Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lenders.
Appears in 8 contracts
Sources: Credit Agreement (Coleman Cable, Inc.), Credit Agreement (Chiquita Brands International Inc), Credit Agreement (Fieldcrest Cannon Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the “Highest Lawful Rate”). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of Borrower to Agent and the Borrowers to the Agent or any Lender Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment Payment in full Full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among the Borrowers, the Agent and the Lendersparties hereto.
Appears in 8 contracts
Sources: Credit Agreement (GAN LTD), Unsecured Term Loan Credit Agreement (Team Inc), Term Loan Credit Agreement (Team Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the “Highest Lawful Rate”). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 the Agent or any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender and the Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment Payment in full Full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among the Borrowers, the Agent and the Lendersparties hereto.
Appears in 7 contracts
Sources: Loan and Security Agreement (Trade Desk, Inc.), Loan and Security Agreement (Trade Desk, Inc.), Loan and Security Agreement (Trade Desk, Inc.)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the “Highest Lawful Rate”). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to Agent and the Agent or any Lender Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment Payment in full Full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among the Borrowers, the Agent and the Lendersparties hereto.
Appears in 6 contracts
Sources: Credit Agreement (Navan, Inc.), Credit Agreement (Adit EdTech Acquisition Corp.), Credit Agreement (Adit EdTech Acquisition Corp.)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein in this Agreement or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the “Highest Lawful Rate”). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of Borrower to Agent and the Borrowers to the Agent or any Lender Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment Payment in full Full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among the Borrowers, the Agent and the Lendersparties hereto.
Appears in 5 contracts
Sources: Credit Agreement (Team Inc), Second Lien Term Loan Credit Agreement (Team Inc), Second Lien Term Loan Credit Agreement (Team Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender TBCC for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of Illinois (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of Illinois (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender TBCC should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender TBCC for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender TBCC shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among between the Borrowers, the Agent and the Lendersparties hereto.
Appears in 5 contracts
Sources: Loan and Security Agreement (Idt Corp), Loan and Security Agreement (Endocare Inc), Loan and Security Agreement (Accumed International Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersBorrower, the Agent and the Lenders.
Appears in 5 contracts
Sources: Credit Agreement (Chiquita Brands International Inc), Credit Agreement (Chiquita Brands International Inc), Credit Agreement (Chiquita Brands International Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersBorrower, the Agent and the Lenders.
Appears in 5 contracts
Sources: Senior Secured Credit Facility (TransMontaigne Partners L.P.), Senior Secured Working Capital Credit Facility (Transmontaigne Inc), Senior Secured Working Capital Credit Facility (Transmontaigne Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lenders.
Appears in 5 contracts
Sources: Credit Agreement (Chiquita Brands International Inc), Credit Agreement (Chiquita Brands International Inc), Credit Agreement (Chiquita Brands International Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the “Highest Lawful Rate”). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 the Agent or any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender and the Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment Payment in full Full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among the Borrowers, the Agent and the Lendersparties hereto.
Appears in 4 contracts
Sources: Credit Agreement (Team Inc), Credit Agreement (Team Inc), Credit Agreement (Team Inc)
Maximum Rate. Notwithstanding anything It is the intent of Administrative Agent, Lenders and Borrower in the execution and performance of the Credit Documents to remain in strict compliance with applicable Governmental Requirements from time to time in effect, including applicable laws limiting the contrary contained elsewhere in this Credit Agreement amount or in any other Credit Documentrate of interest. Administrative Agent, the Borrowers, the Agent Lenders and the Lenders hereby Borrower stipulate and agree that all agreements among them under this none of the terms and provisions contained in the Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever Documents shall the amount paid, or agreed ever be construed to be paid, create a contract to the Agent or any Lender pay for the use, forbearance, forbearance or detention of money with interest at a rate or in an amount in excess of the money loaned Maximum Rate or Maximum Amount. For purposes of the Credit Documents, "interest" shall include the aggregate of all charges which constitute interest under applicable Governmental Requirements that are contracted for, charged, reserved, received or paid under the Credit Documents. Borrower shall never be required to any Borrower pay unearned interest and evidenced hereby shall never be required to pay interest at a rate or thereby in an amount in excess of the Maximum Rate or for Maximum Amount, and the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this section shall control over all other provisions of the Credit Agreement Documents, and of any other instrument pertaining to or securing the Obligation, which may be in actual or apparent conflict herewith. If the Obligation is prepaid, or if the maturity of the Obligation is accelerated for any reason, or if under any contingency the effective rate or amount of interest which would otherwise be payable under the Credit Documents would exceed the Maximum Rate or Maximum Amount, or in the event any Lender or any holder of the other Notes shall charge, contract for, take, reserve or receive monies that are deemed to constitute interest which would, in the absence of this provision, increase the effective rate or amount of interest payable under the Credit Documents at to a rate or amount in excess of that permitted to be charged, contracted for, taken, reserved or received under applicable Governmental Requirements then in effect, then the time performance principal amount of such provision the Obligation or the amount of interest which would otherwise be payable under the Notes or both shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary amount allowed under applicable Governmental Requirements as now or hereinafter construed by the courts having jurisdiction, and all such moneys so charged, contracted for, taken, reserved or received that are deemed to limit such constitute interest in excess of the Maximum Rate shall immediately be returned to or credited to the Highest Lawful Rateaccount of Borrower upon such determination. Administrative Agent, Lenders and if from any Borrower further stipulate and agree that, without limitation of the foregoing, all calculations of the rate or amount of interest contracted for, charged, taken, reserved or received under the Credit Documents which are made for the purpose of determining whether such circumstance any Lender should ever receive anything of value deemed interest by applicable law which would exceed rate or amount exceeds the Highest Lawful RateMaximum Rate or Maximum Amount, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, made to the extent permitted not prohibited by applicable lawGovernmental Requirements, be amortizedby amortizing, proratedprorating, allocated allocating and spread throughout spreading during the period of the full stated term of such indebtedness until payment the Notes, all interest at any time contracted for, charged, taken, reserved or received from Borrower or otherwise by Lenders or any other holder of the Notes. If the Governmental Requirements of the State of Texas are applicable for purposes of determining the "Maximum Rate" or the "Maximum Amount," then those terms mean the indicated rate ceiling from time to time in full so that the actual rate effect under Chapter 1D, Subtitle 1, Title 79, Revised Civil Statutes of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersTexas, the Agent and the Lendersas amended.
Appears in 3 contracts
Sources: Credit Agreement (Ultrak Inc), Credit Agreement (PMC Commercial Trust /Tx), Credit Agreement (Ultrak Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent each Credit Party and the Lenders Lender each hereby agree agrees that all agreements among between them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower Credit Party and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerCredit Parties. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers any Credit Party to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment Payment in full Full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent Credit Parties and the LendersLender.
Appears in 3 contracts
Sources: Credit Agreement (Capital Growth Systems Inc /Fl/), Credit Agreement (Brookside Technology Holdings, Corp.), Credit Agreement (Brookside Technology Holdings, Corp.)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent Borrower and the Lenders Lender hereby agree that all agreements among them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied (as determined by Lender) to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent between Borrower and the LendersLender.
Appears in 3 contracts
Sources: Term Loan and Security Agreement (New World Brands Inc), Credit Line and Security Agreement (New World Brands Inc), Term Loan and Security Agreement (New World Brands Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of Illinois (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of Illinois (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any the Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among between the Borrowers, the Agent and the Lendersparties hereto.
Appears in 3 contracts
Sources: Loan and Security Agreement (Repeater Technologies Inc), Loan and Security Agreement (Cypress Bioscience Inc), Loan and Security Agreement (Genaissance Pharmaceuticals Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or Regardless of any provision in any other Credit Loan Document, it is the Borrowersintention of Loan Parties, the Agent and Lenders that Lenders not (a) contract for, charge, take, reserve, receive, or apply, as interest on all or any part of the Obligation any amount in excess of the Maximum Rate or the Maximum Amount or (b) receive any unearned interest, in violation of any applicable Law. If any acceleration of the maturity of the Notes or any payment under the Loan Documents produces a rate in excess of the Maximum Rate, or if Lenders shall for any reason receive any such unearned interest, or if any transaction contemplated hereby agree or by any other Loan Document would otherwise be usurious under applicable Law, then (i) the aggregate of all interest under applicable usury laws that all agreements among them is contracted for, charged, taken, reserved, received or applied under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paidAgreement, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or under any of the other Credit Loan Documents at or otherwise shall under no circumstances exceed the time performance of such provision Maximum Amount, (ii) no Loan Party nor any other Person shall be due shall exceed obligated to pay the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit amount of such interest to the Highest Lawful Rateextent that it is in excess of the Maximum Amount, (iii) any excess or unearned interest shall be deemed to be and shall be treated as a partial prepayment or repayment of principal (not subject to any prepayment premium under Section 2.4) and any remaining excess or unearned interest will be refunded to Borrowers, and (iv) the provisions of this Agreement, the Notes and the other Loan Documents immediately shall be deemed reformed, without the necessity of the execution of any new document or instrument, so as to comply with all applicable usury laws. In determining whether interest paid or payable exceeds the Maximum Rate or the Maximum Amount, Loan Parties, Agent and Lenders shall, to the maximum extent permitted under applicable Law (w) treat all Loans as a single extension of credit (Loan Parties, Agent and Lenders agree that such is the case), (x) characterize any non-principal payment as an expense, fee or premium rather than as interest, (y) exclude voluntary prepayments or repayments and their effects, and (z) amortize, prorate, allocate and spread the total amount of interest throughout the entire contemplated term of the Obligation. However, if the Obligation is Paid in Full before the end of its full contemplated term, and if from the interest received for its actual period of existence exceeds the Maximum Rate or the Maximum Amount, Lenders shall refund any such circumstance excess (and Lenders may not, to the extent permitted by Law, be subject to any Lender should ever receive anything penalties provided by any Laws for contracting for, charging, taking, reserving or receiving interest in excess of value deemed the Maximum Amount). If the applicable Law is amended in the future to allow a greater rate of interest to be charged under this Agreement than is presently allowed by applicable law which would exceed Law, then the Highest Lawful “Maximum Rate, such excessive interest ” shall be applied increased to the reduction maximum rate of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations and not to the payment of interestinterest allowed by applicable Law as amended, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Obligations, such excess which increase shall be refunded to effective hereunder on the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention effective date of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shallsuch amendment, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the LendersLaw.
Appears in 3 contracts
Sources: Loan Agreement, Loan Agreement, Loan Agreement (YogaWorks, Inc.)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law Applicable Law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable lawApplicable Law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersBorrower, the Agent and the Lenders.
Appears in 3 contracts
Sources: Senior Secured Credit Facility (TransMontaigne Partners L.P.), Senior Secured Credit Facility (TLP Equity Holdings, LLC), Senior Secured Credit Facility (TransMontaigne Partners L.P.)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the “Highest Lawful Rate”). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of Borrower to Agent and the Borrowers to the Agent or any Lender Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment Payment in full Full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among the Borrowers, the Agent and the Lendersparties hereto. 12.11 (Reserved).
Appears in 2 contracts
Sources: Unsecured Term Loan Credit Agreement (Corre Horizon Fund, Lp), Unsecured Term Loan Credit Agreement (Team Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender shallLender, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control over every other provision of this Credit Agreement Agreement, the other Credit Documents, and all agreements among the Borrowers, the Agent and the Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Florsheim Group Inc), Credit Agreement (Florsheim Group Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in (i) In no contingency or event whatsoever shall the amount paid, aggregate of all amounts deemed interest under this Agreement charged or agreed to be paid, collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by Applicable Law and the Lenders shall at the Administrative Agent’s option (A) promptly refund to the applicable Borrowers any interest received by the Lenders in excess of the maximum lawful rate or (B) apply such excess to the principal balance of the US Obligations or the Canadian Obligations, as applicable. It is the intent hereof that the Borrowers not pay or contract to pay, and that neither the Administrative Agent or nor any Lender for the usereceive or contract to receive, forbearance, directly or detention of the money loaned to indirectly in any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance manner whatsoever, fulfillment interest in excess of that which may be paid by the applicable Borrower under Applicable Law.
