section 9.8 shall govern and control, (b) no Person now or hereafter liable Credit Agreement for the payment use, forbearance, or detention of the Obligation shall be obligated indebtedness of Borrower to pay the amount of such interest Administrative Agent and/or the Syndication Parties shall, to the extent that it is in excess of the Highest Lawful Ratepossible under applicable law, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation oramortized, if the Obligation has been or would be repaid in full by that creditprorated, refunded to the Person paying the excessallocated, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of spread throughout the full term of the LoanNotes (including any renewal or extension), including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or receiveduntil payment in full. The terms provisions of this paragraph Section control all agreements between the Administrative Agent and/or the Syndication Parties and Borrower relative to the Notes. In the event any interest is required to be credited to principal or refunded to Borrower with respect to some, but not all, of the Notes, such adjustment shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent the interest rate Laws account of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling Syndication Party which is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301payee under such Note or Notes, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to affect the Loan Documents other Notes or the ObligationSyndication Parties which are the payees under such other Notes.
Appears in 1 contract
Maximum Interest Rate. It is the intention of the Parties parties hereto to strictly comply with applicable the usury Laws, if anylaws of the State of Texas and the United States; accordingly, it is agreed that notwithstanding any provisions provision to the contrary in the Note, or in any Loan Documentof the documents securing payment hereof or otherwise relating hereto, in no event such provision shall any Loan Document permit or require the payment, taking, reserving, receiving payment or permit the collection or charging of interest in excess of the Highest Lawful Ratemaximum permitted by applicable state or Federal law. If any such excess of interest in such respect is called provided for, contracted or shall be adjudicated to be so provided for, charged, taken, reserved or received under any Loan Document (in the Note or in any communication of the documents securing payment hereof or otherwise relating hereto, or in the event the maturity of the indebtedness evidenced by Lender the Note is accelerated in whole or any other Person to Borrowers in part, or Guarantor) or if in the event that all or a part of the principal or interest thereof is accelerated, prepaid or repaidof the Note shall be prepaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved charged or received under the Notice or under any Loan Document of the instruments securing payment hereof or otherwise relating hereto, on the amount of principal actually outstanding from time to time thereunder under the Note shall exceed the Highest Lawful Ratemaximum amount of interest permitted by the usury laws of the State of Texas and the United States, then then, in any such event event, (a) the provisions of this Section 9.8 paragraph shall govern and control, (b) no Person now neither Company hereof nor its heirs, legal representatives or hereafter assigns or any other party liable for the payment of the Obligation hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Ratemaximum amount permitted by applicable state or Federal law, (c) any such excess which is or has may have been collected shall be, at the holder's option (at maturity or received notwithstanding this paragraph shall be credited in the Event of Default hereunder), either applied as a credit against the then unpaid principal balance of the Obligation or, if the Obligation has been amount hereof or would be repaid in full by that credit, refunded to the Person paying the excessCompany, and (d) the provisions effective rate of interest shall be automatically subject to reduction to the maximum lawful contract rate allowed under the usury laws of the applicable Loan Documents, and any communication to Borrowers State of Texas or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws United States as now or hereafter construed by the courts having jurisdiction thereofjurisdiction. Without limiting It is further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved charged or received in connection with under the Loan Documents Note or under such other documents which are made for the purpose of determining whether that such rate exceeds the Highest Lawful Rate maximum lawful rate of interest, shall be made made, to the extent permitted by applicable Laws the laws of the State of Texas and the United States, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved charged or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To received by Company or otherwise by the extent the interest rate Laws holder of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined Note in accordance connection with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationsuch Loan.
Appears in 1 contract
Sources: Loan Agreement (Ziegler William R)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) Notwithstanding the foregoing provisions of this Section 9.8 shall govern and control3.1 regarding the rates of interest applicable to the Loans, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay if at any time the amount of such interest computed on the basis of the Applicable Interest Rate would exceed the amount of such interest computed upon the basis of the maximum rate of interest permitted by applicable state or federal law in effect from time to time hereafter, after taking into account, to the extent that it is required by applicable law, any and all fees, payments, charges and calculations provided for in excess this Agreement or in any other agreement between Borrower and Lender (the "Maximum Legal Rate"), the interest payable under this Agreement shall be computed upon the basis of the Highest Lawful Maximum Legal Rate, (c) but any subsequent reduction in the Reference Rate shall not reduce such excess which is or has been collected or received notwithstanding this paragraph shall be credited against interest thereafter payable hereunder below the then unpaid principal balance amount computed on the basis of the Obligation or, Maximum Legal Rate until the aggregate amount of such interest accrued and payable under this Agreement equals the total amount of interest which would have accrued if such interest had been at all times computed solely on the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions basis of the applicable Loan DocumentsApplicable Interest Rate.
(b) No agreements, and conditions, provisions or stipulations contained in this Agreement or any communication to Borrowers other instrument, document or Guarantor, shall immediately be deemed reformed agreement between Borrower and the excess interest reducedLender or default of Borrower, without or the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed exercise by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations Lender of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify accelerate the interest rate payment of the maturity of principal and interest, or to exercise any option whatsoever contained in accordance with applicable Law. Borrowersthis Agreement or any other agreement between Borrower and the Lender, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accountsor the arising of any contingency whatsoever, shall not govern or entitle the Lender to collect, in any manner apply event, interest exceeding the Maximum Legal Rate and in no event shall Borrower be obligated to the Loan Documents or the Obligation.pay interest exceeding such Maximum Legal
Appears in 1 contract
Maximum Interest Rate. It (a) Nothing contained in this Agreement or the Notes shall require the Borrower to pay interest at a rate exceeding the maximum rate permitted by applicable law. Neither this Section nor Section 9.08 is intended to limit the intention rate of interest payable for the account of any Bank or the Issuing Bank, as the case may be, to the maximum rate permitted by the laws of the Parties State of New York if a higher rate is permitted with respect to strictly comply with applicable usury Lawssuch Bank or the Issuing Bank, if any; accordinglyas the case may be, it is agreed that notwithstanding any by supervening provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest in excess of the Highest Lawful Rate. United States federal law.
(b) If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted forpayable for the account of any Bank or the Issuing Bank, chargedas the case may be, takenon any date in respect of the immediately preceding interest computation period, reserved computed pursuant to Section 2.06 or, in the case of interest on Reimbursement Obligations or received under any Loan Document on other amounts payable in respect of Letters of Credit, Section 2.07, would exceed the maximum amount permitted by applicable law to be charged by such Bank or the Issuing Bank, as the case may be, the amount of principal actually outstanding from time interest payable for its account on such date shall be automatically reduced to time thereunder shall exceed such maximum permissible amount.
(c) If the Highest Lawful Rateamount of interest payable for the account of any Bank or the Issuing Bank, then as the case may be, in respect of any such event interest computation period is reduced pursuant to clause (ab) the provisions of this Section 9.8 and the amount of interest payable for its account in respect of any subsequent interest computation period, computed pursuant to Section 2.06 or, in the case of interest on Reimbursement Obligations or other amounts payable in respect of Letters of Credit, Section 2.07, would be less than the maximum permissible amount permitted by applicable law to be charged by such Bank or the Issuing Bank, as the case may be, then the amount of interest payable for its account in respect of such subsequent interest computation period shall govern and controlbe automatically increased to such maximum permissible amount; provided that at no time shall the aggregate amount by which interest paid for the account of any Bank or the Issuing Bank, as the case may be, has been increased pursuant to this clause (c) exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to clause (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the ObligationSection.
Appears in 1 contract
Maximum Interest Rate. It is (a) Nothing contained in this Agreement or the intention Notes shall require the Borrower to pay interest for the account of any Bank at a rate exceeding the Parties maximum rate permitted without penalty by applicable law to strictly comply with applicable usury Lawsbe charged by such Bank.
(b) Notwithstanding the foregoing, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest in excess of the Highest Lawful Rate. If any such excess of interest maximum amount allowed by applicable usury laws is called for, contracted for, charged, taken, reserved reserved, or received for the account of any Bank at any time in connection with this Agreement or its Note under any Loan Document (circumstances whatsoever, then any such excess interest shall be canceled automatically and shall not be collectible or in any communication by Lender or any other Person collected, and if paid shall be credited to Borrowers or Guarantor) or if all or a part of the unpaid principal or interest thereof is accelerated, prepaid or repaid, so that under any balance of such circumstances (Bank's Note or any other circumstances) refunded to the amount Borrower at the option of such Bank. It is further agreed that all calculations of interest contracted for, charged, taken, reserved reserved, or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment account of any Bank in connection with this Agreement or its Note, for the Obligation shall be obligated to pay the amount purpose of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of determining whether the rate of interest contracted for, charged, collected, taken, reserved reserved, or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate maximum rate of interest allowed under all applicable usury laws, shall be made made, to the extent permitted by applicable Laws usury laws, by amortizing, prorating, spreading, and allocating and spreading during the period of in equal parts over the full term of this Agreement and the Loan, Notes (including without limitation all prior and subsequent future renewals and extensions), all interest at any time contracted for, charged, taken collectedtaken, reserved reserved, or received. The terms received for the account of such Bank in connection with this Agreement and its Note.
(c) If the amount of interest payable for the account of any Bank in respect of any interest computation period is reduced pursuant to clause (b) of this paragraph section and the amount of interest payable for its account in respect of any subsequent interest computation period, computed pursuant to Section 2.05, would be less than the maximum amount permitted without penalty by applicable law to be charged by such Bank, then the amount of interest payable for its account in respect of such subsequent interest computation period shall be deemed automatically increased to such maximum permissible amount; provided that at no time shall the aggregate amount by which interest paid for the account of any Bank has been increased pursuant to this clause (c) exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to clause (b) of this Section.
(d) In the event that maturity of the Loans is accelerated for any reason, or in the event of any required or permitted prepayment of the Loans in full, then such consideration that constitutes interest payable for the account of any Bank shall never include more than the maximum amount allowed without penalty by applicable law to be incorporated in every Loan Document charged by such Bank, and communication relating thereto. To excess interest, if any, payable for the extent the interest rate Laws account of such Bank pursuant to its Notes, this Agreement or otherwise shall be canceled automatically as of the State date of Texas are applicable such acceleration and prepayment and, if theretofore paid, shall be credited on the Loans of such Bank (or if such Loans would thereby be paid in full, refunded by such Bank to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01Borrower), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Maximum Interest Rate. It is the intention of the Parties parties hereto to comply strictly comply with any applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions laws as in effect from time to the contrary in any Loan Documenttime and, in no event this regard, there shall never be taken, received, contracted for, collected, charged or received on any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of sums advanced hereunder interest in excess of that which would accrue at the Highest Lawful Maximum Rate. If any such excess of interest is called forIf, contracted for, charged, taken, reserved or received under any Loan Document (circumstances, the aggregate amounts paid on the Notes or in any communication by Lender under this Agreement or any other Person Loan Document include amounts which by law are deemed interest and which would exceed the amount permitted if the Maximum Rate were in effect, the Borrowers stipulate that such payment and collection will have been and will be deemed to Borrowers have been, to the fullest extent permitted by applicable laws of the State of Colorado or Guarantor) or if all or a the United States of America, the result of mathematical error on the part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder Borrowers and Agent; and Agent shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay promptly credit the amount of such interest excess to the principal amount due on the Notes, or if the principal amount due on the Notes shall have been paid in full, refund the amount of such excess to the Borrowers (to the extent that it is only of such interest payments in excess of that which would have accrued and been payable on the Highest Lawful basis of the Maximum Rate) upon discovery of such error by Agent or notice thereof from the Borrowers. If the maturity of the Notes is accelerated by reason of an election of Agent resulting from any Event of Default or otherwise in accordance with this Agreement, or in the event any prepayment, then such consideration that constitutes interest under applicable laws may never include amounts which are more than the Maximum Rate, (c) any and the amount of such excess which is excess, if any, provided for in this Agreement or has been collected otherwise shall be canceled automatically by Agent as of the date of such acceleration or received notwithstanding this paragraph prepayment and, if theretofore paid, shall be credited against by Agent on the then unpaid principal balance amount due on the Notes, or if the principal amount due on the Notes shall have been paid in full, refunded by Agent to the Borrowers. All sums paid, or agreed to be paid, to Agent for the use, forbearance and detention of the Obligation orproceeds of any Advance hereunder shall, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizinglaw, proratingbe amortized, allocating prorated, allocated and spreading during the period of spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To Maximum Rate throughout the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationfull term hereof.
