4Interest Rate Limitation Sample Clauses
4Interest Rate Limitation. The Parties intend to strictly comply with all applicable federal and State of New York laws, including applicable usury laws. Accordingly, the provisions of this Section 1.4 shall govern and control over every other provision of this Agreement or any of the Transaction Documents which conflict or are inconsistent with this Section 1.4, even if such provision declares that it controls. As used in this Section, the term “interest” includes the aggregate of all charges, fees, benefits or other compensation which [PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] constitute interest under applicable Law, provided that, to the maximum extent permitted by applicable Law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, charged or received shall be amortized, prorated, allocated and spread, using the actuarial method, during the entire Term. In no event shall ESCO or any other Person be obligated to pay, or either of Originator or EDFT NA have any right or privilege to reserve, receive or retain, any interest in excess of the Maximum Lawful Rate. The daily interest rates to be used in calculating interest at the Maximum Lawful Rate shall be determined by dividing the applicable Maximum Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in any Transaction Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 1.4, or be construed to create a contract to pay for the use, forbearance or detention of money at any interest rate in excess of the Maximum Lawful Rate. If the Term is shortened by reason of acceleration or maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason Originator at any time, including, but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Maximum Lawful Rate, then and in any such event all of any such excess interest shall be canceled automatically as of the date of such acceleration, prepayment or other event which produ...
4Interest Rate Limitation. If at any time and for any reason whatsoever, the interest rate payable on the Loan shall exceed the maximum rate of interest permitted to be charged by the Noteholder to the Borrower under applicable Law, such interest rate shall be reduced automatically to the maximum rate of interest permitted to be charged under applicable Law.
4Interest Rate Limitation. The Parties intend to strictly comply with all applicable federal and State of New York laws, including applicable usury laws. Accordingly, the provisions of this Section 1.4 shall govern and control over every other provision of this Agreement or any of the Transaction Documents which conflict or are inconsistent with this Section 1.4, even if such provision declares that it controls. As used in this Section, the term “interest” includes the DB1/ 102884396.4 aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable Law, provided that, to the maximum extent permitted by applicable Law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, charged or received shall be amortized, prorated, allocated and spread, using the actuarial method, during the entire Term. In no event shall ESCO or any other Person be obligated to pay, or EDF have any right or privilege to reserve, receive or retain, any interest in excess of the Maximum Lawful Rate. The daily interest rates to be used in calculating interest at the Maximum Lawful Rate shall be determined by dividing the applicable Maximum Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in any Transaction Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 1.4, or be construed to create a contract to pay for the use, forbearance or detention of money at any interest rate in excess of the Maximum Lawful Rate. If the Term is shortened by reason of acceleration or maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason EDF at any time, including, but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Maximum Lawful Rate, then and in any such event all of any such excess interest shall be canceled automatically as of the date of such acceleration, prepayment or other event which produces the excess, and, if such excess interest has been paid to EDF, it shall be credited pro tanto against the then-outstanding principal balance of ESCO’s obligations to EDF, effe...
4Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Credit Document, the interest paid or agreed to be paid under the Credit Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans without any premium, penalty or fee, or, if it exceeds such unpaid principal, refunded to Borrowers. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than 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 contemplated term of the Obligations hereunder, in each case without any penalty, premium or fee.