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: Revolving Credit Agreement (Energy Partners LTD), Term and Revolving Credit Agreement (Continental Resources Inc), Credit Agreement (Ultra 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 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 (Frontier Natural Gas Corp), Credit Agreement (Esenjay Exploration 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: Loan Agreement (Venus Exploration Inc), Credit Agreement (Tengasco 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. 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. 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 Agreement (Mainland Resources 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 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, 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 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 the Lender or notice thereof from the Borrower. 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 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 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
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 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. 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
General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with applicable usury laws including, where applicable, 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 Texas law, to the Texas Finance Code, as amendedextent applicable, the Borrower agrees that the maximum rate to be charged Highest Lawful Rate shall be the "indicated (weekly) weekly rate ceiling" ceiling as defined in said Chapter, Texas Revised Civil Statutes Article 5069- 1D.001 et seq. or any successor statute; provided that the Bank any 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 other applicable Laws of the State of Texas or the United States of America applicable to the Loanslaws, if greater. (b) (c) Notwithstanding anything herein or in the Notes any Note to the contrary, during any Limitation Period, the interest rate to be charged on amounts evidenced by the Notes such 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 payable to the Lender holding such Note 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 affected 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 (d) (e) 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 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 the Borrower and the Banks, such Lender; and each Bank such 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 the Borrower.. In the event that the maturity of any Obligation is accelerated, by reason of an election by the Administrative 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 affected Lender on the principal amount of the Obligations payable to it, or if the principal amount of such Obligations shall have been paid in full, refunded to the Borrower. (f) (g) All sums paid, or agreed to be paid, to the Lenders for the use, forbearance or detention of the proceeds of any Loan 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. (h) 1.32
Appears in 1 contract
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)