Appears in 1 contract
Maximum Interest Rate. It is expressly stipulated and agreed to be the intention intent of the Parties Borrower and Lender at all times to strictly comply with the applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions Colorado law governing the maximum rate of interest payable on the indebtedness evidenced by the Notes and the Loan Agreement (or applicable United States federal law to the contrary in any Loan Documentextent that it permits Lender to contract for, in no event shall any Loan Document permit charge, take, reserve or require the payment, taking, reserving, receiving collection or charging receive a greater amount of interest in excess of the Highest Lawful Ratethan under Colorado law). If the applicable law is ever judicially interpreted so as to render usurious any such excess of interest is called for, amount (i) contracted for, charged, taken, reserved or received under pursuant to the Notes, the Loan Agreement, any of the other Loan Document (or in any communication by Lender Documents or any other Person communication or writing by or between Borrower and Lender related to Borrowers the transaction or Guarantor) or if all or a part transactions that are the subject matter of the principal or interest thereof is acceleratedLoan Documents, prepaid or repaid, so that under any of such circumstances (or any other circumstancesii) the amount of interest contracted for, charged, taken, reserved or received under by reason of Lender’s exercise of the option to accelerate the maturity of the Notes, or (iii) Borrower will have paid or Lender will have received by reason of any Loan Document on voluntary prepayment by Borrower of the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful RateNotes, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is Borrower’s and Lender’s express intent that all amounts charged in excess of the Highest Maximum Lawful RateRate (as hereinafter defined) shall be automatically canceled, (c) any such ab initio, and all amounts in excess which is or has been of the Maximum Lawful Rate theretofore collected or received notwithstanding this paragraph by Lender shall be credited against on the then unpaid principal balance of the Obligation Notes (or, if the Obligation Notes has been or would thereby be repaid paid in full by that creditfull, refunded to the Person paying the excessBorrower), and (d) the provisions of the applicable Notes, the Loan DocumentsAgreement, and any communication to Borrowers or Guarantor, other Loan Documents shall immediately be deemed reformed and the excess interest amounts thereafter collectible hereunder and thereunder reduced, without the necessity for the execution of executing any other new document, so as to the Highest Lawful Rate under comply with the applicable usury Laws law, but so as now or hereafter construed by to permit the courts having jurisdiction thereof. Without limiting the foregoing, all calculations recovery of the rate of interest contracted forfullest amount otherwise called for hereunder and thereunder; provided, chargedhowever, collected, taken, reserved or received if the Notes have been paid in connection with full before the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period end of the full stated term of the LoanNotes, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor then Borrower and Lender agree that Texas Finance CodeLender shall, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern with reasonable promptness after Lender discovers or is advised by Borrower that interest was received in any manner apply to the Loan Documents or the Obligation.an amount in
Appears in 1 contract
Maximum Interest Rate. It is the intention No provision of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding this Agreement or of any provisions to the contrary in any Loan Document, in no event shall any other Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 10.13 shall govern and control, (b) no Person now or hereafter liable for the payment prevail and neither of the Obligation Companies nor the sureties, guarantors, successors, or assigns of any of the Companies shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any THIRD AMENDED AND RESTATED CREDIT AGREEMENT, PAGE 78 86 Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the indebtedness evidenced by the Notes; and, if the Obligation principal of the Notes has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrowers. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, the Borrowers and each Lender shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(i) characterize any nonprincipal payment as an expense, allocating fee, or premium rather than as interest, (ii) exclude voluntary prepayments and spreading during the period effects thereof, and (iii) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loanindebtedness evidenced by the Notes so that interest for the entire term does not exceed the Maximum Rate. Without limiting the generality of the foregoing, including all prior if and subsequent renewals to the extent necessary to ensure compliance with this Section 10.13, what would otherwise be the joint and extensions, all interest at several liability of a Borrower with respect to any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph Advances and any Notes shall instead be deemed to be incorporated in every Loan Document the liability of such Borrower as a guarantor of payment of such Advances and communication relating theretonot as a co-borrower of such Advances or as a co-maker of such Notes. To the extent the interest rate Laws In furtherance of the State of Texas are applicable foregoing, each Borrower hereby irrevocable and unconditionally guarantees to the Loan Documents for purposes Administrative Agent and the Lenders the punctual payment and performance of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent obligations of each other Borrower under the Loan Documents are an open end account as defined in Texas Revised Civil StatutesDocuments, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, including without limitations the Lender retains timely payment of the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the ObligationObligations.
Appears in 1 contract
Sources: Credit Agreement (Coho Energy Inc)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in any this Agreement or the other Loan DocumentDocuments, in no event none of the terms and provisions of this Agreement or the other Loan Documents shall any Loan Document permit ever be construed to create a contract or require the payment, taking, reserving, receiving collection or charging of obligation to pay interest at a rate in excess of the Highest Lawful Maximum Rate; and neither the Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. If The parties hereto agree that any such excess of interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest is called forunder applicable law shall be, contracted for, charged, taken, reserved or received ipso facto and under any Loan Document and all circumstances, limited or reduced to an amount equal to the lesser of (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstancesi) the amount of interest contracted forsuch interest, chargedcharge, takenfee, reserved expense or received under any Loan Document on other obligation that would be payable in the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions absence of this Section 9.8 13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall govern be deemed a partial payment or prepayment of principal of the Obligations and controltreated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the applicable Loan Party or Loan Parties (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Loan Parties, the Agent and the Lenders shall, to the maximum extent permitted by applicable law, (bi) no Person now characterize any nonprincipal payment as an expense, fee or hereafter liable premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the payment actual period of existence thereof exceeds the Obligation Maximum Rate, the Agent and/or the Lenders, as appropriate, shall be obligated refund to pay the applicable Loan Party or Loan Parties (as appropriate) the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rateand,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Credit Agreement (Dynamex Inc)
Maximum Interest Rate. It is At no time shall any Applicable Interest Rate or Default Rate under this Agreement or any Note, or otherwise in respect of any Loan or any Indebtedness hereunder, exceed the intention of the Parties to strictly comply with applicable usury LawsMaximum Legal Rate, if any; accordingly, it is agreed that notwithstanding any provisions giving due consideration to the contrary in execution of this Agreement and each Note. In the event that any Loan Document, in no event shall any Loan Document permit interest is charged or require the payment, taking, reserving, receiving collection or charging of interest otherwise received by Banks in excess of the Highest Lawful Maximum Legal Rate. If , each Borrower hereby acknowledges and agrees that any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount result of such interest to the extent that it is in excess of the Highest Lawful Ratean accidental and bona fide error, (c) and any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to have been payments of principal, and not of interest, and shall be incorporated applied, first, to reduce the principal Indebtedness then outstanding, second, any remaining excess, if any, shall be applied to reduce any other Indebtedness, and third, any remaining excess, if any, shall be returned to Borrowers. Notwithstanding the foregoing or anything to the contrary contained in every this Agreement or any other Loan Document and communication relating thereto. To Document, but subject to all limitations contained in this paragraph, if at anytime any Applicable Interest Rate or Default Rate or other rate of interest applicable to any portion of the extent Indebtedness is computed on the basis of the Maximum Legal Rate, any subsequent reduction in the Applicable Interest Rate, Default Rate or such other rate of interest shall not reduce such interest rate Laws thereafter payable below the Maximum Legal Rate until the aggregate amount of interest accrued equals the total amount of interest that would have accrued if interest had, at all times, been computed solely on the basis of the State of Texas are applicable to Applicable Interest Rate, Default Rate or such other interest rate. This paragraph shall control all agreements between the Loan Documents for purposes of determining Borrowers and the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the ObligationBanks.
Appears in 1 contract
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary in any Loan Document, in (a) In no event shall any interest rate provided for hereunder exceed the maximum rate legally chargeable by any Lender under applicable law for such Lender with respect to loans of the type provided for hereunder (the "MAXIMUM RATE"). If at any time the interest rate (the "CONTRACT RATE") for any Obligations shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document shall require or permit the payment or require the payment, taking, reserving, receiving collection of or contracting for or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 1.9 shall govern and controlprevail and neither the Borrower nor any surety, (b) no Person now guarantor, successor or hereafter liable for the payment assign of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, collects or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations (in the inverse order of maturity); and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, the Borrower and each Lender shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effect thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Credit Agreement (Packaged Ice Inc)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument will at any time exceed the maximum rate of interest allowed by applicable law (the “Maximum Rate”). If at any time the interest rate for any Loan Obligation will exceed the Maximum Rate, thereby causing the interest accruing on the Loan Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event shall the interest rate for the Loan Obligation will not reduce the rate of interest on the Loan Obligation below the Maximum Rate until the aggregate amount of interest accrued on the Loan Obligation equals the aggregate amount of interest that would have accrued on the Loan Obligation if the interest rate for the Loan Obligation had at all times been in effect; and (b) No provision of any Loan Document permit or will require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest in this such respect is called hereby provided for, contracted foror will be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall will govern and controlprevail and neither Borrower nor any sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation shall Borrower will be obligated to pay the excess amount of the interest or any other excess sum paid for the use, forbearance, or detention of sums loaned pursuant hereto. In the event Lender ever receives, collects, or applies as interest any such interest to sum, the extent amount that it is would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall maximum amount permitted by applicable law will be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Loan Obligations; and, if the Obligation principal of the Loan Obligations has been or would paid in full, any remaining excess will forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower for their account. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, Borrower and Lender will, to the extent permitted by applicable Laws by amortizinglaw: (i) characterize any non-principal payment as an expense, proratingfee, allocating or premium rather than as interest; (ii) exclude voluntary prepayments and spreading during the period effects thereof; and (iii) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Loan Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Commercial Credit Agreement (Phoenix Capital Group Holdings, LLC)
Maximum Interest Rate. It is the intention intent of the Parties Agent, the Banks and the Borrower in the execution and performance of this Agreement and the other Loan Documents to strictly comply remain in strict compliance with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions Texas law from time to time in effect (or applicable United States federal law to the contrary in extent it preempts Texas law and permits the Agent or any Loan DocumentBank to contract for, in no event shall any Loan Document permit charge, take, reserve or require the payment, taking, reserving, receiving collection or charging receive a greater amount of interest than under Texas law). In furtherance thereof, the Agent, the Banks and the Borrower stipulate and agree that none of the terms and provisions contained in this Agreement and the other Loan Documents shall ever be construed to create a contract to pay for the use, forbearance or detention of money with interest at a rate or in an amount in excess of the Highest Lawful Rate. If any such excess Maximum Rate or the amount of interest is called forpermitted to be charged under applicable law. For purposes of this Agreement and the other Loan Documents, "interest" shall include the aggregate of all charges which constitute interest under applicable law that are contracted for, charged, reserved, received or paid under this Agreement and the other Loan Documents. The Borrower shall never be required to pay unearned interest and shall never be required to pay interest at a rate or in an amount in excess of the Maximum Rate or the amount of interest that may be lawfully charged under applicable law, and the provisions of this paragraph shall control over all other provisions of this Agreement or the Notes, and of any other instrument pertaining to or securing this Agreement or the Notes, which may be in actual or apparent conflict herewith. If the Notes are prepaid, or if the maturity of the Notes is accelerated for any reason, or if under any other contingency the effective rate or amount of interest which would otherwise be payable under the Notes and this Agreement would exceed the Maximum Rate or the amount of interest any Bank or any other holder of a Note is allowed by applicable law to charge, contract for, take, reserve or receive, or in the event any Bank or any holder of a Note shall charge, contract for, take, reserve or receive monies that are deemed to constitute interest which would, in the absence of this provision, increase the effective rate or amount of interest payable under this Agreement or the Notes to a rate or amount in excess of that permitted to be charged, contracted for, taken, reserved or received under applicable law then in effect, then this Agreement, the Notes and the other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder shall be reduced to the amount allowed under applicable law as now or hereinafter construed by the courts having jurisdiction without the necessity of the execution of any Loan Document new document, so as to comply with applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder. In addition, all such moneys so charged, contracted for, taken, reserved or received that are deemed to constitute interest in excess of the Maximum Rate or the amount of interest permitted by applicable law shall be automatically cancelled, ab initio, and all amounts in excess of the Maximum Rate theretofore collected by any Bank shall be credited to the account of the Borrower upon such determination (or in any communication by Lender or any other Person to Borrowers or Guarantor) or or, if all or a part of the principal Obligations have been or interest thereof is acceleratedwould thereby be paid in full, prepaid refunded to the Borrower). The Agent, the Banks and the Borrower further stipulate and agree that, without limitation of the foregoing, all calculations of the rate or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on this Agreement, the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed Notes and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that such rate or amount exceeds the Highest Lawful Maximum Rate or amount, shall be made made, to the extent permitted not prohibited by applicable Laws law, by (i) characterizing any non-principal payment as an expense, fee, or premium rather than as interest, (ii) excluding voluntary prepayments and the effects thereof, and (iii) amortizing, prorating, allocating and spreading spreading, using the actuarial method, during the period of the full stated term of the Loan, including all prior and subsequent renewals and extensionsindebtedness evidenced by the Notes, all interest at any time contracted for, charged, taken collectedtaken, reserved or received. The terms received from the Borrower or otherwise by any Bank or any other holder of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationa Note.
Appears in 1 contract
Sources: Credit Agreement (Drypers Corp)
Maximum Interest Rate. It (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the Maximum Rate.
(b) If at any time the interest rate (the "CONTRACT RATE") for any Liability shall exceed the Maximum Rate, so that, as provided in Section , interest accruing on such Liability is limited to the intention Maximum Rate, then any subsequent reduction in the Contract Rate for such Liability shall not reduce the rate of interest on such Liability below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Liability equals the aggregate amount of interest which would have accrued on such Liability if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Liability had at all times been in effect.
(c) Notwithstanding anything to the contrary contained in any this Agreement or the other Loan DocumentDocuments, in no event none of the terms and provisions of this Agreement or the other Loan Documents shall any Loan Document permit ever be construed to create a contract or require the payment, taking, reserving, receiving collection or charging of obligation to pay interest at a rate in excess of the Highest Lawful Maximum Rate; and neither the Agent nor any Revolving Credit Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Liabilities, any amount in excess of the Maximum Rate. If The Agent, each Revolving Credit Lender and the Borrower each agrees that any such excess of interest, charge, fee, expense or other Liability provided for in this Agreement or in the other Loan Documents which constitutes interest is called forunder applicable law, contracted for, charged, taken, reserved or received ipso facto and under any Loan Document and all circumstances, shall be limited or reduced to an amount equal to the lesser of (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstancesx) the amount of interest contracted forsuch interest, chargedcharge, takenfee, reserved expense or received under any Loan Document on other Liability that would be payable in the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions absence of this Section 9.8 shall govern , or (y) an amount, which when added to all other interest payable under this Agreement and controlthe other Loan Documents, (b) no Person now equals the Maximum Rate. If, notwithstanding the foregoing, the Agent or hereafter liable for the payment of the Obligation shall be obligated to pay the any Revolving Credit Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount of such interest to the extent that it is in excess of the Highest Lawful Maximum Rate, (c) any such excess amount which is or has been collected or received notwithstanding this paragraph would be deemed excessive interest shall be credited against the then unpaid deemed a partial payment or prepayment of principal balance of the Obligation or, Liabilities and treated hereunder as such; and if the Obligation has been Liabilities, or would applicable portions thereof, are paid in full, any remaining excess shall promptly be repaid in full by that credit, refunded paid to the Person paying Borrower. In determining whether the excessinterest paid or payable, and (d) under any specific contingency, exceeds the provisions of Maximum Rate, the applicable Loan DocumentsAgent, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed each Revolving Credit Lender and the excess interest reduced, without the necessity of executing any other documentBorrower, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the maximum extent permitted by applicable Laws by amortizinglaw, proratingshall (i) characterize any nonprincipal payment as an expense, allocating fee or premium rather than as interest, (ii) exclude voluntary prepayments and spreading during the period effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the full actual term of the LoanLiabilities, including all prior and subsequent renewals and extensionsor applicable portions thereof, all so that the interest rate does not exceed the Maximum Rate at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To during the extent the interest rate Laws term of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the ObligationLiabilities.
