Common use of Interest Adjustments Clause in Contracts

Interest Adjustments. (a) If the provisions of this Agreement or the Notes would at any time otherwise require payment by the Borrower to the Bank of any amount of interest in excess of the maximum amount then permitted by applicable law the interest payments shall be reduced to the extent necessary so that the Bank shall not receive interest in excess of such maximum amount. To the extent that, pursuant to the foregoing sentence, the Bank shall receive interest payments hereunder or under the Notes in an amount less than the amount otherwise provided, such deficit (hereinafter called the "Interest Deficit") will cumulate and will be carried forward (without interest) until the termination of this Agreement. Interest otherwise payable to the Bank hereunder and under the Notes for any subsequent period shall be increased by such maximum amount of the Interest Deficit that may be so added without causing the Bank to receive interest in excess of the maximum amount then permitted by applicable law.

Appears in 2 contracts

Samples: Loan Agreement (Medical Action Industries Inc), Loan Agreement (American Medical Alert Corp)

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Interest Adjustments. (a) If the provisions of this Agreement or the Notes would at any time otherwise require payment by the Borrower to the any Bank of any amount of interest in excess of the maximum amount then permitted by applicable law the interest payments shall be reduced to the extent necessary so that the such Bank shall not receive interest in excess of such maximum amount. To the extent that, pursuant to the foregoing sentence, the Bank Agent shall receive interest payments on behalf of the Banks hereunder or under the Notes in an amount less than the amount otherwise provided, such deficit (hereinafter called the "Interest Deficit") will cumulate and will be carried forward (without interest) until the termination of this Agreement. Interest otherwise payable to the any Bank hereunder and or under the Notes for any subsequent period shall be increased by such maximum amount of the Interest Deficit that may be so added without causing the such Bank to receive interest in excess of the maximum amount then permitted by applicable law.

Appears in 2 contracts

Samples: Loan Agreement (Gristedes Foods Inc), Loan Agreement (Gristedes Foods Inc)

Interest Adjustments. (a) If the provisions of this Agreement or the Notes Note would at any time otherwise require payment by the Borrower to the Bank Lenders of any amount of interest in excess of the maximum amount then permitted by applicable law law, the interest payments shall be reduced to the extent necessary so that the Bank Lenders shall not receive interest in excess of such maximum amount. To the extent that, pursuant to the foregoing sentence, the Bank Lenders shall receive interest payments hereunder or under the Notes in an amount less than the amount otherwise provided, such deficit (hereinafter called the "Interest Deficit") will cumulate and will be carried forward (without interest) until the termination of this Agreement. Interest otherwise payable to the Bank Lenders hereunder and or under the Notes for any subsequent period shall be increased by such maximum amount of the Interest Deficit that may be so added without causing the Bank Lender to receive interest in excess of the maximum amount then permitted by applicable law.

Appears in 1 contract

Samples: Loan Agreement (One Liberty Properties Inc)

Interest Adjustments. (a) If the provisions of this Agreement or the Notes Term Loan Note would at any time otherwise require payment by the Borrower Company to the Bank of any amount of interest in excess of the maximum amount then permitted by applicable law the interest payments shall be reduced to the extent necessary so that the Bank shall not receive interest in excess of such maximum amount. To the extent that, pursuant to the foregoing sentence, the Bank shall receive interest payments hereunder or under the Notes Term Loan Note in an amount less than the amount otherwise provided, such deficit (hereinafter called the "Interest Deficit") will cumulate and will be carried forward (without interest) until the termination of this Agreement. Interest otherwise payable to the Bank hereunder and under the Notes Term Loan Note for any subsequent period shall be increased by such maximum amount of the Interest Deficit that may be so added without causing the Bank to receive interest in excess of the maximum amount then permitted by applicable law.

Appears in 1 contract

Samples: Credit Agreement (PDK Labs Inc)

Interest Adjustments. (a) If the provisions of this Agreement or the Notes Term Loan II Note would at any time otherwise require payment by the Borrower Company to the Bank of any amount of interest in excess of the maximum amount then permitted by applicable law the interest payments shall be reduced to the extent necessary so that the Bank shall not receive interest in excess of such maximum amount. To the extent that, pursuant to the foregoing sentence, the Bank shall receive interest payments hereunder or under the Notes Term Loan II Note in an amount less than the amount otherwise provided, such deficit (hereinafter called the "Interest Deficit") will cumulate and will be carried forward (without interest) until the termination of this Agreement. Interest otherwise payable to the Bank hereunder and under the Notes Term Loan II Note for any subsequent period shall be increased by such maximum amount of the Interest Deficit that may be so added without causing the Bank to receive interest in excess of the maximum amount then permitted by applicable law.

Appears in 1 contract

Samples: Loan Agreement (PDK Labs Inc)

Interest Adjustments. (a) If the provisions of this Agreement or the Notes Note would at any time otherwise require payment by the Borrower to the Bank Lender of any amount of interest in excess of the maximum amount then permitted by applicable law law, the interest payments shall be reduced to the extent necessary so that the Bank Lender shall not receive interest in excess of such maximum amount. To the extent that, pursuant to the foregoing sentence, the Bank Lender shall receive interest payments hereunder or under the Notes Note in an amount less than the amount otherwise provided, such deficit (hereinafter called the "Interest Deficit") will cumulate and will be carried forward (without interest) until the termination of this Agreement. Interest otherwise payable to the Bank Lender hereunder and or under the Notes Note for any subsequent period shall be increased by such maximum amount of the Interest Deficit that may be so added without causing the Bank Lender to receive interest in excess of the maximum amount then permitted by applicable law.

