Common use of Maximum Charges Clause in Contracts

Maximum Charges. Notwithstanding any provision contained in this Agreement or any of the other Loan Documents, in no contingency or event whatsoever shall the aggregate of all amounts that are contracted for, charged or collected pursuant to the terms of this Agreement or any of the other Loan Documents and that are deemed interest under applicable law exceed that highest rate permissible under any applicable law. No agreements, conditions, provisions or stipulations contained in this Agreement or any of the other Loan Documents or the exercise by Finova of the right to accelerate the payment or maturity of all or any portion of the Obligations, or the exercise of any option whatsoever contained in any of the Loan Documents, or the prepayment by Borrower of any of the Obligations, or the occurrence of any contingency whatsoever, shall entitle Finova to charge or receive in any event, interest or any charges, amounts, premiums or fees deemed interest by applicable law (such interest, charges, amounts, premiums and fees referred to in this Section 2.16 collectively as Interest) in excess of the Maximum Rate and in no event shall Borrower be obligated to pay Interest exceeding the Maximum Rate, and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrower to pay Interest exceeding the Maximum Rate shall be without binding force or effect, at law or in equity, to the extent only of the excess of Interest over the Maximum Rate. If any Interest is charged or received in excess of the Maximum Rate (Excess), Borrower acknowledges and stipulates that any such charge or receipt shall be the result of an accident and bona fide error, and such Excess, to the extent received, shall be applied first to reduce the principal Obligations and the balance, if any, returned to Borrower, it being the intent of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. The right to accelerate the maturity of any of the Obligations does not include the right to accelerate any interest that has not otherwise accrued on the date of such acceleration, and Finova does not intend to collect any unearned interest in the event of any such acceleration. Borrower recognizes that, with fluctuations in the rates of interest set forth in Section 2.6 and the Maximum Rate, such an unintentional result could inadvertently occur but for the agreements of the parties to limit interest to the Maximum Rate and to apply, credit or return any Excess as provided herein. All monies paid to Finova hereunder or under any of the other Loan Document, whether at maturity or by prepayment, shall be subject to any rebate of unearned interest as and to the extent required by applicable law. By the execution of this Agreement, Borrower covenants that (a) the credit or return of any Excess shall constitute the acceptance by Borrower of such Excess, and (b) Borrower shall not seek or pursue any other remedy, legal or equitable, against Finova, based in whole or in part upon contracting for, charging or receiving any Interest in excess of the Maximum Rate. For the purpose of determining whether or not any Excess has been contracted for, charged or received by Finova, all Interest at any time contracted for, charged or received from Borrower in connection with this Agreement shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Obligations. Borrower and Finova shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as Interest and (b) exclude voluntary prepayments and the effects thereof. The provisions of this Section 2.16 shall be deemed to be incorporated into every Loan Document (whether or not any provision of this Section 2.16 is referred to therein). All such Loan Documents and communications relating to any Interest owed by Borrower and all figures set forth therein shall, for the sole purpose of computing the extent of the Obligations, be automatically recomputed by Borrower, and by any court considering the same, to give effect to the adjustments or credits required by this Section 2.16. Notwithstanding any provisions contained in this Agreement or any of the other Loan Documents providing that interest is to be computed on the basis of a 360 day year, interest shall never exceed the Maximum Rate computed on the basis of a 365 or 366 year, as the case may be. In no event shall Borrower be obligated to pay any of the fees payable under this Agreement to the extent that the amount of such fees otherwise payable under such sections, when added to the amount of interest charged under Section 2.6 or otherwise, would result in the assessment or collection of sums deemed to be Interest in excess of the Maximum Rate (it being the express intent and understanding of the parties hereto that such fees not constitute interest or a charge for the use or detention of money).