Appears in 1 contract
Sources: Loan and Security Agreement (Hastings Entertainment Inc)
Maximum Interest Rate. It is the intention of the Parties parties to comply strictly comply with applicable usury Lawslaws. Accordingly, if any; accordingly, it is agreed that notwithstanding any provisions provision to the contrary in this Agreement, or in any Loan contract, instrument or document evidencing or securing the payment hereof or otherwise relating hereto (each, a "Related Document"), in no event shall this Agreement or any Loan Related Document require the payment or permit or require the payment, taking, reserving, receiving receiving, collection or charging of any sums constituting interest in excess of under applicable laws that exceed the Highest Lawful maximum amount permitted by such laws, as the same may be amended or modified from time to time (the "Maximum Rate"). If any such excess of interest is called for, contracted for, charged, taken, reserved or received under in connection with this Agreement or any Loan Document (Related Document, or in any communication by Lender or any other Person person to Borrowers Borrower or Guarantor) any other person, or if in the event that all or a part of the principal or interest hereof or thereof is accelerated, shall be prepaid or repaidaccelerated, so that under any of such circumstances (or under any other circumstances) circumstance whatsoever the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder under this Agreement or Related Document shall exceed the Highest Lawful Maximum Rate, then in any such event it is agreed that:
(ai) the provisions of this Section 9.8 paragraph shall govern and control, ; (bii) no Person neither Borrower nor any other person or entity now or hereafter liable for the payment of the Obligation Obligations under this Agreement or any Related Document shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Maximum Rate, ; (ciii) any such excess interest which is or has been collected or received notwithstanding this paragraph by Lender shall be credited against the then unpaid principal balance of the Obligation orhereof or thereof, or if the Obligation Obligations or any Related Document has been or would be repaid paid in full by that such credit, refunded to the Person paying the excess, Borrower; and (div) the provisions of the applicable Loan Documentsthis Agreement and each Related Document, and any other communication to Borrowers or GuarantorBorrower, shall immediately be deemed reformed and the such excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under Maximum Rate. The right to accelerate the applicable usury Laws maturity of the Obligations or any Related Document does not include the right to accelerate, collect or charge unearned interest, but only such interest that has otherwise accrued as now or hereafter construed by of the courts having jurisdiction thereofdate of acceleration. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents this Agreement and any Related Document which are made for the purpose of determining whether that such rate exceeds the Highest Lawful Maximum Rate shall be made to the extent permitted by applicable Laws laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loanthis Agreement or such Related Document, including all prior and subsequent renewals and extensionsextensions hereof or thereof, all interest at any time contracted for, charged, taken collectedtaken, reserved or receivedreceived by Lender. To the extent that Chapter 1D of Article 5069 of the Texas Revised Civil Statutes is relevant to Lender for the purpose of determining the Maximum Rate, Lender hereby elects to determine the applicable rate ceiling under such Article by the weekly rate ceiling from time to time in effect, subject to Lender's right subsequently to change such method in accordance with applicable law, as the same may be amended or modified from time to time. Borrower and Lender agree that Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving triparty accounts) shall not apply to any revolving loan accounts created under this Agreement or maintained in connection herewith. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationinto each Related Document.
Appears in 1 contract
Sources: Revolving Credit Agreement (Tandy Brands Accessories Inc)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Paper shall at any time exceed the intention Highest Lawful Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Highest Lawful Rate, thereby causing the interest accruing on such Obligation to be limited to the Highest Lawful Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Highest Lawful Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Papers, none of the terms and provisions of this Agreement or the other Loan Papers shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Highest Lawful Rate; and neither any Agent nor any Bank shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Highest Lawful Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentPapers which constitutes interest under applicable Law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 9.19(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Papers, equals the Highest Lawful Rate. If, notwithstanding the foregoing, any Agent or any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Highest Lawful Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower, Parent or Subsidiary (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate, the parties hereto shall, to the maximum extent permitted by applicable Law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Highest Lawful Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Highest Lawful Rate, the Agents and/or the Banks, as appropriate, shall refund to the applicable Person the amount of such excess and, in no event such event, the Agents and the Banks shall not be subject to any Loan Document permit or require the paymentpenalties provided by any Laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Credit Agreement (Frozen Food Express Industries Inc)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Agent nor any Bank shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 13.12(b), or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Agent or any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to Borrower (or other appropriate Person). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, Borrower, the Agent and the Banks shall, to the maximum extent permitted by applicable law, (A) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (B) exclude voluntary prepayments and the effects thereof, and (C) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Agent and/or the Banks, as appropriate, shall refund to Borrower (or other appropriate Person) the amount of such excess and, in no event such event, the Agent and the Banks shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, .
(c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance Pursuant to Article 15.10(b) of the Obligation orChapter 15, if the Obligation has been or would be repaid in full by that creditSubtitle 79, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State Revised Civil Statutes of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f))1925, as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree Borrower agrees that Texas Finance Code, such Chapter 346 15 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving credit loan accounts and revolving tri-party accounts, ) shall not govern or in any manner apply to the Loan Documents or the ObligationObligations.
Appears in 1 contract
Sources: Credit Agreement (R&b Falcon Corp)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the “Contract Rate”) for any obligation under the Loan Documents shall exceed the Maximum Rate, thereby causing the interest accruing on such obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such obligation shall not reduce the rate of interest on such obligation below the Maximum Rate until the aggregate amount of interest accrued on such obligation equals the aggregate amount of interest which would have accrued on such obligation if the Contract Rate for such obligation had at all times been in effect. As used herein, the term “Maximum Rate” means, at any time with respect to any Lender, the maximum rate of nonusurious interest under applicable law that such Lender may contract for, charge, reserve, or receive. The Maximum Rate shall be calculated in a manner that takes into account any and all fees, payments, and other charges contracted for, charged, reserved, or received in connection with the Loan Documents that constitute interest under applicable law. Each change in any interest rate provided for herein based upon the Maximum Rate resulting from a change in the Maximum Rate shall take effect without notice to Borrower at the time of such change in the Maximum Rate. For purposes of determining the Maximum Rate under Texas law, the applicable rate ceiling shall be the weekly rate ceiling described in, and computed in accordance with, Chapter 303 of the Texas Finance Code.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any excess interest is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall be obligated to pay the excess amount of AMENDED AND RESTATED CREDIT AGREEMENT, Page 61 such interest or any other excess sum paid for the use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, or collects, interest in excess of the maximum lawful amount of interest, such amount which is or would be in excess of the maximum amount permitted by applicable law shall be applied as a payment and reduction of the principal of the obligations outstanding hereunder, and, if the principal of the obligations outstanding hereunder has been paid in full or would be paid in full by all or part of such application, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest is called for, contracted for, charged, taken, reserved or received under exceeds the Maximum Rate, Borrower and each Lender shall, to the extent permitted by applicable law, (a) characterize any Loan Document non-principal payment as an expense, fee, or premium rather than as interest, (or in any communication by Lender or any other Person to Borrowers or Guarantorb) or if all or a part of exclude voluntary prepayments and the principal or interest thereof is acceleratedeffects thereof, prepaid or repaidand (c) amortize, so that under any of such circumstances (or any other circumstances) prorate, allocate, and spread the total amount of interest contracted for, charged, taken, reserved or and received under any Loan Document on throughout the amount entire contemplated term of principal actually the obligations outstanding from time to time thereunder shall hereunder so that interest for the entire term does not exceed the Highest Lawful Maximum Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, .
(c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance The provisions of Chapter 346 of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State Finance Code of Texas are specifically declared by the parties hereto not to be applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern this Agreement or in any manner apply to the Loan Documents or the Obligationtransactions contemplated hereby.
Appears in 1 contract
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "CONTRACT RATE") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, IPSO FACTO and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this SECTION 13.12(B) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other appropriate Loan Party. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower, the Administrative Agent and the Lenders shall, to the maximum extent permitted by applicable law, (A) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (B) exclude voluntary prepayments and the effects thereof, and (C) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; PROVIDED THAT, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower or other appropriate Loan Party the amount of such excess and, in no event such event, the Administrative Agent and the Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Maximum Interest Rate. It is the intention (a) Regardless of any provision contained in any of the Parties Loan Documents, Lenders shall never be entitled to strictly comply with applicable usury Lawsreceive, if any; accordingly, it is agreed that notwithstanding collect or apply as interest on the Debentures any provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest amount in excess of interest calculated at the Highest Lawful Maximum Rate. If , and, in the event that any Lenders ever receives, collects or applies as interest any such excess of interest is called forexcess, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess excessive interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated a partial prepayment of principal and treated hereunder as such; and, if the principal amount of the Obligation is paid in every Loan Document and communication relating theretofull, any remaining excess shall forthwith be paid to Borrower. To the extent In determining whether or not the interest rate Laws paid or payable under any specific contingency exceeds interest calculated at the Maximum Rate, Borrower and Lenders shall, to the maximum extent permitted under applicable law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest; (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, pro rate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the State of Texas Debentures; provided that, if the Debentures are applicable paid and performed in full prior to the Loan Documents for purposes end of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301full contemplated term thereof, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify if the interest rate received for the actual period of existence thereof exceeds interest calculated at the Maximum Rate, Lenders shall refund to Borrower the amount of such excess or credit the amount of such excess against the principal amount of the Debentures and, in accordance with applicable Law. Borrowerssuch event, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, Lenders shall not govern be subject to any penalties provided by any laws for contracting for, charging, taking, reserving or receiving interest in any manner apply to excess of interest calculated at the Loan Documents or the Obligation.Maximum Rate. ------------------------------------------------------------------------------- 29 AGREEMENT (CONTINUED) -------------------------------------------------------------------------------
Appears in 1 contract
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the "CONTRACT RATE") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither the Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations; and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, the Borrower and each Lender shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Credit Agreement (First Investors Financial Services Group Inc)
Maximum Interest Rate. It is the intention (a) Regardless of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary in provision of any Loan Document, in no event none of the Agent or any Lender shall be entitled to contract for, charge, receive, collect, or apply as interest on any Loan Document permit or require the paymentLiability, taking, reserving, receiving collection or charging of interest any amount in excess of the Highest Lawful Ratemaximum rate imposed by applicable law. If any Any payment which is made which, if treated as interest on a Liability would result in such interest's exceeding such maximum rate shall be held, to the extent of such excess, as additional collateral for the Liabilities as if such excess were "Collateral."
(b) (Applicable in Canada) Notwithstanding any other provision of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender this Agreement or any other Person Loan Document, the CAN Borrower shall not be obliged to Borrowers make any payments of interest or Guarantorother amounts payable to the Agent or the Lenders hereunder or under any other Loan Document in an amount or rate which would be prohibited by law or would result in the receipt by the Agent or the Lenders of interest at a criminal rate (as the terms "interest" and "criminal rate" are defined under the CRIMINAL CODE (Canada)) or which would contravene any local usury laws which may be applicable to the CAN Debt under or in connection with this Agreement. Any payment which is made which, if all treated as interest would result in such interest's exceeding such maximum rate shall be held, to the extent of such excess, as additional Collateral. If the making of more than one payment would, in the aggregate, have such result, the Agent shall, in its reasonable discretion, determine the payment or a part payments that are to be so held. For the purposes of the principal or INTEREST ACT (Canada), whenever interest thereof payable pursuant to this Agreement is acceleratedcalculated on the basis of a period other than a calendar year, prepaid or repaidsuch rate of interest determined pursuant to such calculation, expressed as an annual rate, is such rate, as so that under any determined, multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by the number of days in such circumstances (period of other than a calendar year. All interest payable by the CAN Borrower hereunder will be calculated using the nominal rate method of calculation and not the effective rate method of calculation or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest basis that gives effect to the extent that it is in excess principle of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance deemed reinvestment of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationinterest.
Appears in 1 contract
Sources: Loan and Security Agreement (Sunglass Hut International Inc)
Maximum Interest Rate. It (a) In the event that any provision of this Agreement would oblige the Company to make any payment of interest or any other payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by the intention Lender of interest at a criminal rate (as such terms are construed under the Criminal Code (Canada)), then notwithstanding such provision, such amount or rate of interest shall be deemed to have been adjusted nunc pro tunc to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by the Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows:
(i) firstly, by reducing the amount or rate of interest required to be paid hereunder; and
(ii) thereafter, by reducing any fees, commissions, premiums and other amounts which would constituted interest for the purposes of Section 347 of the Parties Criminal Code (Canada);
(b) If, notwithstanding the provisions of clause (a) of this section and after giving effect to strictly comply with applicable usury Lawsall adjustments contemplated thereby, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary in any Loan Document, in no event Lender shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest have received an amount in excess of the Highest Lawful Rate. If any maximum permitted by such clause, then such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication shall be applied by the Lender or any other Person to Borrowers or Guarantor) or if all or a part the reduction of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation orOutstanding Borrowing and not to the payment of interest or if such excessive interest exceeds such principal balance, if the Obligation has been or would such excess shall be repaid in full by that credit, refunded to the Person paying the excess, and Company; and
(dc) the provisions of the applicable Loan Documents, and any communication to Borrowers Any amount or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received referred to in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate this section shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutesgenerally accepted actuarial practices and principles as an effective annual rate of interest over the terms of this Agreement on the assumption that any charges, Title 79, Article 5069-1D.003 fees or expenses that fall within the meaning of "interest" (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutesthe Criminal Code (Canada)) shall, Title 79if they relate to a specific period of time, Article 5069-1B.002(14) (also codified at Texas Finance Codebe prorated over that period of time and otherwise be prorated over the term of this Agreement and, Section 301.001(3)in the event of dispute, and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Lender retains shall be conclusive for the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationpurposes of such determination.
Appears in 1 contract
Maximum Interest Rate. It (a) Notwithstanding the foregoing provisions of Sections 3.1 through 3.3 regarding the rates of interest applicable to the Loans, if at any time the amount of such interest computed on the basis of the Applicable Interest Rate would exceed the amount of such interest computed upon the basis of the maximum rate of interest permitted by applicable state or federal law in effect from time to time hereafter, after taking into account, to the extent required by applicable law, any and all fees, payments, charges and calculations provided for in this Agreement or in any other agreement between Borrower and Lender (the "Maximum Legal Rate"), the interest payable under this Agreement shall be computed upon the basis of the Maximum Legal Rate, but any subsequent reduction in the Reference Rate or the Eurodollar Rate shall not reduce such interest thereafter payable hereunder below the amount computed on the basis of the Maximum Legal Rate until the aggregate amount of such interest accrued and payable under this Agreement equals the total amount of interest which would have accrued if such interest had been at all times computed solely on the basis of the Applicable Interest Rate.
