Common use of General Provisions Relating to Interest Clause in Contracts

General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the usury Laws of the State of Texas and the United States of America and, in this connection, there shall never be collected, charged or received on any sums advanced hereunder interest in excess of the Maximum Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated (weekly) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loans, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate and the obligation of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Rate until such time as there has been paid to each Bank (a) the amount of interest in excess of the Maximum Rate that such Bank would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, and (b) all interest and fees otherwise due to such Bank but for the effect of such Limitation Period. If under any circumstances the aggregate amounts paid on the Notes or under this Agreement include amounts which by Law are deemed interest and which would exceed the amount permitted if the Maximum Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, and each Bank shall promptly refund the amount of such excess (to the extent only of such interest payments above the Maximum Rate which could lawfully have been collected and retained) upon discovery of such error by such Bank or notice thereof from the Borrower.

Appears in 6 contracts

Samples: Credit Agreement (Ultra Petroleum Corp), Revolving Credit Agreement (Energy Partners LTD), Term and Revolving Credit Agreement (Continental Resources Inc)

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General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the all applicable usury Laws of the State of Texas and the United States of America and, in laws. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated . (weeklyb) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loans, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the each Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of Americalaw, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to the Agent and each Bank Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to the Agent and such Bank Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law applicable law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the each Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws of the State of Texas or the United States of Americalaw, the result of mathematical error on the part of both such Borrower, the Borrower Agent, and the Banks, Lenders; and each Bank the party receiving such excess shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank party or notice thereof from such Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable law may never exceed the Highest Lawful Rate, and excess amounts paid which by applicable law are deemed interest, if any, shall be credited by the Agent and the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to such Borrower. (d) All sums paid, or agreed to be paid, to the Agent and the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 4 contracts

Samples: Credit Agreement (KCS Energy Inc), Credit Agreement (KCS Energy Inc), Credit Agreement (KCS Energy Inc)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes The Borrower agrees that, to the extent the Highest Lawful Rate is determined with reference to the laws of the State to Texas, the Highest Lawful Rate shall be the “weekly” rate as defined in Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated (weekly) rate ceiling" as defined in said Chapter, provided that the Bank Agent or any Lender may, at its election, substitute for the “weekly” rate the “annualized” or “quarterly” rate, as such terms are defined in the aforesaid statute, upon the giving of notices provided for in such statute and effective upon the giving of such notices. The Agent and each Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansAgent or the relevant Lender, if greater. . (b) Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes held by any affected Lenders shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder on amounts evidenced by the Notes held by any affected Lenders shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank applicable Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower Borrower, the Agent, and the Banks, Lenders; and each Bank the party receiving such excess shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank party or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed that payable on the basis of the Highest Lawful Rate, and excess amounts paid which by law are deemed interest, if any, shall be credited by the Agent and the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Agent and the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 3 contracts

Samples: Credit Agreement (Primeenergy Corp), Credit Agreement (Lucas Energy, Inc.), Credit Agreement (Gastar Exploration LTD)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amendedCode (Vernon's 1999), the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 3 contracts

Samples: Credit Agreement (Exploration Co of Delaware Inc), Credit Agreement (Harken Energy Corp), Credit Agreement (Tradestar Services, Inc.)

General Provisions Relating to Interest. All Loans hereunder and outstanding from time to time shall bear interest at the rate prescribed in the Revolving Note, as applicable, calculated on the basis of a year of three hundred sixty (360) days from the date of advance to, but not including, the date of repayment. It is the intention of the parties hereto to comply strictly with the usury Laws of the State of Texas and the United States of America and, in this connection, there shall never be collected, charged or received on any sums advanced hereunder interest in excess of the Maximum Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated (weekly) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the LoansBank, if greater. Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate and the obligation of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Rate until such time as there has been paid to each the Bank (a) the amount of interest in excess of the Maximum Rate that such the Bank would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, and (b) all interest and fees otherwise due to such the Bank but for the effect of such Limitation Period. If under any circumstances the aggregate amounts paid on the Notes Note or under this Agreement include amounts which by Law are deemed interest and which would exceed the amount permitted if the Maximum Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the BanksBank, and each the Bank shall promptly refund the amount of such excess (to the extent only of such interest payments above the Maximum Rate which could lawfully have been collected and retained) upon discovery of such error by such the Bank or notice thereof from the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Tengasco Inc), Loan Agreement (Venus Exploration Inc)

General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the applicable usury Laws of the State of Texas as in effect from time to time; and the United States of America and, in this connection, there shall never be taken, reserved, contracted for, collected, charged or received on any sums advanced hereunder Loan or any other Obligation interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance CodeArticles 5069-1D and 0000-0X, Xxxxxx'x XXXXX CIVIL STATUTES, as amended, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) weekly rate ceiling" as defined in said Chaptersuch article, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, on alternative maximum rates of interest under such other applicable Laws of the State of Texas or the United States of America applicable to the LoansLaws, if greater. Notwithstanding anything herein or in the Notes Note or the other Loan Documents to the contrary, if during any Limitation Period the calculation of interest at the rate otherwise due to the Lender would result in interest in excess of that which would accrue at the Highest Lawful Rate, then during such Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Obligations shall be the Maximum Rate Highest Lawful Rate, and the obligation requirement of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law the payment of other amounts, if any, constituting interest, shall be suspendedsuspended only to the extent that such fees are, when added to interest accruing on the Note and other Obligations, if any, in excess of the Highest Lawful Rate. During any period or periods of time following a Limitation Period, to the extent permitted by Laws applicable Laws of to the State of Texas or the United States of AmericaLender, the interest rate to be charged hereunder on the Obligations shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender: (a) the amount of interest in excess of the Maximum amount accruing at the Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period if the otherwise applicable rate had the interest rate remained been in effect at the relevant rates specified in the Note, all times and (b) all interest and fees otherwise due payable to such Bank but for the Lender hereunder as if the otherwise applicable rate had been in effect of at all times during such Limitation Period. If under any circumstances the aggregate amounts amount paid on the Notes or under this Agreement include Obligations includes amounts which that are by Law are deemed to be interest and which would exceed the amount permitted if Highest Lawful Rate (the Maximum Rate were in effect"EXCESS INTEREST"), the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, the result of mathematical error on the part of both the Borrower and the BanksLender, and each Bank the Lender shall promptly refund credit the amount of such excess (interest on the principal amount of the outstanding Obligations, or if the principal amount of the Obligations shall have been paid in full, refund the excess interest to the Borrower. In the event that the maturity of the Note is accelerated by reason of an election of the Lender resulting from any Event of Default or by reason of operation of Subsection 7.3(a), or in the event of any prepayment, then such consideration that constitutes interest under Laws applicable to the Lender may never exceed the Highest Lawful Rate, and excess interest, if any, provided for in the Note, this Agreement or otherwise shall be cancelled automatically by the Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded by the Lender to the Borrower. All sums paid, or agreed to be paid, to the Lender for the use, forbearance, and detention of the proceeds of the Loans shall, to the extent only permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full term of such the Obligations until paid in full so that the actual rate of interest payments above is uniform, but does not exceed the Maximum Rate which could lawfully have been collected and retained) upon discovery of such error by such Bank or notice thereof from Highest Lawful Rate, throughout the Borrowerfull term hereof.

