Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 59 contracts
Sources: Credit and Security Agreement (XBP Global Holdings, Inc.), Credit, Security and Guaranty Agreement (Evolv Technologies Holdings, Inc.), Credit, Security and Guaranty Agreement (Shimmick Corp)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Maryland or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 24 contracts
Sources: Credit and Security Agreement (Sientra, Inc.), Credit and Security Agreement (Mohawk Group Holdings, Inc.), Credit and Security Agreement (Sientra, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereinterest, if at any time the rate of interest payable hereunder or under any Note charges or other Financing Document amounts that are contracted for, charged or received by the Lenders pursuant to any Loan Documents and that are deemed interest under Applicable Law (the “Stated Rateinterest”) would exceed the highest rate permissible under Applicable Law (“maximum rate”). If, in any month, any interest rate, absent the foregoing limitation, would have exceeded the maximum rate, then the interest rate for that month shall be the maximum rate and, if in a future month, that interest rate would otherwise be less than the maximum rate, then the rate shall remain at the maximum rate until the amount of interest permitted under any applicable law to be charged (actually paid equals the “Maximum Lawful Rate”)amount of interest which would have accrued if it had not been limited by the maximum rate during prior periods. If, then for so long as upon Full Payment of the Maximum Lawful Rate would be so exceededObligations, the rate total amount of interest payable shall be equal to actually paid under the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate Loan Documents is less than the Maximum Lawful Ratetotal amount of interest that would, each Borrower but for this Section, have accrued under the Loan Documents, then Borrowers shall, to the extent permitted by lawApplicable Law, continue pay to pay each Lender (a) the lesser of (i) the amount of interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which that would have been received charged if the maximum rate had been in effect at all times, or (ii) the Stated Rate been (but for the operation amount of this provision) interest that would have accrued had the interest rate payable. Thereafterotherwise set forth in the Loan Documents been in effect, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed minus (b) the amount which it could lawfully have received had of interest actually paid under the interest been calculated for the full term hereof at the Maximum Lawful RateLoan Documents. If, notwithstanding the prior sentence, If a court of competent jurisdiction determines that any Lender has received interest hereunder in excess of the Maximum Lawful Ratemaximum amount allowed under Applicable Law, such excess amount shall be deemed received on account of, and shall automatically be applied to the reduction reduce, Obligations other than interest (regardless of any erroneous application thereof by any Lender), and upon Full Payment of the principal Obligations, any balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid refunded to Borrowers. In computing determining whether any excess interest payable with reference to the Maximum Lawful Rate applicable to has been charged or received by any Lender, such all interest shall be calculated at a daily rate equal any time charged or received from Borrowers in connection with the Loan Documents shall, to the Maximum Lawful Rate divided extent permitted by Applicable Law, be amortized, prorated, allocated and spread in equal parts throughout the number full term of days in the year in which such calculation is madeObligations.
Appears in 9 contracts
Sources: Term Loan Agreement (Apparel Holding Corp.), Term Loan Agreement (Apparel Holding Corp.), Term Loan Agreement (Apparel Holding Corp.)
Maximum Interest. In no event shall the If any interest charged with respect to the Loans payment or any other Obligations of any Borrower under any Financing Document exceed charge or fee payable hereunder exceeds the maximum amount then permitted under by applicable law, the laws applicable Borrower shall be obligated to pay the maximum amount then permitted by applicable law and the applicable Borrower shall continue to pay the maximum amount from time to time permitted by applicable law until all such interest payments and other charges and fees otherwise due hereunder (in the absence of such restraint imposed by applicable law) have been paid in full. To the State extent necessary to comply with applicable usury law, provisions of New York any Collateral Documents related to maximum rates of interest are incorporated herein by reference and shall control and supersede any provision hereof or of any other applicable jurisdiction. Notwithstanding anything Loan Document to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again applycontrary. In no event shall the total interest received by aggregate “interest” (as defined in Section 347 (the “Criminal Code Section”) of the Criminal Code (Canada)), payable to any Lender under this Agreement or any other Loan Document exceed the amount which it could effective annual rate of interest lawfully have received had permitted under the interest been calculated for Criminal Code Section. Further, if any payment, collection or demand pursuant to this Agreement or any other Loan Document in respect of such “interest” is determined to be contrary to the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess provisions of the Maximum Lawful RateCriminal Code Section, such excess amount payment, collection, or demand shall be applied deemed to have been made by mutual mistake of the applicable Lender and the applicable Borrower and such “interest” shall be deemed to have been adjusted with retroactive effect to the reduction maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in the receipt by the applicable Lender of interest at a rate not in contravention of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeCriminal Code Section.
Appears in 5 contracts
Sources: Credit Agreement (Owens-Illinois Group Inc), Credit Agreement (Owens-Illinois Group Inc), Credit Agreement (Owens-Illinois Group Inc)
Maximum Interest. In No agreements, conditions, provisions or stipulations contained in this Agreement or in any of the other Financing Agreements, or any Default or Matured Default, or any exercise by the Agent 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 of the other Financing Agreements, or the arising of any contingency whatsoever, shall entitle the Agent to collect, in any event, interest exceeding the maximum authorized by law, and in no event shall Borrower be obligated to pay interest exceeding such 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 interest charged with respect maximum allowed by law, shall be without binding force or effect, at law or in equity, to the Loans or extent only of the excess of interest over such maximum interest allowed by law. In the event any other Obligations interest is charged in excess of the maximum allowed by law (“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, if a Matured Default has occurred and is continuing, applied to reduce the principal of any Borrower under any Financing Document exceed Liabilities due, and, second, returned to Borrower, it being the maximum amount permitted under the laws intention of the State of New York or of any other applicable jurisdiction. Notwithstanding anything parties not to the contrary herein or elsewhere, if enter at any time into a usurious or otherwise illegal relationship. Borrower and the Agent both recognize that, with fluctuations of index rates and applicable margins, such an unintentional result could inadvertently occur. By the execution of this Agreement, Borrower covenants that: (a) the credit or return of any Excess shall constitute the acceptance by Borrower of such Excess; and (b) Borrower shall not seek or pursue any other remedy, legal or equitable, against the Agent based, in whole or in part, upon the charging or receiving of any interest in excess of the maximum authorized by law. For the purpose of determining whether or not any Excess has been contracted for, charged or received by the Agent, all interest at any time contracted for, charged or received by the Agent in connection with the Liabilities shall be amortized, prorated, allocated and spread in equal parts during the entire term of this Agreement. Notwithstanding the foregoing, if for any period of time interest on any of Borrower’s obligations is calculated at the Highest Lawful Rate rather than the rate of interest payable hereunder or otherwise applicable under any Note or other Financing Document (this Agreement, and thereafter such applicable rate becomes less than the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Highest Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable on the Borrower’s obligations shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest remain at the Maximum Highest Lawful Rate until the Lenders have received the amount of interest which such time as Lenders would have received during such period on the total Borrower’s obligations had the rate of interest received is equal not been limited to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Highest Lawful Rate applicable to any Lender, during such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeperiod.
Appears in 5 contracts
Sources: Loan Agreement (Andersons Inc), Loan Agreement (Andersons Inc), Loan Agreement (Andersons Inc)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Notes (if any) or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. Borrower.
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 4 contracts
Sources: Credit Agreement (Collegiate Pacific Inc), Credit Agreement (Sport Supply Group, Inc.), Credit Agreement (Collegiate Pacific Inc)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Notes (if any) or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “"Stated Rate”") would exceed the highest rate of interest permitted under any applicable law to be charged (the “"Maximum Lawful Rate”"), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. .
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 3 contracts
Sources: Credit and Security Agreement (American Retirement Corp), Credit and Security Agreement (American Retirement Corp), Credit and Security Agreement (American Retirement Corp)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Notes or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. Borrower.
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 3 contracts
Sources: Credit Agreement (Reliant Pharmaceuticals, Inc.), Credit Agreement (Reliant Pharmaceuticals, Inc.), Credit Agreement (Reliant Pharmaceuticals, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “"Stated Rate”") would exceed the highest rate of interest permitted under any applicable law to be charged (the “"Maximum Lawful Rate”"), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 3 contracts
Sources: Credit and Security Agreement (Aterian, Inc.), Amendment No. 3 to Credit and Security Agreement (Aterian, Inc.), Credit and Security Agreement (Steel Connect, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. Any such reduction in the principal balance shall be applied to the Obligations owing to Lenders in accordance with the Pro Rata Share of each Lender. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 3 contracts
Sources: Credit and Security Agreement (Ithaka Acquisition Corp), Credit and Security Agreement (Seracare Life Sciences Inc), Credit and Security Agreement (NxStage Medical, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law Law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by lawLaw, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 3 contracts
Sources: Credit, Security and Guaranty Agreement (Aspen Aerogels Inc), Credit, Security and Guaranty Agreement (Aspen Aerogels Inc), Amendment No. 1 and Joinder to Credit, Security and Guaranty Agreement (Aspen Aerogels Inc)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans any Advance, or any other Obligations of any Borrower under any Financing Document hereunder exceed the maximum amount permitted under the laws Laws of the State of New York or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document for the account of Lender (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law Law to be charged by Lender (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by lawLaw, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received by ▇▇▇▇▇▇ is equal to the total interest which ▇▇▇▇▇▇ would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it ▇▇▇▇▇▇ could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding provided that to the prior sentenceextent the Maximum Lawful Rate fluctuates during the term of this Facility, any Lender the foregoing calculation shall be based on the then applicable Maximum Lawful Rate.
(d) If ▇▇▇▇▇▇ has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans Advances or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeBorrower.
Appears in 3 contracts
Sources: Margin Loan and Security Agreement (LMP Capital & Income Fund Inc.), Margin Loan and Security Agreement (Western Asset High Income Fund Ii Inc.), Margin Loan and Security Agreement (Neuberger Berman High Yield Strategies Fund Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York York, the federal laws of Canada (including the Criminal Code (Canada)) or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 2 contracts
Sources: Credit Agreement (Orthopediatrics Corp), Credit and Security Agreement (XBP Global Holdings, Inc.)
Maximum Interest. In lt is not the intention of Lender or Borrower to violate the laws of any applicable jurisdiction relating to usury or other restrictions on the maximum lawful interest rate. The Loan Documents and all other agreements between Lender and Borrower, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no event shall the interest charged with respect paid or agreed to be paid to Lender for the Loans use, forbearance or any other Obligations detention of money loaned, or for the payment or performance of any Borrower under covenant or obligation contained herein or in any Financing Document of the other Loan Documents, exceed the maximum amount permitted permissible under the laws applicable law. If, from any circumstances, fulfillment of any provision hereof or any of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to Loan Documents at the contrary herein or elsewhere, if at any time the rate performance of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable such provision shall be equal to due, shall involve exceeding the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted limit prescribed by law, continue then the obligation to pay be fulfilled shall automatically be reduced to the limit prescribed by law, then the obligation shall automatically be reduced to the limit permitted by applicable law. If from any such circumstances, Lender shall ever receive anything of value deemed interest under applicable law which would exceed interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Ratehighest lawful rate, such excess amount excessive interest shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable amount owing hereunder, and not to the payment of interest, or if no such principal excessive interest exceeds any unpaid balance or other amounts are then outstandingprincipal, such excess shall be refunded to Borrower. All amounts paid or part thereof remaining shall agreed to be paid to Borrowers. In computing interest payable with reference Lender for the Use, forbearance or detention of money shall, to the Maximum Lawful Rate extent permitted by applicable to any Lenderlaw, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the rate of interest on account of such indebtedness is uniform throughout the term hereof. This paragraph shall be calculated at a daily rate equal to control every other provision of the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeLoan Documents and all other agreements between Lender and Borrower contemplated thereby.
Appears in 2 contracts
Sources: Loan Agreement (Horizon Pharmacies Inc), Loan Agreement (Horizon Pharmacies Inc)
Maximum Interest. In no event shall the interest charged with respect to the Loans Notes (if any) or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 2 contracts
Sources: Credit and Security Agreement (Monogram Biosciences, Inc.), Credit and Security Agreement (BioTrove, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender ▇▇▇▇▇▇ has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to BorrowersBorrower. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 2 contracts
Sources: Credit, Security and Guaranty Agreement (Alphatec Holdings, Inc.), Credit, Security and Guaranty Agreement (Alphatec Holdings, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Term Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Term Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 2 contracts
Sources: Loan and Security Agreement (Rubicon Technologies, Inc.), Credit, Security and Guaranty Agreement (Rubicon Technologies, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans Term Loan or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any the Term Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans Term Loan or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 2 contracts
Sources: Credit, Security and Guaranty Agreement (Alphatec Holdings, Inc.), Credit, Security and Guaranty Agreement (Alphatec Holdings, Inc.)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Advance or any other Obligations obligations of any Borrower under any Financing Document hereunder exceed the maximum amount permitted under the laws Laws of the State of New York or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable for the account of Lender hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law Law to be charged by Lender (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable for the account of Lender shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by lawLaw, continue to pay interest for the account of Lender at the Maximum Lawful Rate until such time as the total interest received by Lender is equal to the total interest which Lender would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable for the account of Lender shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it Lender could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any .
