Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 10 contracts
Samples: Mezzanine Loan Agreement (Lodgian Inc), Loan and Security Agreement (Lodgian Inc), Loan and Security Agreement (Lodgian Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documentsany Other Agreement, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreement, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder or under any Other Agreement shall be, at such Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Borrower’s Liabilities or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein or in any Other Agreement shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 5 contracts
Samples: Loan and Security Agreement (Everspin Technologies Inc), Loan and Security Agreement (Bioheart, Inc.), Loan and Security Agreement (Bioheart, Inc.)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and Lender Agent shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender Agent may have received hereunder shall be, at Lender's Agent’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor payer thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender Agent shall have received or accrued the amount of interest which Lender Agent would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 4 contracts
Samples: Loan and Security Agreement (Intercloud Systems, Inc.), Loan and Security Agreement (Sebring Software, Inc.), Loan and Security Agreement (Genesis Group Holdings Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations due and owing to Lender (without any prepayment penalty or premium therefor) or for accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation due and owing to Lender is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations due and owing to Lender shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations due and owing to Lender had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 3 contracts
Samples: Loan Agreement (Dividend Capital Total Realty Trust Inc.), Development Loan and Security Agreement (Equinix Inc), Loan and Security Agreement (Alexion Pharmaceuticals Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 3 contracts
Samples: Loan and Security Agreement (Banctec Inc), Loan and Security Agreement (Beacon Roofing Supply Inc), Loan and Security Agreement (Rankin Automotive Group Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 3 contracts
Samples: Loan and Security Agreement (American Tower Corp /Ma/), Loan and Security Agreement (American Tower Corp /Ma/), Loan and Security Agreement (American Tower Corp /Ma/)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”, which shall be deemed to include any fees payable by the Borrower hereunder to the extent such fees would be treated as interest under applicable laws). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder or fees, as the case may be, (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) and fee rates provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any other Loan Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations or any fee is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, or such fee shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest or such fee which Lender would have received or accrued during such period on such Obligations had the rate of interest or fee not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: Loan Agreement (Penn Octane Corp), Loan Agreement (Rio Vista Energy Partners Lp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers no Borrower shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither any Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither any Borrower nor any other Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: Loan and Security Agreement (BNS Holding, Inc.), Loan and Security Agreement (BNS Holding, Inc.)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: Loan and Security Agreement (Unitel Video Inc/De), Loan and Security Agreement (North Face Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers neither Borrower nor any other Credit Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor payer thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Credit Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: Term Loan and Security Agreement (Akrion, Inc.), Term Loan and Security Agreement (Akrion, Inc.)
Interest Laws. Notwithstanding any provision provisions to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and the Lender shall not be permitted to collect, any amount of interest in excess ("Excess Interest") of the maximum amount of interest permitted by law applicable Law (the "EXCESS INTERESTMaximum Interest Rate"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument with respect to the Loan, then in such event: (1A) the provisions of this subsection shall govern and control; (2B) the Borrowers shall not be obligated to pay any Excess Interest; (3C) any Excess Interest that the Lender may have received hereunder shall be, at the Lender's option, (a1) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law)Maximum Rate, (b2) refunded to the payor thereofBorrowers, or (c3) any combination of the foregoing; (4D) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE")Maximum Rate, and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5E) the Borrowers shall not have any action against the Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Loan is calculated at the Maximum Rate rather than the applicable rate under this Loan AgreementApplicable Rate, and thereafter such applicable rate Applicable Rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, Loan shall remain at the Maximum Rate until the Lender shall have received or accrued the amount of interest which the Lender would have received or accrued during such period on Obligations the Loan had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: Loan and Security Agreement (Avalon Holdings Corp), Loan and Security Agreement (Avalon Holdings Corp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance Principal Balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the applicable Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the applicable Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: Loan and Security Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.), Loan and Security Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations due and owing to Lender (without any prepayment penalty or premium therefor) or for accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation due and owing to Lender is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations due and owing to Lender shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations due and owing to Lender had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined All sums paid or agreed to be unlawfulpaid to Lender for the use, then forbearance or detention of the Interest Rate shall Obligations of Borrower to Lender shall, to the extent permitted by applicable law, (i) be applicable during any time when amortized, prorated, allocated and spread throughout the Default Rate would have been applicable hereunder, provided however full term of such Obligations until payment in full so that if the actual rate of interest on account of such Obligations does not exceed the Maximum Rate is greater throughout the term thereof, (ii) be characterized as a fee, expense or lesser other charge other than interest, and/or (iii) exclude any voluntary prepayments and the Interest Rate, then the foregoing provisions of this paragraph shall applyeffects thereof.