Appears in 2 contracts

Samples: Credit Agreement (Esenjay Exploration Inc), Credit Agreement (Frontier Natural Gas Corp)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the all applicable usury Laws of the State of Texas and the United States of America and, in laws. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance CodeTex. Fin. Code Xxx. § 303.301 (Vernon’s 1998), as amended, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Chaptersuch Article, provided that the Bank Administrative Agent and the Lenders may also rely rely, to the extent permitted by applicable Laws of the State of Texas or the United States of Americalaws, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loanslaws, if greater. . (b) Notwithstanding anything herein or in the Notes other Loan Documents to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Loan Documents shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of Americalaws, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to the Administrative Agent and each Bank Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to the Administrative Agent and such Bank Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws of the State of Texas or the United States of Americalaws, the result of mathematical error on the part of both the Borrower Borrower, the Administrative Agent, and the Banks, Lenders; and each Bank the party receiving such excess shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank party or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Administrative Agent and the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Administrative Agent and the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 2 contracts

Samples: Debt Agreement (Swift Energy Co), Debt Agreement (Swift Energy Co)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 10 of the Subtitle 1 of Title 79, Texas Finance Code, as amendedRevised Civil Statutes, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 2 contracts

Samples: Credit Agreement (Dril-Quip Inc), Credit Agreement (Dril-Quip Inc)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes The Borrower agrees that, to the extent the Highest Lawful Rate is determined with reference to the laws of the State to Texas, the Highest Lawful Rate shall be the “weekly” rate as defined in Chapter 303 of the Texas Finance Code, as amendedprovided, the Borrower agrees however, that the maximum Lender may, at its election, substitute for the “weekly” rate to be charged shall be the "indicated (weekly) rate ceiling" “annualized” or “quarterly” rate, as such terms are defined in said Chapterthe aforesaid statute, upon the giving of notices provided that for in such statute and effective upon the Bank giving of such notices. The Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder on amounts evidenced by the Note shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed that payable on the basis of the Highest Lawful Rate, and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 2 contracts

Samples: Credit Agreement (Evolution Petroleum Corp), Credit Agreement (Cross Border Resources, Inc.)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amendedCode (Vernon's 1999), the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate weekly ceiling" as defined in said such Chapter, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 2 contracts

Samples: Credit Agreement (Contango Oil & Gas Co), Credit Agreement (Contango Oil & Gas Co)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas to the extent applicable to each Lender and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 Tex. Fin. Code Xxx. Section 303.301 (Xxxxxx 1998), each of the Texas Finance Code, as amended, the Borrower Borrowers agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Chaptersuch Article, provided that the Bank Agent and the Lenders may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or other states or the United States of America applicable to the LoansAgent and/or such Lender, if greater. . (b) Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower Borrowers for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or other states or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to the Agent for the account of each Bank Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Agent and the Lenders would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Agent and the Lenders but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, each of the Borrower Borrowers stipulates that such payment and collection will have been and will be deemed to have been, to the greatest extent permitted by applicable Laws laws of the State of Texas any other applicable states' laws or the United States of America, the result of mathematical error on the part of both the a Borrower and the Banks, Agent and each Bank the Lenders; and the Agent and the Lenders shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Agent and the Lenders or notice thereof from a Borrower. In the Borrowerevent that the maturity of any Obligation is accelerated, by reason of an election by the Agent and the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrowers. (d) All sums paid, or agreed to be paid, to the Agent and the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 2 contracts

Samples: Credit Agreement (Edge Petroleum Corp), Credit Agreement (Edge Petroleum Corp)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance CodeArticle 5069-1.04, Vernon's TEXAS CIVIL STATUTES, as amended, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Chaptersuch Article, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 2 contracts

Samples: Credit Agreement (Egan Hub Partners Lp), Credit Agreement (Domain Energy Corp)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas New York and the United States of America and, in America. In this connection, there shall never be collected, charged or received on any the sums advanced hereunder plus the amount of the original issue discount interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated . (weeklyb) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loans, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower Borrowers for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank applicable Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, otherwise applicable rate and (bii) all interest and fees otherwise due payable to such Bank Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates Borrowers stipulate that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas New York or the United States of America, the result of mathematical error on the part of both the Borrower Borrowers, the Agent and the Banks, Lenders; and each Bank the party receiving such excess shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank party or notice thereof from the Borrowers. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed that payable on the basis of the Highest Lawful Rate, and excess amounts paid which by law are deemed interest, if any, shall be credited by the Agent and the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Agent and the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 2 contracts