(ii) If any provisions provision of this Credit Agreement or of any of the other Loan Documents would obligate the Canadian Borrower or any other Canadian Credit Documents Party to make any payment of interest or other amount payable to any Lender, in an amount or calculated at a rate which would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the time performance of Criminal Code (Canada)) then, notwithstanding such provision provisions, such amount or rate shall be due shall exceed deemed to have been adjusted with retroactive effect to the Highest Lawful Ratemaximum amount or rate of interest, thenas the case may be, automaticallyas would not be so prohibited by law or so result in a receipt by such Lender of interest at a criminal rate, the obligation such adjustment to be fulfilled shall be modified or reduced effected, to the extent necessary to limit such necessary, as follows: (A) firstly, by reducing the amount or rate of interest to the Highest Lawful Rate, and if from any such circumstance any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed required to be paid to the Agent such Lender on Canadian Revolving Credit Loans or Canadian Swingline Loans, as applicable, and (B) thereafter, by reducing any Lender fees, commissions, premiums and other amounts required to be paid to such Lender, which would constitute “interest” for the use, forbearance, or detention purposes of Section 347 of the Obligations and other indebtedness of the Borrowers to the Agent Criminal Code (Canada). Any amount or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest referred to in this Section 5.1 shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Canadian Revolving Credit Loan or Canadian Swingline Loan remains outstanding on account the assumption that any charges, fees or expenses that fall within the meaning of all such indebtedness does not exceed “interest” (as defined in the Highest Lawful Rate throughout Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the entire term period from the Closing Date to the date set out in clause (a) of the definition of “Revolving Credit Maturity Date” and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Administrative Agent shall be conclusive for the purposes of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lendersdetermination.
Appears in 2 contracts
Sources: Credit Agreement (Southwest Gas Corp), Credit Agreement (Southwest Gas Corp)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent Agent, and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied pursuant to the terms hereof to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender shallLender, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section SECTION 11.14 shall control over every other provision of this Credit Agreement Agreement, the other Credit Documents, and all agreements among the BorrowersBorrower, the Agent and the Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Metal Management Inc), Credit Agreement (Hutchinson Products Corp)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Administrative Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Administrative Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Administrative Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Administrative Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Administrative Agent and the Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Wolverine Tube Inc), Credit Agreement (Wolverine Tube Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any the Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among the Borrowers, the Agent and the Lendersparties hereto.
Appears in 2 contracts
Sources: Loan and Security Agreement (Del Global Technologies Corp), Loan and Security Agreement (Del Global Technologies Corp)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the “Highest Lawful Rate”). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender Lenders for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among the Borrowers, the Agent and the Lendersparties hereto.
Appears in 2 contracts
Sources: Loan and Security Agreement (American Railcar Industries, Inc.), Loan and Security Agreement (Hooper Holmes Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender TBCC for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of Illinois (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of Illinois (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender TBCC should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender TBCC for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender TBCC shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms TBCC Loan and Security Agreement -------------------------------------------------------------------------------- and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among between the Borrowers, the Agent and the Lendersparties hereto.
Appears in 2 contracts
Sources: Loan and Security Agreement (Bei Medical Systems Co Inc /De/), Loan and Security Agreement (Bei Medical Systems Co Inc /De/)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Administrative Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Administrative Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Administrative Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Administrative Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section 13.21 shall control every other provision of this Credit Agreement and all agreements among the BorrowersBorrower, the Administrative Agent and the Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Trizec Properties Inc), Credit Agreement (Trizec Properties Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent Borrower and the Lenders Lender hereby agree that all agreements among them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent between Borrower and the LendersLender.
Appears in 2 contracts
Sources: Loan and Security Agreement (United Development Funding III, LP), Loan and Security Agreement (United Development Funding III, LP)
Maximum Rate. Notwithstanding (i) It is the intention of the parties hereto that Administrative Agent and each Lender shall conform strictly to usury laws applicable to it. Accordingly, anything herein to the contrary contained elsewhere in this Credit Agreement or in any other Credit Documentnotwithstanding, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness obligations of the Borrowers hereunder shall be subject to the Agent or limitation that payments of interest shall not be required, for any Lender shallperiod for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by the Administrative Agent or the respective Lender would be contrary to the provisions of any law applicable to such Person limiting the highest rate of interest which may be lawfully contracted for, charged or received by such Person, and in such event the Borrowers shall pay such Person interest at the highest rate permitted by applicable lawlaw (“Maximum Lawful Rate”); provided, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, the Borrowers shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by the Administrative Agent, on behalf of applicable Lenders, is equal to the total interest that would have been received had the interest payable hereunder been (but for the operation of this subsection) the interest rate payable since the Closing Date as otherwise provided in this Agreement. Amounts paid to the Administrative Agent (for its own account) or to any Lender in violation of the foregoing provisions shall be amortizedcredited by the Administrative Agent or such Lender, proratedas applicable, allocated and spread throughout on the full term principal amount of such indebtedness until payment in full so the Obligations (or, to the extent that the actual principal amount of the Obligations shall have been paid in full, refunded by the Administrative Agent or such Lender to the Borrower).
(ii) For purposes of this Section, the term “applicable law” shall mean that law in effect from time to time and applicable to the loan transaction between the Borrowers on the one hand, and the Administrative Agent and the Lenders, on the other, that lawfully permits the charging and collection of the highest permissible, lawful non-usurious rate of interest on account such loan transaction and this Agreement, including laws of all such indebtedness does not exceed the Highest Lawful Rate throughout State of New York and, to the entire term extent controlling, laws of such indebtedness. The terms and provisions the United States of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the LendersAmerica.
Appears in 2 contracts
Sources: Credit Agreement (RMG Networks Holding Corp), Subordination Agreement (SCG Financial Acquisition Corp.)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Administrative Agent and the Lenders Banks hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Administrative Agent or any Lender Bank for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender Bank should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Administrative Agent or any Lender Bank for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Administrative Agent or any Lender Bank shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section 12.19 shall control every other provision of this Credit Agreement and all agreements among the BorrowersBorrower, the Administrative Agent and the LendersBanks.
Appears in 2 contracts
Sources: Term Loan Agreement (Acg Holdings Inc), Term Loan Agreement (Sullivan Graphics Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in (i) In no contingency or event whatsoever shall the amount paid, aggregate of all amounts deemed interest under this Agreement charged or agreed to be paid, collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by Applicable Law and the Lenders shall at the Administrative Agent’s option (A) promptly refund to the Borrowers any interest received by the Lenders in excess of the maximum lawful rate or (B) apply such excess to the principal balance of the US Obligations or the Canadian Obligations, as applicable. It is the intent hereof that the Borrowers not pay or contract to pay, and that neither the Administrative Agent or nor any Lender for the usereceive or contract to receive, forbearance, directly or detention of the money loaned to indirectly in any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance manner whatsoever, fulfillment interest in excess of that which may be paid by the applicable Borrower under Applicable Law.
(ii) If any provisions provision of this Credit Agreement or of any of the other Loan Documents would obligate the Canadian Borrower or any other Canadian Credit Documents Party to make any payment of interest or other amount payable to any Lender, in an amount or calculated at a rate which would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the time performance of Criminal Code (Canada)) then, notwithstanding such provision provisions, such amount or rate shall be due shall exceed deemed to have been adjusted with retroactive effect to the Highest Lawful Ratemaximum amount or rate of interest, thenas the case may be, automaticallyas would not be so prohibited by law or so result in a receipt by such Lender of interest at a criminal rate, the obligation such adjustment to be fulfilled shall be modified or reduced effected, to the extent necessary to limit such necessary, as follows: (A) firstly, by reducing the amount or rate of interest to the Highest Lawful Rate, and if from any such circumstance any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed required to be paid to the Agent such Lender on Canadian Revolving Credit Loans or Canadian Swingline Loans, as applicable, and (B) thereafter, by reducing any Lender fees, commissions, premiums and other amounts required to be paid to such Lender, which would constitute “interest” for the use, forbearance, or detention purposes of Section 347 of the Obligations and other indebtedness of the Borrowers to the Agent Criminal Code (Canada). Any amount or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of referred to in this Section 5.1 shall control every other provision be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of this interest over the term that the applicable Canadian Revolving Credit Agreement Loan or Canadian Swingline Loan remains outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and all agreements among otherwise be pro-rated over the Borrowers, period from the Agent and Closing Date to the Lenders.date set out in clause (a) of the definition of 50788495_7
Appears in 2 contracts
Sources: Credit Agreement (DXP Enterprises Inc), Credit Agreement (DXP Enterprises Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent Agent, and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied pursuant to the terms hereof to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender shallLender, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section 11.14 shall control over every other provision of this Credit Agreement Agreement, the other Credit Documents, and all agreements among the Borrowers, the Agent and the Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Metal Management Inc), Credit Agreement (Metal Management Inc)
Maximum Rate. Notwithstanding anything It is the intent of Administrative Agent, Lenders and Borrowers in the execution and performance of the Credit Documents to remain in strict compliance with applicable Governmental Requirements from time to time in effect, including applicable laws limiting the contrary contained elsewhere in this Credit Agreement amount or in any other Credit Documentrate of interest. Administrative Agent, the Borrowers, the Agent Lenders and the Lenders hereby Borrowers stipulate and agree that all agreements among them under this none of the terms and provisions contained in the Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever Documents shall the amount paid, or agreed ever be construed to be paid, create a contract to the Agent or any Lender pay for the use, forbearance, forbearance or detention of money with interest at a rate or in an amount in excess of the money loaned Maximum Rate or Maximum Amount. For purposes of the Credit Documents, “interest” shall include the aggregate of all charges which constitute interest under applicable Governmental Requirements that are contracted for, charged, reserved, received or paid under the Credit Documents. No Borrower shall ever be required to any Borrower pay unearned interest and evidenced hereby shall never be required to pay interest at a rate or thereby in an amount in excess of the Maximum Rate or for Maximum Amount, and the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this section shall control over all other provisions of the Credit Agreement Documents, and of any other instrument pertaining to or securing the Obligation, which may be in actual or apparent conflict herewith. If the Obligation is prepaid, or if the maturity of the Obligation is accelerated for any reason, or if under any contingency the effective rate or amount of interest which would otherwise be payable under the Credit Documents would exceed the Maximum Rate or Maximum Amount, or in the event any Lender or any holder of the other Notes shall charge, contract for, take, reserve or receive monies that are deemed to constitute interest which would, in the absence of this provision, increase the effective rate or amount of interest payable under the Credit Documents at to a rate or amount in excess of that permitted to be charged, contracted for, taken, reserved or received under applicable Governmental Requirements then in effect, then the time performance principal amount of such provision the Obligation or the amount of interest which would otherwise be payable under the Notes or both shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary amount allowed under applicable Governmental Requirements as now or hereinafter construed by the courts having jurisdiction, and all such moneys so charged, contracted for, taken, reserved or received that are deemed to limit such constitute interest in excess of the Maximum Rate shall immediately be returned to or credited to the Highest Lawful Rateaccount of Borrowers upon such determination. Administrative Agent, Lenders and if from any Borrowers further stipulate and agree that, without limitation of the foregoing, all calculations of the rate or amount of interest contracted for, charged, taken, reserved or received under the Credit Documents which are made for the purpose of determining whether such circumstance any Lender should ever receive anything of value deemed interest by applicable law which would exceed rate or amount exceeds the Highest Lawful RateMaximum Rate or Maximum Amount, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, made to the extent permitted not prohibited by applicable lawGovernmental Requirements, be amortizedby amortizing, proratedprorating, allocated allocating and spread throughout spreading during the period of the full stated term of such indebtedness until payment the Notes, all interest at any time contracted for, charged, taken, reserved or received from Borrowers or otherwise by Lenders or any other holder of the Notes. If the Governmental Requirements of the State of Texas are applicable for purposes of determining the “Maximum Rate” or the “Maximum Amount,” then those terms mean the indicated rate ceiling from time to time in full so that effect under Chapter 303 of the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersTexas Finance Code, the Agent and the Lendersas amended.
Appears in 2 contracts
Sources: Credit Agreement (PMC Commercial Trust /Tx), Credit Agreement (PMC Commercial Trust /Tx)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender shallLender, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section 10.15 shall control every other provision of this Credit Agreement and each Note and all other agreements among the BorrowersBorrower, the Agent and the Lenders.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Hospitality Properties Trust), Revolving Credit Agreement (Hospitality Properties Trust)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall not be applicable to any Person to which the amount paid or agreed to be paid does not exceed the Highest Lawful Rate applicable to that Person. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Administrative Agent and the Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Nationsrent Companies Inc), Credit Agreement (Nationsrent Companies Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent Agent, and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied pursuant to the terms hereof to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender shallLender, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section SECTION 11.14 shall control over every other provision of this Credit Agreement Agreement, the other Credit Documents, and all agreements among the Borrowers, the Agent and the Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Metal Management Inc), Credit Agreement (Metal Management Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the “Highest Lawful Rate”). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment Payment in full Full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among the Borrowers, the Agent and the Lendersparties hereto.
