Tranche A Facility. (A) (i) The Tranche A Loan will accrue a finance charge on the Average Daily Balance thereof, from and including the Tranche A Loan Commencement Date to and including February 28, 2003, at a per annum rate equal to the lesser of (a) the Tranche A Loan Finance Charge and (b) the highest rate from time to time permitted by applicable law. If it is determined that the amounts received from Tranche A Borrower or a Tranche A Guarantor pursuant to this subclause (A) shall otherwise be in excess of the highest rate permitted by applicable law, then the amount representing such excess shall be considered reductions to principal of Loans.
Appears in 2 contracts
Sources: Term Credit Agreement (Applied Digital Solutions Inc), Term Credit Agreement (Digital Angel Share Trust)