Appears in 1 contract

Samples: Loan Agreement (One Liberty Properties Inc)

Interest Adjustments. (a) If the provisions of this Agreement or the Notes Note would at any time otherwise require payment by the Borrower to the Bank of any amount of interest in excess of the maximum amount then permitted by applicable law the interest payments shall be reduced to the extent necessary so that the Bank shall not receive interest in excess of such maximum amount. To the extent that, pursuant to the foregoing sentence, the Bank shall receive interest payments hereunder or under either of the Notes in an amount less than the amount otherwise provided, such deficit (hereinafter called the "Interest Deficit") will cumulate and will be carried forward (without interest) until the termination of this Agreement. Interest otherwise payable to the Bank hereunder and under either of the Notes for any subsequent period shall be increased by such maximum amount of the Interest Deficit that may be so added without causing the Bank to receive interest in excess of the maximum amount then permitted by applicable law.

Appears in 1 contract

Samples: Loan Agreement (Katz Digital Technologies Inc)

Interest Adjustments. (a) If the provisions of this Agreement or the Notes would at any time otherwise require payment by the Borrower to the Bank of any amount of interest in excess of the maximum amount then permitted by applicable law the interest payments shall be reduced to the extent necessary so that the Bank shall not receive interest in excess of such maximum amount. To the extent that, pursuant to the foregoing sentence, the Bank shall receive interest payments hereunder or under the Notes in an amount less than the amount otherwise provided, such deficit (hereinafter called the "Interest Deficit") will cumulate and will be carried forward (without interest) until the termination of this Agreement. Interest otherwise payable to the Bank hereunder and under the Notes for any subsequent period shall be increased by such maximum amount of the Interest Deficit that may be so added without causing the Bank to receive interest in excess of the maximum amount then permitted by applicable law.the

Appears in 1 contract

Samples: Loan Agreement (Innodata Corp)

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Interest Adjustments. (a) If the provisions of this Agreement or the Notes Revolving Credit Note would at any time otherwise require payment by the Borrower Company to the Bank of any amount of interest in excess of the maximum amount then permitted by applicable law the interest payments shall be reduced to the extent necessary so that the Bank shall not receive interest in excess of such maximum amount. To the extent that, pursuant to the foregoing sentence, the Bank shall receive interest payments hereunder or under the Notes Revolving Credit Note in an amount less than the amount otherwise provided, such deficit (hereinafter called the "Interest Deficit") will cumulate and will be carried forward (without interest) until the termination of this Agreement. Interest otherwise payable to the Bank hereunder and under the Notes Revolving Credit Note for any subsequent period shall be increased by such maximum amount of the Interest Deficit that may be so added without causing the Bank to receive interest in excess of the maximum amount then permitted by applicable law.

Appears in 1 contract

Samples: Credit Agreement (PDK Labs Inc)

Interest Adjustments. (a) If the provisions of this Agreement or the Notes Note would at any time otherwise require payment by the Borrower to the Bank Lender of any amount of interest in excess of the maximum amount then permitted by applicable law law, the interest payments shall be reduced to the extent necessary so that the Bank Lender shall not receive interest in excess of such maximum amount. To the extent that, pursuant to the foregoing sentence, the Bank Lender shall receive interest payments hereunder or under the Notes Note in an amount less than the amount otherwise provided, such deficit (hereinafter called the "Interest Deficit") will cumulate and will be carried forward (without interest) until the termination of this Agreement. Interest otherwise payable to the Bank Lender hereunder and or under the Notes Note for any subsequent period shall be increased by such maximum amount of the Interest Deficit that may be so added without causing the Bank Lender to receive interest in excess of the maximum amount then permitted by applicable law.

Appears in 1 contract

Samples: Loan Agreement (One Liberty Properties Inc)

Interest Adjustments. (a) If the provisions of this Agreement or the Notes would at any time otherwise require payment by the Borrower to the Bank of any amount of interest in excess of the maximum amount then permitted by applicable law the interest payments shall be reduced to the extent necessary so that the Bank shall not receive interest in excess of such maximum amount. To the extent that, pursuant to the foregoing sentence, the Bank shall receive interest payments hereunder or under the Notes in an amount less than the amount otherwise provided, " such deficit (hereinafter called the "Interest Deficit") will cumulate and will be carried forward (without interest) until the termination of this Agreement. Interest otherwise payable to the Bank hereunder and under the Notes for any subsequent period shall be increased by such maximum amount of the Interest Deficit that may be so added without causing the Bank to receive interest in excess of the maximum amount then permitted by applicable law.

Appears in 1 contract

Samples: Loan Agreement (American Medical Alert Corp)

Interest Adjustments. (a) If the provisions of this Agreement or the Notes Note would at any time otherwise require payment by the Borrower to the Bank of any amount of interest in excess of the maximum amount then permitted by applicable law the interest payments shall be reduced to the extent necessary so that the Bank shall not receive interest in excess of such maximum amount. To the extent that, pursuant to the foregoing sentence, the Bank shall receive interest payments hereunder or under the Notes Note in an amount less than the amount otherwise provided, such deficit (hereinafter called the "Interest Deficit") will cumulate and will be carried forward (without interest) until the termination of this Agreement. Interest otherwise payable to the Bank hereunder and under the Notes Note for any subsequent period shall be increased by such maximum amount of the Interest Deficit that may be so added without causing the Bank to receive interest in excess of the maximum amount then permitted by applicable law.

Appears in 1 contract

Samples: Loan Agreement (Del Laboratories Inc)

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