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 applicable usury Laws as in effect from time to time; and in this connection, there shall never be taken, reserved, contracted for, collected, charged or received on any Loan or any other Obligations interest in excess of that which would accrue at the Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrowers agree that the Highest Lawful Rate shall be the “weekly rate ceiling” as defined in such chapter, provided that the Lender may also rely, to the extent permitted by applicable Laws, on alternative maximum rates of interest under such other applicable Laws, if greater. If under any circumstances the aggregate amount paid on the Obligations includes amounts that are by Law deemed to be interest which exceed the Highest Lawful Rate (the “excess interest”), the 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, the result of mathematical error on the part of the Borrowers and the Lender, and the Lender shall promptly 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 permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full term of the Obligations 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: Loan Agreement (Mexco Energy Corp)

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General Provisions Relating to Interest. It is the intention of the --------------------------------------- parties hereto to comply strictly with the any applicable usury Laws laws as in effect from time to time; and time and, in this connectionregard, there shall never be taken, reservedreceived, contracted for, collected, charged or received on any Loan or any other Obligations sums advanced hereunder interest in excess of that which would accrue at the Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance CodeIf, as amendedunder any circumstances, the Borrowers agree that aggregate amounts paid on the Note or under this Agreement or any other Loan Document include amounts which by law are deemed interest and which would exceed the amount permitted if the Highest Lawful Rate shall be the “weekly rate ceiling” as defined were in such chapter, provided that the Lender may also rely, to the extent permitted by applicable Laws, on alternative maximum rates of interest under such other applicable Laws, if greater. If under any circumstances the aggregate amount paid on the Obligations includes amounts that are by Law deemed to be interest which exceed the Highest Lawful Rate (the “excess interest”)effect, the Borrowers and the Lender stipulate Borrower stipulates that such payment and collection will have been and will be deemed to have been, to the fullest extent permitted by applicable Lawslaws of the State of Oklahoma or the United States of America, the result of mathematical error on the part of the Borrowers Borrower and the Lender, Bank; and the Lender Bank shall promptly credit the amount of such excess interest on 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 interest to the Borrowers, as applicableBorrower (to the extent only of such interest payments in excess of that which would have accrued and been payable on the basis of the Highest Lawful Rate) upon discovery of such error by the Bank or notice thereof from the Borrower. In the event that If the maturity of the Note is accelerated by reason of an election of the Lender Bank resulting from any Event of DefaultDefault or otherwise, or in the event of any prepayment, then such consideration that constitutes interest under Laws applicable to the Lender laws may never exceed include amounts which are more than the Highest Lawful Rate, and excess interestthe amount of such excess, if any, provided for in the Note, this Loan Agreement or otherwise shall be canceled automatically by the Lender Bank as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Lender 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 Lender Bank to the Borrowers, as applicableBorrower. All sums paid, or agreed to be paid, to the Lender Bank for the use, forbearance, forbearance and detention of the proceeds of the Loan any Advance hereunder shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread throughout the full term of the Obligations hereof until paid in full so that the actual rate of interest is uniform, uniform but does not exceed the Highest Lawful Rate, 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 applicable usury Laws as in effect from time to time; and in this connection, there shall never be taken, reserved, contracted for, collected, charged or received on any Loan or any other Obligations Obligation interest in excess of that which would accrue at the Highest Lawful Rate. For purposes of Chapter 303 of the Article 5069-1.04, Vernon's Texas Finance CodeCivil Statutes, -------------------- as amended, the Borrowers agree Borrower agrees that the Highest Lawful Rate shall be the “weekly "indicated rate ceiling" as defined in such chapterarticle, provided that the Lender may also rely, to the extent permitted by applicable Laws, on alternative maximum rates of interest under such other applicable Laws, if greater. Notwithstanding anything herein or in the 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 the Obligations shall be the Highest Lawful Rate, and the requirement of the Borrower for the payment of other amounts, if any, constituting interest, shall be suspended 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 of time following a Limitation Period, to the extent permitted by Laws applicable to the Lender, the interest rate to be charged on the Obligations shall remain at the Highest Lawful Rate until such time as there has been paid to the Lender: (a) the amount of interest in excess of the amount accruing at the Highest Lawful Rate that the Lender would have received during the Limitation Period if the otherwise applicable rate had been in effect at all times and (b) all interest and fees otherwise payable to the Lender hereunder as if the otherwise applicable rate had been in effect at all times during such Limitation Period. If under any circumstances the aggregate amount paid on the Obligations includes amounts that are by Law deemed to be interest which exceed the Highest Lawful Rate (the "excess interest"), the Borrowers and the Lender stipulate 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, the result of mathematical error on the part of the Borrowers Borrower and the Lender, and the Lender shall promptly 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 applicableBorrower. In the event that the maturity of the Note is accelerated by reason of an election of the Lender resulting from any Event of DefaultDefault 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 Loan Agreement or otherwise shall be canceled 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, as applicableBorrower. All sums paid, or agreed to be paid, to the Lender for the use, forbearance, and detention of the proceeds of the Loan Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full term of the Obligations 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 (Amerac Energy Corp)