(b) No agreements, conditions, provisions or stipulations contained in this Agreement or any other instrument, document or agreement between the Borrower and the Lender or default of the Borrower, or the exercise by the Lender of the right to accelerate the payment of the maturity of principal and interest, or to exercise any option whatsoever contained in this Agreement or any other agreement between the Borrower and the Lender, or the arising of any contingency whatsoever, shall entitle the Lender to collect, in any event, interest exceeding the Maximum Legal Rate and in no event shall the Borrower be obligated to pay interest exceeding such Maximum Legal Rate and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel the Borrower to pay a rate of interest exceeding the Maximum Legal Rate, shall be without binding force or effect, at law or in equity, to the extent only of the excess of interest over such Maximum Legal Rate. In the event any interest is charged in excess of the Maximum Legal Rate ("Excess"), the Borrower acknowledges and stipulates that any such charge shall be the result of an accidental and bona fide error, and such Excess shall be, first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the Obligations; and third, returned to the Borrower, it being the intention of the Parties parties hereto not to strictly comply enter at any time into a usurious or otherwise illegal relationship. The Borrower recognizes that, with applicable usury Lawsfluctuations in the Applicable Interest Rate and the Maximum Legal Rate, if any; accordinglysuch an unintentional result could inadvertently occur. By the execution of this Agreement, it is agreed the Borrower covenants that notwithstanding (i) the credit or return of any provisions to Excess shall constitute the contrary acceptance by the Borrower of such Excess, and (ii) the Borrower shall not seek or pursue any other remedy, legal or equitable, against Lender, based in whole or in part upon the charging or receiving of any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest in excess of the Highest Lawful Ratemaximum authorized by applicable law. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for For the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted or not any Excess has been contracted for, charged or received by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensionsLender, all interest at any time contracted for, chargedcharged or received by the Lender in connection with this Agreement shall be amortized, taken collectedprorated, reserved or received. The terms allocated and spread in equal parts during the entire term of this paragraph Agreement.
(c) The provisions of Section 3.4 shall be deemed to be incorporated in into every Loan Document and document or communication relating theretoto the Obligations which sets forth or prescribes any account, right or claim or alleged account, right or claim of the Lender with respect to the Borrower (or any other obligor in respect of Obligations), whether or not any provision of Section 3.4 is referred to therein. To All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent the interest rate Laws of the State liabilities and obligations of Texas are applicable the Borrower (or other obligor) asserted by the Lender thereunder, be automatically recomputed by any Borrower or obligor, and by any court considering the same, to give effect to the adjustments or credits required by Section 3.4.
(d) If the applicable state or federal law is amended in the future to allow a greater rate of interest to be charged under this Agreement or any other Loan Documents for purposes than is presently allowed by applicable state or federal law, then the limitation of determining interest under Section 3.4 shall be increased to the “Highest Lawful Rate,” the maximum rate of interest allowed by applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), state or federal law as amended, which increase shall be effective hereunder on the effective date of such amendment, and all interest charges owing to the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, by reason thereof shall not govern or in any manner apply to the Loan Documents or the Obligationbe payable upon demand.
Appears in 1 contract
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in any this Agreement or the other Loan DocumentDocuments, in no event none of the terms and provisions of this Agreement or the other Loan Documents shall any Loan Document permit ever be construed to create a contract or require the payment, taking, reserving, receiving collection or charging of obligation to pay interest at a rate in excess of the Highest Lawful Maximum Rate; and neither the Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. If The parties hereto agree that any such excess of interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest is called forunder applicable law shall be, contracted for, charged, taken, reserved or received ipso facto and under any Loan Document and all circumstances, limited or reduced to an amount equal to the lesser of (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstancesi) the amount of interest contracted forsuch interest, chargedcharge, takenfee, reserved expense or received under any Loan Document on other obligation that would be payable in the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions absence of this Section 9.8 shall govern 13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and controlthe other Loan Documents, (b) no Person now equals the Maximum Rate. If, notwithstanding the foregoing, the Administrative Agent or hereafter liable for the payment of the Obligation shall be obligated to pay the any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount of such interest to the extent that it is in excess of the Highest Lawful Maximum Rate, (c) any such excess amount which is or has been collected or received notwithstanding this paragraph would be deemed excessive interest shall be credited against the then unpaid deemed a partial payment or prepayment of principal balance of the Obligation or, Obligations and treated hereunder as such; and if the Obligation has been Obligations, or would applicable portions thereof, are paid in full, any remaining excess shall promptly be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan DocumentsParty or Loan Parties (as appropriate). In determining whether the interest paid or payable, and under any communication to Borrowers or Guarantorspecific contingency, shall immediately be deemed reformed exceeds the Maximum Rate, the Loan Parties, the Administrative Agent and the excess interest reduced, without the necessity of executing any other documentLenders shall, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the maximum extent permitted by applicable Laws by amortizinglaw, prorating(i) characterize any nonprincipal payment as an expense, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved fee or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Ratepremium rather than as interest,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Credit Agreement (Dynamex Inc)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in any this Agreement or the other Loan DocumentDocuments, in no event none of the terms and provisions of this Agreement or the other Loan Documents shall any Loan Document permit ever be construed to create a contract or require the payment, taking, reserving, receiving collection or charging of obligation to pay interest at a rate in excess of the Highest Lawful Maximum Rate; and neither the Agent nor any Bank shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. If The parties hereto agree that any such excess of interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest is called forunder applicable law shall be, contracted for, charged, taken, reserved or received ipso facto and under any Loan Document and all circumstances, limited or reduced to an amount equal to the lesser of (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstancesi) the amount of interest contracted forsuch interest, chargedcharge, takenfee, reserved expense or received under any Loan Document on other obligation that would be payable in the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions absence of this Section 9.8 shall govern 13.12(b), or (ii) an amount, which when added to all other interest payable under this Agreement and controlthe other Loan Documents, (b) no Person now equals the Maximum Rate. If, notwithstanding the foregoing, the Agent or hereafter liable for the payment of the Obligation shall be obligated to pay the any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount of such interest to the extent that it is in excess of the Highest Lawful Maximum Rate, (c) any such excess amount which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess excessive interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws a partial payment or prepayment of principal of the State of Texas Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined paid in accordance with Texas Revised Civil Statutesfull, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.remaining excess shall
Appears in 1 contract
Maximum Interest Rate. It (a) The Collateral covered in the Vessel Mortgage and the Obligations covered by this Agreement, the Note and other Loan Documents is or will be secured by a "Preferred Mortgage" on the intention Vessels within the meaning of Section 31322 of the Parties to strictly comply with applicable usury LawsShip Mortgage Act, if any; accordinglyand the regulations promulgated thereunder. If, it is agreed that notwithstanding for any reason, the provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest in excess Section 31322 of the Highest Lawful Rate. If Ship Mortgage Act shall be found not to exempt any such excess of and all interest is called for, and other charges contracted for, charged, taken, received or reserved in connection with the Obligations covered by this Agreement, the Note, and other Loan Documents from any limitations otherwise applicable, then the provisions of Section 12.12(b) shall apply, but otherwise the provisions of Section 31322 of the Ship Mortgage Act shall be applicable.
(b) No provision of this Agreement or received under of any other Loan Document shall require the payment or the collection of interest in excess of the maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment prevail and neither any of the Obligation Borrowers nor the sureties, guarantors, successors, or assigns of any of the Borrowers shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event the Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the indebtedness evidenced by the Note; and, if the Obligation principal of the Note has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying Borrowers. In determining whether or not the excessinterest paid or payable exceeds the Maximum Rate, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reducedLender shall, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all indebtedness evidenced by the Note so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Credit Agreement (Transcoastal Marine Services Inc)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 12.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower, the Administrative Agent and the Lenders shall, to the maximum extent permitted by applicable law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower the amount of such excess and, in no event such event, the Administrative Agent and the Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Maximum Interest Rate. It is the intention (a) Regardless of any provision contained in any of the Parties Loan Documents, Lender shall never be entitled to strictly comply with applicable usury Lawsreceive, collect or apply as interest on the Debentures any amount in excess of interest calculated at the Maximum Rate, and, in the event that Lender ever receives, collects or applies as interest any such excess, the amount which would be excessive interest shall be deemed to be a partial prepayment of principal and treated hereunder as such; and, if any; accordinglythe principal amount of the Obligation is paid in full, it is agreed that notwithstanding any provisions remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable under any specific contingency exceeds interest calculated at the Maximum Rate, Borrower and Lender shall, to the contrary in maximum extent permitted under applicable law, (i) characterize any Loan Documentnonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, pro rate, allocate and spread, in no event equal parts, the total amount of interest throughout the entire contemplated term of the Debentures; provided that, if the Debentures is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds interest calculated at the Maximum Rate, Lender shall refund to Borrower the amount of such excess or credit the amount of such excess against the principal amount of the Debentures and, in such event, Lender shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, taking, reserving, reserving or receiving collection or charging of interest in excess of interest calculated at the Highest Lawful Maximum Rate. If (b) “Maximum Rate” shall mean, on any such excess day, the highest nonusurious rate of interest is called forpermitted by applicable law on such day that, at any time or from time to time, may be contracted for, charged, taken, reserved reserved, charged or received on the Indebtedness evidenced by the Debentures under any Loan Document (or the laws which are presently in any communication by Lender or effect of the United States of America and the laws of any other Person jurisdiction which are or may be applicable to Borrowers or Guarantor) or if all or a part the holder of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of Debentures and such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation Indebtedness or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by law, under such applicable Laws by amortizing, prorating, allocating and spreading during the period laws of the full term United States of America and the Loan, including all prior and subsequent renewals and extensions, all interest at laws of any time contracted for, charged, taken collected, reserved other jurisdiction which are or received. The terms of this paragraph shall may be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes holder of determining the “Highest Lawful Rate,” the applicable Debentures and which may hereafter be in effect and which allow a higher maximum nonusurious interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with than applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationlaws now allow.
Appears in 1 contract
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this Revolving Loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither the Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Bank ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations, and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, the Borrower and each Bank shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Maximum Interest Rate. It Regardless of any provision contained in any of the Loan Documents, Lenders shall never be entitled to contract for, charge, take, reserve, receive, or apply, as interest on the Obligations, or any part thereof, any amount in excess of the Highest Lawful Rate, and, in the event any Lender ever contracts for, charges, takes, reserves, receives, or applies as interest any such excess, it shall be deemed a partial prepayment of principal and treated hereunder as such and any remaining excess shall be refunded to the Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate, the Borrower, its Subsidiaries, and Lenders shall, to the maximum extent permitted under applicable Law, treat all Loans as but a single extension of credit (and Lenders, the Borrower and the Borrower's Subsidiaries agree that such is the intention case and that provision herein for multiple Loans and for one or more Notes is for convenience only), characterize any nonprincipal payment as an expense, fee, or premium rather than as interest, exclude voluntary prepayments and the effects thereof, and "spread" the total amount of interest throughout the entire contemplated term of the Parties to strictly comply with applicable usury LawsObligation; provided that, if any; accordingly, it the Obligation is agreed that notwithstanding any provisions paid and performed in full prior to the contrary in any Loan Documentend of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Highest Lawful Rate, Lenders shall refund such excess, and, in no event such event, Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, taking, reserving, or receiving collection or charging of interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “"Highest Lawful Rate,” " such term shall mean the applicable interest rate ceiling is the "weekly ceiling (formerly the indicated rate ceiling) determined " from time to time in accordance with Texas Revised Civil Statuteseffect under Article 5069-1D, Title 79, Revised Civil Statutes of Texas, as amended, or, if permitted by applicable law and effective upon the giving of the notices required by such Article 5069-1D.003 1D (also codified at Texas Finance Codeor effective upon any other date otherwise specified by applicable law), Section 303.301, and formerly Texas Revised Civil Statutes, the "monthly ceiling," the "quarterly ceiling," or "annualized ceiling" from time to time in effect under such Article 5069-1.01)1D, as amended. To whichever that Lenders shall elect to substitute for the extent "weekly rate ceiling," and vice versa, each such substitution to have the Loan Documents are an open end account as defined effect provided in Texas Revised Civil Statutes, Title 79, such Article 5069-1B.002(14) (also codified at Texas Finance Code1D; and Lenders shall be entitled to make such election from time to time and one or more times and, Section 301.001(3)without notice to the Borrower, and formerly Texas Revised Civil Statutes, to leave any such substitute rate in effect for subsequent periods in accordance with such Article 5069-1.01 (f))1D. Pursuant to Article 15.10(b) of Chapter 15, Subtitle 79, Revised Civil Statutes of Texas, 1925, as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree Borrower agrees that Texas Finance Code, such Chapter 346 15 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving credit loan accounts and revolving tri-party accounts, ) shall not govern or in any manner apply to the Loan Documents or the ObligationObligations.
Appears in 1 contract
Sources: Credit Agreement (Radio One Inc)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate for any Obligation (the "Contract Rate") shall exceed the Maximum Rate, ------------- thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in any this Agreement or the other Loan DocumentDocuments, in no event none of the terms and provisions of this Agreement or the other Loan Documents shall any Loan Document permit ever be construed to create a contract or require the payment, taking, reserving, receiving collection or charging of obligation to pay interest at a rate in excess of the Highest Lawful Maximum Rate; and Lender shall not charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. If The parties hereto agree that any such excess of interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest is called forunder applicable law shall be, contracted for, charged, taken, reserved or received ipso facto and under any Loan Document and all circumstances, limited or reduced to an amount equal to the lesser of (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstancesi) the amount of interest contracted forsuch interest, chargedcharge, takenfee, reserved expense or received under any Loan Document on other obligation that would be payable in the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions absence of this Section 9.8 shall govern and control, (b11.12(b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Credit Agreement (Earthwatch Inc)
Maximum Interest Rate. It is (a) Notwithstanding the foregoing provisions of Section 2.3 regarding the rates of interest applicable to the Loans, if at any time the amount of such interest computed on the basis of the Applicable Interest Rate would exceed the amount of such interest computed upon the basis of the maximum rate of interest permitted by applicable state or federal law in effect from time to time hereafter, after taking into account, to the extent required by applicable law, any and all fees, payments, charges and calculations provided for in this Agreement or in any other agreement between Borrower and Lender (the "Maximum Legal Rate"), the interest payable under this Participating Loan Agreement shall be computed upon the basis of the Maximum Legal Rate.