(d) If Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans Advance or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeBorrower.
Appears in 2 contracts
Sources: Margin Loan Agreement (Sina Corp), Margin Loan Agreement (Sina Corp)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans any Loan or any other Obligations obligations of any Borrower under any Financing Document hereunder exceed the maximum amount permitted under the laws Laws of the State of New York or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable for the account of any Lender hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law Law to be charged by such Lender (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable for the account of such Lender shall be equal to the Maximum Lawful Rate; provided, however, provided that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by lawLaw, continue to pay interest for the account of such Lender at the Maximum Lawful Rate until such time as the total interest received by such Lender is equal to the total interest which that such Lender would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable for the account of such Lender shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it that such Lender could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, .
(d) If any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeBorrower.
Appears in 2 contracts
Sources: Loan Agreement (Asac Ii Lp), Loan Agreement (Asac Ii Lp)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereinterest, if at any time the rate of interest payable hereunder or under any Note charges or other Financing Document amounts that are contracted for, charged or received by the Agents and the Lenders pursuant to any Loan Documents and that are deemed interest under Applicable Law (the “Stated Rateinterest”) would exceed the highest rate permissible under Applicable Law (“maximum rate”). If, in any period, any interest rate, absent the foregoing limitation, would have exceeded the maximum rate, then the interest rate for that month shall be the maximum rate and, if in a future month, that interest rate would otherwise be less than the maximum rate, then the rate shall remain at the maximum rate until the amount of interest permitted under any applicable law to be charged (actually paid equals the “Maximum Lawful Rate”)amount of interest which would have accrued if it had not been limited by the maximum rate. If, then for so long as upon payment in full, in cash, of the Maximum Lawful Rate would be so exceededObligations, the rate total amount of interest payable shall be equal to actually paid under the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate Loan Documents is less than the Maximum Lawful Ratetotal amount of interest that would, each Borrower but for this Section 3.10, have accrued under the Loan Documents, then the Borrowers shall, to the extent permitted by lawApplicable Law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total Administrative Agent, for the account of the Lenders, (a) the lesser of (i) the amount of interest which that would have been received charged if the maximum rate had been in effect at all times, or (ii) the Stated Rate been (but for the operation amount of this provision) interest that would have accrued had the interest rate payable. Thereafterotherwise set forth in the Loan Documents been in effect, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed minus (b) the amount which it could lawfully have received had of interest actually paid under the interest been calculated for the full term hereof at the Maximum Lawful RateLoan Documents. If, notwithstanding the prior sentence, If a court of competent jurisdiction determines that any Agent or any Lender has received interest hereunder in excess of the Maximum Lawful Ratemaximum amount allowed under Applicable Law, such excess amount shall be deemed received on account of, and shall automatically be applied to reduce, Obligations other than interest (regardless of any erroneous application thereof by the reduction Administrative Agent or any Lender), and upon payment in full, in cash of the principal Obligations, any balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid refunded to the Borrowers. In computing determining whether any excess interest payable with reference to the Maximum Lawful Rate applicable to has been charged or received by any Agent or any Lender, such all interest shall be calculated at a daily rate equal any time charged or received from the Borrowers in connection with the Loan Documents shall, to the Maximum Lawful Rate divided extent permitted by Applicable Law, be amortized, prorated, allocated and spread in equal parts throughout the number full term of days in the year in which such calculation is madeObligations.
Appears in 2 contracts
Sources: Term Loan and Security Agreement (Birks & Mayors Inc.), Term Loan and Security Agreement (Birks & Mayors Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. (a) Notwithstanding anything to the contrary herein contained in this Agreement or elsewhereany of the other Financing Agreements, in no event whatsoever shall the aggregate of all amounts that are contracted for, charged or received by Lenders pursuant to the terms of this Agreement or any of the other Financing Agreements and that are deemed interest under applicable law exceed the Maximum Interest Rate (including, to the extent applicable, the provisions of Section 5197 of the Revised Statutes of the United States of America as amended, 12 U.S.C. Section 85, as amended). No agreements, conditions, provisions or stipulations contained in this Agreement or any of the other Financing Agreements, or any Event of Default, or the exercise by Lenders of the right to accelerate the payment or the maturity of all or any portion of the Obligations, or the exercise of any option whatsoever contained in this Agreement or any of the other Financing Agreements, or the prepayment by Borrowers of any of the Obligations, or the occurrence of any event or contingency whatsoever shall entitle Agent or Lenders to contract for, charge or receive in any event, interest or any charges, amounts, premiums or fees deemed interest by applicable law in excess of the Maximum Interest Rate. In no event shall Borrowers be obligated to pay interest or such amounts as may be deemed interest under applicable law in amounts which exceed the Maximum Interest Rate. All agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrowers to pay interest or such amounts which are deemed to constitute interest in amounts which exceed the Maximum Interest Rate shall be without binding force or effect, at any time law or in equity, to the rate extent of the excess of interest payable or such amounts which are deemed to constitute interest over such Maximum Interest Rate.
(b) In the event any Interest is charged or received in excess of the Maximum Interest Rate ("Excess"), each Borrower acknowledges and stipulates that any such charge or receipt shall be the result of an accident and bona fide error, and that any Excess received by Agent and Lenders shall be applied first, to the payment of the then outstanding and unpaid principal hereunder; second to the payment of the other Obligations then outstanding and unpaid; and third, returned to Borrowers, it being the intent of the parties hereto not to enter into a usurious or otherwise illegal relationship. The right to accelerate the maturity of any of the Obligations does not include the right to accelerate any interest that has not otherwise accrued on the date of such acceleration, and Agent and Lenders does not intend to collect any unearned interest in the event of any such acceleration. Each Borrower recognizes that, with fluctuations in the rates of interest set forth in Section 3.1 of this Agreement and the Maximum Interest Rate, such an unintentional result could inadvertently occur. All monies paid to Agent or Lenders hereunder or under any Note or of the other Financing Document Agreements, whether at maturity or by prepayment, shall be subject to any rebate of unearned interest as and to the extent required by applicable law.
(c) By the “Stated Rate”execution of this Agreement, each Borrower agrees that (A) would exceed the highest rate credit or return of any Excess shall constitute the acceptance by Borrowers of such Excess, and (B) no Borrower shall seek or pursue any other remedy, legal or equitable, against Agent and Lenders, based in whole or in part upon contracting for, charging or receiving any interest permitted under any applicable law or such amounts which are deemed to be charged (the “Maximum Lawful Rate”), then for so long as constitute interest in excess of the Maximum Lawful Rate would be so exceededInterest Rate. For the purpose of determining whether or not any Excess has been contracted for, the rate of charged or received by Agent and Lenders, all interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter contracted for, charged or received from Borrowers in connection with this Agreement or any of the Stated Rate is less than the Maximum Lawful Rate, each Borrower other Financing Agreements shall, to the extent permitted by applicable law, continue be amortized, prorated, allocated and spread during the entire term of this Agreement in accordance with the amounts outstanding from time to pay interest at time hereunder and the Maximum Lawful Interest Rate until such from time as to time in effect in order to lawfully charge the total maximum amount of interest received is equal permitted under applicable laws.
(d) Borrowers, Agent and Lenders shall, to the total maximum extent permitted under applicable law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest which would have been received had and (ii) exclude voluntary prepayments and the Stated Rate been effects thereof.
(but e) The provisions of this Section 3.4 shall be deemed to be incorporated into each of the other Financing Agreements (whether or not any provision of this Section is referred to therein). Each of the Financing Agreements and communications relating to any interest owed by Borrowers and all figures set forth therein shall, for the operation sole purpose of this provision) computing the interest rate payable. Thereafterextent of the Obligations, the interest rate payable shall be the Stated Rate unless automatically recomputed by Borrowers, and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed court considering the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. Ifsame, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to give effect to the reduction of the principal balance of the Loans adjustments or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided credits required by the number of days in the year in which such calculation is madethis Section.
Appears in 2 contracts
Sources: Loan and Security Agreement (Delta Apparel, Inc), Loan and Security Agreement (Delta Apparel Inc)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans any Advance or any other Obligations obligations of any Borrower under any Financing Document hereunder exceed the maximum amount permitted under the laws Laws of the State of New York or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document for the account of Lender (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law Law to be charged charged, collected, or received by Lender (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the fullest extent permitted by lawLaw, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received by Lender is equal to the total interest which Lender would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest charged, collected, or received by any Lender exceed the amount which it Lender could lawfully have charged, collected, or received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any .
(d) If Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans Advances or to other amounts (other than interest) payable hereunder, in Lender’s sole discretion, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeBorrower.
Appears in 2 contracts
Sources: Margin Loan Agreement (Advent Claymore Convertible Securities & Income Fund II), Margin Loan Agreement (Advent Claymore Convertible Securities & Income Fund)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Notes or any other Obligations obligations of any Borrower Borrowers under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower Borrowers shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. .
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 2 contracts
Sources: Credit Agreement (Ahl Services Inc), Credit Agreement (Williams Controls Inc)
Maximum Interest. In It is the intention of the parties to comply strictly with applicable usury laws. Accordingly, notwithstanding any provision to the contrary in this Agreement, or in any contract, instrument or document evidencing or securing the payment hereof or otherwise relating hereto (each, a “Related Document”), in no event shall the interest charged with respect to the Loans this Agreement or any other Obligations Related Document require the payment or permit the payment, taking, reserving, receiving, collection or charging of any Borrower sums constituting interest under any Financing Document applicable laws that exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law by such laws, as the same may be amended or modified from time to be charged time (the “Maximum Lawful Rate”). If any such excess interest is called for, contracted for, charged, taken, reserved or received in connection with this Agreement or any Related Document, or in any communication by the Agent, the Lenders or any other Person to Borrower or any other Person, or in the event that all or part of the principal or interest hereof or thereof shall be prepaid or accelerated, so that under any of such circumstances or under any other circumstance whatsoever the amount of interest contracted for, charged, taken, reserved or received on the amount of principal actually outstanding from time to time under this Agreement or Related Document shall exceed the Maximum Rate, then in such event it is agreed that: (i) the provisions of this paragraph shall govern and control; (ii) neither Borrower nor any other person or entity now or hereafter liable for so long as the payment of the Obligations under this Agreement or any Related Document shall be obligated to pay the amount of such interest to the extent it is in excess of the Maximum Lawful Rate Rate; (iii) any such excess interest which is or has been received by the Lenders shall be credited against the then unpaid principal balance hereof or thereof, or if the Obligations or any Related Document has been or would be so exceededpaid in full by such credit, the rate of interest payable shall refunded to Borrower; (iv) all sums paid, or agreed to be equal paid, to the Maximum Lawful Rate; providedAgent for the benefit of the Lenders for the use, however, that if at any time thereafter forbearance and detention of the Stated Rate is less than the Maximum Lawful Rate, each amounts owed under this Agreement by Borrower hereunder shall, to the extent permitted by applicable law, continue be amortized, prorated, allocated and spread throughout the full term of the Obligations, including all prior and subsequent renewals and extensions, owed under this Agreement and the Related Documents until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (v) the provisions of this Agreement and each Related Document, and any other communication to pay Borrower, shall immediately be deemed reformed and such excess interest reduced, without the necessity of executing any other document, to the Maximum Rate. The right to accelerate the 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 of the date of acceleration. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, taken, reserved or received in connection with this Agreement and any Related Document which are made for the purpose of determining whether such rate exceeds the Maximum 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 this Agreement or such Related Document, including all prior and subsequent renewals and extensions hereof or thereof, all interest at any time contracted for, charged, taken, reserved or received by any Lender. To the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) extent that the interest rate payable. Thereafterlaws of the State of Texas are applicable to this Agreement, any Note or any other Loan Document, the applicable interest rate ceiling is the indicated (weekly) ceiling determined in accordance with Chapter 303 of the Texas Finance Code, as amended, and, to the extent that any Obligation under this Agreement, any Note or any other Loan Document is deemed an open end account as such term is defined in Chapter 302 of the Texas Finance Code, as amended, the Agent retains the right to modify the interest rate payable in accordance with applicable law. The terms of this paragraph shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall deemed to be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeincorporated into each Related Document.