Appears in 2 contracts
Samples: Loan and Security Agreement (Lexicon Pharmaceuticals, Inc.), Loan and Security Agreement (Lexicon Pharmaceuticals, Inc./De)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and Lender the Lenders shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1a) the provisions of this subsection shall govern and control; (2b) the Borrowers no Borrower shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that a Lender may have received hereunder shall be, at such Lender's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5e) the Borrowers no Borrower shall not have any action against any Lender or the Agent for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender the Lenders shall have received or accrued the amount of interest which Lender Lenders would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: Loan Agreement (Vitesse Semiconductor Corp), Loan Agreement (Vitesse Semiconductor Corp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; , (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: Loan and Security Agreement (Lodgian Inc), Loan and Security Agreement (Lodgian Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law applicable Law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or is finally determined by a court of competent jurisdiction in a non-appealable decision to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or any other outstanding accrued and unpaid interest thereunder Obligations (not to exceed the maximum amount permitted by lawother than interest), (b) refunded to the payor payer thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law Law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: Loan and Security Agreement (Rock Energy Resources, Inc.), Loan and Security Agreement (Nexaira Wireless Inc.)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: Loan and Security Agreement (Spincycle Inc), Loan and Security Agreement (Spincycle Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (Lodgian Inc), Mezzanine Loan Agreement (Lodgian Inc)
Interest Laws. Notwithstanding It being the intention of Beneficiary and Mortgagor to comply with the laws of the State of Minnesota, it is agreed that notwithstanding any provision to the contrary contained in the Loan Agreement, the Note, this Loan Agreement Mortgage or any of the other Loan Documents, no such provision shall require the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, payment or permit the collection of any amount of interest (“Excess Interest”) in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST")to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the indebtedness evidenced by the Note. If any Excess Interest is provided for for, or determined by a court of competent jurisdiction is adjudicated to have been be provided for for, in the Loan Agreement, the Note, this Loan Agreement Mortgage or in any of the other Loan Documents, then in such event: (1a) the provisions of this subsection Section shall govern and control; (2b) neither Mortgagor nor any other party obligated under the Borrowers terms of the Note or any of the other Loan Documents shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Beneficiary may have received hereunder shall beshall, at Lender's optionthe option of Beneficiary, be (ai) applied as a credit against either or both of the outstanding then unpaid principal balance of under the Loan or Note, accrued and unpaid interest thereunder (thereon not to exceed the maximum amount permitted by law), or both, (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the rates of interest rate(s) provided for herein payable under the terms of the Note shall be automatically reduced subject to automatic reduction to the maximum lawful contract rate allowed from time to time under the applicable law (usury laws of the "MAXIMUM RATE")aforesaid State, and the Note, this Loan Agreement Mortgage and the other Loan Documents shall be deemed to have been and shall be, be automatically reformed and modified to reflect such reductionreduction in such interest rate(s); and (5e) neither Mortgagor nor any other party obligated under the Borrowers terms of the Note or any of the other Loan Documents shall not have any action against Lender Beneficiary for any damages whatsoever arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: www.sec.gov, KBS Real Estate Investment Trust III, Inc.
