Common use of Rate Provision Clause in Contracts

Rate Provision. It is not the intention of any party to any Loan Papers to make an agreement violative of the Applicable Laws of any applicable jurisdiction relating to usury. In no event shall the Company or any of its Subsidiaries be obligated to pay any amount in excess of the Maximum Amount. If any Lender ever receives, collects or applies, as interest, any such excess, such amount which would be excessive interest shall be deemed a partial repayment of principal and treated hereunder as such; and if principal is paid in full, any remaining excess shall be paid to the Company. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Maximum Amount, the Company and Lenders shall, to the maximum extent permitted under Applicable Laws, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effect thereof, and (iii) amortize, prorate, allocate and spread in equal parts, the total amount of interest throughout the entire contemplated term of the Obligation so that the interest rate is uniform throughout the entire term of the Obligation; provided that 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 actual period of existence thereof exceeds the Maximum Amount, Lenders shall refund to the Company the amount of such excess or credit the amount of such excess against the total principal amount owing, and, in such event, no Lender shall be subject to any penalties provided by any Applicable Laws for contracting for, charging or receiving interest in excess of the Maximum Amount. This Section 10.9 shall control every other

Appears in 1 contract

Samples: Credit Agreement (Petsmart Inc)

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Rate Provision. It is not the intention of any party to any Loan Papers to make an agreement violative of the Applicable Laws of any applicable jurisdiction relating to usury. In no event shall the Company or any of its Subsidiaries be obligated to pay any amount in excess of the Maximum Amount. If any Lender ever receives, collects or applies, as interest, any such excess, such amount which would be excessive interest shall be deemed a partial repayment of principal and treated hereunder as such; and if principal is paid in full, any remaining excess shall be paid to the Company. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Maximum Amount, the Company and Lenders shall, to the maximum extent permitted under Applicable Laws, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effect thereof, and (iii) amortize, prorate, allocate and spread in equal parts, the total amount of interest throughout the entire contemplated term of the Obligation so that the interest rate is uniform throughout the entire term of the Obligation; provided that 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 actual period of existence thereof exceeds the Maximum Amount, Lenders shall refund to the Company the amount of such excess or credit the amount of such excess against the total principal amount owing, and, in such event, no Lender shall be subject to any penalties provided by any Applicable Laws for contracting for, charging or receiving interest in excess of the Maximum Amount. This Section 10.9 shall control every otherother provision of all agreements among the parties to this Agreement pertaining to the transactions contemplated by or contained in the Loan Papers.

Appears in 1 contract

Samples: Credit Agreement (Petsmart Inc)

Rate Provision. It is not the intention of any party to any Loan Papers to make an agreement violative of the Applicable Laws of any applicable jurisdiction relating to usury. In no event shall the Company Borrower or any of its Subsidiaries other Person be obligated to pay any amount in excess of the Maximum Amount. If any the Lender ever receives, collects or applies, as interest, any such excess, such amount which would be excessive interest shall be deemed a partial repayment of principal and treated hereunder as such; and if principal is paid in full, any remaining excess shall be paid to Borrower or the Companyother Person entitled thereto. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Maximum Amount, the Company Borrower and Lenders Lender shall, to the maximum extent permitted under Applicable LawsLaw, (ia) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (iib) exclude voluntary prepayments and the effect thereof, and (iiic) amortize, prorate, allocate and 37 spread in equal parts, the total amount of interest throughout the entire contemplated term of the Obligation Obligations so that the interest rate is uniform throughout the entire term of the ObligationObligations; provided that that, if the Obligation is Obligations are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Amount, Lenders Lender shall refund to the Company Borrower the amount of such excess or credit the amount of such excess against the total principal amount owing, and, in such event, no Lender shall not be subject to any penalties provided by any Applicable Laws for contracting for, charging or receiving interest in excess of the Maximum Amount. This Section 10.9 9.08 shall control every otherother provision of all agreements among the parties to the Loan Papers pertaining to the transactions contemplated by or contained in the Loan Papers.

Appears in 1 contract

Samples: Equipment Revolving Loan Agreement (Franchise Finance Corp of America)

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Rate Provision. It is not the intention of any party to any Loan Papers to make an agreement violative of the Applicable Laws of any applicable jurisdiction relating to usury. In no event shall the Company or any of its Subsidiaries be obligated to pay any amount in excess of the Maximum Amount. If any Lender ever receives, collects or applies, as interest, any such excess, such amount which would be excessive interest shall be deemed a partial repayment of principal and treated hereunder as such; and if principal is paid in full, any remaining excess shall be paid to the Company. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Maximum Amount, the Company and Lenders shall, to the maximum extent permitted under Applicable Laws, (i) characterize any nonprincipal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effect thereof, and (iii) amortize, prorate, allocate and spread in equal parts, the total amount of interest throughout the entire contemplated term of the Obligation so that the interest rate is uniform throughout the entire term of the Obligation; provided that 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 actual period of existence thereof exceeds the Maximum Amount, Lenders shall refund to the Company the amount of such excess or credit the amount of such excess against the total principal amount owing, and, in such event, no Lender shall be subject to any penalties provided by any Applicable Laws for contracting for, charging or receiving interest in excess of the Maximum Amount. This Section 10.9 shall control every othershall

Appears in 1 contract

Samples: Credit Agreement (Petsmart Inc)

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