Appears in 2 contracts
Sources: Credit Agreement (Tandy Brands Accessories Inc), Credit Agreement (Tandy Brands Accessories Inc)
Maximum Interest. In no event shall the interest charged with respect to the Loans or Notwithstanding any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything provision to the contrary contained herein or elsewherein any other Loan Instrument, if at any time the Lender shall not collect a rate of interest payable hereunder on any obligation or under any Note or other Financing Document (liability due and owing by Borrower to Lender in excess of the “Stated Rate”) would exceed the highest maximum contract rate of interest permitted under any by applicable law ("Excess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or any other Loan Instrument, then in such event (i) Borrower shall not be charged obligated to pay such Excess Interest, (ii) any Excess Interest collected by Lender shall be refunded to the payor thereof, (iii) the interest rates provided for herein (collectively the "Stated Rate") shall be automatically reduced to the maximum rate allowed from time to time under applicable law (the “"Maximum Lawful Rate”)") and this Loan Agreement and the other Loan Instruments, then for so long as the Maximum Lawful Rate would be so exceededapplicable, the rate of interest payable shall be equal deemed to have been, and shall be, modified to reflect such reduction, and (iv) Borrower shall not have any action against Lender for any damages arising out of the Maximum Lawful Ratepayment or collection of such Excess Interest; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received by Lender is equal to the total interest which Lender would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed exceeds the Maximum Lawful Rate, in which event the provisions contained in this provision subsection 2.3.3 again shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 2 contracts
Sources: Loan Agreement (Us 1 Industries Inc), Loan Agreement (Us 1 Industries Inc)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 2 contracts
Sources: Credit and Security Agreement (Revolving Loan) (Novadaq Technologies Inc), Credit and Security Agreement (Term Loan) (Novadaq Technologies Inc)
Maximum Interest. In no event shall It is the interest charged intention of Bank and Borrowers to comply with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of Illinois, and notwithstanding any other applicable jurisdiction. Notwithstanding anything provision to the contrary contained herein or elsewhereany other Loan Document, the Borrowers shall not be required to pay, and Bank shall not be permitted to collect, any amount in excess of the maximum amount of interest permitted by applicable law ("Excess Interest"). If any Excess Interest is provided for or determined to have been provided for by a court of competent jurisdiction in this Agreement or in any of the other Loan Documents, then in such event (i) the Borrowers shall not be obligated to pay any Excess Interest, (ii) any Excess Interest that the Bank may have received hereunder shall be, at the Bank's sole option, (A) applied as a credit against either the outstanding principal balance of the Advances or accrued and unpaid interest hereon, (B) refunded to the payor thereof, or (C) any combination of the foregoing; (iii) the interest rate(s) provided for herein shall be automatically reduced to the maximum rate allowed under applicable law, and this Agreement and the other Loan Documents shall be deemed to have been, and shall be, reformed and modified to reflect such reduction; and (iv) the Borrowers shall not have any action against the Bank for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if at any time the rate of interest payment or other charge or fee payable hereunder or under any Note or of the other Financing Document (Loan Documents exceeds the “Stated Rate”) would exceed the highest rate of interest maximum amount then permitted under any by applicable law to be charged (the “Maximum Lawful Rate”)law, then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, the Borrowers shall be obligated to pay the maximum amount then permitted by applicable law and the Borrowers shall continue to pay the maximum amount from time to time permitted by applicable law until all such interest at payments and other charge and fees otherwise due (in the Maximum Lawful Rate until absence of such time as the total interest received is equal to the total interest which would restraint imposed by applicable law) have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, paid in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madefull.
Appears in 2 contracts
Sources: Loan and Security Agreement (Kanbay International Inc), Loan and Security Agreement (Kanbay International Inc)
Maximum Interest. In no event (a) No provision of this Agreement shall require the interest charged with respect payment to the Loans Lender or any other Obligations permit the collection by the Lender of any Borrower under any Financing Document interest in excess of the maximum rate of interest from time to time permitted (after taking into account all consideration which constitutes interest) by laws applicable to the Lender Debt and binding on the Lender (such maximum rate being the Lender's "Maximum Permissible Rate").
(b) If the amount of interest (computed without giving effect to this Section 1.11) payable on the first Business Day of each Month in respect of the preceding interest computation period would exceed the maximum amount permitted under of interest computed in respect of such period at the laws Maximum Permissible Rate, the amount of the State of New York or of any other applicable jurisdiction. Notwithstanding anything interest payable to the contrary herein or elsewhere, if Lender on such date in respect of such period shall be computed at the Maximum Permissible Rate.
(c) If at any time and from time to time: (i) the rate amount of interest payable hereunder or under to the Lender on the first Business Day of each Month shall be computed at the Maximum Permissible Rate pursuant to the preceding subsection (b); and (ii) in respect of any Note or other Financing Document (subsequent interest computation period the “Stated Rate”) would exceed the highest rate amount of interest permitted under any applicable law otherwise payable to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate Lender would be so exceeded, less than the rate amount of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest Lender computed at the Maximum Lawful Permissible Rate, then the amount of interest payable to the Lender in respect of such subsequent interest computation period shall continue to be computed at the Maximum Permissible Rate until such time as the amount of interest payable to the Lender shall equal the total interest received is equal to the total amount of interest which would have been received had payable to the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall Lender if the total amount of interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied computed without giving effect to the reduction of the principal balance of the Loans or to other amounts preceding subsection (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeb).
Appears in 2 contracts
Sources: Loan and Security Agreement (Matria Healthcare Inc), Loan and Security Agreement (National Medical Health Card Systems Inc)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans any Loan or any other Obligations obligations of any Borrower under any Financing Document hereunder exceed the maximum amount permitted under the laws Laws of the State of New York or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable for the account of any Lender hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law Law to be charged by such Lender (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable for the account of such Lender shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by lawLaw, continue to pay interest for the account of such Lender at the Maximum Lawful Rate until such time as the total interest received by such Lender is equal to the total interest which such Lender would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable for the account of such Lender shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In .
(c) Notwithstanding the foregoing, in no event shall the total interest received by any Lender exceed the amount which it such Lender could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, .
(d) If any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeBorrower.
Appears in 2 contracts
Sources: Loan Agreement (Golar LNG LTD), Loan Agreement (Golar LNG LTD)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Maryland or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful ]awful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 2 contracts
Sources: Credit and Security Agreement (BioHorizons, Inc.), Credit and Security Agreement (BioHorizons, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereinterest, if at any time the rate of interest payable hereunder or under any Note charges or other Financing Document amounts that are contracted for, charged or received by the Agents and the Lenders pursuant to any Loan Documents and that are deemed interest under Applicable Law (the “Stated Rateinterest”) would exceed the highest rate permissible under Applicable Law (“maximum rate”). If, in any period, any interest rate, absent the foregoing limitation, would have exceeded the maximum rate, then the interest rate for that month shall be the maximum rate and, if in a future month, that interest rate would otherwise be less than the maximum rate, then the rate shall remain at the maximum rate until the amount of interest permitted under any applicable law to be charged (actually paid equals the “Maximum Lawful Rate”)amount of interest which would have accrued if it had not been limited by the maximum rate. If, then for so long as upon payment in full, in cash, of the Maximum Lawful Rate would be so exceededObligations, the rate total amount of interest payable shall be equal to actually paid under the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate Loan Documents is less than the Maximum Lawful Ratetotal amount of interest that would, each Borrower but for this Section 3.10, have accrued under the Loan Documents, then the Borrowers shall, to the extent permitted by lawApplicable Law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total Administrative Agent, for the account of the Lenders, (a) the lesser of (i) the amount of interest which that would have been received charged if the maximum rate had been in effect at all times, or (ii) the Stated Rate been (but for the operation amount of this provision) interest that would have accrued had the interest rate payable. Thereafterotherwise set forth in the Loan Documents been in effect, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed minus (b) the amount which it could lawfully have received had of interest actually paid under the interest been calculated for the full term hereof at the Maximum Lawful RateLoan Documents. If, notwithstanding the prior sentence, If a court of competent jurisdiction determines that any Agent or any Lender has received interest hereunder in excess of the Maximum Lawful Ratemaximum amount allowed under Applicable Law, such excess amount shall be deemed received on account of, and shall automatically be applied to reduce, Obligations other than interest (regardless of any erroneous application thereof by the reduction Administrative Agent or any Lender), and upon payment in full, in cash of the principal Obligations, any balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid refunded to the Borrowers. In computing determining whether any excess interest payable with reference to the Maximum Lawful Rate applicable to has been charged or received by any Agent or any Lender, such all interest shall at any time charged or received from the Borrowers in connection with the Loan Documents shall, to the extent permitted by Applicable Law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Obligations. If any provision of this Agreement would oblige a Canadian Loan Party to make any payment of interest or other amount payable to the Agents and the Lenders in an amount or calculated at a daily rate equal which would be prohibited by Applicable Law or would result in a receipt by the Agents and the Lenders 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 with retroactive effect to the Maximum Lawful Rate divided maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by the number Agents and the Lenders of days “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: (a) first, by reducing the amount or rate of interest; and (b) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid which would constitute interest for purposes of section 347 of the Criminal Code (Canada). Any provision of this Agreement that would oblige a Canadian Loan Party to pay any fine, penalty or rate of interest on any arrears of principal of interest secured by a mortgage or hypothec on Real Estate that has the effect of increasing the charge on arrears beyond the rate of interest payable on principal money not in arrears shall not apply to such Canadian Loan Party, which shall be required to pay interest on money in arrears at the year same rate of interest payable on principal money not in which such calculation is madearrears.
Appears in 2 contracts
Sources: Term Loan and Security Agreement (Birks Group Inc.), Term Loan and Security Agreement (Birks Group Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. (A) Notwithstanding anything to the contrary herein in this Agreement or elsewhereotherwise, (i) if at any time the rate amount of interest payable hereunder computed on the basis of an Applicable Annual Rate or under any Note or other Financing Document (the “Stated Rate”) a Default Rate would exceed the highest amount of such interest computed upon the basis of the maximum rate of interest permitted under any by applicable state or federal law in effect from time to be charged time hereafter (the “"Maximum Lawful Legal Rate”"), then for so long as the interest payable under this Agreement shall be computed upon the basis of the Maximum Lawful Legal Rate, but any subsequent reduction in such Applicable Annual Rate would be so exceededor Default Rate, as applicable, shall not reduce such interest thereafter payable hereunder below the rate amount computed on the basis of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Legal Rate until the aggregate amount of such time as interest accrued and payable under this Agreement equals the total interest received is equal to the total amount of interest which would have accrued if such interest had been received had at all times computed solely on the Stated basis of an Applicable Annual Rate been or Default Rate, as applicable; and (but for ii) unless preempted by federal law, an Applicable Annual Rate or Default Rate, as applicable, from time to time in effect hereunder may not exceed the operation "weekly ceiling" from time to time in effect under Chapter 303 of this provision) the interest rate payable. ThereafterTexas Finance Code (Vernon's Texas Code Annotated), as amended from time to time (as amended, the "Texas Finance Code"). If the applicable state or federal law is amended in the future to allow a greater rate of interest rate payable to be charged under this Agreement than is presently allowed by applicable state or federal law, then the limitation of interest hereunder shall be increased to the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Ratemaximum rate of interest allowed by applicable state or federal law as amended, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount increase shall be applied to effective hereunder on the reduction effective date of the principal balance of the Loans or to other amounts (other than interest) payable hereundersuch amendment, and if no such principal or other amounts are then outstanding, such excess or part all interest charges owing to Lender by reason thereof remaining shall be paid to Borrowers. In computing interest payable in accordance with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeSection 3.2.2 hereof.
Appears in 2 contracts
Sources: Loan and Security Agreement (Black Warrior Wireline Corp), Loan and Security Agreement (Black Warrior Wireline Corp)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereset forth in this Section 2.4.2, if at any time until payment in full of the Loans, the interest rate of interest payable hereunder or under on any Note or other Financing Document (the “Stated Rate”) would exceed Loan exceeds the highest rate of interest permitted permissible under any law which a court of competent jurisdiction shall deem applicable law to be charged hereto (the “Maximum Highest Lawful Rate”), then for in such event and so long as the Maximum Highest Lawful Rate would be so exceeded, the rate of interest payable on such Loans shall be equal to the Maximum Highest Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable on such Loans shall be the Stated Rate applicable interest rate pursuant to Section 2.4.1 above unless and until such rate again exceeds the Stated Rate again would exceed the Maximum Highest Lawful Rate, in which event this provision paragraph shall again apply. In no event shall the total interest received by any Lender for any Loans pursuant to the terms hereof exceed the amount which it could lawfully have received for such Loans had the interest due hereunder for such Loans been calculated for the full term hereof thereof at the Maximum Highest Lawful Rate. If, notwithstanding Interest on the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Highest Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Highest Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section 2.4.2, shall make a determination that a Lender has received interest hereunder or under any of the Loan Documents in excess of the Highest Lawful Rate, such Lender shall, to the extent permitted by Applicable Law, promptly apply such excess first to any interest due or accrued and not yet paid under the Loans, then to the outstanding principal of the Loans, then to other unpaid Obligations and thereafter shall refund any excess to the Borrower or as a court of competent jurisdiction may otherwise order.