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan appropriate Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein for the applicable Obligations shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender or Swingline Lender, as appropriate, shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 2 contracts
Samples: Loan and Security Agreement (Chief Auto Parts Inc), Loan and Security Agreement (Chief Auto Parts Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and neither the Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that the Agent or any Lender may have received hereunder shall be, at such Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Loan Party shall not have any action against the Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Component Rate with respect to each Component shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest RateComponent Rate with respect to any Component, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance Principal Balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the applicable Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however 20 that if the Maximum Rate is greater or lesser than the applicable Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Investors Real Estate Trust)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and neither Administrative Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers or any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Administrative Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower or any Loan Party shall not have any action against Administrative Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan Agreement (Recoton Corp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law applicable Law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or is finally determined by a court of competent jurisdiction in a non-appealable decision to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's Lenders’ option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or any other outstanding accrued and unpaid interest thereunder Obligations (not to exceed other than interest) and permanently reduce the maximum amount permitted Maximum Credit Amount by law)a corresponding amount, (b) refunded to the payor payer thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law Law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers no Borrower shall not have any action against Lender any Finance Party for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision provisions to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and the Lender shall not be permitted to collect, any amount of interest in excess ("Excess Interest") of the maximum amount of interest permitted by law applicable Law (the "EXCESS INTERESTMaximum Interest Rate"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument with respect to the 2019 Loan, then in such event: (1A) the provisions of this subsection shall govern and control; (2B) the Borrowers shall not be obligated to pay any Excess Interest; (3C) any Excess Interest that the Lender may have received hereunder shall be, at the Lender's option, (a1) applied as a credit against either or both of the outstanding principal balance of the 2019 Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law)Maximum Rate, (b2) refunded to the payor thereofBorrowers, or (c3) any combination of the foregoing; (4D) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE")Maximum Rate, and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5E) the Borrowers shall not have any action against the Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Loan is calculated at the Maximum Rate rather than the applicable rate under this Loan AgreementApplicable Rate, and thereafter such applicable rate Applicable Rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, Loan shall remain at the Maximum Rate until the Lender shall have received or accrued the amount of interest which the Lender would have received or accrued during such period on Obligations the 2019 Loan had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection Section 2.3 shall govern and control; (2) the Borrowers neither Borrower nor any other Credit Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor payer thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Credit Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documentsany Other Agreement, the Borrowers Company shall not be required to pay, and Lender Purchaser shall not be permitted to collectcontract for, take, reserve, charge or receive, any amount of compensation which constitutes interest under applicable law in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreement or otherwise contracted for, taken, reserved, charged or received, then in such event: (1a) the provisions of this subsection Section 2.8 shall govern and control; (2b) the Borrowers Company shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Purchaser may have contracted for, taken, reserved, charged or received hereunder shall be, at LenderPurchaser's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Senior Subordinated Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been been, and shall be, reformed and modified to reflect such reduction; and (5e) the Borrowers Company shall not have any no action against Lender Purchaser for any damages arising out of the payment or collection of due to any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Senior Subordinated Obligations is calculated at the Maximum Rate rather than the applicable rate specified under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Senior Subordinated Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender Purchaser shall have received or accrued the amount of interest which Lender Purchaser would have received or accrued during such period on such Senior Subordinated Obligations had the applicable rate of interest not been limited to the Maximum Rate during such period. If All sums paid or agreed to be paid hereunder or under the Default Rate Other Agreements for the use, forbearance or detention of sums due shall, to the extent permitted by applicable law, be amortized, pro-rated, allocated and spread throughout the full term of the Senior Subordinated Obligations until payment in full so that the rate or amounts of interest on account of the Senior Subordinated Obligations does not exceed the Maximum Rate. The terms of this Section 2.8 shall be finally determined deemed incorporated into each Other Agreement and any other document or instrument between the Company and any Purchaser or directed to be unlawfulthe Company by any Purchaser, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate whether or not specific reference to this Section 2.8 is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall applymade.