Maximum Charges. Notwithstanding any provision contained in this Agreement or any of the other Loan Documents, in no contingency or event whatsoever shall the aggregate of all amounts that are contracted for, charged or collected pursuant to the terms of this Agreement or any of the other Loan Documents and that are deemed interest under applicable law exceed that highest rate permissible under any applicable law. No agreements, conditions, provisions or stipulations contained in this Agreement or any of the other Loan Documents or the exercise by Finova Lender of the right to accelerate the payment or maturity of all or any portion of the Obligations, or the exercise of any option whatsoever contained in any of the Loan Documents, or the prepayment by Borrower of any of the Obligations, or the occurrence of any contingency whatsoever, shall entitle Finova Lender to charge or receive in any event, interest or any charges, amounts, premiums or fees deemed interest by applicable law (such interest, charges, amounts, premiums and fees referred to in this Section 2.16 collectively as Interest) in excess of the Maximum Rate and in no event shall Borrower be obligated to pay Interest exceeding the Maximum Rate, and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrower to pay Interest exceeding the Maximum Rate shall be without binding force or effect, at law or in equity, to the extent only of the excess of Interest over the Maximum Rate. If any Interest is charged or received in excess of the Maximum Rate (Excess), Borrower acknowledges and stipulates that any such charge or receipt shall be the result of an accident and bona fide error, and such Excess, to the extent received, shall be applied first to reduce the principal Obligations and the balance, if any, returned to Borrower, it being the intent of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. The right to accelerate the maturity of any of the Obligations does not include the right to accelerate any interest that has not otherwise accrued on the date of such acceleration, and Finova Lender does not intend to collect any unearned interest in the event of any such acceleration. Borrower recognizes that, with fluctuations in the rates of interest set forth in Section 2.6 above and the Maximum Rate, such an unintentional result could inadvertently occur but for the agreements of the parties to limit interest to the Maximum Rate and to apply, credit or return any Excess as provided herein. All monies paid to Finova Lender hereunder or under any of the other Loan Document, whether at maturity or by prepayment, shall be subject to any rebate of unearned interest as and to the extent required by applicable law. By the execution of this Agreement, Borrower covenants that (a) the credit or return of any Excess shall constitute the acceptance by Borrower of such Excess, and (b) Borrower shall not seek or pursue any other remedy, legal or equitable, against FinovaLender, based in whole or in part upon contracting for, charging or receiving any Interest in excess of the Maximum Rate. For the purpose of determining whether or not any Excess has been contracted for, charged or received by FinovaLender, all Interest at any time contracted for, charged or received from Borrower in connection with this Agreement shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Obligations. Borrower and Finova Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as Interest and (b) exclude voluntary prepayments and the effects thereof. The provisions of this Section 2.16 shall be deemed to be incorporated into every Loan Document (whether or not any provision of this Section 2.16 is referred to therein). All such Loan Documents and communications relating to any Interest owed by Borrower and all figures set forth therein shall, for the sole purpose of computing the extent of the Obligations, be automatically recomputed by Borrower, and by any court considering the same, to give effect to the adjustments or credits required by this Section 2.16Section. Notwithstanding any provisions contained in this Agreement or any of the other Loan Documents providing that interest is to be computed on the basis of a 360 day year, interest shall never exceed the Maximum Rate computed on the basis of a 365 or 366 year, as the case may be. In no event shall Borrower be obligated to pay any of the fees payable under this Agreement to the extent that the amount of such fees otherwise payable under such sections, when added to the amount of interest charged under Section 2.6 hereunder or otherwise, would result in the assessment or collection of sums deemed to be Interest in excess of the Maximum Rate (it being the express intent and understanding of the parties hereto that such fees not constitute interest or a charge for the use or detention of money).