Samples: Term Loan Agreement (Royale Energy Holdings, Inc.), Term Loan Agreement (Royale Energy Holdings, Inc.)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, Code (Vernon's 1999) the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lenders may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLenders, if greater. . (b) Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lenders (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lenders would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lenders but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lenders; and each Bank the Lenders shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lenders or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Harken Energy Corp)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes The Borrower agrees that, to the extent the Highest Lawful Rate is determined with reference to the laws of the State to Texas, the Highest Lawful Rate shall be the “weekly” rate as defined in Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated Code (weekly) rate ceiling" as defined in said ChapterVernon’s 1999), provided that the Bank Lender may, at its election, substitute for the “weekly” rate the “annualized” or “quarterly” rate, as such terms are defined in the aforesaid statute, upon the giving of notices provided for in such statute and effective upon the giving of such notices. The Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Notes, or any of them, to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Agent for the account of the Lenders (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Agent would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Agent but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Notes, or any of them, or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower Borrower, the Agent and the BanksLenders; and the Agent, on behalf of itself and each Bank the Lenders, shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Agent or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Agent or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Agent on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Agent, for the account of the Lenders, for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Primeenergy Corp)

General Provisions Relating to Interest. (a) It is the intention --------------------------------------- of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 10 of the Subtitle 1 of Title 79, Texas Finance Code, as amendedRevised Civil Statutes, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lenders may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLenders, if greater. . (b) Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lenders (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lenders would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lenders but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lenders; and each Bank the Lenders shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lenders or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Sheridan Energy Inc)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amendedCode (Vernon's 1999), the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lenders may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLenders, if greater. . (b) Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lenders (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lenders would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lenders but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lenders; and each Bank the Lenders shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lenders or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Primeenergy Corp)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amendedCode (Vernon’s 1999), the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate “weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lenders may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lenders shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Primeenergy Corp)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 The Borrower agrees that, to the extent the Highest Lawful Rate is determined with reference to the laws of the Texas Finance Code, as amendedState of Texas, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) " rate ceiling" as defined in said ChapterChapter 1D of Subtitle 1 of Title 79, Texas Revised Civil Statutes, provided that the Bank Lender may, at its election, substitute for the "weekly" rate ceiling the "amount" or "quarterly" ceiling, as such terms are defined in the aforesaid statute, upon the giving of notices provided in such statute and effective upon the giving of such notices. The Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, and each Bank shall promptly refund the amount of such excess (to the extent only of such interest payments above the Maximum Rate which could lawfully have been collected and retained) upon discovery of such error by such Bank or notice thereof from the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Petroquest Energy Inc)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes The Borrowers agree that, to the extent the Highest Lawful Rate is determined with reference to the laws of the State to Texas, the Highest Lawful Rate shall be the “weekly” rate as defined in Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated (weekly) rate ceiling" as defined in said Chapter, provided that the Bank Agent or any Lender may, at its election, substitute for the “weekly” rate the “annualized” or “quarterly” rate, as such terms are defined in the aforesaid statute, upon the giving of notices provided for in such statute and effective upon the giving of such notices. The Agent and each Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansAgent or the relevant Lender, if greater. . (b) Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes held by any affected Lenders shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder on amounts evidenced by the Notes held by any affected Lenders shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank applicable Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates Borrowers stipulate that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower Borrower, the Agent, and the Banks, Lenders; and each Bank the party receiving such excess shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank party or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed that payable on the basis of the Highest Lawful Rate, and excess amounts paid which by law are deemed interest, if any, shall be credited by the Agent and the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrowers. (d) All sums paid, or agreed to be paid, to the Agent and the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Contango Oil & Gas Co)

General Provisions Relating to Interest. It is the intention of the --------------------------------------- parties hereto to comply strictly with the any applicable usury Laws of the State of Texas and the United States of America laws as in effect from time to time and, in this connectionregard, there shall never be taken, received, contracted for, collected, charged or received on any sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance CodeIf, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated (weekly) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loans, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate and the obligation of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Rate until such time as there has been paid to each Bank (a) the amount of interest in excess of the Maximum Rate that such Bank would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, and (b) all interest and fees otherwise due to such Bank but for the effect of such Limitation Period. If under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable Laws laws of the State of Texas Oklahoma or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Bank; and each the Bank shall promptly credit the amount of such excess to the principal amount of the outstanding Obligations, or if the principal amount of the Obligations shall have been paid in full, refund the amount of such excess to the Borrower (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such the Bank or notice thereof from the Borrower. If the maturity of the Note is accelerated by reason of an election of the Bank resulting from any Event of Default or otherwise, or in the event of any prepayment, then such consideration that constitutes interest under applicable laws may never include amounts which are more than the Highest Lawful Rate, and the amount of such excess, if any, provided for in this Agreement or otherwise shall be canceled automatically by the Bank as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Bank on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded by the Bank to the Borrower. All sums paid, or agreed to be paid, to the Bank for the use, forbearance and detention of the proceeds of any Advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Cmi Corp)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amendedCode (Vernon's 1999), the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to .to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (NPC Holdings Inc)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Article 5069-1.04, Vernon's Texas Finance CodeCivil Statutes, as amended, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Chaptersuch Article, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Midcoast Energy Resources Inc)