(b) No agreements, conditions, provisions or stipulations contained in this Participating Loan Agreement or any other instrument, document or agreement between Borrower and Lender or default of Borrower, or the exercise by Lender of the right to accelerate the payment of the maturity of principal and interest, or to exercise any option whatsoever contained in this Participating Loan Agreement or any other agreement between Borrower and Lender, or the arising of any contingency whatsoever, shall entitle Lender to collect, in any event, interest exceeding the Maximum Legal Rate and in no event shall Borrower be obligated to pay interest exceeding such Maximum Legal Rate and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrower to pay a rate of interest exceeding the Maximum Legal Rate, shall be without binding force or effect, at law or in equity, to the extent only of the excess of the Maximum Legal Rate ("Excess"), Borrower acknowledges and stipulates that any such charge shall be the result of an accidental and bona fide error, and such Excess shall be, first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the Obligations; and third, returned to Borrower, it being the intention of the Parties parties hereto not to strictly comply enter at any time into a usurious or otherwise illegal relationship. Borrower recognizes that, with applicable usury Lawsfluctuations in the Applicable Interest Rate and the Maximum Legal Rate, if any; accordinglysuch an unintentional result could inadvertently occur. By the execution of this Participating Loan Agreement, Borrower covenants that it is agreed that notwithstanding shall not seek or pursue any provisions to other remedy, legal or equitable, against Lender, based in whole or in part upon the contrary in charging or receiving of any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest in excess of the Highest Lawful Ratemaximum authorized by applicable law. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for For the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted or not any Excess has been contracted for, charged or received by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensionsLender, all interest at any time contracted for, chargedcharged or received by Lender in connection with this Participating Loan Agreement shall be amortized, taken collectedprorated, reserved or received. The terms allocated and spread in equal parts during the entire term of this paragraph Participating Loan Agreement.
(c) The provisions of this Section 2.4 shall be deemed to be incorporated in into every Loan Document and document or communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes Obligations which set forth or prescribe any account, right or claim or alleged account, right or claim of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling Lender with respect to Borrower (formerly the indicated rate ceiling) determined or any other obligor in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01respect of Obligations), as amendedwhether or not any provision of Section 2.4 is referred to therein. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil StatutesAll such documents and communications and all figures set forth therein shall, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.for the
Appears in 1 contract
Maximum Interest Rate. It is the intention of Lender, --------------------- Borrower, the Parties Guarantor, and all other parties to strictly comply the Loan to conform to and contract in strict compliance with applicable usury Lawslaws from time-to-time in effect. All agreements between Lender or any other holder of the Note and Borrower (or any other party liable with respect to indebtedness under the Loan Documents) are hereby limited by this provision, if any; accordinglywhich shall control and override all such agreements. In no way, it is agreed that notwithstanding any provisions to the contrary nor in any Loan Documentevent or contingency (including, in no event shall any Loan Document permit or require the but not limited to, prepayment, default, demand for payment, takingor the acceleration of maturity of any Obligations, reservingor the recharacterization of any application fee, receiving collection loan commitment fees, or charging origination fees as interest), shall the interest taken, reserved, contracted for, charged or received under the Note, or otherwise, exceed the Maximum Rate. If, from any possible construction of any document, interest would otherwise be payable in excess of the Highest Lawful Maximum Rate. If , any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation construction shall be obligated subject to pay this provision, and such document shall be automatically reformed, and the amount of such interest payable shall be automatically reduced to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the Maximum Rate permitted under applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reducedlaw, without the necessity of executing the execution of any amendment or new document. If Lender or the holder of the Note shall ever receive any thing of value that is characterized as interest under applicable law and that would apart from this provision, be in excess of the Maximum Rate, an amount equal to the amount that would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Note in the inverse order of its maturity and not to the payment of interest, or refunded to Borrower or the other payor thereof if and to the extent such amount, which would have been excessive, exceeds such unpaid principal. The right to accelerate the maturity of the Note, or any other documentindebtedness, does not include the right to accelerate any interest that has not otherwise accrued on the date of such acceleration, and the Lender or the holder thereof does not intend to charge or receive any unearned interest in the event of acceleration. All interest paid or agreed to be paid to the Highest Lawful Rate under Lender or the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations holder of the rate of interest contracted forNote shall, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizinglaw, proratingbe amortized, allocating prorated, allocated and spreading during spread throughout the period full stated term (including any renewal or extension) of the full Note so that the amount of interest on account of such indebtedness does not exceed the Maximum Rate. As used in this paragraph, the term of "applicable law" shall mean the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws laws of the State of Texas are applicable to or the Loan Documents for purposes federal laws of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150United States of America, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern ever laws allow the greater h laws now exist may be changed or amended or come in any manner apply to effect in the Loan Documents or the Obligationfuture.
Appears in 1 contract
Maximum Interest Rate. It (a) In the event that any provision of this Agreement or the other Loan Documents would oblige the Borrower to make any payment of interest or any other payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by the intention Bank of interest at a criminal rate (as such terms are construed under the Criminal Code (Canada)), then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted nunc pro tunc to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by the Bank of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows:
(i) firstly, by reducing the amount or rate of interest required to be paid under this Agreement or any other Loan Document; and
(ii) thereafter, by reducing any fees, commissions, premiums, lieu payments and other amounts payable by the Borrower to the Bank under the Loan Documents which would constitute interest for the purposes of Section 347 of the Parties Criminal Code (Canada);
(b) If, notwithstanding the provisions of clause (a) of this Section and after giving effect to strictly comply with applicable usury Lawsall adjustments contemplated thereby, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary in any Loan Document, in no event Bank shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest have received an amount in excess of the Highest Lawful Rate. If any maximum permitted by such clause, then such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication shall be applied by Lender or any other Person the Bank to Borrowers or Guarantor) or if all or a part the reduction of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation orLoan and not to the payment of interest, fees, lieu payments and other amounts or if the Obligation has been such excessive interest, fees, lieu payments or would other amounts exceed or exceeds such principal balance, such excess shall be repaid in full by that credit, refunded to the Person paying the excess, and Borrower; and
(dc) the provisions of the applicable Loan Documents, and any communication to Borrowers Any amount or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received referred to in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate this Section shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutesgenerally accepted actuarial practices and principles at an effective annual rate of interest over the term of this Agreement on the assumption that any charges, Title 79fees, Article 5069-1D.003 expenses or other amounts that fall within the meaning of “interest” (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutesthe Criminal Code (Canada)) shall, Title 79if they relate to a specific period of time, Article 5069-1B.002(14) (also codified at Texas Finance Codebe prorated over that period of time and otherwise be prorated over the terms of this Agreement and, Section 301.001(3)in the event of dispute, and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, a certificate of a Fellow of the Lender retains Canadian Institute of Actuaries appointed by the right to modify Bank shall be conclusive for the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationpurposes of such determination.
Appears in 1 contract
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Paper shall at any time exceed the intention Highest Lawful Rate. If at any time the interest rate (the "CONTRACT RATE") for any Obligation shall exceed the Highest Lawful Rate, thereby causing the interest accruing on such Obligation to be limited to the Highest Lawful Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Highest Lawful Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Papers, none of the terms and provisions of this Agreement or the other Loan Papers shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Highest Lawful Rate; and neither any Agent nor any Bank shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Highest Lawful Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentPapers which constitutes interest under applicable Law shall be, IPSO FACTO and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this SECTION 9.19(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Papers, equals the Highest Lawful Rate. If, notwithstanding the foregoing, any Agent or any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Highest Lawful Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower, Parent or Subsidiary (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate, the parties hereto shall, to the maximum extent permitted by applicable Law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Highest Lawful Rate at any time during the term of the Obligations; PROVIDED THAT, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Highest Lawful Rate, the Agent and/or the Banks, as appropriate, shall refund to the applicable Person the amount of such excess and, in no event such event, the Agent and the Banks shall not be subject to any Loan Document permit or require the paymentpenalties provided by any Laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, .
(c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance Pursuant to Article 15.10(b) of the Obligation orChapter 15, if the Obligation has been or would be repaid in full by that creditSubtitle 79, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State Revised Civil Statutes of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f))1925, as amended, each of the Lender retains Borrower, the right to modify Parent and the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree Subsidiaries agrees that Texas Finance Code, such Chapter 346 15 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving credit loan accounts and revolving tri-party accounts, ) shall not govern or in any manner apply to the Loan Documents or the ObligationObligations.
Appears in 1 contract
Sources: Credit Agreement (Frozen Food Express Industries Inc)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligations had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and the Lender shall never charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 10.12(b), or (ii) an amount, which when added to all other interest payable under this Agreement or the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower and the Lender shall, to the maximum extent permitted by applicable law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equivalent unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Lender shall refund to the Borrower the amount of such excess and, in no event such event, the Lender shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, .
(c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance The provisions of Chapter 346 of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State Finance Code of Texas are specifically declared by the parties hereto not to be applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or to the Obligationtransactions contemplated thereby.
Appears in 1 contract
Sources: Loan Agreement (Uici)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and the Bank shall never charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 11.12(b), or (ii) an amount, which when added to all other interest payable under this Agreement or the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the applicable Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, Borrowers and the Bank shall, to the maximum extent permitted by applicable law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equivalent unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Bank shall refund to the applicable Borrower the amount of such excess and, in no event such event, the Bank shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Credit Agreement (Nelnet Inc)
Maximum Interest Rate. (a) It is the intention of the Parties parties hereto to strictly comply with applicable usury Lawslaws, if any; accordingly, it is agreed that notwithstanding any provisions provision to the contrary in this Loan Agreement, the Note or in any of the other Loan DocumentDocuments securing the payment hereof or otherwise relating hereto, in no event shall any this Loan Document Agreement, the Note or such other Loan Documents require or permit or require the payment, taking, reserving, receiving collection receiving, collection, or charging of any sums constituting interest in excess of under applicable laws which exceed the Highest Lawful Ratemaximum amount permitted by such laws. If any such excess of interest is called for, contracted for, charged, taken, reserved reserved, or received under any Loan Document (in connection with the loans evidenced by the Note or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances Loan Documents securing the
(or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (ai) the provisions of this Section 9.8 paragraph shall govern and control, (bii) no neither the Company nor any other Person or entity now or hereafter liable for the payment of the Obligation Note shall be obligated to pay the amount of such interest to the extent that it such interest is in excess of the Highest Lawful Ratemaximum amount of interest permitted by applicable usury laws, (ciii) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation Note or, if the Obligation Note has been or would be repaid paid in full by that creditfull, refunded to the Person paying the excessCompany, and (div) the provisions of this Loan Agreement, the applicable Note and the other Loan DocumentsDocuments securing the payment thereof and otherwise relating thereto, and any communication to Borrowers or Guarantorthe Company, shall immediately be deemed reformed and the such excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate maximum lawful rate allowed under the applicable usury Laws laws as now or hereafter construed by the courts having jurisdiction hereof or thereof. Without limiting the foregoing, all calculations of the rate of the interest contracted for, charged, collected, taken, reserved reserved, or received in connection with the Note or this Loan Documents Agreement which are made for the purpose of determining whether that such rate exceeds the Highest Lawful Rate maximum lawful rate shall be made to the extent permitted by applicable Laws laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loanloans, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken taken, collected, reserved reserved, or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document document and communication relating theretoto the Note, the loans or any other Loan Document.
(b) Texas Finance Code, Chapter 346 (formerly Tex. Rev. Civ. Stat., Title 79, Chapter 15), which regulates certain revolving loan accounts and revolving triparty accounts, shall not apply to any revolving loan accounts created under the Note, this Loan Agreement or the other Loan Documents or maintained in connection therewith.
(c) To the extent that the interest rate Laws laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” Loans, the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil StatutesTex. Rev. Civ. Stat., Title 79, Article 5069-1D.003 (1D.003, also codified at Texas Finance Code, Section 303.301, and 303.301 (formerly Texas Revised Civil Statutes, Article 5069-1.011.01(a)(1)), as amended. To and, to the extent that this Loan Agreement, the Note or any other Loan Documents are Document is deemed an open end account as such term is defined in Texas Revised Civil StatutesTex. Rev. Civ. Stat., Title 79, Article 5069-1B.002(14) (), also codified at Texas Finance Code, Code Section 301.001(3), and 3.01.001(3) (formerly Texas Revised Civil Statutes, Article 5069-1.01 (f1.01(f)), as amended, the Lender Payee retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationlaw."
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Panchos Mexican Buffet Inc /De)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest [ ] which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrowers. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrowers, the Administrative Agent and the Lenders shall, to the maximum extent permitted by applicable law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrowers the amount of such excess and, in no event such event, the Administrative Agent and the Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Maximum Interest Rate. It (1) In the event that any provision of this Agreement would oblige a Borrower to make any payment of interest or any other payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at a rate which would be prohibited by applicable law, regulation, order, rule or direction (a “Usury Restraint”) which prohibits or restricts the intention charging, receipt or retention of interest or other amounts at the rates and amounts set forth herein (the “Stated Rate”) in excess (the “Excess”) of the Parties maximum rates or amount (the “Maximum Rate”) stipulated in the Usury Restraint, then notwithstanding such provision, such amount or rate shall be deemed to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions have been adjusted nunc pro tunc to the contrary in any Loan DocumentMaximum Rate, in no event shall any Loan Document permit such adjustment to be effected, to the extent necessary, as follows:
(a) firstly, by reducing the amount or require the payment, taking, reserving, receiving collection or charging rate of interest required to be paid under Section 5.01 of this Agreement; and
(b) thereafter, by reducing any fees, commissions, premiums and other amounts which would constitute interest for the purposes of such Usury Restraint;
(2) If, notwithstanding the provisions of clause (a) of this Section 1.06 and after giving effect to all adjustments contemplated thereby, the Agents, the Lenders, or any of them, shall have received an amount in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Maximum Rate, then in any such event Excess shall be applied by the Administrative Agent (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment on behalf of the Obligation shall be obligated to pay Lenders) rateably in accordance with the amount of such interest Lenders’ respective Commitments, to the extent that it is in excess reduction of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation orOutstanding Borrowings and not to the payment of interest or if such excessive interest exceeds such principal balance, if the Obligation has been or would such Excess shall be repaid in full by that credit, refunded to the Person paying the excess, and Borrowers; and
(d3) the provisions of the applicable Loan Documents, and any communication to Borrowers Any amount or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received referred to in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate this Section shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutesgenerally accepted actuarial practices and principles at an effective annual rate of interest over the term of this Agreement on the assumption that any charges, Title 79, Article 5069-1D.003 fees or expenses that fall within the meaning of “interest” (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil StatutesUsury Restraint) shall, Title 79if they relate to a specific period of time, Article 5069-1B.002(14be prorated over that period of time and otherwise be prorated over the terms of this Agreement and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent (on behalf of the Lenders) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, shall be conclusive for the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationpurposes of such determination.