Maximum Charges. Notwithstanding It is the intention of the parties to comply strictly with applicable usury laws. Accordingly, notwithstanding any provision contained to the contrary in this Agreement or any of the other Loan Other Documents, in no contingency event shall any Obligations require the payment or event whatsoever shall permit the aggregate payment, taking, reserving, receiving, collection or charging of all amounts any sums constituting interest under Applicable Laws that are exceed the maximum amount permitted by such laws, as the same may be amended or modified from time to time (the “Maximum Rate”). If any such excess interest is called for, contracted for, charged charged, taken, reserved or collected pursuant to the terms of this Agreement received in connection herewith or therewith, or in any communication by Agent, any Lender or any of the other Loan Documents and that are deemed interest under applicable law exceed that highest rate permissible under Person to Borrower, any applicable law. No agreements, conditions, provisions or stipulations contained in this Agreement Guarantor or any of the other Loan Documents or the exercise by Finova of the right to accelerate the payment or maturity of all or any portion of Person liable for the Obligations, or in the exercise event that all or part of any option whatsoever contained in the principal or interest hereof or thereof shall be prepaid or accelerated, so that under any of such circumstances or under any other circumstance whatsoever the Loan Documentsamount of interest contracted for, charged, taken, reserved or received on the prepayment by Borrower amount of principal actually outstanding from time to time under the Obligations shall exceed the Maximum Rate, then in such event it is agreed that: (a) the provisions of this paragraph shall govern and control; (b) neither Borrower, any Guarantor nor any other Person now or hereafter liable for the payment of any of the Obligations, or Obligations shall be obligated to pay the occurrence amount of any contingency whatsoever, shall entitle Finova such interest to charge or receive in any event, interest or any charges, amounts, premiums or fees deemed interest by applicable law (such interest, charges, amounts, premiums and fees referred to in this Section 2.16 collectively as Interest) the extent it is in excess of the Maximum Rate Rate; (c) any such excess interest which is or has been received by Agent or any Lender, notwithstanding this paragraph, shall be credited against the then unpaid principal balance of the Obligations (or, if the principal amount of the Obligations shall have been paid in full, refunded by Lenders to the party primarily liable on the Obligation, and in no event each Lender shall refund its pro rat share of such interest); and (d) the provisions of this Agreement and the Obligations, and any other communication to Borrower or any Guarantor, shall immediately be obligated deemed reformed and such excess interest reduced, without the necessity of executing any other document, to pay Interest exceeding the Maximum Rate, and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrower to pay Interest exceeding the Maximum Rate shall be without binding force or effect, at law or in equity, to the extent only of the excess of Interest over the Maximum Rate. If any Interest is charged or received in excess of the Maximum Rate (Excess), Borrower acknowledges and stipulates that any such charge or receipt shall be the result of an accident and bona fide error, and such Excess, to the extent received, shall be applied first to reduce the principal Obligations and the balance, if any, returned to Borrower, it being the intent of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. The right to accelerate the maturity of any of the Obligations does not include the right to accelerate any accelerate, collect or charge unearned interest, but only such interest that has not otherwise accrued on as of the date of such acceleration, and Finova does not intend to collect any unearned interest in the event of any such acceleration. Borrower recognizes thatWithout limiting the foregoing, with fluctuations in all calculations of the rates rate of interest set forth contracted for, charged, taken, reserved or received in Section 2.6 and the Maximum Rate, such an unintentional result could inadvertently occur but for the agreements of the parties to limit interest to the Maximum Rate and to apply, credit or return any Excess as provided herein. All monies paid to Finova hereunder or under connection with any of the other Loan Document, whether at maturity or by prepayment, shall be subject to any rebate of unearned interest as and to the extent required by applicable law. By the execution of this Agreement, Borrower covenants that (a) the credit or return of any Excess shall constitute the acceptance by Borrower of such Excess, and (b) Borrower shall not seek or pursue any other remedy, legal or equitable, against Finova, based in whole or in part upon contracting for, charging or receiving any