General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the applicable usury Laws of the State of Texas as in effect from time to time; and the United States of America and, in this connection, there shall never be taken, reserved, contracted for, collected, charged or received on any sums advanced hereunder Loan or any other Obligation interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For To the extent that the interest rate Laws of the State of Texas are applicable to the Loans, for purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) weekly rate ceiling" as defined in said Chaptersuch chapter, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, on alternative maximum rates of interest under such other applicable Laws of the State of Texas or the United States of America applicable to the LoansLaws, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate and the obligation of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Rate until such time as there has been paid to each Bank (a) the amount of interest in excess of the Maximum Rate that such Bank would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, and (b) all interest and fees otherwise due to such Bank but for the effect of such Limitation Period. If under any circumstances the aggregate amounts amount paid on the Notes or under this Agreement include Obligations includes amounts which that are by Law are deemed to be interest and which would exceed the amount permitted if Highest Lawful Rate (the Maximum Rate were in effect"excess interest"), the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, the result of mathematical error on the part of both the Borrower Borrower, the Administrative Agent and the BanksLenders, and each Bank the Administrative Agent and the Lenders shall promptly refund credit the amount of such excess (interest on the principal amount of the outstanding Obligations, or if the principal amount of the Obligations shall have been paid in full, refund the excess interest to the Borrower. In the event that the maturity of the Notes is accelerated by reason of an election of the Lenders resulting from any Event of Default or by reason of operation of SECTION 7.2(A), or in the event of any prepayment, then such consideration that constitutes interest under Laws applicable to the Administrative Agent or the Lenders may never exceed the Highest Lawful Rate, and excess interest, if any, provided for in the Notes, this Agreement or otherwise shall be cancelled automatically by the Administrative Agent or the Lenders as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Administrative Agent or the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded by the Administrative Agent or the Lenders to the Borrower. All sums paid, or agreed to be paid, to the Administrative Agent or the Lenders for the use, forbearance, and detention of the proceeds of the Loans shall, to the extent only permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full term of such the Obligations until paid in full so that the actual rate of interest payments above is uniform, but does not exceed the Maximum Rate which could lawfully have been collected and retained) upon discovery of such error by such Bank or notice thereof from Highest Lawful Rate, throughout the Borrowerfull term hereof.

Appears in 1 contract

Samples: Senior Secured Bridge Loan (Mainland Resources Inc.)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Article 5069-1D.001, et seq., Vernon's Texas Finance CodeCivil Statutes, as amended, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Chaptersuch Article, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Sheridan Energy Inc)

General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the applicable usury Laws of the State of Texas as in effect from time to time; and the United States of America and, in this connection, there shall never be taken, reserved, contracted for, collected, charged or received on any sums advanced hereunder Loan or any other Obligation interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For To the extent that the interest rate Laws of the State of Texas are applicable to the Loans, for purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) weekly rate ceiling" as defined in said Chaptersuch chapter, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, on alternative maximum rates of interest under such other applicable Laws of the State of Texas or the United States of America applicable to the LoansLaws, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate and the obligation of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Rate until such time as there has been paid to each Bank (a) the amount of interest in excess of the Maximum Rate that such Bank would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, and (b) all interest and fees otherwise due to such Bank but for the effect of such Limitation Period. If under any circumstances the aggregate amounts amount paid on the Notes or under this Agreement include Obligations includes amounts which that are by Law are deemed to be interest and which would exceed the amount permitted if Highest Lawful Rate (the Maximum Rate were in effect"excess interest"), the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, the result of mathematical error on the part of both the Borrower and the BanksLender, and each Bank the Lender shall promptly refund credit the amount of such excess (interest on the principal amount of the outstanding Obligations, or if the principal amount of the Obligations shall have been paid in full, refund the excess interest to the Borrower. In the event that the maturity of the Notes is accelerated by reason of an election of the Lender resulting from any Event of Default or by reason of operation of Subsection 7.3(a), or in the event of any prepayment, then such consideration that constitutes interest under Laws applicable to the Lender may never exceed the Highest Lawful Rate, and excess interest, if any, provided for in the Notes, this Agreement or otherwise shall be cancelled automatically by the Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded by the Lender to the Borrower. All sums paid, or agreed to be paid, to the Lender for the use, forbearance, and detention of the proceeds of the Loans shall, to the extent only permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full term of such the Obligations until paid in full so that the actual rate of interest payments above is uniform, but does not exceed the Maximum Rate which could lawfully have been collected and retained) upon discovery of such error by such Bank or notice thereof from Highest Lawful Rate, throughout the Borrowerfull term hereof.

Appears in 1 contract

Samples: Credit Agreement (Cubic Energy Inc)

General Provisions Relating to Interest. (a) It is the --------------------------------------- intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amendedCode (Vernon's 1999), the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Credit Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Pendaries Petroleum LTD)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amendedCode (Vernon's 1999), the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Credit Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Ultra Petroleum Corp)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the all applicable usury Laws of the State of Texas and the United States of America and, in laws. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated . (weeklyb) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loans, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lenders (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lenders would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lenders but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lenders; and each Bank the Lenders shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lenders or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid to the Lenders which by law are deemed interest, if any, shall be credited by the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof. (e) On each day, if any, that the Texas Finance Code establishes the Highest Lawful Rate, the Highest Lawful Rate shall be the "weekly ceiling" (as defined in (S)303 of the Texas Finance Code) for that day. The Lenders may from time to time, as to current and future balances, implement any other ceiling under the Texas Finance Code by notice to the Borrower, if and to the extent permitted by the Texas Finance Code.

Appears in 1 contract

Samples: Credit Agreement (Goodrich Petroleum Corp)