Appears in 1 contract
Maximum Interest Rate. It is the intention of Lender, --------------------- Borrower, the Parties Guarantor, and all other parties to strictly comply the Loan to conform to and contract in strict compliance with applicable usury Lawslaws from time-to-time in effect. All agreements between Lender or any other holder of the Note and Borrower (or any other party liable with respect to indebtedness under the Loan Documents) are hereby limited by this provision, if any; accordinglywhich shall control and override all such agreements. In no way, it is agreed that notwithstanding any provisions to the contrary nor in any Loan Documentevent or contingency (including, in no event shall any Loan Document permit or require the but not limited to, prepayment, default, demand for payment, takingor the acceleration of maturity of any Obligations, reservingor the recharacterization of any application fee, receiving collection loan commitment fees, additional commitment fees, or charging origination fees as interest), shall the interest taken, reserved, contracted for, charged or received under the Note, or otherwise, exceed the Maximum Rate. If, from any possible construction of any document, interest would otherwise be payable in excess of the Highest Lawful Maximum Rate. If , any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation construction shall be obligated subject to pay this provision, and such document shall be automatically reformed, and the amount of such interest payable shall be automatically reduced to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the Maximum Rate permitted under applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reducedlaw, without the necessity of executing the execution of any amendment or new document. If Lender or the holder of the Note shall ever receive any thing of value that is characterized as interest under applicable law and that would apart from this provision, be in excess of the Maximum Rate, an amount equal to the amount that would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Note in the inverse order of its maturity and not to the payment of interest, or refunded to Borrower or the other payor thereof if and to the extent such amount, which would have been excessive, exceeds such unpaid principal. The right to accelerate the maturity of the Note, or any other documentindebtedness, does not include the right to accelerate any interest that has not otherwise accrued on the date of such acceleration, and the Lender or the holder thereof does not intend to charge or receive any unearned interest in the event of acceleration. All interest paid or agreed to be paid to the Highest Lawful Rate under Lender or the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations holder of the rate of interest contracted forNote shall, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizinglaw, proratingbe amortized, allocating prorated, allocated and spreading during spread throughout the period full stated term (including any renewal or extension) of the full Note so that the amount of interest on account of such indebtedness does not exceed the Maximum Rate. As used in this paragraph, the term of "applicable law" shall mean the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws laws of the State of Texas are applicable to or the Loan Documents for purposes federal laws of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150United States of America, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern ever laws allow the greater h laws now exist may be changed or amended or come in any manner apply to effect in the Loan Documents or the Obligationfuture.
Appears in 1 contract
Maximum Interest Rate. It Any provision herein, or in any document --------------------- securing this Loan Agreement, or in any other document executed or delivered in connection herewith, or in any other agreement or commitment, whether written or oral, express or implied, to the contrary notwithstanding, neither Lender nor any holder of this Loan Agreement shall ever be entitled to receive or collect, nor may amounts received hereunder be credited, in such a manner that Lender or any holder hereof would be paid, as interest, a sum greater than the maximum amount permitted by applicable law to be charged to the person, partnership, firm or corporation primarily obligated to pay the Indebtedness at the time in question (hereinafter called the "Maximum Rate"). If any construction of this Loan Agreement or any document securing the Indebtedness, or any and all other papers, agreements or commitments, shall indicate a different right given to Lender or any holder thereof to ask for, demand or receive any larger sum as interest, such is a mistake in calculation or wording which this clause shall override and control, it being the intention of the Parties to strictly parties that this Loan Agreement, and all other instruments securing the payment of the Indebtedness or executed or delivered in connection herewith, shall in all things comply with applicable usury Lawslaw and that proper adjustments shall automatically be made accordingly. If Lender or any holder hereof ever receives, if any; accordingly, it is agreed that notwithstanding collects or applies as interest any provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest sum in excess of the Highest Lawful Maximum Rate. If any , such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person amount shall be applied to Borrowers or Guarantor) or if all or a part the reduction of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation orIndebtedness, and if the Obligation has been Indebtedness is paid in full, any remaining excess shall be paid to Borrower. In determining whether the interest paid or would be repaid in full by that creditpayable, refunded to under any specific contingency or other consideration, exceeds the Person paying the excessMaximum Rate, Borrower and (d) the provisions Lender or any holder of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other documentthis Indebtedness shall, to the Highest Lawful Rate maximum extent permitted under applicable law, characterize any nonprincipal payment as an expense or fee rather than as interest, exclude voluntary prepayments and the applicable usury Laws as now or hereafter construed by effects thereof, and "allocate and spread" the courts having jurisdiction thereof. Without limiting total amount of interest throughout the foregoing, all calculations entire term of the Indebtedness so that the interest rate is uniform throughout the entire term of interest contracted forthis Indebtedness; provided, charged, collected, taken, reserved or received that if the Indebtedness is paid and performed in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made full prior to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period end of the full contemplated term of the Loanhereof, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent if the interest rate Laws received for the actual period of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify existence thereof exceeds the interest rate permitted at the Maximum Rate, Lender or any holder hereof shall refund to Borrower the amount of such excess including other consideration, or credit the amount of such excess or other consideration against the ,aggregate unpaid principal balance of all advances made by Lender or any holder hereof under this Loan Agreement at the time in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationquestion.
Appears in 1 contract
Sources: Loan Agreement (Polyphase Corp)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the “Contract Rate”) for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to SOURCECORP (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, SOURCECORP, the Administrative Agent and the Lenders shall, to the maximum extent permitted by applicable law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Administrative Agent and/or the Lenders, as appropriate, shall refund to SOURCECORP the amount of such excess and, in no event such event, the Administrative Agent and the Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Sources: Credit Agreement (Sourcecorp Inc)
Maximum Interest Rate. It is expressly stipulated and agreed to be the intention intent of the Parties Maker and Payee at all times to strictly comply with the applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions Texas law governing the maximum rate of interest payable on the indebtedness evidenced by this Note and the Loan Agreement (or applicable United States federal law to the contrary in any Loan Documentextent that it permits Payee to contract for, in no event shall any Loan Document permit charge, take, reserve or require the payment, taking, reserving, receiving collection or charging receive a greater amount of interest in excess of the Highest Lawful Ratethan under Texas law). If the applicable law is ever judicially interpreted so as to render usurious any such excess of interest is called for, amount (i) contracted for, charged, taken, reserved or received under pursuant to this Note, the Loan Agreement, any of the other Loan Document (or in any communication by Lender Documents or any other Person communication or writing by or between Maker and Payee related to Borrowers the transaction or Guarantor) or if all or a part transactions that are the subject matter of the principal or interest thereof is acceleratedLoan Documents, prepaid or repaid, so that under any of such circumstances (or any other circumstancesii) the amount of interest contracted for, charged, taken, reserved or received under by reason of Payee’s exercise of the option to accelerate the maturity of this Note, or (iii) Maker will have paid or Payee will have received by reason of any Loan Document voluntary prepayment by Maker of this Note, then it is Maker’s and Payee’s express intent that all amounts charged in excess of the Maximum Lawful Rate (as hereinafter defined) shall be automatically canceled, ab initio, and all amounts in excess of the Maximum Lawful Rate theretofore collected by Payee shall be credited on the amount principal balance of principal actually outstanding from time this Note (or, if this Note has been or would thereby be paid in full, refunded to time thereunder shall exceed the Highest Lawful RateMaker), then in any such event (a) and the provisions of this Section 9.8 shall govern and controlNote, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excessLoan Agreement, and (d) the provisions of the applicable other Loan Documents, and any communication to Borrowers or Guarantor, Documents shall immediately be deemed reformed and the excess interest amounts thereafter collectible hereunder and thereunder reduced, without the necessity for the execution of executing any other new document, so as to the Highest Lawful Rate under comply with the applicable usury Laws law, but so as now or hereafter construed by to permit the courts having jurisdiction thereof. Without limiting the foregoing, all calculations recovery of the rate fullest amount otherwise called for hereunder and thereunder; provided, however, if this Note has been paid in full before the end of the stated term of this Note, then Maker and Payee agree that Payee shall, with reasonable promptness after Payee discovers or is advised by Maker that interest contracted for, charged, collected, taken, reserved or was received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period an amount in excess of the full term Maximum Lawful Rate, either refund such excess interest to Maker and/or credit such excess interest against this Note then owing by Maker to Payee. Maker hereby agrees that as a condition precedent to any claim seeking usury penalties against Payee, Maker will provide written notice to Payee, advising Payee in reasonable detail of the Loan, including all prior nature and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws amount of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301violation, and formerly Texas Revised Civil StatutesPayee shall have sixty (60) days after receipt of such notice in which to correct such usury violation, Article 5069if any, by either refunding such excess interest to Maker or crediting such excess interest against this Note and then owing by Maker to Payee. LOAN AGREEMENT, SCHEDULE 1, PAGE 1-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.2
Appears in 1 contract
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, ------------- thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 13.12(b) or (ii) ---------------- an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower, the Administrative Agent and the Lenders shall, to the maximum extent permitted by applicable law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower the amount of such excess and, in no event such event, the Administrative Agent and the Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, .
(c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance Pursuant to Article 15.10(b) of the Obligation orChapter 15, if the Obligation has been or would be repaid in full by that creditSubtitle 79, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State Revised Civil Statutes of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f))1925, as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree Borrower agrees that Texas Finance Code, such Chapter 346 15 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving credit loan accounts and revolving tri-party accounts, ) shall not govern or in any manner apply to the Loan Documents or the ObligationObligations.
Appears in 1 contract
Sources: Credit Agreement (Cais Internet Inc)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 13.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the applicable Loan Party or Loan Parties (as appropriate). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Loan Parties, the Administrative Agent and the Lenders shall, to the maximum extent permitted by applicable law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum CREDIT AGREEMENT - Page 102 Rate, the Administrative Agent and/or the Lenders, as appropriate, shall refund to the applicable Loan Party or Loan Parties (as appropriate) the amount of such excess and, in no event such event, the Administrative Agent and the Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess In addition to the foregoing, each of interest is called for, contracted for, charged, taken, reserved or received under any the Loan Document (or in any communication by Lender Parties agrees that no provision of this Agreement or any other Person Loan Document shall have the effect of imposing on any Loan Party any obligation to Borrowers or Guarantor) or if all or a part pay interest (as such term is defined in Section 347 of the principal or interest thereof is accelerated, prepaid or repaid, so that under any Criminal Code of such circumstances (or any other circumstancesCanada) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is at a rate in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against rate permitted by the then unpaid principal balance laws of the Obligation or, Canada if the Obligation has been or would be repaid in full by that credit, refunded and to the Person paying the excessextent (if any) that such laws are applicable, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately after taking into account all other amounts which must be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made taken into account for the purpose of determining whether that rate exceeds such laws, and the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period obligations of the full term Loan Parties to pay interest under this Agreement and the other Loan Documents is so limited.
(c) Each of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws Parties agrees that Chapter 346 (other than Section 346.004) of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) amended (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving credit loan accounts and revolving tri-party accounts, ) shall not govern or in any manner apply to the Loan Documents or the ObligationObligations.
Appears in 1 contract
Sources: Credit Agreement (Dynamex Inc)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the Contract Rate) for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither the Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations; and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, the Borrower and each Lender shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument shall at any time exceed the Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Ratemaximum amount permitted by applicable law. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and controlprevail and neither the Borrowers nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrowers shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Bank ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph maximum amount permitted by applicable law shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations; and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofParent. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, the Borrowers and each Bank shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Maximum Interest Rate. It is the intention of Lender and Borrower and all other parties to the Parties Loans to strictly comply conform to and contract in strict compliance with applicable usury Lawslaws from time-to-time in effect. All agreements between Lender or any other holder of the Notes and Borrower (or any other party liable with respect to indebtedness under the Loan Documents) are hereby limited by this provision, if any; accordinglywhich shall control and override all such agreements. In no way, it is agreed that notwithstanding any provisions to the contrary nor in any Loan Documentevent or contingency (including, in no event shall any Loan Document permit or require the but not limited to, prepayment, default, demand for payment, takingor the acceleration of maturity of any Obligations, reservingor the recharacterization of any application fee, receiving collection loan commitment fees, additional commitment fees, or charging origination fees as interest), shall the interest taken, reserved, contracted for, charged or received under the Notes, or otherwise, exceed the Maximum Rate. If, from any possible construction of any document, interest would otherwise be payable in excess of the Highest Lawful Maximum Rate. If , any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation construction shall be obligated subject to pay this provision, and such document shall be automatically reformed, and the amount of such interest payable shall be automatically reduced to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the Maximum Rate permitted under applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reducedlaw, without the necessity of executing the execution of any amendment or new document. If Lender or the holder of the Notes shall ever receive any thing of value that is characterized as interest under applicable law and that would apart from this provision, be in excess of the Maximum Rate, an amount equal to the amount that would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the applicable Note in the inverse order of its maturity and not to the payment of interest, or refunded to Borrower or the other payor thereof if and to the extent such amount, which would have been excessive, exceeds such unpaid principal. The right to accelerate the maturity of the Notes, or any other documentindebtedness, does not include the right to accelerate any interest that has not otherwise accrued on the date of such acceleration, and the Lender or the holder thereof does not intend to charge or receive any unearned interest in the event of acceleration. All interest paid or agreed to be paid to the Highest Lawful Rate under Lender or the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations holder of the rate of interest contracted forNotes shall, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizinglaw, proratingbe amortized, allocating prorated, allocated and spreading during spread throughout the period full stated term (including any renewal or extension) of the full Notes so that the amount of interest on account of such indebtedness does not exceed the Maximum Rate. As used in this paragraph, the term of "applicable law" shall mean the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws laws of the State of Texas are applicable to or the Loan Documents for purposes federal laws of determining the “Highest Lawful Rate,” United States of America, which ever laws allow the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01)greater interest, as amended. To such laws now exist may be changed or amended or come in effect in the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationfuture.