Appears in 2 contracts
Sources: Loan and Pledge Agreement (Energy Recovery, Inc.), Credit Agreement (Vizio, Inc.)
Maximum Rate. Notwithstanding anything It is the intention of the parties to comply with applicable usury laws. The parties agree that the total amount of interest contracted for, charged, collected or received by Lender under this Agreement shall not exceed the Maximum Rate. To the extent, if any, that Chapter 303 of the Texas Finance Code (the “Finance Code”) is relevant to Lender for purposes of determining the Maximum Rate, the parties elect to determine the Maximum Rate under the Finance Code pursuant to the “weekly ceiling” from time to time in effect, as referred to and defined in § 303.001-303.016 of the Finance Code; subject, however, to any right Lender subsequently may have under applicable law to change the method of determining the Maximum Rate. Notwithstanding any contrary provisions contained elsewhere herein, (a) the Maximum Rate shall be calculated on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be; (b) in this Credit Agreement or in any other Credit Documentdetermining whether the interest hereunder exceeds interest at the Maximum Rate, the Borrowers, total amount of interest shall be spread throughout the Agent and entire term of this Agreement until its payment in full; (c) if at any time the Lenders hereby agree that all agreements among them interest rate chargeable under this Credit Agreement would exceed the Maximum Rate, thereby causing the interest payable under this Agreement to be limited to the Maximum Rate, then any subsequent reductions in the interest rate(s) shall not reduce the rate of interest charged under this Agreement below the Maximum Rate until the total amount of interest accrued from and after the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall date of this Agreement equals the amount paid, of interest which would have accrued if the interest rate(s) had at all times been in effect; (d) if Lender ever charges or agreed receives anything of value which is deemed to be paidinterest under applicable Texas law, to and if the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment occurrence of any covenant or obligation contained herein or thereinevent, exceed the Highest Lawful Rate. If due including acceleration of maturity of obligations owing to any circumstance whatsoeverLender, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit should cause such interest to the Highest Lawful Rate, and if from any such circumstance any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Ratemaximum lawful amount, such excessive any amount which exceeds interest at the Maximum Rate shall be applied to the reduction of the unpaid principal amount then outstanding hereunder balance of all Loans under this Agreement or on account of any other then outstanding Obligations indebtedness owed to Lender by Borrower, and not to the payment of interest, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder this Agreement and such other then outstanding Obligationsindebtedness are paid in full, such any remaining excess shall be refunded paid to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention ; and (e) Chapter 346 of the Obligations and other Finance Code shall not be applicable to this Agreement or the indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lendersoutstanding hereunder.
Appears in 2 contracts
Sources: Credit Agreement (Deep Down, Inc.), Credit Agreement (Deep Down, Inc.)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersCredit Parties, the Agent and the Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Spinnaker Industries Inc), Credit Agreement (Spinnaker Industries Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender Lenders for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among the Borrowers, the Agent and the Lendersparties hereto.
Appears in 2 contracts
Sources: Loan and Security Agreement (American Railcar Industries, Inc./De), Loan and Security Agreement (American Railcar Industries, Inc./De)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any and Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersBorrower, the Agent and the Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Riverside Group Inc/Fl), Credit Agreement (Wickes Lumber Co /De/)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Administrative Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by Applicable Law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law Applicable Law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender Lenders for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender Lenders shall, to the extent permitted by applicable lawApplicable Law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among the Borrowers, the Agent and the Lendersparties hereto.
Appears in 2 contracts
Sources: Loan and Security Agreement (Icahn Enterprises L.P.), Loan and Security Agreement (Westpoint International Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender Lenders for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among the Borrowers, the Agent and the Lenders.parties hereto. -129- 130
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender shallLender, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersBorrower, the Agent and the Lenders. -39- SECTION 11.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent Borrower and the Lenders Lender hereby agree that all agreements among them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the law of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under New York (or such other jurisdiction's) law, in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any the Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread AMENDED AND RESTATED throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among between the Borrowers, the Agent Borrower and the LendersLender.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent, the Collateral Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent, the Collateral Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent, the Collateral Agent and the Lenders.
Appears in 1 contract
Sources: Credit Agreement (Lynch Corp)
Maximum Rate. Notwithstanding anything to the contrary contained ------------ elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender TBCC for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of Illinois (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of Illinois (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender TBCC should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender TBCC for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender TBCC shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among between the Borrowers, the Agent and the Lendersparties hereto.
Appears in 1 contract
Maximum Rate. Notwithstanding anything As used herein, the term "Maximum ------------ Rate" shall mean and refer to the maximum rate of non-usurious charges and interest, if any, that Owner may from time to time charge Developer and in regard to which Developer would be prevented successfully from raising the claim or defense of usury under applicable law as now, or to the extent permitted by law, as may hereafter be, in effect (said law permitting the highest rate being herein referred to as the "Interest Law"). It is the intention of Developer and Owner to conform strictly to the Interest Law applicable to this transaction. Accordingly, it is agreed that notwithstanding any provision to the contrary contained elsewhere in this Credit Agreement or in any other Credit Documentof the Documents or instruments relating thereto, the Borrowersaggregate of all interest and any other charges or consideration constituting interest under applicable Interest Law that is taken, the Agent and the Lenders hereby agree that all agreements among them reserved, contracted for, charged or received under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or under any of the other Credit Documents at aforesaid agreements or otherwise in connection with this transaction shall under no circumstances exceed the time performance maximum amount of interest allowed by the Interest Law applicable to this transaction. If any excess of interest in such provision respect is provided for, or shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation adjudicated to be fulfilled so provided for, in this Agreement or in any of the Documents or other instruments relating thereto, then in such event (a) the provisions of this Section shall govern and control, (b) neither Developer nor Developer's heirs, legal representatives, successors or assigns or any other party liable for Developer's obligations hereunder shall be modified or reduced obligated to pay the extent necessary to limit amount of such interest to the Highest Lawful Rateextent that it is in excess of the maximum amount of interest allowed by the Interest Law applicable to this transaction, (c) any excess shall be deemed a mistake and cancelled automatically and, if theretofore paid, shall be credited by Owner (or refunded to Developer), and if from any such circumstance any Lender should ever receive anything (d) the effective rate of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied automatically subject to reduction to the reduction Maximum Rate as now or hereafter construed by courts of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrowerappropriate jurisdiction. All sums paid or agreed to be paid to the Agent or any Lender Owner for the use, forbearance, forbearance or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by the Interest Law applicable lawto this transaction, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lenders.
Appears in 1 contract
Sources: Master Development Agreement (Grand Court Lifestyles Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Administrative Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Administrative Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Administrative Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Administrative Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section 11.21 shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Administrative Agent and the Lenders.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersHoldings, the Agent Borrower, the Agents and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the any Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any and Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the any Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the any Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersHoldings, the Agent Borrower, the Agents and the Lenders.
Appears in 1 contract
Sources: Credit Agreement (Acg Holdings Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or Regardless of any provision in any other Credit Loan Document, it is the Borrowersintention of Borrowers and Lender that Lender not (a) contract for, charge, take, reserve, receive, or apply, as interest on all or any part of the Obligation any amount in excess of the Maximum Rate or the Maximum Amount or (b) receive any unearned interest, in violation of any applicable Law. If any acceleration of the maturity of the Notes, the Agent and Obligation or any payment under the Lenders Loan Documents produces a rate in excess of the Maximum Rate, or if Lender shall for any reason receive any such unearned interest, or if any transaction contemplated hereby agree or by any other Loan Document would otherwise be usurious under applicable Law, then (i) the aggregate of all interest under applicable usury laws that all agreements among them is contracted for, charged, taken, reserved, received or applied under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paidAgreement, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or under any of the other Credit Loan Documents at or otherwise shall under no circumstances exceed the time performance of such provision Maximum Amount, (ii) no Borrower nor any other Person shall be due shall exceed obligated to pay the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit amount of such interest to the Highest Lawful Rateextent that it is in excess of the Maximum Amount, (iii) any excess or unearned interest shall be deemed to be and shall be treated as a partial prepayment or repayment of principal and any remaining excess or unearned interest will be refunded to Borrowers, and (iv) the provisions of this Agreement, the Notes and the other Loan Documents immediately shall be deemed reformed, without the necessity of the execution of any new document or instrument, so as to comply with all applicable usury laws. In determining whether interest paid or payable exceeds the Maximum Rate or the Maximum Amount, Borrowers and Lender shall, to the maximum extent permitted under applicable Law (w) treat all Loans as a single extension of credit (Lender and Borrowers agree that such is the case), (x) characterize any non-principal payment as an expense, fee or premium rather than as interest, (y) exclude voluntary prepayments or repayments and their effects, and (z) amortize, prorate, allocate and spread the total amount of interest throughout the entire contemplated term of the Obligation. However, if the Obligation is paid in full before the end of its full contemplated term, and if the interest received for its actual period of existence exceeds the Maximum Rate or the Maximum Amount, Lender shall refund any excess (and Lender may not, to the extent permitted by Law, be subject to any penalties provided by any Laws for contracting for, charging, taking, reserving or receiving interest in excess of the Maximum Amount). If the Laws of the State of Texas are applicable for purposes of determining the “Maximum Rate” or the “Maximum Amount,” the “Maximum Rate” may not exceed the “weekly ceiling” from any such circumstance any Lender should ever receive anything time to time in effect under Chapter 303 of value deemed the Texas Finance Code. If the applicable Law is amended in the future to allow a greater rate of interest to be charged under this Agreement than is presently allowed by applicable law which would exceed Law, then the Highest Lawful “Maximum Rate, such excessive interest ” shall be applied increased to the reduction maximum rate of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations and not to the payment of interestinterest allowed by applicable Law as amended, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Obligations, such excess which increase shall be refunded to effective hereunder on the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention effective date of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shallsuch amendment, to the extent permitted by applicable lawLaw. Borrowers agree that Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving tri-party accounts), be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed apply to the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every Obligation, other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lendersthan § 346.004.
Appears in 1 contract
Sources: Loan Agreement (Glowpoint, Inc.)
Maximum Rate. Notwithstanding anything It is the intention of the parties hereto to comply strictly with applicable usury laws, if any; accordingly, notwithstanding any provisions to the contrary contained elsewhere in this Credit Agreement or any other documents or instruments executed in connection herewith, in no event shall this Agreement or such documents or instruments require or permit the payment, taking, reserving, receiving, collecting or charging of any sums constituting interest under applicable laws which exceed the maximum amount permitted by such laws. If any such excess interest is called for, contracted for, charged, paid, taken, reserved, collected or received in connection with the Obligations or in any communication by Lender or any other Credit DocumentPerson to Borrower or any other Person, or in the Borrowersevent all or part of the principal of the Obligations or interest thereon shall be prepaid or accelerated, so that under any of such circumstances or under any other circumstance whatsoever the Agent and amount of interest contracted for, charged, taken, collected, reserved, or received on the Lenders hereby agree that all agreements among them amount of principal actually outstanding from time to time under this Credit Agreement shall exceed the maximum amount of interest permitted by applicable usury laws, if any, then in any such event it is agreed as follows:
(i) the provisions of this paragraph shall govern and control, (ii) neither Borrower nor any other Person now or hereafter liable for the payment of the Obligations shall be obligated to pay the amount of such interest to the extent such interest is in excess of the maximum amount of interest permitted by applicable usury laws, if any, (iii) any such excess which is or has been received notwithstanding this paragraph shall be credited against the then unpaid principal balance hereof or, if the Obligations have been or would be paid in full by such credit, refunded to Borrower, and (iv) the provisions of this Agreement and the other Credit Documentsdocuments or instruments executed in connection herewith, whether now existing or hereafter arising and whether written or oralany communication to Borrower, are expressly limited so that in no contingency or event whatsoever shall immediately be deemed reformed and such excess interest reduced, without the amount paid, or agreed to be paidnecessity of executing any other document, to the Agent maximum lawful rate allowed under applicable laws as now or any Lender hereafter construed by courts having jurisdiction hereof or thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, taken, collected, reserved, or received in connection herewith which are made for the use, forbearance, or detention purpose of determining whether such rate exceeds the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision maximum lawful rate shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, made to the extent permitted by applicable lawlaws by amortizing, be amortizedprorating, prorated, allocated allocating and spread throughout spreading during the period of the full term of such indebtedness until payment in full so that the actual rate of Obligations, including all prior and subsequent renewals and extensions, all interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessat any time contracted for, charged, taken, collected, reserved or received. The terms and provisions of this Section paragraph shall control be deemed to be incorporated in every other provision of this Credit Agreement Loan Document and all agreements among communication relating to the Borrowers, the Agent and the LendersObligations.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained ------------ elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender TBCC for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of Illinois (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of Illinois (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment fulfilment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender TBCC should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations and not to the payment of interest, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then -18- TBCC LOAN AND SECURITY AGREEMENT --------------------------------------------------------------------------- outstanding Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender TBCC for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender TBCC shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among between the Borrowers, the Agent and the Lendersparties hereto.