Appears in 2 contracts
Sources: Senior Secured Credit Agreement (Borders Group Inc), Senior Secured Credit Agreement (Pershing Square Capital Management, L.P.)
Maximum Interest. In No agreements, conditions, provisions or stipulations contained in this Agreement or in any of the other Financing Documents, or any Matured Default, or any exercise by the Agent 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 of the other Financing Documents, or the arising of any contingency whatsoever, shall entitle the Agent to collect, in any event, interest exceeding the Highest Lawful Rate, and in no event shall the Borrower be obligated to pay interest charged with respect to exceeding the Loans Highest Lawful Rate, and all agreements, conditions or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewherestipulations, if at any, which may in any time event or contingency whatsoever operate to bind, obligate or compel the Borrower to pay a rate of interest payable hereunder or under any Note or other Financing Document (exceeding the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Highest Lawful Rate, each Borrower shallshall be without binding force or effect, at law or in equity, to the extent permitted by law, continue to pay only of the excess of interest at the Maximum Lawful Rate until over such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Highest Lawful Rate. If, notwithstanding In the prior sentence, event any Lender has received interest hereunder is charged in excess of the Maximum Highest Lawful 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 of any Liabilities due, and, second, returned to the Borrower, it being the intention of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. The Borrower and the Agent both recognize that, with fluctuations in the Base Rate and the LIBOR Rate, such an unintentional result could inadvertently occur. By the execution of this Agreement, the Borrower covenants that (a) the credit or return of any Excess shall constitute the acceptance by the Borrower of such Excess and (b) the Borrower shall not seek or pursue any other remedy, legal or equitable, against the Agent, any Issuer, the Swing Line Lender or the Lenders based, in whole or in part, upon the charging or receiving of any interest in excess amount of the Highest Lawful Rate. For the purpose of determining whether or not any Excess has been contracted for, charged or received by the Agent, any Issuer, the Swing Line Lender or the Lenders (as the case may be), all interest at any time contracted for, charged or received by the Agent, the Issuers, the Swing Line Lender or the Lenders in connection with the Liabilities shall be applied to amortized, prorated, allocated and spread in equal parts during the reduction entire term of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madethis Agreement.
Appears in 2 contracts
Sources: Credit Agreement (Leucadia National Corp), Credit Agreement (National Beef Packing Co LLC)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans any Advance, or any other Obligations of any Borrower under any Financing Document hereunder exceed the maximum amount permitted under the laws Laws of the State of New York or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document for the account of Lender (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law Law to be charged by Lender (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by lawLaw, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received by L▇▇▇▇▇ is equal to the total interest which L▇▇▇▇▇ would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it L▇▇▇▇▇ could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding provided that to the prior sentenceextent the Maximum Lawful Rate fluctuates during the term of this Facility, any Lender the foregoing calculation shall be based on the then applicable Maximum Lawful Rate.
(d) If L▇▇▇▇▇ has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans Advances or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeBorrower.
Appears in 1 contract
Sources: Margin Loan and Security Agreement (Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Notes or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. Borrower.
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the actual number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit Agreement (Equinox Group Inc)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Notes (if any) or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. .
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit Agreement (Cyberonics Inc)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.. MidCap / Rubicon / Credit, Security and Guaranty Agreement
Appears in 1 contract
Sources: Credit, Security and Guaranty Agreement (Rubicon Technologies, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Maryland or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the MidCap / Sientra / A&R Credit and Security Agreement (Term) \DC - 036639/000049 - 14173176 v11 Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit and Security Agreement (Term Loan) (Sientra, Inc.)
Maximum Interest. (a) In no event shall the interest contracted for, charged or received with respect to the Loans Notes (if any) or any other Obligations obligations of any Borrower the Borrowers under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note (if any) or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law Law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower the Borrowers shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full actual term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder or under any other Financing Document in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunderhereunder or thereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to the Borrowers. .
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Maryland or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender ▇▇▇▇▇▇ has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Dip Credit Agreement
Maximum Interest. In no event shall (a) Notwithstanding any provision contained in this Agreement or the interest charged with respect Note to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewherecontrary, if at any time or times the rate of interest payable hereunder or under any the Note or any other Financing Transaction Document (the “Stated Rate”) would exceed the highest rate of interest permitted to be charged under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received by Lender is equal to the total interest which Lender would have been received had the Stated Rate been (but for the operation of this provision) been the interest rate payablepayable for the period of time that the Stated Rate exceeded the Maximum Lawful Rate. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall would again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts .
(other than interestb) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any LenderRate, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
(c) If Lender receives interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Note or to other amounts (other than interest) payable hereunder or under the Note or any other Transaction Document and if no principal or other Borrower’s Obligations remain outstanding, the balance, if any, shall be refunded to Borrower.
Appears in 1 contract
Sources: Financing Agreement (Vanguard Car Rental Group Inc.)
Maximum Interest. (a) In no event shall the interest charged with respect to the DIP Loans or any other Obligations of any Borrower under any Financing DIP Loan Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) Rate would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender DIP Lenders exceed the amount which it they could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has DIP Lenders have received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the DIP Loans (without reducing the DIP Commitment) or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. Borrower.
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any LenderDIP Lenders, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Notes or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”"STATED RATE") would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”"MAXIMUM LAWFUL RATE"), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. Borrower.
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit Agreement (Radiologix Inc)
Maximum Interest. In Lender and Borrower intend that this Agreement and the other Loan Documents conform to all applicable usury laws. Accordingly, no event provisions of the Loan Documents shall require the payment or permit the collection of interest charged with respect in excess of the maximum rate permitted by applicable law ("Maximum Rate"), or obligate Borrower to pay any taxes, assessments, charges, insurance premiums or other amounts which are held to constitute interest to the Loans or any extent that such payments, when added to the other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted obligations under the laws Loan Documents, would be held to constitute contracting for, or the payment by Borrower of, interest at a rate greater than the Maximum Rate. Lender and Borrower further agree that:
(i) if any excess of interest in such respect is herein or in any such other instrument provided for, or shall be adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection 8.16 shall govern, and neither Borrower nor its successors or assigns shall be obligated to pay the amount of such interest to the extent it is in excess of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, Maximum Rate;
(ii) if at any time the rate amount of interest payable hereunder or under any Note or other Financing of the Loan Documents for a calendar year exceeds the Maximum Rate had the Maximum Rate at all times been in effect, the interest chargeable under any such Loan Document (shall be limited to the “Stated Rate”) would exceed the highest rate amount of interest permitted under any applicable law to be that could have been charged (the “Maximum Lawful Rate”), then for so long as if the Maximum Lawful Rate would be so exceededhad at all times been in effect, but any subsequent reductions in the interest due shall not reduce the rate of interest payable shall be equal to chargeable under any such Loan Document below the Maximum Lawful Rate; providedRate until the total amount of interest accrued under any such Loan Document equals the amount of interest that would have accrued if the interest provided for in any such Loan Document had at all times been in effect and collectible;
(iii) if the maturity of any Loan Document is accelerated for any reason, howeveror in the event of any prepayment by Borrower, that if at or in any time thereafter the Stated Rate is less other event, earned interest may never include more than the Maximum Lawful Rate, each Borrower shallcomputed from the date of disbursement of the funds evidenced by such Loan Document until payment, to the extent permitted by law, continue to pay and any interest at the Maximum Lawful Rate until otherwise payable under such time as the total interest received Loan Document that is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate shall be canceled automatically as of such acceleration or such other event and (if theretofore paid) shall be credited against principal;
(iv) if it should be held that any interest payable or chargeable under any Loan Document is in excess of the Maximum Rate, the interest payable or chargeable under such excess amount 20 Loan Document shall be applied reduced to the reduction maximum amount permitted by applicable federal or state law, whichever shall permit the higher lawful interest, as construed by courts having jurisdiction thereof; and
(v) the spreading, prorating and amortizing of interest over the term of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining Loan Documents shall be paid to Borrowers. In computing interest payable with reference allowed to the Maximum Lawful Rate fullest extent permitted by applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.law. 21
Appears in 1 contract
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Note or any other Obligations obligations of the Company or any Borrower Subsidiary under any the Financing Document Documents exceed the maximum amount permitted under the laws of the State of New York Georgia or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable for the account of any Lender hereunder or under any the Note or other Financing Document (the “Stated Rate”"STATED RATE") would exceed the highest rate of interest permitted under any applicable law to be charged by such Lender (the “Maximum Lawful Rate”"MAXIMUM LAWFUL RATE"), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable for the account of such Lender shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower the Company shall, to the extent permitted by law, continue to pay interest for the account of such Lender at the Maximum Lawful Rate until such time as the total interest received by such Lender is equal to the total interest which such Lender would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable for the account of such Lender shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it such Lender could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, Rate with respect to such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such MidCap / Viewray / Credit, Security and Guaranty Agreement interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit, Security and Guaranty Agreement (ViewRay, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans Notes (if any) or any other Obligations obligations of any Borrower Borrowers under any Financing Credit Document exceed the maximum amount permitted under the laws Laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Credit Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law Law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, provided that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower Borrowers shall, to the extent permitted by lawLaw, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit and Guaranty Agreement
Maximum Interest. In no event shall the interest charged with respect to the Loans Loan or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Maryland or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans Loan or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to BorrowersBorrowers within thirty (30) days after such determination. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. In Lender and Borrower intend that this Agreement and the other Loan Documents conform to all applicable usury laws. Accordingly, no event provisions of the Loan Documents shall require the payment or permit the collection of interest charged with respect in excess of the maximum rate permitted by applicable law (“Maximum Rate”), or obligate Borrower to pay any taxes, assessments, charges, insurance premiums or other amounts which are held to constitute interest to the Loans or any extent that such payments, when added to the other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted obligations under the laws Loan Documents, would be held to constitute contracting for, or the payment by Borrower of, interest at a rate greater than the Maximum Rate. Lender and Borrower further agree that:
Section 8.13.1 if any excess of interest in such respect is herein or in any such other instrument provided for, or shall be adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection shall govern, and neither Borrower nor its successors or assigns shall be obligated to pay the amount of such interest to the extent it is in excess of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, Maximum Rate;
Section 8.13.2 if at any time the rate amount of interest payable hereunder or under any Note or other Financing of the Loan Documents for a calendar year exceeds the Maximum Rate and the Maximum Rate at all times been in effect, the interest chargeable under any such Loan Document (shall be limited to the “Stated Rate”) would exceed the highest rate amount of interest permitted under any applicable law to be that could have been charged (the “Maximum Lawful Rate”), then for so long as if the Maximum Lawful Rate would be so exceededhad at all times been in effect, but any subsequent reductions in the interest due shall not reduce the rate of interest payable shall be equal to chargeable under any such Loan Document below the Maximum Lawful Rate; providedRate until the total amount of interest accrued under any such Loan Document equals the amount of interest that would have accrued if the interest provided for in any such Loan Document had at all times been in effect and collectible;
Section 8.13.3 if the maturity of any Loan Document is accelerated for any reason, howeveror in the event of any prepayment by Borrower, that if at or in any time thereafter the Stated Rate is less other event, earned interest may never include more than the Maximum Lawful Rate, each Borrower shallcomputed from the date of disbursement of the funds evidenced by such Loan Document until payment, to the extent permitted by law, continue to pay and any interest at the Maximum Lawful Rate until otherwise payable under such time as the total interest received Loan Document that is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate shall be canceled automatically as of such acceleration or such other event and (if theretofore paid) shall be credited against principal;
Section 8.13.4 if it should be held that any interest payable or chargeable under any Loan Document is in excess of the Maximum Rate, the interest payable or chargeable under such excess amount Loan Document shall be applied reduced to the reduction maximum amount permitted by applicable federal or state law, whichever shall permit the higher lawful interest, as construed by courts having jurisdiction thereof; and
Section 8.13.5 the spreading, prorating and amortizing of interest over the Maturity Date of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining Loan Documents shall be paid to Borrowers. In computing interest payable with reference allowed to the Maximum Lawful Rate fullest extent permitted by applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madelaw.