General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the applicable usury Laws of the State of Texas as in effect from time to time; and the United States of America and, in this connection, there shall never be taken, reserved, contracted for, collected, charged or received on any sums advanced hereunder Loan or any other Obligation interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees Credit Parties agree that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) weekly rate ceiling" as defined in said Chaptersuch chapter, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, on alternative maximum rates of interest under such other applicable Laws of the State of Texas or the United States of America applicable to the LoansLaws, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate and the obligation of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Rate until such time as there has been paid to each Bank (a) the amount of interest in excess of the Maximum Rate that such Bank would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, and (b) all interest and fees otherwise due to such Bank but for the effect of such Limitation Period. If under any circumstances the aggregate amounts amount paid on the Notes or under this Agreement include Obligations includes amounts which that are by Law are deemed to be interest and which would exceed the amount permitted if Highest Lawful Rate (the Maximum Rate were in effect"excess interest"), the Borrower stipulates Credit Parties stipulate that such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, the result of mathematical error on the part of both the Borrower Credit Parties and the BanksLender, and each Bank the Lender shall promptly refund credit the amount of such excess (interest on the principal amount of the outstanding Obligations, or if the principal amount of the Obligations shall have been paid in full, refund the excess interest to the Borrower. In the event that the maturity of the Note is accelerated by reason of an election of the Lender resulting from any Event of Default or by reason of operation of Subsection 7.3(a), or in the event of any prepayment, then such consideration that constitutes interest under Laws applicable to the Lender may never exceed the Highest Lawful Rate, and excess interest, if any, provided for in the Note, this Agreement or otherwise shall be canceled automatically by the Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded by the Lender to the Borrower. All sums paid, or agreed to be paid, to the Lender for the use, forbearance, and detention of the proceeds of the Loans shall, to the extent only permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full term of such the Obligations until paid in full so that the actual rate of interest payments above is uniform, but does not exceed the Maximum Rate which could lawfully have been collected and retained) upon discovery of such error by such Bank or notice thereof from Highest Lawful Rate, throughout the Borrowerfull term hereof.

Appears in 1 contract

Samples: Credit Agreement (Quest Resource Corp)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the all applicable usury Laws of the State of Texas and the United States of America and, in laws. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated . (weeklyb) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loans, if greater. Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid to the Lender which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof. (e) On each day, if any, that Chapter 1D establishes the Highest Lawful Rate, the Highest Lawful Rate shall be the "weekly ceiling" (as defined in '303 of the Texas Finance Code) for that day. The Lender may from time to time, as to current and future balances, implement any other ceiling under the Texas Finance Code or Chapter 1D by notice to the Borrower, if and to the extent permitted by the Texas Finance Code or Chapter 1D. The term "Chapter 1D" shall mean Chapter 1D of Title 79, Texas Rev. Civ. Stats. 1925, as amended.

Appears in 1 contract

Samples: Credit Agreement (Goodrich Petroleum Corp)

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General Provisions Relating to Interest. (a) It is the intention --------------------------------------- of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 10 of the Subtitle 1 of Title 79, Texas Finance Code, as amendedRevised Civil Statutes, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lenders may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLenders, if greater. . (b) Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lenders (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lenders would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lenders but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lenders; and each Bank the Lenders shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lenders or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Southern Mineral Corp)

General Provisions Relating to Interest. It is the intention of --------------------------------------- the parties hereto to comply strictly with the applicable usury Laws of the State of Texas as in effect from time to time; and the United States of America and, in this connection, there shall never be taken, reserved, contracted for, collected, charged or received on any sums advanced hereunder Loan or any other Obligation interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Article 5069-1.04, Vernon's Texas Finance CodeCivil Statutes, -------------------- as amended, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Chaptersuch article, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, on alternative maximum rates of interest under such other applicable Laws of the State of Texas or the United States of America applicable to the LoansLaws, if greater. Notwithstanding anything herein or in the Notes Note or the other Loan Documents to the contrary, if during any Limitation Period the calculation of interest at the rate otherwise due to the Lender would result in interest in excess of that which would accrue at the Highest Lawful Rate, then during such Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Obligations shall be the Maximum Rate Highest Lawful Rate, and the obligation requirement of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law the payment of other amounts, if any, constituting interest, shall be suspendedsuspended only to the extent that such fees are, when added to interest accruing on the Note and other Obligations, if any, in excess of the Highest Lawful Rate. During any period or periods of time following a Limitation Period, to the extent permitted by Laws applicable Laws of to the State of Texas or the United States of AmericaLender, the interest rate to be charged hereunder on the Obligations shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender: (a) the amount of interest in excess of the Maximum amount accruing at the Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period if the otherwise applicable rate had the interest rate remained been in effect at the relevant rates specified in the Note, all times and (b) all interest and fees otherwise due payable to such Bank but for the Lender hereunder as if the otherwise applicable rate had been in effect of at all times during such Limitation Period. If under any circumstances the aggregate amounts amount paid on the Notes or under this Agreement include Obligations includes amounts which that are by Law are deemed to be interest and which would exceed the amount permitted if Highest Lawful Rate (the Maximum Rate were in effect"excess interest"), the Borrower stipulates that --------------- such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, the result of mathematical error on the part of both the Borrower and the BanksLender, and each Bank the Lender shall promptly refund credit the amount of such excess (interest on the principal amount of the outstanding Obligations, or if the principal amount of the Obligations shall have been paid in full, refund the excess interest to the Borrower. In the event that the maturity of the Note is accelerated by reason of an election of the Lender resulting from any Event of Default or by reason of operation of Subsection 7.3(a), or in the event of any prepayment, then such consideration that constitutes interest under Laws applicable to the Lender may never exceed the Highest Lawful Rate, and excess interest, if any, provided for in the Note, this Agreement or otherwise shall be cancelled automatically by the Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded by the Lender to the Borrower. All sums paid, or agreed to be paid, to the Lender for the use, forbearance, and detention of the proceeds of the Loans shall, to the extent only permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full term of such the Obligations until paid in full so that the actual rate of interest payments above is uniform, but does not exceed the Maximum Rate which could lawfully have been collected and retained) upon discovery of such error by such Bank or notice thereof from Highest Lawful Rate, throughout the Borrowerfull term hereof.