Appears in 1 contract
Samples: Note Purchase Agreement (Massic Tool Mold & Die Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations then due and owing to Lender (without any prepayment penalty or premium therefor) or for accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation due and owing to Lender is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations due and owing to Lender shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations due and owing to Lender had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary ------------- contained in this Loan Agreement or the other Loan DocumentsOther Agreements, the Borrowers shall not be required to pay, and Lender Bank shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreements, then in such event: (1a) the provisions of this subsection Paragraph shall govern and control; (2b) the Borrowers shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Bank may have received hereunder shall be, at Lender's optionthe mutual agreement of Bank and Borrowers, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Borrowers' Liabilities or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been and shall be, be reformed and modified to reflect such reduction; and (5e) the Borrowers Borrower shall not have any action against Lender Bank for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan Agreement (Boss Holdings Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender Bank shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1a) the provisions of this subsection Paragraph shall govern and control; (2b) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Bank may have received hereunder shall be, at LenderBank's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Borrower's Liabilities or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, be reformed and modified to reflect such reduction; and (5e) the Borrowers Borrower shall not have any action against Lender Bank for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Borrower' s Liabilities is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, Borrower's Liabilities shall remain at the Maximum Rate until Lender Bank shall have received or accrued the amount of interest which Lender Bank would have received or accrued during such period on Obligations Borrower's Liabilities had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Aasche Transportation Services Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and Lender Purchaser shall not be permitted to collectcontract for, take, reserve, charge or receive, any amount of compensation which constitutes interest under applicable law in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument or otherwise contracted for, taken, reserved, charged or received, then in such event: (1a) the provisions of this subsection Section 2.7 shall govern and control; (2b) the Borrowers shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Purchaser may have contracted for, taken, reserved, charged or received hereunder shall be, at Lender's Borrowers’ option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been been, and shall be, reformed and modified to reflect such reduction; and (5e) the Borrowers shall not have any no action against Lender Purchaser for any damages arising out of the payment or collection of due to any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation of the Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender Purchaser shall have received or accrued the amount of interest which Lender Purchaser would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period, but only if, and to the extent, permitted by applicable law. If All sums paid or agreed to be paid hereunder or under the Default Rate other Loan Documents for the use, forbearance or detention of sums due shall, to the extent permitted by applicable law, be amortized, pro-rated, allocated and spread throughout the full term of the Obligations until payment in full so that the rate or amounts of interest on account of the Obligations does not exceed the Maximum Rate. The terms of this Section 2.7 shall be finally determined deemed incorporated into each other Loan Document and any other document or instrument between the Borrowers and Purchaser or directed to be unlawfulthe Borrowers by Purchaser, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate whether or not specific reference to this Section 2.7 is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall applymade.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Loan Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding It being the intention of Mortgagee and Mortgagor to comply with the laws of the State of Minnesota, it is agreed that notwithstanding any provision to the contrary contained in the Loan Agreement, the Notes, this Loan Agreement Mortgage or any of the other Loan Documents, no such provision shall require the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, payment or permit the collection of any amount of interest (“Excess Interest”) in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST")to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the indebtedness evidenced by the Notes. If any Excess Interest is provided for for, or determined by a court of competent jurisdiction is adjudicated to have been be provided for for, in the Loan Agreement, the Notes, this Loan Agreement Mortgage or in any of the other Loan Documents, then in such event: (1a) the provisions of this subsection Section shall govern and control; (2b) neither Mortgagor nor any other party obligated under the Borrowers terms of the Notes or any of the other Loan Documents shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Mortgagee or any Lender may have received hereunder shall beshall, at Lender's optionthe option of Mortgagee, be (ai) applied as a credit against either or both of the outstanding then unpaid principal balance of under the Loan or Notes, accrued and unpaid interest thereunder (thereon not to exceed the maximum amount permitted by law), or both, (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the rates of interest rate(s) provided for herein payable under the terms of the Loan Agreement and the Notes shall be automatically reduced subject to automatic reduction to the maximum lawful contract rate allowed from time to time under the applicable law (usury laws of the "MAXIMUM RATE")aforesaid State, and the Loan Agreement, the Notes, this Loan Agreement Mortgage and the other Loan Documents shall be deemed to have been and shall be, be automatically reformed and modified to reflect such reductionreduction in such interest rate(s); and (5e) neither Mortgagor nor any other party obligated under the Borrowers terms of the Loan Agreement, the Notes or any of the other Loan Documents shall not have any action against Lender Mortgagee for any damages whatsoever arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Easement and Construction Agreement (KBS Real Estate Investment Trust III, Inc.)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at LenderAgent's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any other Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Credit Agreement (Krystal Company)