Appears in 1 contract
Maximum Interest. In Lender and Borrower intend that this ---------------- Agreement and the other Loan Documents conform to all applicable usury laws. Accordingly, no event provisions of the Loan Documents shall require the payment or permit the collection of interest charged with respect in excess of the maximum rate permitted by applicable law ("Maximum Rate"), or obligate Borrower to pay any taxes, assessments, charges, insurance premiums or other amounts which are held to constitute interest to the Loans or any extent that such payments, when added to the other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted obligations under the laws Loan Documents, would be held to constitute contracting for, or the payment by Borrower of, interest at a rate greater than the Maximum Rate. Lender and Borrower further agree that:
(i) if any excess of interest in such respect is herein or in any such other instrument provided for, or shall be adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection 8.14 shall govern, and neither Borrower nor its successors or assigns shall be obligated to pay the amount of such interest to the extent it is in excess of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, Maximum Rate;
(ii) if at any time the rate amount of interest payable hereunder or under any Note or other Financing of the Loan Documents for a calendar year exceeds the Maximum Rate had the Maximum Rate at all times been in effect, the interest chargeable under any such Loan Document (shall be limited to the “Stated Rate”) would exceed the highest rate amount of interest permitted under any applicable law to be that could have been charged (the “Maximum Lawful Rate”), then for so long as if the Maximum Lawful Rate would be so exceededhad at all times been in effect, but any subsequent reductions in the interest due shall not reduce the rate of interest payable shall be equal to chargeable under any such Loan Document below the Maximum Lawful Rate; providedRate until the total amount of interest accrued under any such Loan Document equals the amount of interest that would have accrued if the interest provided for in any such Loan Document had at all times been in effect and collectible;
(iii) if the maturity of any Loan Document is accelerated for any reason, howeveror in the event of any prepayment by Borrower, that if at or in any time thereafter the Stated Rate is less other event, earned interest may never include more than the Maximum Lawful Rate, each Borrower shallcomputed from the date of disbursement of the funds evidenced by such Loan Document until payment, to the extent permitted by law, continue to pay and any interest at the Maximum Lawful Rate until otherwise payable under such time as the total interest received Loan Document that is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate shall be canceled automatically as of such acceleration or such other event and (if theretofore paid) shall be credited against principal;
(iv) if it should be held that any interest payable or chargeable under any Loan Document is in excess of the Maximum Rate, the interest payable or chargeable under such excess amount Loan Document shall be applied reduced to the reduction maximum amount permitted by applicable federal or state law, whichever shall permit the higher lawful interest, as construed by courts having jurisdiction thereof; and
(v) the spreading, prorating and amortizing of interest over the Maturity Date of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining Loan Documents shall be paid to Borrowers. In computing interest payable with reference allowed to the Maximum Lawful Rate fullest extent permitted by applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madelaw.
Appears in 1 contract
Sources: Loan Agreement (Medcross Inc)
Maximum Interest. In The Lender and the Borrower intend that this Agreement and the other Loan Documents conform to all applicable usury laws. Accordingly, no event provisions of the Loan Documents shall require the payment or permit the collection of interest charged with respect in excess of the maximum rate permitted by applicable law ("Maximum Rate"), or obligate the Borrower to pay any taxes, assessments, charges, insurance premiums or other amounts which are held to constitute interest to the Loans or any extent that such payments, when added to the other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted obligations under the laws Loan Documents, would be held to constitute contracting for, or the payment by the Borrower of, interest at a rate greater than the Maximum Rate. The Lender and the Borrower further agree that:
(1) if any excess of interest in such respect is herein or in any such other instrument provided for, or shall be adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection 8.16 shall govern, and neither the Borrower nor its successors or assigns shall be obligated to pay the amount of such interest to the extent it is in excess of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, Maximum Rate;
(2) if at any time the rate amount of interest payable hereunder or under any Note or other Financing of the Loan Documents for a calendar year exceeds the Maximum Rate had the Maximum Rate at all times been in effect, the interest chargeable under any such Loan Document (shall be limited to the “Stated Rate”) would exceed the highest rate amount of interest permitted under any applicable law to be that could have been charged (the “Maximum Lawful Rate”), then for so long as if the Maximum Lawful Rate would be so exceededhad at all times been in effect, but any subsequent reductions in the interest due shall not reduce the rate of interest payable shall be equal to chargeable under any such Loan Document below the Maximum Lawful Rate; providedRate until the total amount of interest accrued under any such Loan Document equals the amount of interest that would have accrued if the interest provided for in any such Loan Document had at all times been in effect and collectible;
(3) if the maturity of any Loan Document is accelerated for any reason, howeveror in the event of any prepayment by the Borrower, that if at or in any time thereafter the Stated Rate is less other event, earned interest may never include more than the Maximum Lawful Rate, each Borrower shallcomputed from the date of disbursement of the funds evidenced by such Loan Document until payment, to the extent permitted by law, continue to pay and any interest at the Maximum Lawful Rate until otherwise payable under such time as the total interest received Loan Document that is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate shall be canceled automatically as of such acceleration or such other event and (if theretofore paid) shall be credited against principal;
(4) if it should be held that any interest payable or chargeable under any Loan Document is in excess of the Maximum Rate, the interest payable or chargeable under such excess amount Loan Document shall be applied reduced to the reduction maximum amount permitted by applicable federal or state law, whichever shall permit the higher lawful interest, as construed by courts having jurisdiction thereof; and
(5) the spreading, prorating and amortizing of interest over the term of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining Loan Documents shall be paid to Borrowers. In computing interest payable with reference allowed to the Maximum Lawful Rate fullest extent permitted by applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madelaw.
Appears in 1 contract
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereset forth in this Section 4.01(c), if at any time until payment in full of the Loans, the interest rate of interest payable hereunder or under on any Note or other Financing Document (the “Stated Rate”) would exceed Loans exceeds the highest rate of interest permitted permissible under any law which a court of competent jurisdiction shall deem applicable law to be charged hereto (the “Maximum Highest Lawful Rate”), then for in such event and so long as the Maximum Highest Lawful Rate would be so exceeded, the rate of interest payable on such Loans shall be equal to the Maximum Highest Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable on such Loans shall be the Stated Rate applicable interest rate pursuant to paragraphs (a) and (b) above unless and until such rate again exceeds the Stated Rate again would exceed the Maximum Highest Lawful Rate, in which event this provision paragraph shall again apply. In no event shall the total interest received by any Lender for any Loans pursuant to the terms hereof exceed the amount which it could lawfully have received for such Loans had the interest due hereunder for such Loans been calculated for the full term hereof thereof at the Maximum Highest Lawful Rate. If, notwithstanding Interest on the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Highest Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Highest Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section 4.01(c), shall make a determination that a Lender has received interest hereunder or under any of the Loan Documents in excess of the Highest Lawful Rate, such Lender shall, to the extent permitted by Applicable Law, promptly apply such excess first to any interest due or accrued and not yet paid under the Loans, then to the outstanding principal of the Loans, then to other unpaid NY12534:166729.34 Obligations and thereafter shall refund any excess to the Borrower or as a court of competent jurisdiction may otherwise order.
Appears in 1 contract
Sources: Senior Secured Credit Agreement (Oppenheimer Holdings Inc)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York York, the Criminal Code (Canada) or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit, Security and Guaranty Agreement (Urgent.ly Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereset forth in this Section 6.01(c), if at any time until payment in full of the Loans, the interest rate of interest payable hereunder or under on any Note or other Financing Document (Loans exceeds the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Highest Lawful Rate”), then for in such event and so long as the Maximum Highest Lawful Rate would be so exceeded, the rate of interest payable on such Loans shall be equal to the Maximum Highest Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable on such Loans shall be the Stated Rate applicable interest rate pursuant to paragraphs (a) and (b) above unless and until such rate again exceeds the Stated Rate again would exceed the Maximum Highest Lawful Rate, in which event this provision paragraph shall again apply. In no event shall the total interest received by any Lender for any Loans pursuant to the terms hereof exceed the amount which it could lawfully have received for such Loans had the interest due hereunder for such Loans been calculated for the full term hereof thereof at the Maximum Highest Lawful Rate. If, notwithstanding Interest on the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Highest Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Highest Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section 6.01(c), shall make a determination that a Lender has received interest hereunder or under any of the Loan Documents in excess of the Highest Lawful Rate, such Lender shall, to the extent permitted by Applicable Law, promptly apply such excess first to any interest due or accrued and not yet paid under the Loans, then to the outstanding principal of the Loans, then to other unpaid Obligations and thereafter shall refund any excess to the Borrower or as a court of competent jurisdiction may otherwise order.
Appears in 1 contract
Sources: Senior Secured Credit Agreement (SOI Holdings, Inc.)
Maximum Interest. In no event (a) No provision of this Agreement shall require the interest charged with respect payment to the Loans Lender or permit the collection by the Lender of interest in excess of the maximum rate of interest from time to time permitted (after taking into account all consideration which constitutes interest) by laws applicable to the Lender Debt and binding on the Lender (such maximum rate being the Lender's "MAXIMUM PERMISSIBLE RATE").
(b) If the amount of interest (computed without giving effect to this Section 1.11) payable on any other Obligations Interest Payment Date in respect of any Borrower under any Financing Document the preceding interest computation period would exceed the maximum amount permitted under of interest computed in respect of such period at the laws Maximum Permissible Rate, the amount of the State of New York or of any other applicable jurisdiction. Notwithstanding anything interest payable to the contrary herein or elsewhere, if Lender on such date in respect of such period shall be computed at the Maximum Permissible Rate.
(c) If at any time and from time to time: (i) the rate amount of interest payable hereunder or under to the Lender on any Note or other Financing Document Interest Payment Date shall be computed at the Maximum Permissible Rate pursuant to the preceding subsection (b); and (ii) in respect of any subsequent interest computation period the “Stated Rate”) would exceed the highest rate amount of interest permitted under any applicable law otherwise payable to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate Lender would be so exceeded, less than the rate amount of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest Lender computed at the Maximum Lawful Permissible Rate, then the amount of interest payable to the Lender in respect of such subsequent interest computation period shall continue to be computed at the Maximum Permissible Rate until such time as the amount of interest payable to the Lender shall equal the total interest received is equal to the total amount of interest which would have been received had payable to the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall Lender if the total amount of interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied computed without giving effect to the reduction of the principal balance of the Loans or to other amounts preceding subsection (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeb).
Appears in 1 contract
Sources: Loan and Security Agreement (Staff Builders Inc /De/)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.. MidCap / Xtant / Credit, Security and Guaranty Agreement (Term Loan)
Appears in 1 contract
Sources: Credit, Security and Guaranty Agreement (Term Loan) (Xtant Medical Holdings, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit and Security Agreement (Alphatec Holdings, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans Loan or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws Laws of the State of New York Maryland or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law Law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by lawLaw, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans Loan or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit and Security Agreement (Skilled Healthcare Group, Inc.)
Maximum Interest. (a) In no event shall the interest contracted for, charged or received with respect to the Loans Notes or any other Obligations obligations of any Borrower the Borrowers under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”"STATED RATE") would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”"MAXIMUM LAWFUL RATE"), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower the Borrowers shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full actual term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder or under any other Financing Document in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunderhereunder or thereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to the Borrowers. .
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. In no event shall the interest charged charged, with respect to the Loans or any other Obligations of any Borrower under any Financing Document Document, exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law Law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit, Security and Guaranty Agreement (Chicken Soup for the Soul Entertainment, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”"STATED RATE") would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”"MAXIMUM LAWFUL RATE"), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. Any such reduction in the principal balance shall be applied to the Obligations owing to Lenders in accordance with the Pro Rata Share of each Lender. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.. Credit and Security Agreement 19
Appears in 1 contract
Sources: Credit and Security Agreement (Penwest Pharmaceuticals Co)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum MidCap / Cerus / A&R Credit, Security and Guaranty Agreement (Revolving Loan) Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit, Security and Guaranty Agreement (Revolving Loan) (Cerus Corp)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereset forth in this Section 4.01, if at any time before payment in full of the rate of Loans the interest payable hereunder or under on any Note or other Financing Document Loans (as defined in Section 347 of the “Stated Rate”Criminal Code (Canada)) would exceed exceeds the highest rate of interest permitted under any applicable law to be charged (the “Maximum Highest Lawful Rate”), then for in such event and so long as the Maximum Highest Lawful Rate would be so exceeded, the rate of interest payable on such Loans shall be equal to reduced until the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay aggregate interest at the Maximum Lawful Rate until such time as the total interest received payable is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payableHighest Lawful Rate. Thereafter, the interest rate payable on such Loans shall be the Stated Rate applicable interest rate pursuant to subsections (a) and (b) above unless and until such aggregate interest again exceeds the Stated Rate again would exceed the Maximum Highest Lawful Rate, in which event this provision paragraph shall again apply. In no event shall the total interest received by any Lender for any Loans pursuant to the terms hereof exceed the amount which it could lawfully have received for such Loans had the interest due hereunder for such Loans been calculated for the full term hereof thereof at the Maximum Highest Lawful Rate. If, notwithstanding Interest at the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Highest Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Highest Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section 4.01(c), shall make a determination that a Lender has received interest hereunder or under any of the Loan Documents in excess of the Highest Lawful Rate, such Lender shall, to the extent permitted by Applicable Law, promptly apply such excess first to any interest due or accrued and not yet paid under the Loans, then to the outstanding principal of the Loans, then to other unpaid Obligations and thereafter shall refund any excess to the Borrower or as a court of competent jurisdiction may otherwise order.