Appears in 1 contract

Samples: Credit Agreement (Amerac Energy Corp)

General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes The Borrower agrees that, to the extent the Highest Lawful Rate is determined with reference to the laws of the State to Texas, the Highest Lawful Rate shall be the “weekly” rate as defined in Chapter 303 of the Texas Finance Code, as amendedprovided, the Borrower agrees however, that the maximum Lender may, at its election, substitute for the “weekly” rate to be charged shall be the "indicated (weekly) rate ceiling" “annualized” or “quarterly” rate, as such terms are defined in said Chapterthe aforesaid statute, upon the giving of notices provided that for in such statute and effective upon the Bank giving of such notices. The Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder on amounts evidenced by the Note shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If • If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed that payable on the basis of the Highest Lawful Rate, and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. • All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Royale Energy Inc)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas to the extent applicable to each Lender and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amendedTex. Fin. Code Xxx. Section 303.301 (Xxxxxx 1998), the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Chaptersuch Article, provided that the Bank Agent and the Lenders may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or other states or the United States of America applicable to the LoansAgent and/or such Lender, if greater. . (b) Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or other states or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to the Agent for the account of each Bank Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Agent and the Lenders would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Agent and the Lenders but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the greatest extent permitted by applicable Laws laws of the State of Texas any other applicable states' laws or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Agent and each Bank the Lenders; and the Agent and the Lenders shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Agent and the Lenders or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Agent and the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Agent and the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Edge Petroleum Corp)

General Provisions Relating to Interest. All Loans hereunder and outstanding from time to time shall bear interest at the Floating Rate, calculated on the basis of a year of three hundred sixty (360) days from the date of advance to, but not including, the date of repayment. It is the intention of the parties hereto to comply strictly with the usury Laws of the State of Texas and the United States of America and, in this connection, there shall never be collected, charged or received on any sums advanced hereunder interest in excess of the Maximum Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees Borrowers agree that the maximum rate to be charged shall be the "indicated (weekly) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the LoansBank, if greater. Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate and the obligation of the any Borrower for any fees payable hereunder and deemed to be interest under applicable Law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Rate until such time as there has been paid to each the Bank (a) the amount of interest in excess of the Maximum Rate that such the Bank would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, and (b) all interest and fees otherwise due to such the Bank but for the effect of such Limitation Period. If under any circumstances the aggregate amounts paid on the Notes Note or under this Agreement include amounts which by Law are deemed interest and which would exceed the amount permitted if the Maximum Rate were in effect, the each Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower Borrowers and the BanksBank, and each the Bank shall promptly refund the amount of such excess (to the extent only of such interest payments above the Maximum Rate which could lawfully have been collected and retained) upon discovery of such error by such the Bank or notice thereof from the BorrowerBorrowers.

Appears in 1 contract

Samples: Credit Agreement (Cheniere Energy Inc)

General Provisions Relating to Interest. It is the intention of --------------------------------------- the parties hereto to comply strictly with the any applicable usury Laws of the State of Texas and the United States of America laws as in effect from time to time and, in this connectionregard, there shall never be taken, received, contracted for, collected, charged or received on any sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance CodeIf, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated (weekly) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loans, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate and the obligation of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Rate until such time as there has been paid to each Bank (a) the amount of interest in excess of the Maximum Rate that such Bank would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, and (b) all interest and fees otherwise due to such Bank but for the effect of such Limitation Period. If under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable Laws laws of the State of Texas Oklahoma or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, any Bank; and each any such Bank shall promptly credit the amount of such excess to the principal amount of the outstanding Obligations, or if the principal amount of the Obligations shall have been paid in full, refund the amount of such excess to the Borrower (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank or notice thereof from the Borrower. If the maturity of the Notes is accelerated by reason of an election of the Banks resulting from any Event of Default or otherwise, or in the event of any prepayment, then such consideration that constitutes interest under applicable laws may never include amounts which are more than the Highest Lawful Rate, and the amount of such excess, if any, provided for in this Agreement or otherwise shall be canceled automatically by the Banks as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Banks on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded by the Banks to the Borrower. All sums paid, or agreed to be paid, to the Banks for the use, forbearance and detention of the proceeds of any Advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Cmi Corp)

General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the any applicable usury Laws of the State of Texas and the United States of America laws as in effect from time to time and, in this connectionregard, there shall never be taken, received, contracted for, collected, charged or received on any sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Article 5069-1.04, Vernon's Texas Finance CodeCivil Statutes, as amended, the Borrower agrees Borrowers agree that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Chaptersuch Article, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. Vernon's Texas Civil Statutes, Article 5069, Chapter 15 (which regulates certain revolving credit loan accounts and revolving tri-party accounts) shall not apply to this Agreement or the Note. Notwithstanding anything herein or in the Notes Note or the other Loan Documents to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Obligations shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower Borrowers for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspendedsuspended only to the extent that such fees are, when added to interest accruing on the Note and other Obligations, if any, in excess of the Highest Lawful Rate. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (a) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained Floating Rate been in effect at the relevant rates specified in the Noteall times, and (b) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates Borrowers stipulate that such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower Borrowers and the Banks, Lender; and each Bank the Lender shall promptly credit the amount of such excess to the principal amount of the outstanding Obligations, or if the principal amount of the Obligations shall have been paid in full, refund the amount of such excess to the Borrowers (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the BorrowerBorrowers. If the maturity of the Note is accelerated by reason of an election of the Lender resulting from any Event of Default or otherwise, or in the event of any prepayment, then such consideration that constitutes interest under applicable laws may never include amounts which are more than the Highest Lawful Rate, and the amount of such excess, if any, provided for in this Agreement or otherwise shall be cancelled automatically by the Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded by the Lender to the Borrowers. All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any Advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Alamco Inc)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the all applicable usury Laws of the State of Texas and the United States of America and, in laws. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the The Borrower agrees acknowledges that the maximum rate to be charged shall be the "indicated Loans are for a commercial or business purpose as contemplated by La. R.S. 9:3509. (weeklyb) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loans, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of Americalaws, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees that the Lender would otherwise due have been entitled to such Bank receive under this Agreement but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws of the State of Texas or the United States of Americalaws, the result of mathematical error on the part of both the Borrower or the Lender; and the Banks, and each Bank Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank party or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law a re deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the lower of (i) the Highest Lawful Rate or (ii) the amounts otherwise due Lender pursuant to the terms of this Agreement throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (International PetroReal Oil CORP)