Appears in 1 contract
Sources: Loan Agreement (Emeritus Corp\wa\)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, ------------- thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and ---- ----- all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 13.12(b) or (ii) an amount, which when ---------------- added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower or other appropriate Loan Party. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower, the other Loan Parties, the Agent and the Lenders shall, to the maximum extent permitted by applicable law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and -------- ---- performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Agent and/or the Lenders, as appropriate, shall refund to the Borrower or other appropriate Loan Party the amount of such excess and, in no event such event, the Agent and the Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, .
(c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance Pursuant to Article 15.10(b) of the Obligation orChapter 15, if the Obligation has been or would be repaid in full by that creditSubtitle 79, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State Revised Civil Statutes of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f))1925, as amended, the Lender retains Borrower and the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender other Loan Parties agree that Texas Finance Code, such Chapter 346 15 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which 123 regulates certain revolving credit loan accounts and revolving tri-party accounts, ) shall not govern or in any manner apply to the Loan Documents or the ObligationObligations.
Appears in 1 contract
Sources: Credit Agreement (Mail Well Inc)
Maximum Interest Rate. It (a) Notwithstanding the provisions of Section 3.1 regarding the rates of interest applicable to the Loans, if at any time the amount of such interest computed on the basis of the Reference Rate or the LIBOR Rate would exceed the amount of such interest computed upon the basis of the maximum rate of interest permitted by applicable state or federal law in effect from time to time, after taking into account, to the extent required by applicable law, any and all fees, payments, charges and calculations provided for in this Agreement or in any other Loan Document (the "Maximum Rate"), the interest payable under this Agreement shall be computed upon the basis of the Maximum Rate, but any subsequent reduction in the Reference Rate or in the LIBOR Rate shall not reduce such interest thereafter payable hereunder below the amount computed on the basis of the Maximum Rate until the aggregate amount of such interest accrued and payable under this Agreement equals the total amount of interest which would have accrued if such interest had not been limited by the Maximum Rate.
(b) No agreements, conditions, provisions or stipulations contained in this Agreement or any other instrument, document or agreement between the Borrower and the Lender or default of the Borrower, or the exercise by the Lender of any right (including in respect of the acceleration of payment of principal or interest) under or in connection with this Agreement or any other Loan Document, or the arising of any contingency whatsoever, shall entitle the Lender to collect, in any event, interest exceeding the Maximum Rate and in no event shall the Borrower be obligated to pay interest exceeding such Maximum Rate, and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel the Borrower to pay a rate of interest exceeding the Maximum Rate, shall be without binding force or effect, at law or in equity, to the extent only of the excess of interest over such Maximum Rate. In the event any interest is charged in excess of the Maximum Rate ("Excess"), the Borrower acknowledges and stipulates that any such charge shall be the result of an accidental and bona fide error, and such Excess shall be, first, applied to reduce the principal then unpaid hereunder; second, applied to reduce the other Obligations; and third, returned to the Borrower, it being the intention of the Parties parties hereto not to strictly comply with applicable usury Lawsenter at any time into a usurious or otherwise illegal relationship. The Borrower recognizes that, if any; accordinglyconsidering, it is agreed among other things, fluctuations in the Reference Rate, the LIBOR Rate or the Maximum Rate, such an unintentional result could inadvertently occur. The Borrower covenants that notwithstanding (i) the credit or return of any provisions to Excess shall constitute the contrary acceptance by the Borrower of such Excess, and (ii) the Borrower shall not seek or pursue any other remedy, legal or equitable, against the Lender, based in whole or in part upon the charging or receiving of any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest in excess of the Highest Lawful Ratemaximum authorized by applicable law. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation or, if the Obligation has been or would be repaid in full by that credit, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for For the purpose of determining whether that rate exceeds or not any Excess has been contracted for, charged or received by the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensionsLender, all interest at any time contracted for, chargedcharged or received by the Lender in connection with this Agreement shall be amortized, taken collectedprorated, reserved or received. The terms allocated and spread in equal parts during the entire term of this paragraph Agreement.
(c) The provisions of this Section 3.3 shall be deemed to be incorporated into every document or communication relating to the Obligations which sets forth or prescribes any account, right or claim or alleged account, right or claim of the Lender with respect to the Borrower (or any other obligor in every respect of Obligations), whether or not any provision of this Section 3.3 is referred to therein. All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent of the liabilities and obligations of the Borrower (or other obligor) asserted by the Lender thereunder, be automatically recomputed by the Borrower or other obligor, and by any court considering the same, to give effect to the adjustments or credits required by this Section 3.3.
(d) If applicable state or federal law is amended in the future to allow a greater rate of interest to be charged under this Agreement or any other Loan Document and communication relating thereto. To than is presently allowed by applicable state or federal law, then the extent the limitation of interest rate Laws of the State of Texas are applicable under this Section 3.3 shall be increased to the Loan Documents for purposes maximum rate of determining the “Highest Lawful Rate,” the interest allowed by applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), state or federal law as amended, which increase shall be effective hereunder on the effective date of such amendment, and all interest charges owing to the Lender retains by reason thereof shall be payable upon demand.
Section 7.1 (d) of the right Loan and Security Agreement is hereby amended by deleting the first sentence thereof and substituting therefor the following new sentence: Notwithstanding the foregoing, but subject to modify the next sentence, nothing contained herein shall be deemed to constitute the grant of security interest rate in accordance favor of the Lender (x) with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, respect to the Borrower's interest in any license pursuant to which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern the Borrower is a licensee or in any manner apply lease pursuant to which the Borrower is a lessee or any agreement pursuant to which the Borrower markets the product of any Person which is not an Account Debtor or (y) with respect to the Borrower's ownership interest in Adeza Biomedical Corporation, a Delaware corporation.
2.10. Section 7.9(a) of the Loan Documents and Security Agreement is hereby amended by adding the following new sentence to the end thereof: The Borrower hereby represents and warrants to the Lender that Account Debtor Notices, signed by the Borrower, have been delivered to all of the Account Debtors, including the Specified Account Debtors (but excluding any Government Account Debtors or Self-Pay Account Debtors).
2.11. Section 9.29 of the ObligationLoan and Security Agreement is hereby amended by adding the following new sentence to the end thereof: On the basis of a comprehensive review and assessment undertaken by the Borrower of the Borrower's computer applications and inquiry made of the Borrower's material suppliers, vendors and customers, the Borrower reasonably believes that the "Year 2000 problem" (that is, the risk that computer applications used by any Person may be unable to recognize and perform properly date- sensitive functions involving certain dates prior to and any date after December 31, 1999) shall not result in a Material Adverse Effect.
Appears in 1 contract
Sources: Loan and Security Agreement (Matria Healthcare Inc)
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions to the contrary (a) No interest rate specified in any Loan DocumentDocument (the "Contract Rate") shall at any time exceed the Maximum Rate. If at any time the Contract Rate for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in no event the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if the Contract Rate for such Obligation had at all times been in effect.
(b) No provision of any Loan Document permit or shall require the payment, taking, reserving, receiving payment or the collection or charging of interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest in such respect is called hereby provided for, contracted foror shall be adjudicated to be so provided, charged, taken, reserved or received under in any Loan Document (or otherwise in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is acceleratedconnection with this loan transaction, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 14.12 shall govern and controlprevail and neither the Borrower nor the sureties, (b) no Person now guarantors, successors, or hereafter liable for the payment assigns of the Obligation Borrower shall be obligated to pay the excess amount of such interest to or any other excess sum paid for the extent that it is use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph Maximum Rate shall be credited against the then unpaid principal balance applied as a payment and reduction of the Obligation orprincipal of the Obligations, and, if the Obligation principal of the Obligations has been or would paid in full, any remaining excess shall forthwith be repaid in full by that credit, refunded paid to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereofBorrower. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable exceeds the Highest Lawful Rate shall be made Maximum Rate, the Borrower and each Lender shall, to the extent permitted by applicable Laws by amortizinglaw, prorating(a) characterize any non-principal payment as an expense, allocating fee, or premium rather than as interest, (b) exclude voluntary prepayments and spreading during the period effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of the Loan, including all prior and subsequent renewals and extensions, all Obligations so that interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To for the extent entire term does not exceed the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Maximum Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligation.
Appears in 1 contract
Maximum Interest Rate. It Any provision herein, or in any document --------------------- securing this Agreement, or any other document executed or delivered in connection herewith, including the Loan Documents, or in any other agreement or commitment, whether written or oral, expressed or implied, to the contrary notwithstanding, neither Lender nor any successor or assignee shall in any event be entitled to receive or collect, nor shall or may amounts received hereunder be credited, so that Lender or any successor or assignee shall be paid, as interest, a sum greater than the maximum amount permitted by applicable law to be charged to the Borrowers. If any construction of this Agreement or any document securing this Agreement, or any and all other papers, agreements or commitments, indicate a different right given to Lender or any successor or assignee to ask for, demand or receive any larger sum as interest, such is a mistake in calculation or wording which this clause shall override and control, it being the intention of the Parties to strictly parties that this Agreement, and all other instruments securing the payment of this Agreement or executed or delivered in connection herewith shall in all things comply with applicable usury Lawslaw and proper adjustments shall automatically be made accordingly. In any event that Lender or any successor or assignee ever receives, if any; accordinglycollects or applies or a governmental entity deems as interest, it is agreed that notwithstanding any provisions to the contrary in any Loan Document, in no event shall any Loan Document permit or require the payment, taking, reserving, receiving collection or charging of interest sum in excess of the Highest Lawful Maximum Rate. If , if any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person amount shall be applied to Borrowers or Guarantor) or if all or a part the reduction of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation orObligation, and if the Obligation has been is paid in full, any remaining excess shall be paid to Borrowers. In determining whether or would be repaid in full by that creditnot the interest paid or payable, refunded to under any specific contingency, exceeds the Person paying the excessMaximum Rate, if any, Borrowers and (d) the provisions of the applicable Loan Documents, and Lender or any communication to Borrowers successor or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other documentassignee shall, to the Highest Lawful Rate maximum extent permitted under applicable law: (i) characterize any nonprincipal payment as an expense or fee rather than as interest, (ii) exclude voluntary prepayments and the applicable usury Laws as now or hereafter construed by effects thereof, (iii) "spread" the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate total amount of interest contracted for, charged, collected, taken, reserved or received throughout the entire term of this Agreement; provided that if this Agreement is paid and performed in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made full prior to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period end of the full contemplated term of the Loanhereof, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent if the interest rate Laws received for the actual period of existence thereof exceeds the State Maximum Rate, if any, Lender or any successor or assignee shall refund to Borrowers the amount of Texas are applicable to such excess, or credit the Loan Documents for purposes amount of determining such excess against the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, aggregate unpaid principal balance of all advances made by the Lender retains or any successor or assignee under the right to modify Obligation at the interest rate time in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationquestion.
Appears in 1 contract
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions (a) Notwithstanding anything to the contrary contained in any Loan Documentthis Agreement, in no event Borrower shall any Loan Document permit not be obligated to pay, and Lenders shall not be entitled to charge, collect, receive, reserve, or require take, interest (it being understood that "interest" shall be calculated as the paymentaggregate of all charges which constitute interest under applicable law that are contracted for, takingcharged, reservingreserved, receiving collection received, or charging of interest paid) in excess of the Highest Lawful Rate. If During any such excess period of time in which the interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall rates specified herein exceed the Highest Lawful Rate, then interest shall accrue and be payable at such maximum rate; provided that, if the interest rates decline below the Highest Lawful Rate, interest shall continue to accrue and be payable at the Highest Lawful Rate (so long as there remains any unpaid principal with respect to the Advances) until the interest that has been paid equals the amount of interest that would have been paid if interest had at all times accrued and been payable at the applicable interest rates specified in any such event (a) the provisions of this Section 9.8 shall govern and control, Agreement.
(b) no Person now If, for any reason, Lenders receive anything of value as interest or hereafter liable for the payment anything deemed interest by applicable law under this Agreement or any of the Obligation shall be obligated to pay the other Loan Documents or otherwise that results in Lenders receiving interest in an amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any the amount of such excess which is or has been collected or received notwithstanding this paragraph shall be credited against applied to the then reduction of the principal amount owing hereunder or on account of any other Indebtedness of Borrower owing to Lenders, and not to the payment of interest. If the amount of such excess exceeds the unpaid principal balance of the Obligation orall Indebtedness of Borrower owing to Lenders, if the Obligation has been or would such amount shall be repaid in full by that credit, refunded to the Person paying the excess, and Borrower.
(dc) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable with respect to any Indebtedness of Borrower owing to Lenders exceeds the Highest Lawful Rate shall be made Rate, Borrower and Lenders shall, to the maximum extent permitted by applicable Laws by amortizinglaw: (A) characterize any non-principal payment as an expense, proratingfee, allocating or premium rather than as interest; (B) exclude voluntary prepayments and spreading during the period effects thereof; (C) amortize, prorate, allocate, and spread the total amount of interest throughout the full actual term of such Indebtedness so that it does not exceed the Loanmaximum amount permitted by applicable law; or (D) allocate interest between portions of such Indebtedness so that, including all prior and subsequent renewals and extensionsto the greatest extent possible, all no such portion shall bear interest at any time contracted for, charged, taken collected, reserved or received. The terms a rate greater than the Highest Lawful Rate.
(d) For purposes of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To Section 2.13, the extent term "applicable law" means the interest rate Laws internal laws of the State of Texas are New York, provided that, to the extent, contrary to the express intent of the parties, New York law is found to be inapplicable to this Agreement, then "applicable law" also means that law in effect from time to time and applicable to this loan transaction which lawfully permits the Loan Documents for purposes charging and collection of determining the “Highest Lawful Rate,” the applicable highest permissible, lawful, non-usurious rate of interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statuteson such loan transaction and this Agreement, Title 79and, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To to the extent controlling, laws of the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the ObligationUnited States of America.