Appears in 1 contract
Sources: Senior Secured Credit Agreement (Primus Telecommunications Group Inc)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Maryland, the Criminal Code (Canada) or the Laws of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “"Stated Rate”") would exceed the highest rate of interest permitted under any applicable law to be charged (the “"Maximum Lawful Rate”"), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. In (a) It is the intention of the parties hereto to comply strictly with Applicable Laws pertaining to usury, if any; accordingly, notwithstanding any provision to the contrary in this Agreement or in any of the other Loan Documents, in no event shall the interest charged with respect to Loan Documents require or permit the Loans payment, taking, reserving, receiving, collection or any other Obligations charging of any Borrower sums constituting interest under any Financing Document applicable laws which exceed the maximum amount of interest permitted by such laws (such maximum lawful interest rate, if any, herein called the "Highest Lawful Rate"). If any such excess interest is called for, contracted for, charged, taken, reserved, or received in connection with any Obligation under the laws this Agreement or in any of the State documents securing the payment hereof or otherwise relating hereto, or in any communication by the Administrative Agent, any Lender or any other person to the Borrower or any other person, or in the event all or part of New York the principal or interest of any other applicable jurisdiction. Notwithstanding anything to the contrary herein Loan shall be prepaid or elsewhereaccelerated, if at so that under any time the rate of interest payable hereunder such circumstances or under any Note other circumstance whatsoever the amount of interest contracted for, charged, taken, reserved, or received on the amount of principal actually outstanding from time to time
(i) the provisions of this Section shall govern and control, (ii) the aggregate of all consideration which constitutes interest under Applicable Law that is called for, contracted for, charged, taken, reserved or received under this Agreement and the other Financing Document (Loan Documents, or under any of the “Stated Rate”) would other aforesaid agreements or otherwise in connection with this Agreement shall under no circumstances exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Highest Lawful Rate, each any such excess shall be credited against the then unpaid principal balance of Obligations of the Borrower by the Administrative Agent (or, if such Obligations shall have been paid in full, such excess refunded to Borrower by the Lenders); (iii) all sums paid, or agreed to be paid, to the Administrative Agent for the benefit of the Lenders for the use, forbearance and detention of the amounts owed under this Agreement by the Borrower hereunder shall, to the extent permitted by lawApplicable Law, continue be amortized, prorated, allocated and spread throughout the full term of the Obligations, including all prior and subsequent renewals and extensions, owed under this Agreement and the other Loan Documents until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and (iv) if at any time the interest provided pursuant to pay this Agreement together with any other fees payable pursuant to this Agreement and the other Loan Documents and deemed interest under Applicable Law, exceeds that amount which would have accrued at the Maximum Highest Lawful Rate, the amount of interest, swap breakage, and any such fees to accrue pursuant to this Agreement and the other Loan Documents shall be limited, notwithstanding anything to the contrary in this Agreement or in any other Loan Document to that amount which would have accrued at the Highest Lawful Rate, but any reductions in the interest otherwise provided pursuant to this Agreement, as applicable, shall be carried forward and collected in periods in which the amount of interest accruing otherwise pursuant to this Agreement shall be less than the Highest Lawful Rate until such time as the total amount of interest received is (including such fees deemed to be interest) accrued pursuant to this Agreement and the other Loan Documents equals the amount of interest which would have accrued if a varying rate per annum equal to the total interest Alternate Base Rate had at all times been in effect plus the amount of fees which would have been received had the Stated Rate been (but for the operation effect of this provisionSection and the Highest Lawful Rate limitation imposed in Section 3.
2.1. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, taken, reserved, or received in connection herewith which are made for the purpose of determining whether such rate exceeds the maximum 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 Obligations, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken, reserved, or received. The terms of this section shall be deemed to be incorporated in every Loan Document, security instrument and other document executed in connection therewith, and every communication relating thereto.
(b) The Borrower, the Administrative Agent, each Issuer and each Lender agree that Chapter 346 of the Texas Finance Code ("Chapter 346") (which regulates certain revolving loan accounts and revolving tri-party accounts) shall not apply to any revolving loan accounts created under this Agreement, the Notes or the other Loan Documents or maintained in connection therewith.
(c) To the extent that the interest rate payable. Thereafterlaws of the State of Texas are applicable to this Agreement, any Note or any other Loan Document, the applicable interest rate ceiling is the indicated "weekly ceiling" determined in accordance with Chapter 1D of the Texas Credit Code, as amended, and, to the extent that any Obligation under this Agreement, any Note or any other Loan Document is deemed an open end account as such term is defined in the Texas Credit Code, the Administrative Agent retains the right to modify the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable accordance with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeApplicable Law.
Appears in 1 contract
Sources: Credit Agreement (Bargo Energy Co)
Maximum Interest. In no event shall the interest charged with respect to the Loans Notes (if any) or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit and Security Agreement (Advancis Pharmaceutical Corp)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereinterest, if at any time the rate of interest payable hereunder or under any Note charges or other Financing Document amounts that are contracted for, charged or received by Agent and Lenders pursuant to any Loan Documents and that are deemed interest under Applicable Law (for the purposes of this Section, “Stated Rateinterest”) would exceed the highest rate of interest permitted permissible under any applicable law to be charged Applicable Law (the “Maximum Lawful Rate”). If, in any interest period, any interest rate, absent the foregoing limitation, would have exceeded the Maximum Rate, then the interest rate for so long as that period shall be the Maximum Lawful Rate and, if in a future interest period, that interest rate would otherwise be so exceededless than the Maximum Rate, then the rate shall remain at the Maximum Rate until the amount of interest actually paid equals the amount of interest which would have accrued if it had not been limited by the Maximum Rate. If, upon the Termination Date, the rate total amount of interest payable shall be equal to actually paid under the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate Loan Documents is less than the Maximum Lawful Ratetotal amount of interest that would, each Borrower but for this Section, have accrued under the Loan Documents, then the Borrowers shall, to the extent permitted by lawApplicable Law, continue pay to pay Agent, for the account of Lenders and the L/C Issuer, (a) the lesser of (i) the amount of interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which that would have been received charged if the Maximum Rate had been in effect at all times, or (ii) the Stated Rate been (but for the operation amount of this provision) interest that would have accrued had the interest rate payable. Thereafterotherwise set forth in the Loan Documents been in effect, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed minus (b) the amount which it could lawfully have received had of interest actually paid under the interest been calculated for the full term hereof at the Maximum Lawful RateLoan Documents. If, notwithstanding the prior sentence, If a court of competent jurisdiction determines that Agent or any Lender has received interest hereunder in excess of the Maximum Lawful Ratemaximum amount allowed under Applicable Law, such excess amount shall be deemed received on account of, and shall automatically be applied to the reduction of the principal balance of the Loans or to other amounts (reduce, Obligations other than interest) payable hereunderinterest (regardless of any erroneous application thereof by Agent or any Lender), and if no such principal or other amounts are then outstandingupon the Termination Date, such excess or part thereof remaining any balance shall be paid refunded to the Borrowers. In computing determining whether any excess interest payable with reference to has been charged or received by the Maximum Lawful Rate applicable to Agent or any Lender, such all interest shall be calculated at a daily rate equal any time charged or received from the Borrowers in connection with the Loan Documents shall, to the Maximum Lawful Rate divided extent permitted by Applicable Law, be amortized, prorated, allocated and spread in equal parts throughout the number full term of days in the year in which such calculation is madeObligations to the fullest extent permitted by Applicable Law.
Appears in 1 contract
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower Credit Party under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “"Stated Rate”") would exceed the highest rate of interest permitted under any applicable law to be charged (the “"Maximum Lawful Rate”"), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit and Security Agreement (Williams Industrial Services Group Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereset forth in this Section 4.01(c), if at any time until payment in full of the Loans, the interest rate of interest payable hereunder or under on any Note or other Financing Document (the “Stated Rate”) would exceed Loans exceeds the highest rate of interest permitted permissible under any law which a court of competent jurisdiction shall deem applicable law to be charged hereto (the “Maximum Highest Lawful Rate”), then for in such event and so long as the Maximum Highest Lawful Rate would be so exceeded, the rate of interest payable on such Loans shall be equal to the Maximum Highest Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable on such Loans shall be the Stated Rate applicable interest rate pursuant to paragraphs (a) and (b) above unless and until such rate again exceeds the Stated Rate again would exceed the Maximum Highest Lawful Rate, in which event this provision paragraph shall again apply. In no event shall the total interest received by the Lender for any Lender Loans pursuant to the terms hereof exceed the amount which it could lawfully have received for such Loans had the interest due hereunder for such Loans been calculated for the full term hereof thereof at the Maximum Highest Lawful Rate. If, notwithstanding Interest on the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Highest Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Highest Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section 4.01(c), shall make a determination that the Lender has received interest hereunder or under any of the Loan Documents in excess of the Highest Lawful Rate, the Lender shall, to the extent permitted by Applicable Law, promptly apply such excess first to any interest due or accrued and not yet paid under the Loans, then to the outstanding principal of the Loans, then to other unpaid Obligations and thereafter shall refund any excess to the Borrower or as a court of competent jurisdiction may otherwise order.
Appears in 1 contract
Sources: Secured Credit Agreement (Oppenheimer Holdings Inc)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Notes or any other Obligations obligations of any Borrower Borrowers under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”"STATED RATE") would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”"MAXIMUM LAWFUL RATE"), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, howeverPROVIDED, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower Borrowers shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. .
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit Agreement (Aar Corp)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Maryland or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful ]awful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.. Midcap / Transfix / A&R Credit Agreement
Appears in 1 contract
Maximum Interest. In Lender and Borrower intend that this Agreement and the other Loan Documents conform to all applicable usury laws. Accordingly, no event provisions of the Loan Documents shall require the payment or permit the collection of interest charged with respect in excess of the maximum rate permitted by applicable law ("Maximum Rate"), or obligate Borrower to pay any taxes, assessments, charges, insurance premiums or other amounts which are held to constitute interest to the Loans or any extent that such payments, when added to the other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted obligations under the laws Loan Documents, would be held to constitute contracting for, or the payment by Borrower of, interest at a rate greater than the Maximum Rate. Lender and Borrower further agree that:
(i) if any excess of interest in such respect is herein or in any such other instrument provided for, or shall be adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection 8.14 shall govern, and neither Borrower nor its successors or assigns shall be obligated to pay the amount of such interest to the extent it is in excess of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, Maximum Rate;
(ii) if at any time the rate amount of interest payable hereunder or under any Note or other Financing of the Loan Documents for a calendar year exceeds the Maximum Rate had the Maximum Rate at all times been in effect, the interest chargeable under any such Loan Document (shall be limited to the “Stated Rate”) would exceed the highest rate amount of interest permitted under any applicable law to be that could have been charged (the “Maximum Lawful Rate”), then for so long as if the Maximum Lawful Rate would be so exceededhad at all times been in effect, but any subsequent reductions in the interest due shall not reduce the rate of interest payable shall be equal to chargeable under any such Loan Document below the Maximum Lawful Rate; providedRate until the total amount of interest accrued under any such Loan Document equals the amount of interest that would have accrued if the interest provided for in any such Loan Document had at all times been in effect and collectible;
(iii) if the maturity of any Loan Document is accelerated for any reason, howeveror in the event of any prepayment by Borrower, that if at or in any time thereafter the Stated Rate is less other event, earned interest may never include more than the Maximum Lawful Rate, each Borrower shallcomputed from the date of disbursement of the funds evidenced by such Loan Document until payment, to the extent permitted by law, continue to pay and any interest at the Maximum Lawful Rate until otherwise payable under such time as the total interest received Loan Document that is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate shall be canceled automatically as of such acceleration or such other event and (if theretofore paid) shall be credited against principal;
(iv) if it should be held that any interest payable or chargeable under any Loan Document is in excess of the Maximum Rate, the interest payable or chargeable under such excess amount Loan Document shall be applied reduced to the reduction maximum amount permitted by applicable federal or state law, whichever shall permit the higher lawful interest, as construed by courts having jurisdiction thereof; and
(v) the spreading, prorating and amortizing of interest over the Maturity Date of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining Loan Documents shall be paid to Borrowers. In computing interest payable with reference allowed to the Maximum Lawful Rate fullest extent permitted by applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madelaw.
Appears in 1 contract
Sources: Loan Agreement (I Link Inc)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Notes (if any) or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. Borrower.