Interest Laws. Notwithstanding any provision to the contrary ------------- contained in this Loan Agreement or the other Loan DocumentsOther Agreements, the Borrowers shall not be required to pay, and Lender Agent shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreements, then in such event: (1a) the provisions of this subsection Paragraph shall govern and control; (2b) the Borrowers shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Agent may have received hereunder shall be, at LenderAgent's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Borrowers' Liabilities or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been and shall be, be reformed and modified to reflect such reduction; and (5e) the Borrowers shall not have any action against Lender Agent or any Lenders for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Borrowers' Liabilities is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, Borrowers' Liabilities shall remain at the Maximum Rate until Lender Agent, for the benefit of the Lenders, shall have received or accrued the amount of interest which Lender Agent would have received or accrued during such period on Obligations such Borrowers' Liabilities had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. The Purchaser and the Seller intend to comply with the laws of the State of Illinois with regard to the rate of interest charged. Notwithstanding any provision to the contrary contained in this Loan Agreement Note, no such provision shall require the payment or permit the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, collection of any amount of interest ("Excess Interest") in excess of the maximum amount of interest or loan charges permitted by law ("EXCESS INTEREST")to be charged. If any Excess Interest is provided for for, or determined by a court of competent jurisdiction is adjudicated to have been be provided for for, in this Loan Agreement or in any of the other Loan DocumentsNote, then in such event: (1a) the provisions of this subsection paragraph shall govern and control; (2b) the Borrowers Purchaser shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender the Seller may have received hereunder shall beshall, at Lender's optionthe option of Seller, be (ai) applied as a credit against either or both of the then outstanding principal balance of this Note or against the Loan or accrued and unpaid interest thereunder (thereon not to exceed the maximum amount permitted by law), ; (bii) refunded to the payor thereofpayor, or (ciii) so applied or refunded in any combination of the foregoing; (4d) the applicable interest rate(s) provided for herein rate or loan charges shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE")rate, and this Loan Agreement and the other Loan Documents Note shall be deemed to have been and shall be, reformed and modified to reflect such reductionreduction in the applicable interest rate or loan charges; and (5e) the Borrowers Purchaser shall not have any action against Lender the Seller for any damages whatsoever arising out of from the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum RateIf a refund reduces principal, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate reduction shall be finally determined treated as a partial prepayment, though not subject to any minimum limit on permitted prepayments. This Note may be transmitted via telecopy and shall be deemed an original for all purposes. In Witness Whereof, the Purchaser has caused this Note to be unlawfulexecuted as of the date first stated above. AH NORTH CAROLINA OWNER LIMITED PARTNERSHIP, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunderan Ohio limited partnership By: AH North Carolina CGP, provided however that if the Maximum Rate is greater or lesser than the Interest RateInc., then the foregoing provisions of this paragraph shall apply.its general partner By: ___________________________ Name: David B. Fenkell Xxx: Xxesident
Appears in 1 contract
Samples: Brookdale Living Communities Inc
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documentsany Other Agreement, the Borrowers Company shall not be required to pay, and Lender shall not be permitted to collectcontract for, take, reserve, charge or receive, any amount of compensation watch constitutes interest under applicable law in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsAgreement or otherwise contracted for, taken, reserved, charged or received, then in such event: (1a) the provisions of this subsection SECTION 3.8 shall govern and control; , (2b) the Borrowers Company shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender may have contracted for, taken, reserved, charged or received hereunder shall be, at Lender's option, ; (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been been, and shall be, be reformed and modified to reflect such reduction; and (5e) the Borrowers Company shall not have any no action against Lender for any damages arising out of the payment or collection of due to any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If All sums paid or agreed to be paid hereunder or under the Default Rate Other Agreements for the use forbearance or detention of sums due shall, to the extent permitted by applicable law, be amortized, pro-rated, allocated and spread throughout the fill term of the Obligations with payment in full so that the rate or amounts of interest on account of the Obligations does not exceed the Maximum Rate. The terms of this SECTION 3.8 shall be finally determined deemed incorporated into each Other Agreement and any other document or instrument between the Company and Lender or directed to be unlawfulthe Company by Lender, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate whether or not specific reference to this SECTION 3.8 is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall applymade.