Interest in excess of the Maximum Rate. For Obligations which are made for the purpose of determining whether such rate exceeds the Maximum Rate shall be made to the extent permitted by Applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of such Obligations, including all prior and subsequent renewals and extensions hereof or not any Excess has been contracted for, charged or received by Finovathereof, all Interest interest at any time contracted for, charged charged, taken, reserved or received from Borrower in connection with this Agreement shall, to by Agent or any Lender. To the extent permitted by applicable lawthat either Chapter 303 or 306, be amortizedor both, prorated, allocated and spread in equal parts throughout the full term of the Obligations. Borrower and Finova shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as Interest and (b) exclude voluntary prepayments and the effects thereof. The provisions of this Section 2.16 shall be deemed to be incorporated into every Loan Document (whether or not any provision of this Section 2.16 is referred to therein). All such Loan Documents and communications relating to any Interest owed by Borrower and all figures set forth therein shall, for the sole purpose of computing the extent of the Obligations, be automatically recomputed by Borrower, and by any court considering the same, to give effect to the adjustments or credits required by this Section 2.16. Notwithstanding any provisions contained Texas Finance Code apply in this Agreement or any of the other Loan Documents providing that interest is to be computed on the basis of a 360 day year, interest shall never exceed determining the Maximum Rate computed on Rate, Agent and Lenders hereby elect to determine the basis of a 365 or 366 yearapplicable rate ceiling by using the weekly ceiling from time to time in effect, subject to Agent’s right subsequently to change Amended & Restated Credit Agreement such method in accordance with Applicable Law, as the case same may be. In no event shall Borrower be obligated amended or modified from time to pay any of the fees payable under this Agreement to the extent that the amount of such fees otherwise payable under such sections, when added to the amount of interest charged under Section 2.6 or otherwise, would result in the assessment or collection of sums deemed to be Interest in excess of the Maximum Rate (it being the express intent and understanding of the parties hereto that such fees not constitute interest or a charge for the use or detention of money)time.

Maximum Charges. Notwithstanding any provision contained in this Agreement or any of the other Loan Documents, in no contingency or event whatsoever shall the aggregate of all amounts that are contracted for, charged or collected pursuant to the terms of this Agreement or any of the other Loan Documents and that are deemed interest under applicable law exceed that highest rate permissible under any applicable law. No agreements, conditions, provisions or stipulations contained in this Agreement or any of the other Loan Documents or the exercise by Finova Fremont of the right to accelerate the payment or maturity of all or any portion of the Obligations, or the exercise of any option whatsoever contained in any of the Loan Documents, or the prepayment by Borrower Borrowers of any of the Obligations, or the occurrence of any contingency whatsoever, shall entitle Finova Fremont to charge or receive in any event, interest or any charges, amounts, premiums or fees deemed interest by applicable law (such interest, charges, amounts, premiums and fees referred to in this Section 2.16 collectively as Interest) in excess of the Maximum Rate and in no event shall Borrower Borrowers be obligated to pay Interest exceeding the Maximum Rate, and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrower Borrowers to pay Interest exceeding the Maximum Rate shall be without binding force or effect, at law or in equity, to the extent only of the excess of Interest over the Maximum Rate. If any Interest is charged or received in excess of the Maximum Rate (Excess), Borrower acknowledges Borrowers acknowledge and stipulates stipulate that any such charge or receipt shall be the result of an accident and bona fide error, and such Excess, to the extent received, shall be applied first to reduce the principal Obligations and the balance, if any, returned to BorrowerBorrowers, it being the intent of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. The right to accelerate the maturity of any of the Obligations does not include the right to accelerate any interest that has not otherwise accrued on the date of such acceleration, and Finova Fremont does not intend to collect any unearned interest in the event of any such acceleration. Borrower recognizes Borrowers recognize that, with fluctuations in the rates of interest set forth in Section 2.6 and the Maximum Rate, such an unintentional result could inadvertently occur but for the agreements of the parties to limit interest to the Maximum Rate and to apply, credit or