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereset forth in this Section 3.3, if if, at any time prior to the Termination Date, the rate of interest payable to Lender hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed exceeds the highest rate of interest permitted permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable law to be charged hereto (the “"Maximum Lawful Rate”"), then for in such event and so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder to Lender shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate rate of interest payable hereunder is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, shall continue to pay interest hereunder to Lender at the Maximum Lawful Rate until such time as the total interest received by Lender from the making of the Term Loan hereunder is equal to the total interest which Lender would have been received had the Stated Rate interest rate payable hereunder been (but for the operation of this provisionparagraph) the interest rate payablepayable since the Closing Date as otherwise provided in this Agreement. Thereafter, the interest rate payable to Lender hereunder shall be the Stated Rate rate of interest provided in Sections 3.1 or 3.2, as applicable, unless and until the Stated Rate rate of interest again would exceed exceeds the Maximum Lawful Rate, in which event this provision paragraph shall again apply. In no event shall the total interest received by any Lender pursuant to the terms hereof exceed the amount which it Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding In the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to event the Maximum Lawful Rate applicable is calculated pursuant to any Lenderthis paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section 3.3, shall make a final determination that Lender has received interest hereunder or under any of the Loan Documents in excess of the Maximum Lawful Rate, Lender shall, to the extent permitted by Law, promptly apply such excess first to any lawful interest due and not yet paid hereunder, then to the outstanding principal of the Obligations, then to Fees and any other unpaid Obligations and thereafter shall promptly refund any excess to Borrower or as a court of competent jurisdiction may otherwise order.
Appears in 1 contract
Sources: Senior Secured, Super Priority Debtor in Possession Credit Agreement (Rancher Energy Corp.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereinterest, if at any time the rate of interest payable hereunder or under any Note charges or other Financing Document amounts that are contracted for, charged or received by Agent and Lenders pursuant to any Loan Documents and that are deemed interest under Applicable Law (the “Stated Rateinterest”) would exceed the highest rate permissible under Applicable Law (“maximum rate”). If, in any month, any interest rate, absent the foregoing limitation, would have exceeded the maximum rate, then the interest rate for that month shall be the maximum rate and, if in a future month, that interest rate would otherwise be less than the maximum rate, then the rate shall remain at the maximum rate until the amount of interest permitted under any applicable law to be charged (actually paid equals the “Maximum Lawful Rate”)amount of interest which would have accrued if it had not been limited by the maximum rate during prior periods. If, then for so long as upon Full Payment of the Maximum Lawful Rate would be so exceededObligations, the rate total amount of interest payable shall be equal to actually paid under the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate Loan Documents is less than the Maximum Lawful Ratetotal amount of interest that would, each Borrower but for this Section, have accrued under the Loan Documents, then Borrowers shall, to the extent permitted by lawApplicable Law, continue pay to pay Agent, for the account of Lenders, (a) the lesser of (i) the amount of interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which that would have been received charged if the maximum rate had been in effect at all times, or (ii) the Stated Rate been (but for the operation amount of this provision) interest that would have accrued had the interest rate payable. Thereafterotherwise set forth in the Loan Documents been in effect, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed minus (b) the amount which it could lawfully have received had of interest actually paid under the interest been calculated for the full term hereof at the Maximum Lawful RateLoan Documents. If, notwithstanding the prior sentence, If a court of competent jurisdiction determines that Agent or any Lender has received interest hereunder in excess of the Maximum Lawful Ratemaximum amount allowed under Applicable Law, such excess amount shall be deemed received on account of, and shall automatically be applied to the reduction reduce, Obligations other than interest (regardless of any erroneous application thereof by Agent or any Lender), and upon Full Payment of the principal Obligations, any balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid refunded to Borrowers. In computing determining whether any excess interest payable with reference to the Maximum Lawful Rate applicable to has been charged or received by Agent or any Lender, such all interest shall be calculated at a daily rate equal any time charged or received from Borrowers in connection with the Loan Documents shall, to the Maximum Lawful Rate divided extent permitted by Applicable Law, be amortized, prorated, allocated and spread in equal parts throughout the number full term of days in the year in which such calculation is madeObligations.
Appears in 1 contract
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Notes (if any) or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”"STATED RATE") would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”"MAXIMUM LAWFUL RATE"), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Revolving Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. Borrower.
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. In Lender and Borrower intend that this Agreement and the other Loan Documents conform to all applicable usury laws. Accordingly, no event provisions of the Loan Documents shall require the payment or permit the collection of interest charged with respect in excess of the maximum rate permitted by applicable law ("Maximum Rate"), or obligate Borrower to pay any taxes, assessments, charges, insurance premiums or other amounts which are held to constitute interest to the Loans or any extent that such payments, when added to the other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted obligations under the laws Loan Documents, would be held to constitute contracting for, or the payment by Borrower of, interest at a rate greater than the Maximum Rate. Lender and Borrower further agree that:
(i) if any excess of interest in such respect is herein or in any such other instrument provided for, or shall be adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection 8.16 shall govern, and neither Borrower nor its successors or assigns shall be obligated to pay the amount of such interest to the extent it is in excess of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, Maximum Rate;
(ii) if at any time the rate amount of interest payable hereunder or under any Note or other Financing of the Loan Documents for a calendar year exceeds the Maximum Rate had the Maximum Rate at all times been in effect, the interest chargeable under any such Loan Document (shall be limited to the “Stated Rate”) would exceed the highest rate amount of interest permitted under any applicable law to be that could have been charged (the “Maximum Lawful Rate”), then for so long as if the Maximum Lawful Rate would be so exceededhad at all times been in effect, but any subsequent reductions in the interest due shall not reduce the rate of interest payable shall be equal to chargeable under any such Loan Document below the Maximum Lawful Rate; providedRate until the total amount of interest accrued under any such Loan Document equals the amount of interest that would have accrued if the interest provided for in any such Loan Document had at all times been in effect and collectible;
(iii) if the maturity of any Loan Document is accelerated for any reason, howeveror in the event of any prepayment by Borrower, that if at or in any time thereafter the Stated Rate is less other event, earned interest may never include more than the Maximum Lawful Rate, each Borrower shallcomputed from the date of disbursement of the funds evidenced by such Loan Document until payment, to the extent permitted by law, continue to pay and any interest at the Maximum Lawful Rate until otherwise payable under such time as the total interest received Loan Document that is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate shall be canceled automatically as of such acceleration or such other event and (if theretofore paid) shall be credited against principal; 24
(iv) if it should be held that any interest payable or chargeable under any Loan Document is in excess of the Maximum Rate, the interest payable or chargeable under such excess amount Loan Document shall be applied reduced to the reduction maximum amount permitted by applicable federal or state law, whichever shall permit the higher lawful interest, as construed by courts having jurisdiction thereof; and
(v) the spreading, prorating and amortizing of interest over the term of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining Loan Documents shall be paid to Borrowers. In computing interest payable with reference allowed to the Maximum Lawful Rate fullest extent permitted by applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madelaw.
Appears in 1 contract
Maximum Interest. In no event shall the interest charged with respect to the Revolving Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws Laws of the State of New York Maryland or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law Law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by lawLaw, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Revolving Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit and Security Agreement (Skilled Healthcare Group, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereset forth in this Section 4.01, if at any time until payment in full of the DIP Loans, the interest rate of interest payable hereunder or under on any Note or other Financing Document (the “Stated Rate”) would exceed DIP Loans exceeds the highest rate of interest permitted permissible under any law which a court of competent jurisdiction shall deem applicable law to be charged hereto (the “Maximum Highest Lawful Rate”), then in such event and only for so long as the Maximum Highest Lawful Rate would be so exceeded, the rate of interest payable on such DIP Loans shall be equal to the Maximum Highest Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable on such DIP Loans shall be the Stated Rate applicable interest rate pursuant to Sections 4.01(a) and (b) unless and until such rate again exceeds the Stated Rate again would exceed the Maximum Highest Lawful Rate, in which event this provision paragraph shall again apply. In no event shall the total interest received by any DIP Lender for any DIP Loans pursuant to the terms hereof exceed the amount which it could lawfully have received for such DIP Loans had the interest due hereunder for such DIP Loans been calculated for the full term hereof thereof at the Maximum Highest Lawful Rate. If, notwithstanding Interest on the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Highest Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Highest Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction shall make a determination that, notwithstanding the provisions of this Section 4.01(c), a DIP Lender has received interest hereunder or under any of the Loan Documents in excess of the Highest Lawful Rate, such DIP Lender shall, to the extent permitted by Applicable Law, promptly apply such excess first to any interest due or accrued and not yet paid under the DIP Loans, then to the outstanding principal of the DIP Loans, then to other unpaid Obligations and thereafter shall refund any excess to Borrowers or as a court of competent jurisdiction may otherwise order.
Appears in 1 contract
Sources: Senior Secured Super Priority Credit Agreement (Isolagen Inc)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. Any such reduction in the principal balance shall be applied to the Obligations owing to Lenders in accordance with the Pro Rate Share of each Lender. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit and Security Agreement (Derma Sciences, Inc.)
Maximum Interest. In Lender and Borrower intend that this Agreement and the other Loan Documents conform to all applicable usury laws. Accordingly, no event provisions of the Loan Documents shall require the payment or permit the collection of interest charged with respect in excess of the maximum rate permitted by applicable law ("Maximum Rate"), or obligate Borrower to pay any taxes, assessments, charges, insurance premiums or other amounts which are held to constitute interest to the Loans or any extent that such payments, when added to the other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted obligations under the laws Loan Documents, would be held to constitute contracting for, or the payment by Borrower of, interest at a rate greater than the Maximum Rate. Lender and Borrowers further agree that:
(i) if any excess of interest in such respect is herein or in any such other instrument provided for, or shall be adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection 8.16 shall govern, and neither Borrowers nor its successors or assigns shall be obligated to pay the amount of such interest to the extent it is in excess of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, Maximum Rate;
(ii) if at any time the rate amount of interest payable hereunder or under any Note or other Financing of the Loan Documents for a calendar year exceeds the Maximum Rate had the Maximum Rate at all times been in effect, the interest chargeable under any such Loan Document (shall be limited to the “Stated Rate”) would exceed the highest rate amount of interest permitted under any applicable law to be that could have been charged (the “Maximum Lawful Rate”), then for so long as if the Maximum Lawful Rate would be so exceededhad at all times been in effect, but any subsequent reductions in the interest due shall not reduce the rate of interest payable shall be equal to chargeable under any such Loan Document below the Maximum Lawful Rate; providedRate until the total amount of interest accrued under any such Loan Document equals the amount of interest that would have accrued if the interest provided for in any such Loan Document had at all times been in effect and collectible;
(iii) if the maturity of any Loan Document is accelerated for any reason, howeveror in the event of any prepayment by Borrower, that if at or in any time thereafter the Stated Rate is less other event, earned interest may never include more than the Maximum Lawful Rate, each Borrower shallcomputed from the date of disbursement of the funds evidenced by such Loan Document until payment, to the extent permitted by law, continue to pay and any interest at the Maximum Lawful Rate until otherwise payable under such time as the total interest received Loan Document that is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate shall be canceled automatically as of such acceleration or such other event and (if theretofore paid) shall be credited against principal;
(iv) if it should be held that any interest payable or chargeable under any Loan Document is in excess of the Maximum Rate, the interest payable or chargeable under such excess amount Loan Document shall be applied reduced to the reduction maximum amount permitted by applicable federal or state law, whichever shall permit the higher lawful interest, as construed by courts having jurisdiction thereof; and 20
(v) the spreading, prorating and amortizing of interest over the Maturity Date of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining Loan Documents shall be paid to Borrowers. In computing interest payable with reference allowed to the Maximum Lawful Rate fullest extent permitted by applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madelaw.
Appears in 1 contract
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest Midcap / Aterian / Credit Agreement DC - 036639/000052 - 10453208 rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document Term Loan exceed the maximum amount permitted under the laws of the State Commonwealth of New York Massachusetts or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document with respect to the Term Loan (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower the Borrowers shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender the Asahi exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender the Asahi has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunderTerm Loan, and if no such principal or other amounts are is then outstanding, such excess or part thereof remaining shall be paid to the Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any LenderAsahi, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Term Loan and Security Agreement (NxStage Medical, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the MidCap / Cerus / A&R Credit, Security and Guaranty Agreement (Term Loan) Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit, Security and Guaranty Agreement (Term Loan) (Cerus Corp)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Maryland or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender ▇▇▇▇▇▇ has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.excess
Appears in 1 contract
Sources: Credit and Security Agreement (Kewaunee Scientific Corp /De/)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations Regardless of any Borrower under provision contained in any Financing Document exceed the maximum amount permitted under the laws of the State of New York Loan Documents, Lenders shall never be entitled to receive, collect or of apply as interest on the Obligations any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, and, in the event that Lenders ever receive, collect or apply as interest any such excess excess, the amount which would be excessive interest shall be applied deemed to be a partial prepayment of principal and treated hereunder as such; and, if the reduction principal amount of the principal balance of the Loans or to other amounts (other than interest) payable hereunderObligations is paid in full, and if no such principal or other amounts are then outstanding, such any remaining excess or part thereof remaining shall forthwith be paid to Borrowers. In computing determining whether or not the interest paid or payable with reference under any specific contingency exceeds the Maximum Rate, Lenders shall, to the maximum extent permitted under 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 parts, the total amount of interest throughout the entire contemplated term of this Credit Agreement so that the interest rate does not exceed the Maximum Lawful Rate applicable Rate; provided that, if the Obligations are 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, Lenders shall refund to Borrowers the amount of such excess or credit the amount of such excess against the principal amount of the Obligations and, in such event, Lenders shall not be subject to any Lenderpenalties provided by any laws for contracting for, such charging, taking, reserving or receiving interest shall be calculated at a daily rate equal to in excess of the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madeRate.