Appears in 1 contract
Sources: Loan and Security Agreement (Pilot Network Services Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lenders.
Appears in 1 contract
Sources: Credit Agreement (Bway Corp)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in (i) In no contingency or event whatsoever shall the amount paid, aggregate of all amounts deemed interest under this Agreement charged or agreed to be paid, collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by Applicable Law and the Lenders shall at the Administrative Agent’s option (A) promptly refund to the Borrowers any interest received by the Lenders in excess of the maximum lawful rate or (B) apply such excess to the principal balance of the US Obligations or the Canadian Obligations, as applicable. It is the intent hereof that the Borrowers not pay or contract to pay, and that neither the Administrative Agent or nor any Lender for the usereceive or contract to receive, forbearance, directly or detention of the money loaned to indirectly in any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance manner whatsoever, fulfillment interest in excess of that which may be paid by the applicable Borrower under Applicable Law.
(ii) If any provisions provision of this Credit Agreement or of any of the other Loan Documents would obligate the Canadian Borrower or any other Canadian Credit Documents Party to make any payment of interest or other amount payable to any Lender, in an amount or calculated at a rate which would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the time performance of Criminal Code (Canada)) then, notwithstanding such provision provisions, such amount or rate shall be due shall exceed deemed to have been adjusted with retroactive effect to the Highest Lawful Ratemaximum amount or rate of interest, thenas the case may be, automaticallyas would not be so prohibited by law or so result in a receipt by such Lender of interest at a criminal rate, the obligation such adjustment to be fulfilled shall be modified or reduced effected, to the extent necessary to limit such necessary, as follows: (A) firstly, by reducing the amount or rate of interest to the Highest Lawful Rate, and if from any such circumstance any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed required to be paid to the Agent such Lender on Canadian Revolving Credit Loans or Canadian Swingline Loans, as applicable, and (B) thereafter, by reducing any Lender fees, commissions, premiums and other amounts required to be paid to such Lender, which would constitute “interest” for the use, forbearance, or detention purposes of Section 347 of the Obligations and other indebtedness of the Borrowers to the Agent Criminal Code (Canada). Any amount or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest referred to in this Section 5.1 shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Canadian Revolving Credit Loan or Canadian Swingline Loan remains outstanding on account the assumption that any charges, fees or expenses that fall within the meaning of all such indebtedness does not exceed “interest” (as defined in the Highest Lawful Rate throughout Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the entire term period from the Closing Date to the date set out in clause (a) of the definition of “Revolving Credit Maturity Date” and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Administrative Agent shall be conclusive for the purposes of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lendersdetermination.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender TBCC for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of Illinois (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of Illinois (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents, executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender TBCC should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender TBCC for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender TBCC shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of of such indebtedness indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among between the Borrowers, the Agent and the Lendersparties hereto.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained ------------ elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Agent Agent, and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied pursuant to the terms hereof to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender shallLender, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section SECTION 11.14 shall control over every other provision of this Credit Agreement Agreement, the other Credit Documents, and all agreements among the BorrowersBorrower, the Agent and the Lenders.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary ------------ contained elsewhere in this Credit Agreement or in any other Credit Note Document, the Borrowers, the Agent Obligor and the Lenders Holders hereby agree that all agreements among them under this Credit Agreement and the other Credit Note Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender Holder for the use, forbearance, or detention of the money loaned to any Borrower the Issuer and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Note Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 the any Lender Holder should ever receive anything of value deemed interest by applicable law Governing Law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerIssuer. All sums paid or agreed to be paid to the Agent or any Lender Holder for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Issuer to the Agent or any Lender shallHolders, to the extent permitted by applicable lawGoverning Law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section 10.14 shall ------------- control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent Obligor and the Lenders.Holders. * * * Execution Version
Appears in 1 contract
Sources: Note and Stock Purchase Agreement (Emergent Information Technologies Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Agreement, the other Credit Agreement Documents and all agreements among the BorrowersBorrower, the Agent and the Lenders.
Appears in 1 contract
Sources: Post Petition Credit Agreement (Dan River Inc /Ga/)
Maximum Rate. Notwithstanding anything to It is the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and intent of the Lenders and Borrower to conform to and contract in strict compliance with applicable usury law from time to time in effect. All agreements between the Lenders and Borrower are hereby agree that limited by the provisions of this Section 3.4 which shall override and control all agreements among them under this Credit Agreement and the other Credit Documentssuch agreements, whether now existing or hereafter arising and whether written or oral. In no way, are expressly nor in any event or contingency (including but not limited so that in no contingency to prepayment or event whatsoever acceleration of the maturity date of the Obligations), shall the amount paidinterest taken, reserved, contracted for, charged, or agreed to be paidreceived under this Agreement, to under the Agent Notes or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or thereinotherwise, exceed the Highest Lawful Maximum Rate. If due to If, from any circumstance whatsoever, fulfillment possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the Maximum Rate, any such construction shall be subject to the provisions of this Credit Agreement or any of the other Credit Documents at the time performance of paragraph and interest owing pursuant to such provision documents shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or automatically reduced to the extent necessary to limit such interest to Maximum Rate without the Highest Lawful Rate, and if from necessity of execution of any such circumstance amendment or new document. If any Lender should shall ever receive anything of value deemed which is characterized as interest by on the Loans under applicable law Law and which would, apart from this provision, be in excess of the Maximum Rate, an amount equal to the amount which would exceed the Highest Lawful Rate, such have been excessive interest shall shall, without penalty, be applied to the reduction of the principal amount then outstanding hereunder or owing on account of any other then outstanding Obligations the Loans 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 Obligations, such excess shall be refunded to Borrower or the applicable Borrowerother payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All sums interest paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Lenders with respect to the Agent or any Lender Loans shall, to the extent permitted by applicable lawLaw, be amortized, prorated, allocated allocated, and spread throughout the full stated term (including any renewal or extension) of such indebtedness until payment in full the Loans so that the actual rate amount of interest on account of all such indebtedness the Loans does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the LendersMaximum Rate.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of Illinois (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of Illinois (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges tinder this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any the Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among between the Borrowers, the Agent and the Lendersparties hereto.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in (i) In no contingency or event whatsoever shall the amount paid, aggregate of all amounts deemed interest under this Agreement charged or agreed to be paid, collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the [Second Amendment – SCP Pool Corporation] 51 event that such a court determines that the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by Applicable Law and the Lenders shall at the Administrative Agent’s option (A) promptly refund to the Borrowers any interest received by the Lenders in excess of the maximum lawful rate or (B) apply such excess to the principal balance of the Obligations on a pro rata basis. It is the intent hereof that the Borrowers not pay or contract to pay, and that neither the Administrative Agent or nor any Lender for the usereceive or contract to receive, forbearance, directly or detention of the money loaned to indirectly in any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance manner whatsoever, fulfillment interest in excess of any that which may be paid by the Borrowers under Applicable Law.
(ii) Notwithstanding the provisions of this Credit Agreement Section 4.1 or any other provision of this Agreement, in no event shall the aggregate “interest” (as such term is defined in Section 347 of the other Credit Documents at the time performance of such provision shall be due shall Criminal Code (Canada)) exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual effective annual rate of interest on account the “credit advanced” (as such term is defined in Section 347 of all such indebtedness does not exceed the Highest Lawful Rate throughout Criminal Code (Canada)) lawfully permitted under Section 347 of the entire Criminal Code (Canada). The effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term of the applicable Loan, and in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries qualified for a period of ten (10) years and appointed by the Canadian Dollar Lender will be conclusive for the purposes of such indebtednessdetermination. The terms A certificate of an authorized signing officer of the Canadian Dollar Lender as to each amount and/or each rate of interest payable hereunder from time to time shall be conclusive evidence of such amount and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowerssuch rate, the Agent and the Lendersabsent manifest error.
Appears in 1 contract
Maximum Rate. Notwithstanding anything It is the intention of the parties to comply with applicable usury laws. The parties agree that the total amount of interest contracted for, charged, collected or received by the Bank under this Agreement shall not exceed the Maximum Rate. To the extent, if any, that Chapter 303 of the Texas Finance Code (the “Code”) is relevant to the contrary contained elsewhere in this Credit Agreement or in any other Credit DocumentBank for purposes of determining the Maximum Rate, the Borrowersparties elect to determine the Maximum Rate under the Code pursuant to the “weekly ceiling” from time to time in effect, as referred to and defined in § 303.001-303.016 of the Code; subject, however, to any right the Bank subsequently may have under applicable law to change the method of determining the Maximum Rate. Notwithstanding any contrary provisions contained herein, (a) the Maximum Rate shall be calculated on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be; (b) in determining whether the interest hereunder exceeds interest at the Maximum Rate, the Agent and total amount of interest shall be spread throughout the Lenders hereby agree that all agreements among them entire term of this Agreement until its payment in full; (c) if at any time the interest rate chargeable under this Credit Agreement would exceed the Maximum Rate, thereby causing the interest payable under this Agreement to be limited to the Maximum Rate, then any subsequent reductions in the interest rate(s) shall not reduce the rate of interest charged under this Agreement below the Maximum Rate until the total amount of interest accrued from and after the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall date of this Agreement equals the amount paid, of interest which would have accrued if the interest rate(s) had at all times been in effect; (d) if the Bank ever charges or agreed receives anything of value which is deemed to be paidinterest under applicable Texas law, and if the occurrence of any event, including acceleration of maturity of obligations owing to the Agent or any Lender for the useBank, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit should cause such interest to the Highest Lawful Rate, and if from any such circumstance any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Ratemaximum lawful amount, such excessive any amount which exceeds interest at the Maximum Rate shall be applied to the reduction of the unpaid principal amount then outstanding hereunder balance under this Agreement or on account of any other then outstanding Obligations and not indebtedness owed to the payment of interestBank by the Borrower, or and if such excessive interest exceeds the principal unpaid balance then outstanding hereunder this Agreement and such other then outstanding Obligationsindebtedness are paid in full, such any remaining excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention Borrower; and (e) Chapter 346 of the Obligations and other Code shall not be applicable to this Agreement or the indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lendersoutstanding hereunder.
