Common use of Legal Rate Clause in Contracts

Legal Rate. Notwithstanding anything in this Agreement or any Loan Document to the contrary, if at any time the interest rate applicable to the Notes, together with all fees and charges which are treated as interest under applicable law (collectively, the "Charges"), as provided for in this Agreement or in any other document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by the Administrative Agent, on behalf of the Lenders, shall exceed the maximum lawful rate (the "Legal Rate") which may be contracted for, charged, taken, received or reserved by the Administrative Agent, on behalf of the Lenders in accordance with applicable law, the rate of interest payable under such Notes, together with all Charges payable, shall be limited to the Legal Rate and any interest or Charges not so charged, taken, received or reserved by Administrative Agent, on behalf of the Lenders at such time shall be spread, prorated or amortized over the term of such Notes to the fullest extent permitted by law.

Appears in 1 contract

Samples: Revolving Credit Agreement (Rait Investment Trust)

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Legal Rate. Notwithstanding anything in this Credit Agreement or any Loan Document to the contrary, if at any time the interest rate applicable to the Notes, together with all fees and charges which are treated as interest under applicable law (collectively, the "Charges"), as provided for in this Credit Agreement or in any other document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by the Administrative Lead Agent, on behalf of the LendersBanks, shall exceed the maximum lawful rate (the "Legal Rate") which may be contracted for, charged, taken, received or reserved by the Administrative Lead Agent, on behalf of the Lenders Banks in accordance with applicable law, the rate of interest payable under such Notes, together with all Charges payable, shall be limited to the Legal Rate and any interest or Charges not so charged, taken, received or reserved by Administrative Lead Agent, on behalf of the Lenders Banks at such time shall be spread, prorated or amortized over the term of such Notes to the fullest extent permitted by law.

Appears in 1 contract

Samples: Revolving Credit Agreement (Trinet Corporate Realty Trust Inc)

Legal Rate. Notwithstanding anything in this Agreement or any Loan Document to the contrary, if at any time the interest rate applicable to the Notes, together with all fees and charges which are treated as interest under applicable law (collectively, the "Charges"), as provided for in this Agreement or in any other document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by the Administrative Agent, on behalf of the Lenders, shall exceed the maximum lawful rate (the "Legal Rate") which may be contracted for, charged, taken, received or reserved by the Administrative Agent, on behalf of the Lenders in accordance with applicable law, the rate of interest payable under such Notes, together with all Charges payable, shall be limited to the Legal Rate and any interest or Charges not so charged, taken, received or reserved by Administrative Agent, on behalf of the Lenders at such time shall be spread, prorated or amortized over the term of such Notes to the fullest extent permitted by law.

Appears in 1 contract

Samples: Revolving Credit Agreement (Northstar Realty)

Legal Rate. Notwithstanding anything in this Credit ---------- Agreement or any Loan Document to the contrary, if at any time the interest rate applicable to the Notes, together with all fees and charges which are treated as interest under applicable law (collectively, the "Charges"), as provided for ------- in this Credit Agreement or in any other document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by the Administrative Lead Agent, on behalf of the LendersBanks, shall exceed the maximum lawful rate (the "Legal Rate") which may be contracted for, charged, taken, received or ---------- reserved by the Administrative Lead Agent, on behalf of the Lenders Banks in accordance with applicable law, the rate of interest payable under such Notes, together with all Charges payable, shall be limited to the Legal Rate and any interest or Charges not so charged, taken, received or reserved by Administrative Lead Agent, on behalf of the Lenders Banks at such time shall be spread, prorated or amortized over the term of such Notes to the fullest extent permitted by law.

Appears in 1 contract

Samples: Revolving Credit Agreement (Trinet Corporate Realty Trust Inc)

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Legal Rate. Notwithstanding anything in this Credit Agreement or any Loan Document to the contrary, if at any time the interest rate applicable to the Notes, together with all fees and charges which are treated as interest under applicable law (collectively, the "Charges"), as provided for in this Credit Agreement or in any other document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by the Administrative Lead Agent, on behalf of the LendersBanks, shall exceed the maximum lawful rate (the "Legal Rate") which may be contracted for, charged, taken, received or reserved by the Administrative Lead Agent, on behalf of the Lenders Banks in accordance with applicable law, the rate of interest payable under such Notes, together with all Charges payable, shall be limited to the Legal Rate and any interest or Charges not so charged, taken, received or reserved by Administrative Lead Agent, on behalf of the Lenders Banks at such time shall be spread, prorated or amortized over the term of such Notes to the fullest extent permitted by law.

Appears in 1 contract

Samples: Revolving Credit Agreement (Trinet Corporate Realty Trust Inc)

Legal Rate. Notwithstanding anything in this Credit Agreement or any Loan Document to the contrary, if at any time the interest rate applicable to the Notes, together with all fees and charges which are treated as interest under applicable law (collectively, the "Charges"), as provided for in this Credit Agreement or in any other document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by the Administrative Agent, on behalf of the LendersBanks, shall exceed the maximum lawful rate (the "Legal Rate") which may be contracted for, charged, taken, received or reserved by the Administrative Agent, on behalf of the Lenders Banks in accordance with applicable law, the rate of interest payable under such Notes, together with all Charges payable, shall be limited to the Legal Rate and any interest or Charges not so charged, taken, received or reserved by Administrative the Agent, on behalf of the Lenders Banks at such time shall be spread, prorated or amortized over the term of such Notes to the fullest extent permitted permit xxx by law.

Appears in 1 contract

Samples: Credit Agreement (Price Reit Inc)

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