Appears in 1 contract
Sources: Revolving Credit Agreement (Apollo Asset Management, Inc.)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhereIf, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceededtime, the rate of interest contracted for, and computed in the manner provided, in this Agreement (“Applicable Rate”), together with all fees and charges as provided for herein or in any other Loan Document (collectively, the “Charges”), which are treated as interest under applicable law, exceeds the maximum lawful rate (the “Maximum Rate”) allowed under applicable law, it is agreed that such contracting for, charging or receiving of such excess amount was an accidental and bona fide error and the provisions of this Section 3.8 will govern and control. The rate of interest payable hereunder, together with all Charges, shall be equal limited to the Maximum Lawful Rate; provided, however, that if at any time thereafter subsequent reduction in the Stated Base Rate is less than shall not reduce the Applicable Rate below the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total amount of interest received is equal to earned hereunder, together with all Charges, equals the total amount of interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof accrued at the Maximum Lawful RateApplicable Rate if the Applicable Rate had at all times been in effect. IfIf any payment hereunder, notwithstanding for any reason, results in the prior sentence, any Lender has received Borrowers having paid interest hereunder in excess of that permitted by applicable law, then all excess amounts theretofore collected by the Maximum Lawful Rate, such excess amount Lender shall be applied to the reduction of credited on the principal balance of the Loans or Obligations (or, if all sums owing hereunder have been paid in full, refunded to other amounts (other than interest) payable hereunderthe Borrowers), and if no such principal or other the amounts are then outstandingthereafter collectible hereunder shall immediately be deemed reduced, such excess or part thereof remaining shall be paid without the necessity of the execution of any new document, so as to Borrowers. In computing interest payable comply with reference to applicable law and permit the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to recovery of the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madefullest amount otherwise called for hereunder.
Appears in 1 contract
Sources: Loan and Security Agreement (Mendocino Brewing Co Inc)
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Maryland or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to BorrowersBorrower. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit and Security Agreement (Staffing 360 Solutions, Inc.)
Maximum Interest. In Notwithstanding anything to the contrary contained elsewhere in this Agreement or in any Other Agreement, the parties hereto hereby agree that all agreements between them under this Agreement and the Other Agreements, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the interest charged with respect amount paid, or agreed to be paid, to the Loans Agent or any other Obligations Lender for the use, forbearance, or detention of any the money loaned to the Borrower under any Financing Document and evidenced hereby or obligation contained herein or therein, exceed the maximum amount permitted non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Liabilities, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatory applicable notwithstanding other provisions of this Agreement and the Other Agreements), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate that under the laws of the State of New York (or such other jurisdiction. Notwithstanding anything ), in any case after taking into account, to the contrary herein extent permitted by applicable law, any and all relevant payments or elsewherecharges under this Agreement and the Other Agreements executed in connection herewith, if at and any time the rate of interest payable hereunder or under any Note or other Financing Document available exemptions, exceptions and exclusions (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Highest Lawful Rate”). If due to any circumstance whatsoever, then for so long as fulfillment of any provision of this Agreement or any of the Maximum Lawful Rate would be so exceeded, Other Agreements at the rate time performance of interest payable such provision shall be equal to due shall exceed the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Highest Lawful Rate, each then automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit such interest to the Highest Lawful Rate, and if from any such circumstance Agent or any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such principal amount then outstanding hereunder or on account of any other then outstanding Liabilities and not to the payment of interest, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Liabilities, such excess shall be refunded to Borrower. All sums paid or agreed to be paid to Agent or the Lenders for the use, forbearance, or detention of the Liabilities and other Indebtedness of Borrower to the Lenders shall, to the extent permitted by applicable law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafterbe amortized, the interest rate payable shall be the Stated Rate unless prorated, allocated and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for spread throughout the full term hereof at of such Indebtedness, until payment in full thereof, so that the Maximum Lawful Rate. If, notwithstanding actual rate of interest on account of all such Indebtedness does not exceed the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Highest Lawful Rate applicable to any Lenderthroughout the entire term of such Indebtedness. The terms and provisions of this paragraph shall control every other provision of this Agreement, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by Other Agreements and all other agreements among the number of days in the year in which such calculation is madeparties hereto.
Appears in 1 contract
Sources: Loan and Security Agreement (Impco Technologies Inc)
Maximum Interest. In no event shall the interest charged with respect (a) Anything to the Loans contrary notwithstanding contained in this Agreement or the Notes, the parties hereto agree and intend that the Lenders shall not charge, take or receive, and the Borrower shall not be obligated to make any other Obligations payment to or for the account of any Borrower Lender, of interest on Unpaid Reimbursement Obligations and the Loans made under any Financing Document this Agreement and evidenced by the Notes in excess of the maximum rate from time to time permitted by applicable law, and, if the amount of interest otherwise payable hereunder would exceed the maximum amount permitted under permitted, the laws amount so payable shall be automatically reduced to such maximum permissible amount. The provisions of this Section 10.10(a) are not intended (i) to limit, and any Lender shall be entitled to charge, take or receive, the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the maximum rate of interest payable hereunder which may be charged, taken or received by such Lender if under the law applicable to it, it may charge, take or receive interest at a higher rate, or (ii) to make the criminal laws of any Note or other Financing Document jurisdiction applicable in circumstances in which they would not otherwise apply.
(b) If the “Stated Rate”) would exceed the highest rate amount of interest payable for the account of any Lender, in respect of any interest computation period, is reduced pursuant to Section 10.10(a) hereof, and the amount of interest payable for its account in respect of any subsequent interest computation period would be less than the maximum amount permitted under any by applicable law to be charged (the “Maximum Lawful Rate”)by such Lender, then for so long as the Maximum Lawful Rate would be so exceeded, the rate amount of interest payable for its account in respect of such subsequent interest computation period shall be equal automatically increased to the Maximum Lawful Ratesuch maximum permissible amount; providedPROVIDED, howeverHOWEVER, that if at any no time thereafter shall the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted aggregate amount by law, continue to pay which interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but paid for the operation account of such Lender has been increased pursuant to this provisionSection 10.10(b) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in aggregate amount by which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest paid for its account has theretofore been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied reduced pursuant to the reduction of the principal balance of the Loans or to other amounts (other than interestSection 10.10(a) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madehereof.
Appears in 1 contract
Sources: Credit Agreement (Tosco Corp)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Notes (if any) or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. .
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit and Security Agreement (Dynacq Healthcare Inc)
Maximum Interest. In Lender and Borrower intend that this Agreement and the other Loan Documents conform to all applicable usury laws. Accordingly, no event provisions of the Loan Documents shall require the payment or permit the collection of interest charged with respect in excess of the maximum rate permitted by applicable law ("Maximum Rate"), or obligate Borrower to pay any taxes, assessments, charges, insurance premiums or other amounts which are held to constitute interest to the Loans or any extent that such payments, when added to the other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted obligations under the laws Loan Documents, would be held to constitute contracting for, or the payment by Borrower of, interest at a rate greater than the Maximum Rate. Lender and Borrower further agree that:
(i) if any excess of interest in such respect is herein or in any such other instrument provided for, or shall be adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection 8.16 shall govern, and neither Borrower nor its successors or assigns shall be obligated to pay the amount of such interest to the extent it is in excess of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, Maximum Rate;
(ii) if at any time the rate amount of interest payable hereunder or under any Note or other Financing of the Loan Documents for a calendar year exceeds the Maximum Rate had the Maximum Rate at all times been in effect, the interest chargeable under any such Loan Document (shall be limited to the “Stated Rate”) would exceed the highest rate amount of interest permitted under any applicable law to be that could have been charged (the “Maximum Lawful Rate”), then for so long as if the Maximum Lawful Rate would be so exceededhad at all times been in effect, but any subsequent reductions in the interest due shall not reduce the rate of interest payable shall be equal to chargeable under any such Loan Document below the Maximum Lawful Rate; providedRate until the total amount of interest accrued under any such Loan Document equals the amount of interest that would have accrued if the interest provided for in any such Loan Document had at all times been in effect and collectible;
(iii) if the maturity of any Loan Document is accelerated for any reason, howeveror in the event of any prepayment by Borrower, that if at or in any time thereafter the Stated Rate is less other event, earned interest may never include more than the Maximum Lawful Rate, each Borrower shallcomputed from the date of disbursement of the funds evidenced by such Loan Document until payment, to the extent permitted by law, continue to pay and any interest at the Maximum Lawful Rate until otherwise payable under such time as the total interest received Loan Document that is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate shall be canceled automatically as of such acceleration or such other event and (if theretofore paid) shall be credited against principal;
(iv) if it should be held that any interest payable or chargeable under any Loan Document is in excess of the Maximum Rate, the interest payable or chargeable under such excess amount Loan Document shall be applied reduced to the reduction maximum amount permitted by applicable federal or state law, whichever shall permit the higher lawful interest, as construed by courts having jurisdiction thereof; and
(v) the spreading, prorating and amortizing of interest over the term of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining Loan Documents shall be paid to Borrowers. In computing interest payable with reference allowed to the Maximum Lawful Rate fullest extent permitted by applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madelaw.
Appears in 1 contract
Maximum Interest. In no event shall the interest charged with respect to the Loans Loan or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Maryland or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans Loan or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could MidCap / Cerus / Credit, Security and Guaranty Agreement (Revolving Loan) 202312840 v5 lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Sources: Credit, Security and Guaranty Agreement (Cerus Corp)
Maximum Interest. (a) In no event shall the interest charged with respect to the Loans Notes (if any) or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. .
(b) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(c) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. .
(d) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. (A) In no event shall the interest charged with respect to the Loans Notes or any other Obligations obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York Illinois or of any other applicable jurisdiction. .
(B) Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”"STATED RATE") would exceed the highest rate of interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”"MAXIMUM LAWFUL RATE"), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. .
(C) In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. Borrower.
(D) In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made.
Appears in 1 contract
Maximum Interest. In Lender and Borrower intend that this Agreement and the other Loan Documents conform to all applicable usury laws. Accordingly, no event provisions of the Loan Documents shall require the payment or permit the collection of interest charged with respect in excess of the maximum rate permitted by applicable law ("Maximum Rate"), or obligate Borrower to pay any taxes, assessments, charges, insurance premiums or other amounts which are held to constitute interest to the Loans or any extent that such payments, when added to the other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted obligations under the laws Loan Documents, would be held to constitute contracting for, or the payment by Borrower of, interest at a rate greater than the Maximum Rate. Lender and Borrower further agree that:
(a) if any excess of interest in such respect is herein or in any such other instrument provided for, or shall be adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection 8.16 shall govern, and neither Borrower nor its successors or assigns shall be obligated to pay the amount of such interest to the extent it is in excess of the State of New York or of any other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, Maximum Rate;
(b) if at any time the rate amount of interest payable hereunder or under any Note or other Financing of the Loan Documents for a calendar year exceeds the Maximum Rate had the Maximum Rate at all times been in effect, the interest chargeable under any such Loan Document (shall be limited to the “Stated Rate”) would exceed the highest rate amount of interest permitted under any applicable law to be that could have been charged (the “Maximum Lawful Rate”), then for so long as if the Maximum Lawful Rate would be so exceededhad at all times been in effect, but any subsequent reductions in the interest due shall not reduce the rate of interest payable shall be equal to chargeable under any such Loan Document below the Maximum Lawful Rate; providedRate until the total amount of interest accrued under any such Loan Document equals the amount of interest that would have accrued if the interest provided for in any such Loan Document had at all times been in effect and collectible;
(c) if the maturity of any Loan Document is accelerated for any reason, howeveror in the event of any prepayment by Borrower, that if at or in any time thereafter the Stated Rate is less other event, earned interest may never include more than the Maximum Lawful Rate, each Borrower shallcomputed from the date of disbursement of the funds evidenced by such Loan Document until payment, to the extent permitted by law, continue to pay and any interest at the Maximum Lawful Rate until otherwise payable under such time as the total interest received Loan Document that is equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate shall be canceled automatically as of such acceleration or such other event and (if theretofore paid) shall be credited against principal;
(d) if it should be held that any interest payable or chargeable under any Loan Document is in excess of the Maximum Rate, the interest payable or chargeable under such excess amount Loan Document shall be applied reduced to the reduction maximum amount permitted by applicable federal or state law, whichever shall permit the higher lawful interest, as construed by courts having jurisdiction thereof; and
(e) the spreading, prorating and amortizing of interest over the term of the principal balance of the Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining Loan Documents shall be paid to Borrowers. In computing interest payable with reference allowed to the Maximum Lawful Rate fullest extent permitted by applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is madelaw.
Appears in 1 contract