return any Excess as provided herein. All monies paid to Finova Fremont hereunder or under any of the other Loan Document, whether at maturity or by prepayment, shall be subject to any rebate of unearned interest as and to the extent required by applicable law. By the execution of this Agreement, Borrower covenants Borrowers covenant that (a) the credit or return of any Excess shall constitute the acceptance by Borrower Borrowers of such Excess, and (b) Borrower Borrowers shall not seek or pursue any other remedy, legal or equitable, against FinovaFremont, based in whole or in part upon contracting for, charging or receiving any Interest in excess of the Maximum Rate. For the purpose of determining whether or not any Excess has been contracted for, charged or received by FinovaFremont, all Interest at any time contracted for, charged or received from Borrower Borrowers in connection with this Agreement shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Obligations. Borrower Borrowers and Finova Fremont shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as Interest and (b) exclude voluntary prepayments and the effects thereof. The provisions of this Section 2.16 shall be deemed to be incorporated into every Loan Document (whether or not any provision of this Section 2.16 is referred to therein). All such Loan Documents and communications relating to any Interest owed by Borrower and Borrxxxxx xxx all figures set forth therein shall, for the sole purpose of computing the extent of the Obligations, be automatically recomputed by BorrowerBorrxxxxx, and xxd by any court considering the same, to give effect to the adjustments or credits required by this Section 2.16. Notwithstanding any provisions contained in this Agreement or any of the other Loan Documents providing that interest is to be computed on the basis of a 360 day year, interest shall never exceed the Maximum Rate computed on the basis of a 365 or 366 year, as the case may be. In no event shall Borrower Borrowers be obligated to pay any of the fees payable under this Agreement to the extent that the amount of such fees otherwise payable under such sections, when added to the amount of interest charged under Section 2.6 or otherwise, would result in the assessment or collection of sums deemed to be Interest in excess of the Maximum Rate (it being the express intent and understanding of the parties hereto that such fees not constitute interest or a charge for the use or detention of money).

Maximum Charges. Notwithstanding It is the intention of the parties to comply strictly with applicable usury laws. Accordingly, notwithstanding any provision contained to the contrary in this Agreement or any of the other Loan Other Documents, in no contingency event shall any Obligations require the payment or event whatsoever shall permit the aggregate payment, taking, reserving, receiving, collection or charging of all amounts any sums constituting interest under Applicable Laws that are exceed the maximum amount permitted by such laws, as the same may be amended or modified from time to time (the “Maximum Rate”). If any such excess interest is called for, contracted for, charged charged, taken, reserved or collected pursuant to the terms of this Agreement received in connection herewith or therewith, or in any communication by Agent, any Lender or any of the other Loan Documents and that are deemed interest under applicable law exceed that highest rate permissible under Person to Borrower, any applicable law. No agreements, conditions, provisions or stipulations contained in this Agreement Guarantor or any of the other Loan Documents or the exercise by Finova of the right to accelerate the payment or maturity of all or any portion of Person liable for the Obligations, or in the exercise event that all or part of any option whatsoever contained in the principal or interest hereof or thereof shall be prepaid or accelerated, so that under any of such circumstances or under any other circumstance whatsoever the Loan Documentsamount of interest contracted for, charged, taken, reserved or received on the prepayment by Borrower amount of principal actually outstanding from time to time under the Obligations shall exceed the Maximum Rate, then in such event it is agreed that: (a) the provisions of this paragraph shall govern and control; (b) neither Borrower, any Guarantor nor any other Person now or hereafter liable for the payment of any of the Obligations, or Obligations shall be obligated to pay the occurrence amount of any contingency whatsoever, shall entitle Finova such interest to charge or receive in any event, interest or any charges, amounts, premiums or fees deemed interest by applicable law (such interest, charges, amounts, premiums and fees referred to in this Section 2.16 collectively as Interest) the extent it is in excess of the Maximum Rate Rate; (c) any such excess interest which is or has been received by Agent or any Lender, notwithstanding this paragraph, shall be credited against the then unpaid principal balance of the Obligations (or, if the principal