Appears in 1 contract
Sources: Borrowing Base Revolving Line of Credit Agreement (Cole Credit Property Trust Iv, Inc.)
Maximum Interest Rate. It (1) In the event that any provision of this Agreement would oblige a Borrower to make any payment of interest or any other payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at a rate which would be prohibited by applicable law, regulation, order, rule or direction (a "Usury Restraint") which prohibits or restricts the intention charging, receipt or retention of interest or other amounts at the rates and amounts set forth herein (the "Stated Rate") in excess (the "Excess") of the Parties maximum rates or amount (the "Maximum Rate") stipulated in the Usury Restraint, then notwithstanding such provision, such amount or rate shall be deemed to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions have been adjusted nunc pro tunc to the contrary in any Loan DocumentMaximum Rate, in no event shall any Loan Document permit such adjustment to be effected, to the extent necessary, as follows:
(a) firstly, by reducing the amount or require the payment, taking, reserving, receiving collection or charging rate of interest required to be paid under Section 5.01 of this Agreement; and
(b) thereafter, by reducing any fees, commissions, premiums and other amounts which would constitute interest for the purposes of such Usury Restraint;
(2) If, notwithstanding the provisions of clause (a) of this Section 1.06 and after giving effect to all adjustments contemplated thereby, the Agents, the Lenders, or any of them, shall have received an amount in excess of the Highest Lawful Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Maximum Rate, then in any such event Excess shall be applied by the Administrative Agent (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment on behalf of the Obligation shall be obligated to pay Lenders) rateably in accordance with the amount of such interest Lenders' respective Commitments, to the extent that it is in excess reduction of the Highest Lawful Rate, (c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance of the Obligation orOutstanding Borrowings and not to the payment of interest or if such excessive interest exceeds such principal balance, if the Obligation has been or would such Excess shall be repaid in full by that credit, refunded to the Person paying the excess, and Borrowers; and
(d3) the provisions of the applicable Loan Documents, and any communication to Borrowers Any amount or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received referred to in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate this Section shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutesgenerally accepted actuarial practices and principles at an effective annual rate of interest over the term of this Agreement on the assumption that any charges, Title 79, Article 5069-1D.003 fees or expenses that fall within the meaning of "interest" (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil StatutesUsury Restraint) shall, Title 79if they relate to a specific period of time, Article 5069-1B.002(14be prorated over that period of time and otherwise be prorated over the terms of this Agreement and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent (on behalf of the Lenders) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, shall be conclusive for the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the Obligationpurposes of such determination.
Appears in 1 contract
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Administrative Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 12.12(b) or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Administrative Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the Borrower. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the Borrower, the Administrative Agent and the Lenders shall, to the maximum extent permitted by applicable law, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Administrative Agent and/or the Lenders, as appropriate, shall refund to the Borrower the amount of such excess and, in no event such event, the Administrative Agent and the Lenders shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, .
(c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance Pursuant to Article 15.10(b) of the Obligation orChapter 15, if the Obligation has been or would be repaid in full by that creditSubtitle 79, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State Revised Civil Statutes of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f))1925, as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree Borrower agrees that Texas Finance Code, such Chapter 346 15 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving credit loan accounts and revolving tri-party accounts, ) shall not govern or in any manner apply to the Loan Documents or the ObligationObligations.
Appears in 1 contract
Maximum Interest Rate. It is the intention of the Parties to strictly comply with applicable usury Laws, if any; accordingly, it is agreed that notwithstanding any provisions (a) Notwithstanding anything to the contrary contained in any Loan Documentthis Agreement, in no event Borrower shall any Loan Document permit not be obligated to pay, and Lender shall not be entitled to charge, collect, receive, reserve, or require take, interest (it being understood that “interest” shall be calculated as the paymentaggregate of all charges which constitute interest under applicable law that are contracted for, takingcharged, reservingreserved, receiving collection received, or charging of interest paid) in excess of the Highest Lawful Rate. If During any such excess period of time in which the interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall rates specified herein exceed the Highest Lawful Rate, then interest shall accrue and be payable at such maximum rate; provided that, if the interest rates decline below the Highest Lawful Rate, interest shall continue to accrue and be payable at the Highest Lawful Rate (so long as there remains any unpaid principal with respect to the Advances) until the interest that has been paid equals the amount of interest that would have been paid if interest had at all times accrued and been payable at the applicable interest rates specified in any such event (a) the provisions of this Section 9.8 shall govern and control, Agreement.
(b) no Person now If, for any reason, Lender receives anything of value as interest or hereafter liable for the payment anything deemed interest by applicable law under this Agreement or any of the Obligation shall be obligated to pay the other Loan Documents or otherwise that results in Lender receiving interest in an amount of such interest to the extent that it is in excess of the Highest Lawful Rate, (c) any the amount of such excess which is or has been collected or received notwithstanding this paragraph shall be credited against applied to the then reduction of the principal amount owing hereunder or on account of any other Indebtedness of Borrower owing to Lender, and not to the payment of interest. If the amount of such excess exceeds the unpaid principal balance of the Obligation orall Indebtedness of Borrower owing to Lender, if the Obligation has been or would such amount shall be repaid in full by that credit, refunded to the Person paying the excess, and Borrower.
(dc) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of In determining whether that rate or not the interest paid or payable with respect to any Indebtedness of Borrower owing to Lender exceeds the Highest Lawful Rate shall be made Rate, the Borrower and Lender shall, to the maximum extent permitted by applicable Laws by amortizinglaw: (A) characterize any non-principal payment as an expense, proratingfee, allocating or premium rather than as interest; (B) exclude voluntary prepayments and spreading during the period effects thereof; (C) amortize, prorate, allocate, and spread the total amount of interest throughout the full actual term of such Indebtedness so that it does not exceed the Loanmaximum amount permitted by applicable law; or (D) allocate interest between portions of such Indebtedness so that, including all prior and subsequent renewals and extensionsto the greatest extent possible, all no such portion shall bear interest at any time contracted for, charged, taken collected, reserved or received. The terms a rate greater than the Highest Lawful Rate.
(d) For purposes of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To Section 2.13, the extent term “applicable law” means the interest rate Laws internal laws of the State of Texas are Illinois, provided that, to the extent, contrary to the express intent of the parties, Illinois law is found to be inapplicable to this Agreement, then “applicable law” also means that law in effect from time to time and applicable to this loan transaction which lawfully permits the Loan Documents for purposes charging and collection of determining the “Highest Lawful Rate,” the applicable highest permissible, lawful, non-usurious rate of interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statuteson such loan transaction and this Agreement, Title 79and, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To to the extent controlling, laws of the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f)), as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender agree that Texas Finance Code, Chapter 346 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving loan accounts and revolving tri-party accounts, shall not govern or in any manner apply to the Loan Documents or the ObligationUnited States of America.
Appears in 1 contract
Sources: Borrowing Base Revolving Line of Credit Agreement (Cole Credit Property Trust III, Inc.)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, ------------- thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in any this Agreement or the other Loan DocumentDocuments, in no event none of the terms and provisions of this Agreement or the other Loan Documents shall any Loan Document permit ever be construed to create a contract or require the payment, taking, reserving, receiving collection or charging of obligation to pay interest at a rate in excess of the Highest Lawful Maximum Rate; and neither the Agent nor any Lender shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. If The parties hereto agree that any such excess of interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan Documents which constitutes interest is called forunder applicable law shall be, contracted for, charged, taken, reserved or received ipso facto ---- ----- and under any Loan Document and all circumstances, limited or reduced to an amount equal to the lesser of (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstancesi) the amount of interest contracted forsuch interest, chargedcharge, takenfee, reserved expense or received under any Loan Document on other obligation that would be payable in the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions absence of this Section 9.8 13.12(b) or (ii) ---------------- an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Agent or any Lender ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall govern be deemed a partial payment or prepayment of principal of the Obligations and controltreated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to Mail-Well, the Borrower or other appropriate Loan Party. In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, Mail- Well, the Borrower, the other Loan Parties, the Agent and the Lenders shall, to the maximum extent permitted by applicable law, (bi) no Person now characterize any nonprincipal payment as an expense, fee or hereafter liable premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if -------- ---- the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the payment actual period of existence thereof exceeds the Obligation Maximum Rate, the Agent and/or the Lenders, as appropriate, shall be obligated refund to pay Mail-Well, the Borrower or other appropriate Loan Party the amount of such interest to excess and, in such event, the extent that it is in excess of Agent and the Highest Lawful Rate, Lenders shall not be
(c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance Pursuant to Article 15.10(b) of the Obligation orChapter 15, if the Obligation has been or would be repaid in full by that creditSubtitle 79, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State Revised Civil Statutes of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f))1925, as amended, Mail-Well, the Lender retains Borrower and the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender other Loan Parties agree that Texas Finance Code, such Chapter 346 15 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving credit loan accounts and revolving tri-party accounts, ) shall not govern or in any manner apply to the Loan Documents or the ObligationObligations.
Appears in 1 contract
Sources: Credit Agreement (Mail Well I Corp)
Maximum Interest Rate. It is (a) No interest rate specified in this Agreement or any other Loan Document shall at any time exceed the intention Maximum Rate. If at any time the interest rate (the "Contract Rate") for any Obligation shall exceed the Maximum Rate, thereby causing the interest accruing on such Obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such Obligation shall not reduce the rate of interest on such Obligation below the Parties to strictly comply with applicable usury Laws, Maximum Rate until the aggregate amount of interest accrued on such Obligation equals the aggregate amount of interest which would have accrued on such Obligation if any; accordingly, it is agreed that notwithstanding any provisions the Contract Rate for such Obligation had at all times been in effect.
(b) Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, none of the terms and provisions of this Agreement or the other Loan Documents shall ever be construed to create a contract or obligation to pay interest at a rate in excess of the Maximum Rate; and neither the Agent nor any Bank shall ever charge, receive, take, collect, reserve or apply, as interest on the Obligations, any amount in excess of the Maximum Rate. The parties hereto agree that any interest, charge, fee, expense or other obligation provided for in this Agreement or in the other Loan DocumentDocuments which constitutes interest under applicable law shall be, ipso facto and under any and all circumstances, limited or reduced to an amount equal to the lesser of (i) the amount of such interest, charge, fee, expense or other obligation that would be payable in the absence of this Section 13.12(b), or (ii) an amount, which when added to all other interest payable under this Agreement and the other Loan Documents, equals the Maximum Rate. If, notwithstanding the foregoing, the Agent or any Bank ever contracts for, charges, receives, takes, collects, reserves or applies as interest any amount in excess of the Maximum Rate, such amount which would be deemed excessive interest shall be deemed a partial payment or prepayment of principal of the Obligations and treated hereunder as such; and if the Obligations, or applicable portions thereof, are paid in full, any remaining excess shall promptly be paid to the BORROWERS (or other appropriate Person). In determining whether the interest paid or payable, under any specific contingency, exceeds the Maximum Rate, the BORROWERS, the Agent and the Banks shall, to the maximum extent permitted by applicable law, (A) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (B) exclude voluntary prepayments and the effects thereof, and (C) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations, or applicable portions thereof, so that the interest rate does not exceed the Maximum Rate at any time during the term of the Obligations; provided that, if the unpaid principal balance is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, the Agent and/or the Banks, as appropriate, shall refund to the BORROWERS (or other appropriate Person) the amount of such excess and, in no event such event, the Agent and the Banks shall not be subject to any Loan Document permit or require the paymentpenalties provided by any laws for contracting for, charging, receiving, taking, reservingcollecting, receiving collection reserving or charging of applying interest in excess of the Highest Lawful Maximum Rate. If any such excess of interest is called for, contracted for, charged, taken, reserved or received under any Loan Document (or in any communication by Lender or any other Person to Borrowers or Guarantor) or if all or a part of the principal or interest thereof is accelerated, prepaid or repaid, so that under any of such circumstances (or any other circumstances) the amount of interest contracted for, charged, taken, reserved or received under any Loan Document on the amount of principal actually outstanding from time to time thereunder shall exceed the Highest Lawful Rate, then in any such event (a) the provisions of this Section 9.8 shall govern and control, (b) no Person now or hereafter liable for the payment of the Obligation shall be obligated to pay the amount of such interest to the extent that it is in excess of the Highest Lawful Rate, .
(c) any such excess which is or has been collected or received notwithstanding this paragraph shall be credited against the then unpaid principal balance Pursuant to Article 15.10(b) of the Obligation orChapter 15, if the Obligation has been or would be repaid in full by that creditSubtitle 79, refunded to the Person paying the excess, and (d) the provisions of the applicable Loan Documents, and any communication to Borrowers or Guarantor, shall immediately be deemed reformed and the excess interest reduced, without the necessity of executing any other document, to the Highest Lawful Rate under the applicable usury Laws as now or hereafter construed by the courts having jurisdiction thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved or received in connection with the Loan Documents which are made for the purpose of determining whether that rate exceeds the Highest Lawful Rate shall be made to the extent permitted by applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of the Loan, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken collected, reserved or received. The terms of this paragraph shall be deemed to be incorporated in every Loan Document and communication relating thereto. To the extent the interest rate Laws of the State Revised Civil Statutes of Texas are applicable to the Loan Documents for purposes of determining the “Highest Lawful Rate,” the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Texas Revised Civil Statutes, Title 79, Article 5069-1D.003 (also codified at Texas Finance Code, Section 303.301, and formerly Texas Revised Civil Statutes, Article 5069-1.01), as amended. To the extent the Loan Documents are an open end account as defined in Texas Revised Civil Statutes, Title 79, Article 5069-1B.002(14) (also codified at Texas Finance Code, Section 301.001(3), and formerly Texas Revised Civil Statutes, Article 5069-1.01 (f))1925, as amended, the Lender retains the right to modify the interest rate in accordance with applicable Law. Borrowers, Guarantor and Lender BORROWERS agree that Texas Finance Code, such Chapter 346 15 (formerly Texas Revised Civil Statutes, Title 79, Chapter 150, which regulates certain revolving credit loan accounts and revolving tri-party accounts, ) shall not govern or in any manner apply to the Loan Documents or the ObligationObligations.
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