General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance CodeArticle 5069-1.04, Vernon's TEXAS CIVIL STATUTES, as amended, the Borrower agrees Borrowers agree that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Chaptersuch Article, provided that the Bank each Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas Texas, other States applicable to a Lender, or the United States of AmericaAmerica ("Applicable Laws"), on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the LoansApplicable Laws, if greater. . (a) Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower Borrowers for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of AmericaApplicable Laws, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lenders (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lenders would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lenders but for the effect of such Limitation Period. If . a\ credit.agr -18- (b) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates Borrowers stipulate that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws of the State of Texas or the United States of AmericaApplicable Laws, the result of mathematical error on the part of both the Borrower Borrowers and the Banks, Lenders; and each Bank Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above the Maximum Rate in excess of that which could lawfully would have accrued and have been collected and retainedpayable on the basis of the Highest Lawful Rate) upon discovery of such error by such Bank Lender or notice thereof from the BorrowerBorrowers. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrowers. (c) All sums paid, or agreed to be paid, to the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by Applicable Laws, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Texoil Inc /Nv/)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes The Borrower agrees that, to the extent the Highest Lawful Rate is determined with reference to the laws of the State to Texas, the Highest Lawful Rate shall be the “weekly” rate as defined in Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated Code (weekly) rate ceiling" as defined in said ChapterVernon’s 1999), provided that the Bank Lender may, at its election, substitute for the “weekly” rate the “annualized” or “quarterly” rate, as such terms are defined in the aforesaid statute, upon the giving of notices provided for in such statute and effective upon the giving of such notices. The Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed that payable on the basis of the Highest Lawful Rate, and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (NiMin Energy Corp.)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amendedCode (Vernon's 1999), the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lenders may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lenders shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Primeenergy Corp)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the all applicable usury Laws of the State of Texas and the United States of America and, in laws. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance CodeTex. Fin. Code Axx. § 303.301 (Vernon's 1998), as amended, the Borrower agrees Borrowers agree that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate ceiling" as defined in said Chaptersuch Article, provided that the Bank Administrative Agent and the Lenders may also rely rely, to the extent permitted by applicable Laws of the State of Texas or the United States of Americalaws, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loanslaws, if greater. . (b) Notwithstanding anything herein or in the Notes other Loan Documents to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Loan Documents shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower Borrowers for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of Americalaws, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to the Administrative Agent and each Bank Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to the Administrative Agent and such Bank Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates Borrowers stipulate that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws of the State of Texas or the United States of Americalaws, the result of mathematical error on the part of both Borrowers, the Borrower Administrative Agent, and the Banks, Lenders; and each Bank the party receiving such excess shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank party or notice thereof from the BorrowerBorrowers. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Administrative Agent and the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrowers. (d) All sums paid, or agreed to be paid, to the Administrative Agent and the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Swift Energy Co)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance CodeCode (Vernon’s 2001), as amended, the Borrower agrees Borrowers agree that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate “weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of Borrowers for the Borrower for any payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates Borrowers stipulate that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower Borrowers and the Banks, Lender; and each Bank Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank Lender or notice thereof from Borrowers. In the Borrowerevent that the maturity of any Obligation is accelerated, by reason of an election by Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to Borrowers. (d) All sums paid, or agreed to be paid, to Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (United Heritage Corp)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas New York and the United States of America and, in America. In this connection, there shall never be collected, charged or received on any the sums advanced hereunder plus the amount of the original issue discount interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged shall be the "indicated . (weeklyb) rate ceiling" as defined in said Chapter, provided that the Bank may also rely to the extent permitted by applicable Laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws of the State of Texas or the United States of America applicable to the Loans, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower Borrowers for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas New York or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank applicable Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, otherwise applicable rate and (bii) all interest and fees otherwise due payable to such Bank Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates Borrowers stipulate that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas New York or the United States of America, the result of mathematical error on the part of both the Borrower Borrowers, the Agent and the Banks, Lenders; and each Bank the party receiving such excess shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank party or notice thereof from the BorrowerBorrowers. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed that payable on the basis of the Highest Lawful Rate, and excess amounts paid which by law are deemed interest, if any, shall be credited by the Agent and the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrowers. (d) All sums paid, or agreed to be paid, to the Agent and the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Term Loan Agreement (Viking Energy Group, Inc.)

General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the applicable usury Laws of the State of Texas as in effect from time to time; and the United States of America and, in this connection, there shall never be taken, reserved, contracted for, collected, charged or received on any sums advanced hereunder Loan or any other Obligation interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For To the extent that the interest rate Laws of the State of Texas are applicable to the Loans, for purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) “weekly rate ceiling" as defined in said Chaptersuch chapter, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, on alternative maximum rates of interest under such other applicable Laws of the State of Texas or the United States of America applicable to the LoansLaws, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate and the obligation of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Rate until such time as there has been paid to each Bank (a) the amount of interest in excess of the Maximum Rate that such Bank would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, and (b) all interest and fees otherwise due to such Bank but for the effect of such Limitation Period. If under any circumstances the aggregate amounts amount paid on the Notes or under this Agreement include Obligations includes amounts which that are by Law are deemed to be interest and which would exceed the amount permitted if Highest Lawful Rate (the Maximum Rate were in effect“excess interest”), the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, the result of mathematical error on the part of both the Borrower and the BanksLender, and each Bank the Lender shall promptly refund credit the amount of such excess (interest on the principal amount of the outstanding Obligations, or if the principal amount of the Obligations shall have been paid in full, refund the excess interest to the Borrower. In the event that the maturity of the Notes is accelerated by reason of an election of the Lender resulting from any Event of Default or by reason of operation of Subsection 7.2(a), or in the event of any prepayment, then such consideration that constitutes interest under Laws applicable to the Lender may never exceed the Highest Lawful Rate, and excess interest, if any, provided for in the Notes, this Agreement or otherwise shall be cancelled automatically by the Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded by the Lender to the Borrower. All sums paid, or agreed to be paid, to the Lender for the use, forbearance, and detention of the proceeds of the Loans shall, to the extent only permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full term of such the Obligations until paid in full so that the actual rate of interest payments above is uniform, but does not exceed the Maximum Rate which could lawfully have been collected and retained) upon discovery of such error by such Bank or notice thereof from Highest Lawful Rate, throughout the Borrowerfull term hereof.