Appears in 1 contract
Samples: Note Purchase Agreement (International Total Services Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan DocumentsOther Agreements, the Borrowers Borrower shall not be required to pay, and Lender Bank shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreements, then in such event: (1a) the provisions of this subsection Paragraph shall govern and control; (2b) the Borrowers Borrower shall not be obligated to pay any Excess excess Interest; (3c) any Excess Interest that Lender Bank may have received hereunder shall be, at LenderBank's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Borrower's Liabilities or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been and shall be, be reformed and modified to reflect such reduction; and (5e) the Borrowers Borrower shall not have any action against Lender Bank for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Borrower's Liabilities is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on no such Obligations shall, to the extent permitted by law, Borrower's Liabilities shall remain at a the Maximum Rate until Lender Bank shall have received or accrued the amount of interest which Lender Bank would have received or accrued during such period on Obligations such Borrower's Liabilities had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and neither Collateral Monitoring Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers no Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Collateral Monitoring Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers no Borrower nor any Loan Party shall not have any action against Collateral Monitoring Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Belding Heminway Co Inc /De/)
Interest Laws. Notwithstanding any provision to the contrary contained herein or in this Loan Agreement the Note or the other Loan Transaction Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"the “Excess Interest”). If any Excess Interest is provided for for, whether in the Default Rate, through any contingency or event, or otherwise, or is determined by a court of competent jurisdiction to have been provided for herein or in this Loan Agreement the Note or in any of the other Loan Transaction Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that any Lender may have received hereunder shall be, at such Lender's ’s option, to the fullest extent provided by applicable law: (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, thereof or (c) any combination of the foregoing; (4) the interest rate(s) Applicable Margin provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement Agreement, the Note and the other Loan Transaction Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against any Lender for any monetary damages arising out of the payment or collection of any Excess Interest, other than arising solely from any Lender’s gross negligence or willful conduct in exercising its remedies under this Section 2.5(e). Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreementthe Note of any Lender, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of Uniti – Bridge Loan and Security Agreement #97751373v29 interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until such Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate Applicable Margin shall be applicable during any time when the Default Rate would have been applicable hereunder; provided, provided however however, that if the Maximum Rate is greater or lesser than the Interest RateApplicable Margin, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Bridge Loan and Security Agreement (Uniti Group Inc.)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor payer thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Loan Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers no Borrower shall not be required to pay, and none of Agent, Canadian Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law Applicable Law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection 2.2(C) shall govern and control; (2) the Borrowers neither any Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent, Canadian Agent or any Lender may have received hereunder shall be, at such Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan US Obligations or the Canadian Obligations, as applicable, or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law Applicable Law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither any Borrower nor any other Loan Party shall not have any action against Agent, Canadian Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If The Loan Parties acknowledge that the Default Rate shall rates of interest applicable to the Canadian Revolving Loan and Canadian Lender Letter of Credit may be finally determined to be unlawful, then computed on the basis of a period of less than 365 days. For purposes of the Interest Rate shall be Act (Canada), whenever any interest is calculated using a rate based on a period of less than 365 days, such rate determined pursuant to such calculation, when expressed as an annual rate is equivalent to (i) the applicable during any time when rate based on a period of less than 365 days, (ii) multiplied by the Default Rate would have been applicable hereunderactual number of days in the calendar year in which the period for such interest is payable (or compounded) ends, provided however and (iii) divided by the number of days in the period that if the Maximum Rate is greater or lesser less than the Interest Rate, then the foregoing provisions of this paragraph shall apply365 days.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary ------------- contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Loan Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law applicable Law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or is finally determined by a court of competent jurisdiction in a non-appealable decision to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers neither any Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or any other outstanding accrued and unpaid interest thereunder Obligations (not to exceed the maximum amount permitted by lawother than interest), (b) refunded to the payor payer thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law Law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither any Borrower nor any Loan Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan DocumentsOther Agreements, the Borrowers Borrower shall not be required to pay, and Lender Bank shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreements, then in such event: (1a) the provisions of this subsection Paragraph shall govern and control; (2b) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Bank may have received and/or that has been disbursed to Bank hereunder shall be, at LenderBank's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Borrower's Liabilities or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been and shall be, be reformed and modified to reflect such reduction; and (5e) the Borrowers Borrower shall not have any action against Lender Bank for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation of Borrower's Liabilities is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, Borrower's Liabilities shall remain at the Maximum Rate until Lender Bank shall have received or accrued the amount of interest which Lender Bank would have received or accrued during such period on Obligations such Borrower's Liabilities had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance Principal Balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the applicable Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the applicable Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Education Realty Trust, Inc.)