General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the applicable usury Laws as in effect from time to time; and in this connection, there shall never be taken, reserved, contracted for, collected, charged or received on any Loan or any other Obligations Obligation interest in excess of that which would accrue at the Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrowers Credit Parties agree that the Highest Lawful Rate shall be the "weekly rate ceiling" as defined in such chapter, provided that the Lender may also rely, to the extent permitted by applicable Laws, on alternative maximum rates of interest under such other applicable Laws, if greater. If under any circumstances the aggregate amount paid on the Obligations includes amounts that are by Law deemed to be interest which exceed the Highest Lawful Rate (the "excess interest"), the Borrowers and the Lender 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, the result of mathematical error on the part of the Borrowers Credit Parties and the Lender, and the Lender shall promptly 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 applicableBorrower. In the event that the maturity of the Note is accelerated by reason of an election of the Lender resulting from any Event of DefaultDefault 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 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 applicableBorrower. All sums paid, or agreed to be paid, to the Lender for the use, forbearance, and detention of the proceeds of the Loan Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full term of the Obligations 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 (Quest Resource Corp)

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General Provisions Relating to Interest. It is the intention of the parties hereto to comply strictly with the applicable usury Laws as in effect from time to time; and in this connection, there shall never be taken, reserved, contracted for, collected, charged or received on any Loan or any other Obligations Obligation interest in excess of that which would accrue at the Highest Lawful Rate. For purposes of Chapter 303 of the Texas Finance Code, as amended, the Borrowers agree that the Highest Lawful Rate shall be the “weekly rate ceiling” as defined in such chapter, provided that the Lender may also rely, to the extent permitted by applicable Laws, on alternative maximum rates of interest under such other applicable Laws, if greater. If under any circumstances the aggregate amount paid on the Obligations includes amounts that are by Law deemed to be interest which exceed the Highest Lawful Rate (the “excess interest”"EXCESS INTEREST"), the Borrowers and the Lender stipulate 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, the result of mathematical error on the part of the Borrowers Borrower, the Administrative Agent and the LenderLenders, and the Lender Administrative Agent and the Lenders shall promptly 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 applicableBorrower. In the event that the maturity of the Note Notes is accelerated by reason of an election of the Lender Lenders resulting from any Event of DefaultDefault 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 Lender Administrative Agent or the Lenders may never exceed the Highest Lawful Rate, and excess interest, if any, provided for in the NoteNotes, this Loan Agreement or otherwise shall be canceled cancelled automatically by the Lender Administrative Agent or the Lenders as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by the Lender 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 Lender Administrative Agent or the Lenders to the Borrowers, as applicableBorrower. All sums paid, or agreed to be paid, to the Lender Administrative Agent or the Lenders for the use, forbearance, and detention of the proceeds of the Loan Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full term of the Obligations 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 (Mainland Resources Inc.)

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