Appears in 1 contract
Maximum Rate. Notwithstanding anything It is the intention of the parties hereto to ------------ comply strictly with applicable usury laws, if any; accordingly, notwithstanding any provision to the contrary contained elsewhere in this Credit Agreement herein or in any fee letter or other Credit Loan Document or any other document otherwise relating hereto, in no event shall this Agreement or any Note or such documents require or permit the payment, taking, reserving, receiving, collection or charging of any sums constituting interest under applicable laws which exceed the maximum amount permitted by such laws. If any such excess interest is called for, contracted for, charged, taken, reserved, or received in connection with any Loan or in any fee letter or other Loan Document, or in any communication by the BorrowersAdministrative Agent, any Bank or any other person to the Agent and Company or any other person, or in the Lenders hereby agree event all or part of the principal or interest of any Loan shall be prepaid or accelerated, so that all agreements among them 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 Credit Agreement or any Note shall exceed the maximum amount of interest permitted by applicable usury laws, then in any such event it is agreed as follows:
(i) the provisions of this paragraph shall govern and control, (ii) neither the Company nor any other Credit Documents, whether person or entity now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender liable for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision Loan shall be due shall exceed obligated to pay the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit amount of such interest to the Highest Lawful Rateextent such interest is in excess of the maximum amount of interest permitted by applicable usury laws, and if from (iii) any such circumstance any Lender should ever receive anything of value deemed interest by applicable law excess which would exceed the Highest Lawful Rate, such excessive interest is or has been received notwithstanding this paragraph shall be applied to credited against the reduction then unpaid principal balance of the principal amount then outstanding hereunder Loans or, if the Loans have been or on account of any other then outstanding Obligations and not to the payment of interestwould be paid in full by such credit, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid Company, and (iv) the provisions of this Agreement, the Notes and the other Loan Documents, and any communication to the Agent Company, shall immediately be deemed reformed and such excess interest reduced, without the necessity of executing any other document, to the maximum lawful rate allowed under applicable laws as now or any Lender hereafter construed by courts having jurisdiction hereof or thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved, or received in connection herewith which are made for the use, forbearance, or detention purpose of determining whether such rate exceeds the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, maximum lawful rate shall be made to the extent permitted by applicable lawlaws by amortizing, be amortizedprorating, prorated, allocated allocating and spread throughout spreading during the period of the full term of such indebtedness until payment in full so that the actual rate of Loans, including all prior and subsequent renewals and extensions, all interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessat any time contracted for, charged, taken, collected, reserved, or received. The terms and provisions of this Section paragraph shall control be deemed to be incorporated in every other provision of Loan Document and communication relating to this Credit Agreement and all agreements among the BorrowersAgreement, the Agent Loans and the LendersNotes. To the extent that, notwithstanding the choice of law of the parties made herein, the interest rate laws of the State of Texas are applicable to the Loans, the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Tex. Rev. Civ. Stat., Title 79, Article 5069-1D.003, also codified at Texas Finance Code, Section 303.301 (formerly Article 5069-1.04 (a)(1)), and, to the extent that this Agreement is deemed an open end account as such term is defined in Tex. Rev. Civ. Stat., Title 79, Article 5069-1B.002(14), also codified at Texas Finance Code Section 301.001(3) (formerly Article 5069-1.01(f)), the Banks retain the right to modify the interest rate in accordance with applicable law. The parties agree that Texas Finance Code, Chapter 346 (formerly Tex. Rev. Civ. Stat., Title 79, Chapter 15), which regulates certain revolving loan accounts and revolving triparty accounts, shall not apply to any revolving loan accounts created under this Agreement or the Notes or maintained in connection therewith.
Appears in 1 contract
Sources: Credit Agreement (Oneok Inc /New/)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Note Document, the Borrowers, the Agent Obligors and the Lenders [EXECUTION COPY] Holders hereby agree that all agreements among them under this Credit Agreement and the other Credit Note Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender Holder for the use, forbearance, or detention of the money loaned to any Borrower the Issuer and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Note Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 the any Lender Holder should ever receive anything of value deemed interest by applicable law Governing Law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerIssuer. All sums paid or agreed to be paid to the Agent or any Lender Holder for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Issuer to the Agent or any Lender shallHolders, to the extent permitted by applicable lawGoverning Law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section SECTION 9.14 shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent Obligors and the Lenders.Holders. [EXECUTION COPY]
Appears in 1 contract
Sources: Note and Stock Purchase Agreement (Aps Healthcare Inc)
Maximum Rate. Notwithstanding anything to the contrary contained ------------ elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section 13.19 shall control every ------------- other provision of this Credit Agreement and all agreements among the BorrowersBorrower, the Agent and the Lenders.
Appears in 1 contract
Sources: Credit Agreement (Converse Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Note Document, the Borrowers, the Agent Obligors and the Lenders Holders hereby agree that all agreements among them under this Credit Agreement and the other Credit Note Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender Holder for the use, forbearance, or detention of the money loaned to any Borrower the Issuer and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Note Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender Holder should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerIssuer. All sums paid or agreed to be paid to the Agent or any Lender Holder for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Issuer to the Agent or any Lender shallHolders, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section SECTION 10.17 shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent Obligors and the LendersHolders.
Appears in 1 contract
Sources: Senior Subordinated Note Purchase Agreement (National Record Mart Inc /De/)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Note Document, the Borrowers, the Agent Obligors and the Lenders Holders hereby agree that all agreements among them under this Credit Agreement and the other Credit Note Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender Holder for the use, forbearance, or detention of the money loaned to any Borrower the Issuers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Note Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 the any Lender Holder should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerIssuers. All sums paid or agreed to be paid to the Agent or any Lender Holder for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Issuers to the Agent or any Lender shallHolders, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section 9.14 ------------ shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent Obligors and the Lenders.Holders. * * * * *
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Administrative Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Administrative Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Administrative Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Administrative Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section 13.21 shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Administrative Agent and the Lenders.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent Agent, and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied pursuant to the terms hereof to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Postpetition Obligations or Prepetition Obligations 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 Postpetition Obligations or Prepetition Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Postpetition Obligations or Prepetition Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender shallLender, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section SECTION 11.14 shall control over every other provision of this Credit Agreement Agreement, the other Credit Documents, and all agreements among the BorrowersBorrower, the Agent and the Lenders.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary Regardless of any provision contained elsewhere in this Credit Agreement or in any other Credit DocumentLoan Document or any document related thereto, it is the Borrowersintent of the parties to this Agreement that no Agent nor any Lender contract for, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documentscharge, whether now existing or hereafter arising and whether written or oraltake, are expressly limited so that in no contingency or event whatsoever shall the amount paidreserve, receive, or agreed to be paidapply, to the Agent as interest on all or any Lender for the use, forbearance, or detention part of the money loaned to Obligations any Borrower and evidenced hereby amount in excess of the Maximum Rate or thereby the Maximum Amount or for the performance or payment receive any unearned interest in violation of any covenant applicable Legal Requirements, and, if Agents or obligation contained herein Lenders ever do so, then any excess shall be treated as a partial repayment or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any prepayment of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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, Principal Debt and if from any such circumstance any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such remaining excess shall be refunded to the applicable Borrower. All sums In determining if the interest paid or agreed to be paid payable exceeds the Maximum Rate, Borrower, Agents, and Lenders shall, to the Agent or maximum extent permitted under applicable Legal Requirements, (i) treat all Loans as but a single extension of credit (and Agents, Lenders, and Borrower agree that is the case and that provision in this Agreement for multiple Loans is for convenience only), (ii) characterize any Lender for the usenon-principal payment as an expense, forbearancefee, or detention premium rather than as interest, (iii) exclude voluntary repayments or prepayments and their effects (solely for purposes of this calculation), and (iv) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the Obligations. However, if the Obligations are paid in full before the end of its full contemplated term, and other indebtedness if the interest received for its actual period of existence exceeds the Borrowers to the Agent or Maximum Amount, then Lenders shall refund any Lender shallexcess (and Lenders may not, to the extent permitted by applicable lawLegal Requirements, be amortizedsubject to any penalties provided by any Legal Requirements for contracting for, proratedcharging, allocated taking, reserving, or receiving interest in excess of the Maximum Amount). If the Legal Requirements of the State of Texas are applicable for purposes of determining the "MAXIMUM RATE" or the "MAXIMUM AMOUNT," then those terms mean the "WEEKLY CEILING" from time to time in effect under ARTICLE 5069-1D, TITLE 79, REVISED CIVIL STATUTES OF TEXAS, as amended. Borrower agrees that CHAPTER 346 of the Texas Finance Code, as amended (which regulates certain revolving credit loan accounts and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness revolving tri-party accounts), does not exceed apply to the Highest Lawful Rate throughout the entire term of such indebtednessObligations. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lenders.CREDIT AGREEMENT
Appears in 1 contract
Sources: Credit Agreement (Trammell Crow Co)
Maximum Rate. Notwithstanding anything to the contrary contained ------------ elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lenders.
Appears in 1 contract
Sources: Credit Agreement (Bway Corp)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere set forth in this Credit Agreement or Section 2.3, if a court of competent jurisdiction determines in any other Credit Documenta final, non-appealable order that the Borrowers, rate of interest payable hereunder exceeds the Agent and highest rate of interest permissible under law (the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid“Maximum Rate”), to the Agent or extent the Maximum Rate would be so exceeded, the rate of interest payable hereunder shall be equal to the Maximum Rate; provided that if at any Lender time thereafter the rate of interest payable hereunder is less than the Maximum Rate, the Borrower shall continue to pay interest hereunder at the Maximum Rate until such time as the total interest received by ▇▇▇▇▇▇ is equal to the total interest that would have been received had the interest rate payable hereunder been (but for the useoperation of this paragraph) the interest rate payable since the first Advance hereunder as otherwise provided in this Agreement. Thereafter, forbearanceinterest hereunder shall be paid at the rate(s) of interest and in the manner provided in Section 2.3(a), or detention unless and until the rate of interest again exceeds the money loaned Maximum Rate, and at that time this paragraph shall again apply. In no event shall the total interest received by the Lender pursuant to any Borrower and evidenced hereby or thereby or the terms hereof exceed the amount that the Lender could lawfully have received had the interest due hereunder been calculated for the performance or payment of any covenant or obligation contained herein or therein, exceed full term hereof at the Highest Lawful Maximum Rate. If due the interest rate is calculated pursuant to any circumstance whatsoeverthis paragraph, fulfillment such interest shall be calculated at a daily rate equal to the Maximum Rate divided by the number of any days in the year in which such calculation is made. If, notwithstanding the provisions of this Credit Agreement or any Section 2.3(g), a court of competent jurisdiction shall determine by a final, non-appealable order that the Lender has received interest hereunder in excess of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Maximum Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated promptly apply such excess to the outstanding balance of the Advances or Obligations and spread throughout thereafter shall refund any excess to the full term Borrower or as such court of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lenderscompetent jurisdiction may otherwise order.
Appears in 1 contract
Maximum Rate. Notwithstanding anything It is the intention of the parties to comply with applicable usury laws. The parties agree that the total amount of interest contracted for, charged, collected or received by Lender under this Agreement shall not exceed the Maximum Rate. To the extent, if any, that Chapter 303 of the Texas Finance Code (the “Finance Code”) is relevant to Lender for purposes of determining the Maximum Rate, the parties elect to determine the Maximum Rate under the Finance Code pursuant to the “weekly ceiling” from time to time in effect, as referred to and defined in § 303.001-303.016 of the Finance Code; subject, however, to any right Lender subsequently may have under applicable law to change the method of determining the Maximum Rate. Notwithstanding any contrary provisions contained elsewhere herein, (a) the Maximum Rate shall be calculated on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be; (b) in this Credit Agreement or in any other Credit Documentdetermining whether the interest hereunder exceeds interest at the Maximum Rate, the Borrowers, total amount of interest shall be spread throughout the Agent and entire term of this Agreement until its payment in full; (c) if at any time the Lenders hereby agree that all agreements among them interest rate chargeable under this Credit Agreement would exceed the Maximum Rate, thereby causing the interest payable under this Agreement to be limited to the Maximum Rate, then any subsequent reductions in the interest rate(s) shall not reduce the rate of interest charged under this Agreement below the Maximum Rate until the total amount of interest accrued from and after the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall date of this Agreement equals the amount paid, of interest which would have accrued if the interest rate(s) had at all times been in effect; (d) if Lender ever charges or agreed receives anything of value which is deemed to be paidinterest under applicable Texas law, to and if the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment occurrence of any covenant or obligation contained herein or thereinevent, exceed the Highest Lawful Rate. If due including acceleration of maturity of obligations owing to any circumstance whatsoeverLender, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit should cause such interest to the Highest Lawful Rate, and if from any such circumstance any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Ratemaximum lawful amount, such excessive any amount which exceeds interest at the Maximum Rate shall be applied to the reduction of the unpaid principal amount then outstanding hereunder balance under this Agreement or on account of any other then outstanding Obligations indebtedness owed to Lender by Borrower, and not to the payment of interest, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder this Agreement and such other then outstanding Obligationsindebtedness are paid in full, such any remaining excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention Borrower; and (e) Chapter 346 of the Obligations and other Finance Code shall not be applicable to this Agreement or the indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lendersoutstanding hereunder.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance circumstances whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced -138- 146 to the extent necessary to limit such interest to the Highest Lawful Rate, and if from any such circumstance any and Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersBorrower, the Agent and the Lenders.
Appears in 1 contract
Sources: Credit Agreement (Ameristeel Corp)
Maximum Rate. Notwithstanding anything to the contrary contained ------------ elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender TBCC for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of Illinois (or the laws of any other jurisdiction whose laws may be mandatory applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of Illinois (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender TBCC should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender TBCC for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender TBCC shall, to the extent TBCC LOAN AND SECURITY AGREEMENT ---------------------------------------------------------------------- permitted by applicable law, be amortizedarmortized, prorated, allocated and spread throughout the full term of such indebtedness indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among between the Borrowers, the Agent and the Lenders.parties hereto
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained ------------ elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender TBCC for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of Illinois (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of Illinois (or such other jurisdiction), in any case after taking into ac- count, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender TBCC should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender TBCC for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender TBCC shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among between the Borrowers, the Agent and the Lendersparties hereto.