amount of the Obligations shall have been paid in full, refunded by Lenders to the party primarily liable on the Obligation, and in no event each Lender shall refund its pro rat share of such interest); and (d) the provisions of this Agreement and the Obligations, and any other communication to Borrower or any Guarantor, shall immediately be obligated deemed reformed and such excess interest reduced, without the necessity of executing any other document, to pay Interest exceeding the Maximum Rate, and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrower to pay Interest exceeding the Maximum Rate shall be without binding force or effect, at law or in equity, to the extent only of the excess of Interest over the Maximum Rate. If any Interest is charged or received in excess of the Maximum Rate (Excess), Borrower acknowledges and stipulates that any such charge or receipt shall be the result of an accident and bona fide error, and such Excess, to the extent received, shall be applied first to reduce the principal Obligations and the balance, if any, returned to Borrower, it being the intent of the parties hereto not to enter at any time into a usurious or otherwise illegal relationship. The right to accelerate the maturity of any of the Obligations does not include the right to accelerate any accelerate, collect or charge unearned interest, but only such interest that has not otherwise accrued on as of the date of such acceleration, and Finova does not intend to collect any unearned interest in the event of any such acceleration. Borrower recognizes thatWithout limiting the foregoing, with fluctuations in all calculations of the rates rate of interest set forth contracted for, charged, taken, reserved or received in Section 2.6 and the Maximum Rate, such an unintentional result could inadvertently occur but for the agreements of the parties to limit interest to the Maximum Rate and to apply, credit or return any Excess as provided herein. All monies paid to Finova hereunder or under connection with any of the other Loan Document, whether at maturity or by prepayment, shall be subject to any rebate of unearned interest as and to the extent required by applicable law. By the execution of this Agreement, Borrower covenants that (a) the credit or return of any Excess shall constitute the acceptance by Borrower of such Excess, and (b) Borrower shall not seek or pursue any other remedy, legal or equitable, against Finova, based in whole or in part upon contracting for, charging or receiving any Interest in excess of the Maximum Rate. For Obligations which are made for the purpose of determining whether such rate exceeds the Maximum Rate shall be made to the extent permitted by Applicable Laws by amortizing, prorating, allocating and spreading during the period of the full term of such Obligations, including all prior and subsequent renewals and extensions hereof or not any Excess has been contracted for, charged or received by Finovathereof, all Interest interest at any time contracted for, charged charged, taken, reserved or received from Borrower in connection with this Agreement shall, to by Agent or any Lender. To the extent permitted by applicable lawthat either Chapter 303 or 306, be amortizedor both, prorated, allocated and spread in equal parts throughout the full term of the Obligations. Borrower and Finova shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as Interest and (b) exclude voluntary prepayments and the effects thereof. The provisions of this Section 2.16 shall be deemed to be incorporated into every Loan Document (whether or not any provision of this Section 2.16 is referred to therein). All such Loan Documents and communications relating to any Interest owed by Borrower and all figures set forth therein shall, for the sole purpose of computing the extent of the Obligations, be automatically recomputed by Borrower, and by any court considering the same, to give effect to the adjustments or credits required by this Section 2.16. Notwithstanding any provisions contained Texas Finance Code apply in this Agreement or any of the other Loan Documents providing that interest is to be computed on the basis of a 360 day year, interest shall never exceed determining the Maximum Rate computed on Rate, Agent and Lenders hereby elect to determine the basis of a 365 or 366 yearapplicable rate ceiling by using the weekly ceiling from time to time in effect, subject to Agent’s right subsequently to change such method in accordance with Applicable Law, as the case same may be. In no event shall Borrower be obligated amended or modified from time to pay any of the fees payable under this Agreement to the extent that the amount of such fees otherwise payable under such sections, when added to the amount of interest charged under Section 2.6 or otherwise, would result in the assessment or collection of sums deemed to be Interest in excess of the Maximum Rate (it being the express intent and understanding of the parties hereto that such fees not constitute interest or a charge for the use or detention of money)time.