Appears in 1 contract

Samples: Credit Agreement (Cubic Energy Inc)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees Borrowers agree that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate “weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower Borrowers for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates Borrowers stipulate that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower Borrowers and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the BorrowerBorrowers. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrowers. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Stratum Holdings, Inc.)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amendedCode (Vernon’s 1999), the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate “weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lenders may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLenders, if greater. . (b) Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lenders (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lenders would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lenders but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lenders; and each Bank the Lenders shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lenders or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lenders or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lenders on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lenders for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Primeenergy Corp)

General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the applicable usury Laws of the State of Texas as in effect from time to time; and the United States of America and, in this connection, there shall never be taken, reserved, contracted for, collected, charged or received on any sums advanced hereunder Loan or any other Obligations interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrower agrees Borrowers agree that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) “weekly rate ceiling" as defined in said Chaptersuch chapter, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, on alternative maximum rates of interest under such other applicable Laws of the State of Texas or the United States of America applicable to the LoansLaws, if greater. Notwithstanding anything herein or in the Notes to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes shall be the Maximum Rate and the obligation of the Borrower for any fees payable hereunder and deemed to be interest under applicable Law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Rate until such time as there has been paid to each Bank (a) the amount of interest in excess of the Maximum Rate that such Bank would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Note, and (b) all interest and fees otherwise due to such Bank but for the effect of such Limitation Period. If under any circumstances the aggregate amounts amount paid on the Notes or under this Agreement include Obligations includes amounts which that are by Law are deemed to be interest and which would exceed the amount permitted if Highest Lawful Rate (the Maximum Rate were in effect“excess interest”), the Borrower stipulates Borrowers and the Lender stipulate that such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable Laws of the State of Texas or the United States of AmericaLaws, the result of mathematical error on the part of both the Borrower Borrowers and the BanksLender, and each Bank the Lender shall promptly refund credit the amount of such excess (interest on the principal amount of the outstanding Obligations, or if the principal amount of the Obligations shall have been paid in full, refund the excess interest to the Borrowers, as applicable. In the event that the maturity of the Note is accelerated by reason of an election of the Lender resulting from any Event of Default, or in the event of any prepayment, then such consideration that constitutes interest under Laws applicable to the Lender may never exceed the Highest Lawful Rate, and excess interest, if any, provided for in the Note, this Loan Agreement or otherwise shall be canceled automatically by the Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded by the Lender to the Borrowers, as applicable. All sums paid, or agreed to be paid, to the Lender for the use, forbearance, and detention of the proceeds of the Loan shall, to the extent only permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full term of such the Obligations until paid in full so that the actual rate of interest payments above is uniform, but does not exceed the Maximum Rate which could lawfully have been collected and retained) upon discovery of such error by such Bank or notice thereof from Highest Lawful Rate, throughout the Borrowerfull term hereof.

Appears in 1 contract

Samples: Loan Agreement (Mexco Energy Corp)

General Provisions Relating to Interest. (a) It is the intention of the parties hereto to comply strictly with the usury Laws laws of the State of Texas and the United States of America and, in America. In this connection, there shall never be collected, charged charged, or received on any the sums advanced hereunder interest in excess of that which would accrue at the Maximum Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amendedCode (Vernon's 1999), the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) rate weekly ceiling" as defined in said Chaptersuch Section, provided that the Bank Lender may also rely rely, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, . on alternative maximum rates of interest under other applicable Laws laws of the State of Texas or the United States of America applicable to the LoansLender, if greater. . (b) Notwithstanding anything herein or in the Notes Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes Note shall be the Maximum Rate Highest Lawful Rate, and the obligation obligation, if any, of the Borrower for any the payment of fees payable hereunder and or other charges deemed to be interest under applicable Law law shall be suspended. During any period or periods of time following a Limitation Period, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the interest rate to be charged hereunder shall remain at the Maximum Highest Lawful Rate until such time as there has been paid to each Bank the Lender (ai) the amount of interest in excess of that accruing at the Maximum Highest Lawful Rate that such Bank the Lender would have received during the Limitation Period had the interest rate remained at the relevant rates specified in the Noteotherwise applicable rate, and (bii) all interest and fees otherwise due payable to such Bank the Lender but for the effect of such Limitation Period. If . (c) If, under any circumstances circumstances, the aggregate amounts paid on the Notes Note or under this Agreement or any other Loan Document include amounts which by Law law are deemed interest and which would exceed the amount permitted if the Maximum Highest Lawful Rate were in effect, the Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the extent permitted by applicable Laws laws of the State of Texas or the United States of America, the result of mathematical error on the part of both the Borrower and the Banks, Lender; and each Bank the Lender shall promptly refund the amount of such excess (to the extent only of such interest payments above in excess of that which would have accrued and been payable on the Maximum Rate which could lawfully have been collected and retainedbasis of the Highest Lawful Rate) upon discovery of such error by such Bank the Lender or notice thereof from the Borrower. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Lender or otherwise, or in the event of any required or permitted prepayment, then the consideration constituting interest under applicable laws may never exceed the Highest Lawful Rate; and excess amounts paid which by law are deemed interest, if any, shall be credited by the Lender on the principal amount of the Obligations, or if the principal amount of the Obligations shall have been paid in full, refunded to the Borrower. (d) All sums paid, or agreed to be paid, to the Lender for the use, forbearance and detention of the proceeds of any advance hereunder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term hereof until paid in full so that the actual rate of interest is uniform but does not exceed the Highest Lawful Rate throughout the full term hereof.

Appears in 1 contract

Samples: Credit Agreement (Rocky Mountain Energy Corp)

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