Appears in 1 contract
Sources: Annual Report
Maximum Rate. Notwithstanding (i) It is the intention of the parties hereto that Administrative Agent and each Lender shall conform strictly to usury laws applicable to it. Accordingly, anything herein to the contrary contained elsewhere in this Credit Agreement or in any other Credit Documentnotwithstanding, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness obligations of the Borrowers hereunder shall be subject to the Agent or limitation that payments of interest shall not be required, for any Lender shallperiod for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by the Administrative Agent or the respective Lender would be contrary to the provisions of any law applicable to such Person limiting the highest rate of interest which may be lawfully contracted for, charged or received by such Person, and in such event the Borrowers shall pay such Person interest at the highest rate permitted by applicable lawlaw ("Maximum Lawful Rate"); provided, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, the Borrowers shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by the Administrative Agent, on behalf of applicable Lenders, is equal to the total interest that would have been received had the interest payable hereunder been (but for the operation of this subsection) the interest rate payable since the Closing Date as otherwise provided in this Agreement. Amounts paid to the Administrative Agent (for its own account) or to any Lender in violation of the foregoing provisions shall be amortizedcredited by the Administrative Agent or such Lender, proratedas applicable, allocated and spread throughout on the full term principal amount of such indebtedness until payment in full so the Obligations (or, to the extent that the actual principal amount of the Obligations shall have been paid in full, refunded by the Administrative Agent or such Lender to the Borrower).
(ii) For purposes of this Section, the term "applicable law" shall mean that law in effect from time to time and applicable to the loan transaction between the Borrowers on the one hand, and the Administrative Agent and the Lenders, on the other, that lawfully permits the charging and collection of the highest permissible, lawful non-usurious rate of interest on account such loan transaction and this Agreement, including laws of all such indebtedness does not exceed the Highest Lawful Rate throughout State of New York and, to the entire term extent controlling, laws of such indebtedness. The terms and provisions the United States of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the LendersAmerica.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Administrative Agent, the Canadian Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Administrative Agent or any Lender for the use, forbearance, or 126 detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or thereintherein (including, in relation to any amount payable hereunder by any Canadian Borrower or to any Canadian Lender, any amount constituting "interest" for purposes of section 347 of the Criminal Code (Canada) or any successor provision in force at the relevant time, and references in this Section 14.20 shall be read accordingly), exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Administrative Agent, the Canadian Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Administrative Agent, the Canadian Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Administrative Agent, the Canadian Agent and the Lenders.
Appears in 1 contract
Maximum Rate. Notwithstanding anything It is the intention of the parties hereto to comply strictly with applicable usury laws, if any; accordingly, notwithstanding any provision to the contrary contained elsewhere in this Credit Agreement herein or in any fee letter or other Credit Loan Document or any other document otherwise relating hereto, in no event shall this Agreement or any Note or such documents require or permit the payment, taking, reserving, receiving, collection or charging of any sums constituting interest under applicable laws which exceed the maximum amount permitted by such laws. If any such excess interest is called for, contracted for, charged, taken, reserved, or received in connection with any Loan or in any fee letter or other Loan Document, or in any communication by the BorrowersAdministrative Agent, any Bank or any other person to the Agent and Company or any other person, or in the Lenders hereby agree event all or part of the principal or interest of any Loan shall be prepaid or accelerated, so that all agreements among them 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 Credit Agreement or any Note shall exceed the maximum amount of interest permitted by applicable usury laws, then in any such event it is agreed as follows:
(i) the provisions of this paragraph shall govern and control, (ii) neither the Company nor any other Credit Documents, whether person or entity now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender liable for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision Loan shall be due shall exceed obligated to pay the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit amount of such interest to the Highest Lawful Rateextent such interest is in excess of the maximum amount of interest permitted by applicable usury laws, and if from (iii) any such circumstance any Lender should ever receive anything of value deemed interest by applicable law excess which would exceed the Highest Lawful Rate, such excessive interest is or has been received notwithstanding this paragraph shall be applied to credited against the reduction then unpaid principal balance of the principal amount then outstanding hereunder Loans or, if the Loans have been or on account of any other then outstanding Obligations and not to the payment of interestwould be paid in full by such credit, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid Company, and (iv) the provisions of this Agreement, the Notes and the other Loan Documents, and any communication to the Agent Company, shall immediately be deemed reformed and such excess interest reduced, without the necessity of executing any other document, to the maximum lawful rate allowed under applicable laws as now or any Lender hereafter construed by courts having jurisdiction hereof or thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved, or received in connection herewith which are made for the use, forbearance, or detention purpose of determining whether such rate exceeds the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, maximum lawful rate shall be made to the extent permitted by applicable lawlaws by amortizing, be amortizedprorating, prorated, allocated allocating and spread throughout spreading during the period of the full term of such indebtedness until payment in full so that the actual rate of Loans, including all prior and subsequent renewals and extensions, all interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessat any time contracted for, charged, taken, collected, reserved, or received. The terms and provisions of this Section paragraph shall control be deemed to be incorporated in every other provision of Loan Document and communication relating to this Credit Agreement and all agreements among the BorrowersAgreement, the Agent Loans and the LendersNotes. To the extent that, notwithstanding the choice of law of the parties made herein, the interest rate laws of the State of Texas are applicable to the Loans, the applicable interest rate ceiling is the weekly ceiling (formerly the indicated rate ceiling) determined in accordance with Tex. Rev. Civ. Stat., Title 79, Article 5069-1D.003, also codified at Texas Finance Code, Section 303.301 (formerly Article 5069-1.04 (a)(1)), and, to the extent that this Agreement is deemed an open end account as such term is defined in Tex. Rev. Civ. Stat., Title 79, Article 5069-1B.002(14), also codified at Texas Finance Code Section 301.001(3) (formerly Article 5069-1.01(f)), the Banks retain the right to modify the interest rate in accordance with applicable law. The parties agree that Texas Finance Code, Chapter 346 (formerly Tex. Rev. Civ. Stat., Title 79, Chapter 15), which regulates certain revolving loan accounts and revolving triparty accounts, shall not apply to any revolving loan accounts created under this Agreement or the Notes or maintained in connection therewith.
Appears in 1 contract
Maximum Rate. Notwithstanding anything It is the intention of the parties hereto to comply strictly with applicable usury laws, if any; accordingly, notwithstanding any provision to the contrary contained elsewhere in this Credit Agreement herein or in any fee letter or other Credit DocumentLoan Document or any other document otherwise relating hereto, in no event shall this Agreement or any Note or such documents require or permit the
(i) the Borrowersprovisions of this paragraph shall govern and control, (ii) neither the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the Borrower nor any other Credit Documents, whether person or entity now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender liable for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision Loan shall be due shall exceed obligated to pay the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit amount of such interest to the Highest Lawful Rateextent such interest is in excess of the maximum amount of interest permitted by applicable usury laws, and if from (iii) any such circumstance any Lender should ever receive anything of value deemed interest by applicable law excess which would exceed the Highest Lawful Rate, such excessive interest is or has been received notwithstanding this paragraph shall be applied to credited against the reduction then unpaid principal balance of the principal amount then outstanding hereunder Loans or, if the Loans have been or on account of any other then outstanding Obligations and not to the payment of interestwould be paid in full by such credit, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid , and (iv) the provisions of this Agreement, the Notes and the other Loan Documents, and any communication to the Agent Borrower, shall immediately be deemed reformed and such excess interest reduced, without the necessity of executing any other document, to the maximum lawful rate allowed under applicable laws as now or any Lender hereafter construed by courts having jurisdiction hereof or thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved, or received in connection herewith which are made for the use, forbearance, or detention purpose of determining whether such rate exceeds the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, maximum lawful rate shall be made to the extent permitted by applicable lawlaws by amortizing, be amortizedprorating, prorated, allocated allocating and spread throughout spreading during the period of the full term of such indebtedness until payment the Loans, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken, collected, reserved, or received. The terms of this paragraph shall be deemed to be incorporated in full so that every Loan Document and communication relating to this Agreement, the actual Loans and the Notes. In no event shall the aggregate "interest" (as defined in section 347 of the Criminal Code (Canada)) payable under the Loan Documents exceed the maximum effective annual rate of interest on account the "credit advanced" (as defined in that section) permitted under that section and, if any payment, collection or demand pursuant to this Agreement in respect of all "interest" (as defined in that section) is determined to be contrary to the provisions of that section, such indebtedness does not exceed payment, collection or demand shall be deemed to have been made by mutual mistake of Borrower, the Highest Lawful Rate throughout Agents and Lenders and the entire term amount of such indebtednessexcess payment or collection shall be refunded to Borrower. The terms and provisions For purposes of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersLoan Documents, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term applicable to the Obligations on the basis of annual compounding of the lawfully permitted rate of interest and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Canadian Administrative Agent and shall be PRIMA FACIE evidence, for the Lenderspurposes of such determination.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Credit Documents and all agreements among the Borrowers, the Agent and the Lenders.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Credit Documents and all agreements among the Borrowers, the Agent and the Lenders.
Appears in 1 contract
Sources: Credit Agreement (Wellman Inc)
Maximum Rate. Notwithstanding anything to the contrary Regardless of any provision contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowersneither Administrative Agent nor any Lender shall ever be entitled to contract for, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documentscharge, whether now existing or hereafter arising and whether written or oraltake, are expressly limited so that in no contingency or event whatsoever shall the amount paidreserve, receive, or agreed to be paidapply, to the Agent as interest on all or any Lender for the use, forbearance, or detention part of the money loaned to Obligation, any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any amount in excess of the other Credit Documents at the time performance of Maximum Rate, and, if Lenders ever do so, then such provision excess shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit deemed a partial prepayment of principal and treated hereunder as such interest to the Highest Lawful Rate, and if from any such circumstance any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such remaining excess shall be refunded to the applicable Borrower. All sums In determining if the interest paid or agreed to be paid payable exceeds the Maximum Rate, Borrower and Lenders shall, to the Agent maximum extent permitted under applicable Law, (a) treat all Borrowings as but a single extension of credit (and Lenders and Borrower agree that such is the case and that provision herein for multiple Borrowings is for convenience only), (b) characterize any nonprincipal payment as an expense, fee, or any Lender premium rather than as interest, (c) exclude voluntary prepayments and the effects thereof, and (d) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the Obligation. However, if the Obligation is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the useactual period of existence thereof exceeds the Maximum Amount, forbearanceLenders shall refund such excess, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shalland, in such event, Lenders shall not, to the extent permitted by applicable lawLaw, be amortizedsubject to any penalties provided by any Laws for contracting for, proratedcharging, allocated taking, reserving, or receiving interest in excess of the Maximum Amount. If the Laws of the State of Texas are applicable for purposes of determining the "Maximum Rate" or the "Maximum Amount," then those terms mean the "weekly ceiling" from time to time in effect under Texas Finance Code Section 303.305, as amended. Borrower agrees that Chapter 346 of the Texas Finance Code, as amended (which regulates certain revolving credit loan accounts and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness revolving tri-party accounts), does not exceed apply to the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the LendersObligation.
Appears in 1 contract
Sources: Revolving Credit Agreement (Northern Border Partners Lp)
Maximum Rate. Notwithstanding anything to the contrary Regardless of any provision contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Loan ------------ Agreement or any of the other Credit Loan Documents, in no event shall the aggregate of all amounts that are contracted for, charged, or collected pursuant to the terms of this Loan Agreement, the Note, or any of the Loan Documents at the time performance of such provision shall be due shall and that are deemed interest under applicable law exceed the Highest Lawful maximum rate permitted by applicable law (the "Maximum Rate"). No provision of this Agreement or in any of the Loan Documents or the exercise by Lender of any right hereunder or under any Loan Document or the prepayment by Borrower of any of the Obligations or the occurrence of any contingency whatsoever, thenshall entitle Lender to charge or receive, automaticallyor to require Borrower to pay, the obligation to be fulfilled shall be modified interest or reduced to the extent necessary to limit such interest to the Highest Lawful Rate, and if from any such circumstance any Lender should ever receive anything of value amounts deemed interest by applicable law which would exceed (such amounts being referred to herein collectively as "Interest") in excess of the Highest Lawful Maximum Rate, and all provisions hereof or in any Loan Document which may purport to require Borrower to pay Interest exceeding the Maximum Rate shall be without binding force or effect to the extent only of the excess of Interest over such excessive interest Maximum Rate. Any Interest charged or received in excess of the Maximum Rate ("Excess"), shall be conclusively presumed to be the result of an accident and bona fide error, and shall, to the extent received by Lender, at the option of Lender, either be applied to the reduction of reduce the principal amount then outstanding hereunder of the Obligations or on account of any other then outstanding Obligations and not returned to the payment of interest, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be monies paid to Lender hereunder or under any of the Agent Loan Documents shall be subject to any rebate of unearned interest as and to the extent required by Legal Requirements. By the execution of this Loan Agreement, Borrower covenants that (i) the credit or return of any Lender for Excess shall constitute the useacceptance by Borrower of such Excess, forbearanceand (ii) Borrower shall not seek or pursue any other remedy, legal or equitable, against Lender, based in whole or in part upon contracting for, charging, or detention of the Obligations and other indebtedness of the Borrowers receiving any Excess, provided that such Excess has been refunded or credited to the Agent benefit of Borrower. For the purpose of determining whether or not any Lender Excess has been contracted for, charged, or received by Lender, all Interest at any time contracted for, charged, or received from Borrower in connection with this Loan Agreement shall, to the extent permitted by applicable law, be amortized, prorated, allocated allocated, and spread in equal parts throughout the full term of such indebtedness until the Obligations. Borrower and Lender shall, to the maximum extent permitted under applicable law, (i) characterize any non-principal payment in full so that as an expense, fee, or premium rather than as Interest and (ii) exclude voluntary prepayments and the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednesseffects thereof. The terms and provisions of this Section shall control every other be deemed to be incorporated into the Note and each Loan Document (whether or not any provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the LendersSection is referred to therein).
Appears in 1 contract
Sources: Loan Agreement (Wells Real Estate Investment Trust Inc)
Maximum Rate. Notwithstanding anything to The following provisions shall control this Agreement and the contrary Notes:
(a) No agreements, conditions, provision or stipulations contained elsewhere in this Credit Agreement Agreement, any Note, any of the other Loan Documents or in any other Credit Document, agreement between the Borrowers, the Agent Borrower and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paidBank, or agreed to be paid, to the Agent or any Lender for the use, forbearanceoccurrence of an Event of Default, or detention the exercise by the Bank of the money loaned right to any Borrower and evidenced hereby or thereby or for accelerate the performance or payment of the maturity of principal and interest, or to exercise any covenant or obligation option whatsoever contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of in this Credit Agreement or any other agreement between the Borrower and the Bank, or the arising of any contingency whatsoever, shall entitle the other Credit Documents at Bank to collect, in any event, interest exceeding the maximum rate of nonusurious interest allowed from time performance of to time by applicable state or federal laws as now or as may hereinafter be in effect (the "MAXIMUM LEGAL RATE") and in no event shall the Borrower be obligated to pay interest exceeding such provision shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit such interest to the Highest Lawful Maximum Legal Rate, and all agreements, conditions or stipulations, if from any, which may in any such circumstance event or contingency whatsoever operate to bind, obligate or compel any Lender should ever receive anything Obligor to pay a rate of value deemed interest by applicable law which would exceed exceeding the Highest Lawful Rate, such excessive interest Maximum Legal Rate shall be applied to the reduction of the principal amount then outstanding hereunder without binding force or on account of any other then outstanding Obligations and not to the payment of interesteffect, at law or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shallin equity, to the extent permitted only of the excess of interest over such Maximum Legal Rate. In the event any interest is charged in excess of the Maximum Legal Rate (the "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 obligations due, and, second, returned to the Borrower, it being the intention of the parties hereto not to enter at any time into an usurious or otherwise illegal relationship. The parties hereto recognize that with fluctuations in the prime commercial interest rate from time to time announced by applicable lawthe Bank 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 Bank based, in whole or in part, upon the charging or receiving of any interest in excess of the Maximum Legal Rate. For the purpose of determining whether or not any Excess has been contracted for, charged or received by the Bank, all interest at any time contracted for, charged or received by the Bank in connection with the Borrower's obligations shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout equal parts during the entire term of this Agreement. If at any time the rate of interest payable hereunder shall be computed on the basis of the Maximum Legal Rate, any subsequent reduction in the Contract Rate shall not reduce such indebtedness. interest thereafter payable hereunder with respect to such Note below the amount computed on the basis of the Maximum Legal Rate until the aggregate amount of such interest accrued and payable under this Agreement equals the total amount of interest which would have accrued if such interest had been at all times computed solely on the basis of the Contract Rate for such Note.
(b) Unless preempted by federal law, the rate of interest from time to time in effect hereunder shall not exceed the weekly "INDICATED RATE CEILING" from time to time in effect under Chapter 303 of the Texas Finance Code.
(c) The terms and provisions of this Section shall control be deemed to be incorporated into every document or communication relating to the Indebtedness which sets forth or prescribes any account, right or claims or alleged account, right or claim of the Bank with respect to the Borrower (or any other provision Obligor in respect of the Indebtedness), whether or not any provisions of this Credit Agreement Section is referred to therein. All such documents and communications and all figures set forth therein shall, for the sole purpose of computing the extent of the obligations asserted by the Bank thereunder, be automatically recomputed by the Borrower or any other Obligor, and by any court considering the same, to give effect to the adjustments or credits required by this Section.
(d) If the applicable state or federal law is amended in the future to allow a greater rate of interest to be charged under this Agreement than is presently allowed by applicable state or federal law, then the limitation of interest hereunder shall be increased to the maximum rate of interest allowed by applicable state or federal law, as amended, which increase shall be effective hereunder on the effective date of such amendment, and all interest charges owing to the Bank by reason thereof shall be payable upon demand.
(e) The provisions of Chapter 346 of the Texas Finance Code are specifically declared by the parties hereto not to be applicable to this Agreement or any of the other agreements among executed in connection herewith or therewith or to the Borrowers, the Agent and the Lenderstransactions contemplated hereby or thereby.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Note Document, the Borrowers, the Agent Obligors and the Lenders Holders hereby agree that all agreements among them under this Credit Agreement and the other Credit Note Documents, whether -70- 74 now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender Holder for the use, forbearance, or detention of the money loaned to any Borrower the Issuer and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Note Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender Holder should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerIssuer. All sums paid or agreed to be paid to the Agent or any Lender Holder for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Issuer to the Agent or any Lender shallHolders, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section SECTION 10.17 shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent Obligors and the Lenders.Holders. * * *
Appears in 1 contract
Sources: Senior Subordinated Secured Note Purchase Agreement (National Record Mart Inc /De/)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any and Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations obligations 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 Obligationsobligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersBorrower, the Agent and the Lenders.
Appears in 1 contract
Sources: Credit Agreement (Wickes Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent All agreements between Borrower and the Senior Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documentsor their Affiliates, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever event, whether by reason of acceleration of the maturity of the Senior Notes or otherwise, shall the amount paid, or agreed to be paid, paid to the Agent Senior Lenders or any Lender their Affiliates for the use, forbearance, or detention of the money to be loaned to any Borrower and evidenced hereby under the Senior Loan or thereby otherwise or for the payment or performance or payment of any covenant or obligation contained herein or thereinin any other document evidencing, securing or pertaining to the Senior Loan exceed the Highest Lawful Maximum Rate. If due to from any circumstance whatsoever, circumstances whatsoever fulfillment of any provisions of this Credit Agreement provision hereof or any of such other agreements shall cause the other Credit Documents at amount paid to exceed the time performance of such provision Maximum Rate, then ipso facto, the amount paid to Collateral Agent shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit such interest to the Highest Lawful Maximum Rate, and if from any such circumstance any Lender should circumstances Collateral Agent shall ever receive anything of value interest or an amount which might be deemed interest by under applicable law which would exceed exceeds the Highest Lawful Maximum Rate, such amount which would be excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account Principal Balance (without the payment of any other then outstanding Obligations prepayment premiums) 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 Obligations, Principal Balance such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Collateral Agent or any Lender for the use, forbearance, forbearance or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender Senior Lenders shall, to the extent permitted by applicable law, (A) be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Maximum Rate now or as hereafter amended, throughout the entire term of such indebtednessthereof, (B) be characterized as a fee, expense or other charge other than interest, and/or (C) exclude any voluntary prepayments and the effects thereof. The terms and provisions of this Section paragraph shall control and supersede every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent between Senior Lenders and the LendersBorrower.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any of the other Credit DocumentFinancing Agreements, the BorrowersBorrower, the Agent each Guarantor and the Lenders Lender hereby agree that all agreements among them under this Credit Agreement and the other Credit DocumentsFinancing 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 amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Maximum Lawful Rate. If due to any circumstance circumstances whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents Financing Agreements at the time performance of such provision shall be due shall exceed the Highest Maximum Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit such interest to the Highest Maximum Lawful Rate, and if from any such circumstance any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Maximum Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Maximum Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersBorrower, the Agent Guarantors and the LendersLender.
Appears in 1 contract
Sources: Loan and Security Agreement (Health Fitness Physical Therapy Inc)
Maximum Rate. Notwithstanding anything to the contrary contained ------------ elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall TBCC LOAN AND SECURITY AGREEMENT -------------------------------------------------------------------------------- -17- the amount paid, or agreed to be paid, to the Agent or any Lender TBCC for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance perfor-m▇▇▇▇ or payment of any covenant or obligation contained herein or therein, exceed the maximum non-usurious inter-est rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Obligations, under the laws of the State of Illinois (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of Illinois (or such other jurisdiction), in any case after taking into ac-count, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoeverwhat-soever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled ful-filled shall be modified or reduced to the extent necessary to limit such interest to the Highest Lawful Rate, and if from any such circumstance any Lender TBCC should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest in-terest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender TBCC for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Borrower to the Agent or any Lender TBCC shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision pro-vision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among between the Borrowers, the Agent and the Lendersparties hereto.
Appears in 1 contract
Maximum Rate. Notwithstanding anything (a) No provision of this Agreement or of any Other Agreements shall require the payment or the collection of interest in excess of the maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to the contrary contained elsewhere be so provided, in this Credit Agreement or any Other Agreement or otherwise in connection with this Agreement, the provisions of this Section shall govern and prevail and neither Client nor the sureties, guarantors, successors, or assigns of Client shall be obligated to pay the excess amount of such interest or any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender excess sum paid for the use, forbearance, or detention of sums owed pursuant hereto. In the money loaned to event WFB ever receives, collects, or applies as interest any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or thereinsuch sum, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any such amount which would be in excess of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest maximum amount permitted by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the as a payment and reduction of the principal amount then outstanding hereunder or on account of any other then outstanding the Obligations and not to the payment of interestClient hereunder; and, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and of such other then outstanding ObligationsObligations has been paid in full, such any remaining excess shall be refunded to the applicable Borrower. All sums paid or agreed to forthwith be paid to Client. In determining whether or not the Agent interest paid or any Lender for payable exceeds the useMaximum Rate, forbearance, or detention of the Obligations Client and other indebtedness of the Borrowers to the Agent or any Lender WFB shall, to the extent permitted by applicable law, be amortized(a) characterize any non-principal payment as an expense, proratedfee, allocated or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the full entire contemplated term of such indebtedness until payment in full this Agreement so that interest for the actual rate of interest on account of all such indebtedness entire term does not exceed the Highest Lawful Maximum Rate.
(b) If at any time the rate of interest applicable to the Obligations of Client hereunder, together with any other fees and other amounts payable pursuant to this Agreement and the Other Agreements and deemed interest under applicable law, exceeds that amount that would have accrued at the Maximum Rate, then the amount of interest and any such fees and other amounts to accrue to WFB pursuant to this Agreement and the Other Agreements shall be limited, notwithstanding anything to the contrary in this Agreement or any Other Agreement, to that amount that would have accrued at the Maximum Rate, but to the extent permitted by applicable law, any subsequent reductions, as applicable, shall not reduce the interest to accrue to WFB pursuant to this Agreement and the Other Agreements below the Maximum Rate throughout until the entire term total amount of interest accrued pursuant to this Agreement and the Other Agreements and such indebtedness. The terms fees and provisions other amounts deemed to be interest equals the amount of interest, fees and other amounts that would have accrued to WFB but for the effect of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lenders3.5.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent and the Lenders parties hereto hereby agree that all agreements among between them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender Parties for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the “Highest Lawful Rate”). If due to any circumstance whatsoever, fulfillment of any provisions provision of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any the Lender Parties should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender Parties for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Loan Parties to the Agent or any Lender Parties shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Loan Documents and all other agreements among between the Borrowers, the Agent and the Lendersparties hereto.
Appears in 1 contract
Sources: Loan and Security Agreement (890 5th Avenue Partners, Inc.)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersBorrower, the Agent Agents and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent Agents or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any and Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent Agents or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent Agents or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section 11.16 shall control every other provision of this Credit Agreement and all agreements among the BorrowersBorrower, the Agent Agents and the Lenders.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the BorrowersObligors, the Administrative Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Administrative Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower Obligor and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, then, automatically, (unless otherwise prohibited under applicable law) 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied (unless otherwise prohibited under applicable law) to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerObligor. All sums paid or agreed to be paid to the Administrative Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers Obligors to the Administrative Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and -101- 109 provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersObligors, the Administrative Agent and the Lenders.
Appears in 1 contract
Sources: Credit Agreement (Industrial Distribution Group Inc)
Maximum Rate. Notwithstanding anything It is the intention of the parties hereto to comply strictly with applicable usury laws, if any; accordingly, notwithstanding any provision to the contrary contained elsewhere in this Credit Agreement herein or in any fee letter or other Credit Loan Document or any other document otherwise relating hereto, in no event shall this Agreement or any Note or such documents require or permit the payment, taking, reserving, receiving, collection or charging of any sums constituting interest under applicable laws which exceed the maximum amount permitted by such laws. If any such excess interest is called for, contracted for, charged, taken, reserved, or received in connection with any Loan or in any fee letter or other Loan Document, or in any communication by the BorrowersCanadian Administrative Agent, any Lender or any other person to the Agent Borrower or any other person, or in the event all or part of the principal or interest of any Loan shall be prepaid or accelerated, so that under any of such circumstances or under any other circumstance whatsoever the amount of interest contracted for,
(i) the provisions of this paragraph shall govern and control, (ii) neither the Lenders hereby agree that all agreements among them under this Credit Agreement and the Borrower nor any other Credit Documents, whether person or entity now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender liable for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision Loan shall be due shall exceed obligated to pay the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit amount of such interest to the Highest Lawful Rateextent such interest is in excess of the maximum amount of interest permitted by applicable usury laws, and if from (iii) any such circumstance any Lender should ever receive anything of value deemed interest by applicable law excess which would exceed the Highest Lawful Rate, such excessive interest is or has been received notwithstanding this paragraph shall be applied to credited against the reduction then unpaid principal balance of the principal amount then outstanding hereunder Loans or, if the Loans have been or on account of any other then outstanding Obligations and not to the payment of interestwould be paid in full by such credit, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid , and (iv) the provisions of this Agreement, the Notes and the other Loan Documents, and any communication to the Agent Borrower, shall immediately be deemed reformed and such excess interest reduced, without the necessity of executing any other document, to the maximum lawful rate allowed under applicable laws as now or any Lender hereafter construed by courts having jurisdiction hereof or thereof. Without limiting the foregoing, all calculations of the rate of interest contracted for, charged, collected, taken, reserved, or received in connection herewith which are made for the use, forbearance, or detention purpose of determining whether such rate exceeds the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, maximum lawful rate shall be made to the extent permitted by applicable lawlaws by amortizing, be amortizedprorating, prorated, allocated allocating and spread throughout spreading during the period of the full term of such indebtedness until payment the Loans, including all prior and subsequent renewals and extensions, all interest at any time contracted for, charged, taken, collected, reserved, or received. The terms of this paragraph shall be deemed to be incorporated in full so that every Loan Document and communication relating to this Agreement, the actual Loans and the Notes. In no event shall the aggregate "interest" (as defined in section 347 of the Criminal Code (Canada)) payable under the Loan Documents exceed the maximum effective annual rate of interest on account the "credit advanced" (as defined in that section) permitted under that section and, if any payment, collection or demand pursuant to this Agreement in respect of all "interest" (as defined in that section) is determined to be contrary to the provisions of that section, such indebtedness does not exceed payment, collection or demand shall be deemed to have been made by mutual mistake of Borrower, the Highest Lawful Rate throughout Agents and Lenders and the entire term amount of such indebtednessexcess payment or collection shall be refunded to Borrower. The terms and provisions For purposes of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersLoan Documents, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term applicable to the Obligations on the basis of annual compounding of the lawfully permitted rate of interest and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Canadian Administrative Agent and shall be prima facie evidence, for the Lenderspurposes of such determination.
Appears in 1 contract
Maximum Rate. Notwithstanding anything As used herein, the term “Maximum Rate” shall mean and refer to the maximum rate of nonusurious interest, if any, that Lender may from time to time charge Borrower and in regard to which Borrower would be prevented successfully from raising the claim or defense of usury under applicable Law as now, or to the extent permitted by Law, as may hereafter be, in effect (said Law permitting the highest rate being herein referred to as the “Interest Law”). Unless changed in accordance with Law, the applicable rate ceiling under Texas Law shall be the “weekly ceiling”, from time to time in effect, as provided in Chapter 303 of the Texas Finance Code, as amended. It is the intention of Borrower and Lender to conform strictly to the Interest Law applicable to this loan transaction. Accordingly, it is agreed that notwithstanding any provision to the contrary contained elsewhere in this Credit Agreement Agreement, the Note or in any other Credit Documentof the Loan Documents or instruments relating thereto, the Borrowersaggregate of all interest and any other charges or consideration constituting interest under applicable Interest Law that is taken, reserved, contracted for, charged or received under this Agreement, the Agent and the Lenders hereby agree that all agreements among them Note or under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at aforesaid agreements or otherwise in connection with this loan transaction shall under no circumstances exceed the time performance maximum amount of interest allowed by the Interest Law applicable to this loan transaction. If any excess of interest in such provision respect is provided for, or shall be due shall exceed the Highest Lawful Rateadjudicated to be so provided for, then, automaticallyin this Agreement, the obligation to be fulfilled Note or in any of the Loan Documents or other instruments relating thereto, then in such event (a) the provisions of this Section shall govern and control, (b) neither Borrower nor Borrower’s heirs, legal representatives, successors or assigns or any other party liable for the payment of the Note shall be modified or reduced obligated to pay the extent necessary to limit amount of such interest to the Highest Lawful Rateextent that it is in excess of the maximum amount of interest allowed by the Interest Law applicable to this loan transaction, (c) any excess shall be deemed a mistake and canceled automatically and, if from any such circumstance any theretofore paid, shall be credited on the Note by Lender should ever receive anything (or if the Note shall have been paid in full, refunded to Borrower) and (d) the effective rate of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied automatically subject to reduction to the reduction Maximum Rate as now or hereafter construed by courts of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrowerappropriate jurisdiction. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, forbearance or detention of the Obligations and other indebtedness of evidenced by the Borrowers to the Agent or any Lender Note shall, to the extent permitted by the Interest Law applicable lawto this loan transaction, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the LendersNote.
Appears in 1 contract
Sources: Term Loan Agreement (AmREIT Monthly Income & Growth Fund III LTD)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the Borrowers, the Agent and the Lenders.such
Appears in 1 contract
Sources: Credit Agreement (Chiquita Brands International Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, OSG, the Borrowers, the Agent and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender shallLender, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement Agreement, the other Credit Documents and all agreements among OSG, the Borrowers, the Agent and the Lenders.
Appears in 1 contract
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, the Borrowers, the Agent Agent, and the Lenders hereby agree that all agreements among them under this Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any Borrower the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied pursuant to the terms hereof to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Post-Petition Obligations 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 Post-Petition Obligations, such excess shall be refunded to the applicable BorrowerBorrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Post-Petition Obligations and other indebtedness Indebtedness of the Borrowers to the Agent or any Lender shallLender, to the extent permitted by applicable law, shall be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section SECTION 11.14 shall control over every other provision of this Credit Agreement Agreement, the other Credit Documents, and all agreements among the Borrowers, the Agent and the Lenders.
Appears in 1 contract
Sources: Post Petition Credit Agreement (Metal Management Inc)
Maximum Rate. Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Loan Document, the Borrowers, the Agent Borrower and the Lenders Lender hereby agree that all agreements among them under this Credit Agreement and the other Credit Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to any the Borrower and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum 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 Obligations, under the laws of the State of New York (or the law of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under New York (or such other jurisdiction's) law, in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents, and any available exemptions, exceptions and exclusions (the "Highest Lawful Rate"). If due to any circumstance whatsoever, fulfillment of any provisions of this Credit Agreement or any of the other Credit Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, 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 any the Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness Indebtedness of the Borrowers Borrower to the Agent or any Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness Indebtedness, until payment in full thereof, so that the actual rate of interest on account of all such indebtedness Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtednessIndebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among between the Borrowers, the Agent Borrower and the LendersLender.
Appears in 1 contract
Maximum Rate. Notwithstanding anything It is the intent of Administrative Agent, Lenders and Borrower in the execution and performance of the Credit Documents to remain in strict compliance with applicable Governmental Requirements from time to time in effect, including applicable laws limiting the contrary contained elsewhere in this Credit Agreement amount or in any other Credit Documentrate of interest. Administrative Agent, the Borrowers, the Agent Lenders and the Lenders hereby Borrower stipulate and agree that all agreements among them under this none of the terms and provisions contained in the Credit Agreement and the other Credit Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever Documents shall the amount paid, or agreed ever be construed to be paid, create a contract to the Agent or any Lender pay for the use, forbearance, forbearance or detention of money with interest at a rate or in an amount in excess of the money loaned Maximum Rate or Maximum Amount. For purposes of the Credit Documents, "interest" shall include the aggregate of all charges which constitute interest under applicable Governmental Requirements that are contracted for, charged, reserved, received or paid under the Credit Documents. Borrower shall never be required to any Borrower pay unearned interest and evidenced hereby shall never be required to pay interest at a rate or thereby in an amount in excess of the Maximum Rate or for Maximum Amount, and the performance or payment of any covenant or obligation contained herein or therein, exceed the Highest Lawful Rate. If due to any circumstance whatsoever, fulfillment of any provisions of this section shall control over all other provisions of the Credit Agreement Documents, and of any other instrument pertaining to or securing the Obligation, which may be in actual or apparent conflict herewith. If the Obligation is prepaid, or if the maturity of the Obligation is accelerated for any reason, or if under any contingency the effective rate or amount of interest which would otherwise be payable under the Credit Documents would exceed the Maximum Rate or Maximum Amount, or in the event any Lender or any holder of the other Notes shall charge, contract for, take, reserve or receive monies that are deemed to constitute interest which would, in the absence of this provision, increase the effective rate or amount of interest payable under the Credit Documents at to a rate or amount in excess of that permitted to be charged, contracted for, taken, reserved or received under applicable Governmental Requirements then in effect, then the time performance principal amount of such provision the Obligation or the amount of interest which would otherwise be payable under the Notes or both shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary amount allowed under applicable Governmental Requirements as now or hereinafter construed by the courts having jurisdiction, and all such moneys so charged, contracted for, taken, reserved or received that are deemed to limit such constitute interest in excess of the Maximum Rate shall immediately be returned to or credited to the Highest Lawful Rateaccount of Borrower upon such determination. Administrative Agent, Lenders and if from any Borrower further stipulate and agree that, without limitation of the foregoing, all calculations of the rate or amount of interest contracted for, charged, taken, reserved or received under the Credit Documents which are made for the purpose of determining whether such circumstance any Lender should ever receive anything of value deemed interest by applicable law which would exceed rate or amount exceeds the Highest Lawful RateMaximum Rate or Maximum Amount, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations 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 Obligations, such excess shall be refunded to the applicable Borrower. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other indebtedness of the Borrowers to the Agent or any Lender shall, made to the extent permitted not prohibited by applicable lawGovernmental Requirements, be amortizedby amortizing, proratedprorating, allocated allocating and spread throughout spreading during the period of the full stated term of such indebtedness until payment the Notes, all interest at any time contracted for, charged, taken, reserved or received from Borrower or otherwise by Lenders or any other holder of the Notes. If the Governmental Requirements of the State of Texas are applicable for purposes of determining the "Maximum Rate" or the "Maximum Amount," then those terms mean the indicated rate ceiling from time to time in full so that effect under Chapter 303 of the actual rate of interest on account of all such indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such indebtedness. The terms and provisions of this Section shall control every other provision of this Credit Agreement and all agreements among the BorrowersTexas Finance Code, the Agent and the Lendersas amended.
Appears in 1 contract