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan DocumentsOther Agreements, the Borrowers Borrower shall not be required to pay, and Lender Bank shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreements, then in such event: (1a) the provisions of this subsection Paragraph shall govern and control; (2b) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Bank may have received and/or disbursed to Bank hereunder shall be, at LenderBank's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Borrower's Liabilities or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been and shall be, be reformed and modified to reflect such reduction; and (5e) the Borrowers Borrower shall not have any action against Lender Bank for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Borrower's Liabilities is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, Borrower's Liabilities shall remain at the Maximum Rate until Lender Bank shall have received or accrued the amount of interest which Lender Bank would have received or accrued during such period on Obligations such Borrower's Liabilities had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Sigmatron International Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any other Loan Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which that Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Advanced Logic Research Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan DocumentsOther Agreements, the Borrowers Borrower shall not be required to pay, and Lender LNB shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreements, then in such event: (1a) the provisions of this subsection Paragraph shall govern and control; (2b) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender LNB may have received hereunder shall be, at LenderLNB's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Term Loan B, or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been and shall be, be reformed and modified to reflect such reduction; and (5e) the Borrowers Borrower shall not have any action against Lender LNB for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Term Loan B is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, Term Loan B shall remain at the Maximum Rate until Lender LNB shall have received or accrued the amount of interest which Lender LNB would have received or accrued during such period on Obligations Term Loan B had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Credit Agreement (Regis Corp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Component Rate with respect to each Component shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest RateComponent Rate with respect to any Component, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained ------------- in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess ------ Interest"). If any Excess Interest is provided for or determined by a court of -------- competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum ------- Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to ---- have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the applicable Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the applicable Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1i) the provisions of this subsection shall govern and control; (2ii) the Borrowers no Borrower nor any other Restricted Loan Party shall not be obligated to pay any Excess Interest; (3iii) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's ’s option, (aA) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bB) refunded to the payor thereof, or (cC) any combination of the foregoing; (4iv) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5v) the Borrowers no Borrower nor any Restricted Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. The Purchaser and the Seller intend to comply with the laws of the State of Illinois with regard to the rate of interest charged. Notwithstanding any provision to the contrary contained in this Loan Agreement Note, no such provision shall require the payment or permit the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, collection of any amount of interest ("Excess Interest") in excess of the maximum amount of interest or loan charges permitted by law ("EXCESS INTEREST")to be charged. If any Excess Interest is provided for for, or determined by a court of competent jurisdiction is adjudicated to have been be provided for for, in this Loan Agreement or in any of the other Loan DocumentsNote, then in such event: (1a) the provisions of this subsection paragraph shall govern and control; (2b) the Borrowers Purchaser shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender the Seller may have received hereunder shall beshall, at Lender's optionthe option of Seller, be (ai) applied as a credit against either or both of the then outstanding principal balance of this Note or against the Loan or accrued and unpaid interest thereunder (thereon not to exceed the maximum amount permitted by law), ; (bii) refunded to the payor thereofpayor, or (ciii) so applied or refunded in any combination of the foregoing; (4d) the applicable interest rate(s) provided for herein rate or loan charges shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE")rate, and this Loan Agreement and the other Loan Documents Note shall be deemed to have been and shall be, reformed and modified to reflect such reductionreduction in the applicable interest rate or loan charges; and (5e) the Borrowers Purchaser shall not have any action against Lender the Seller for any damages whatsoever arising out of from the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum RateIf a refund reduces principal, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate reduction shall be finally determined treated as a partial prepayment, though not subject to any minimum limit on permitted prepayments. In Witness Whereof, the Purchaser has caused this Note to be unlawfulexecuted as of the date first stated above. AH MICHIGAN OWNER LIMITED PARTNERSHIP, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunderan Ohio limited partnership By: AH Michigan CGP, provided however that if the Maximum Rate is greater or lesser than the Interest RateInc., then the foregoing provisions of this paragraph shall apply.its general partner By: _______________________________ Name:______________________________ Its:_______________________________
Appears in 1 contract
Samples: Brookdale Living Communities Inc
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documentsany Other Agreement, the Borrowers Company shall not be required to pay, and Lender Purchasers shall not be permitted to collectcontract for, take, reserve, charge or receive, any amount of compensation which constitutes interest under applicable law in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreement or otherwise contracted for, taken, reserved, charged or received, then in such event: (1a) the provisions of this subsection Section 2.8 shall govern and control; (2b) the Borrowers Company shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Purchasers may have contracted for, taken, reserved, charged or received hereunder shall be, at Lender's Purchasers’ option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Senior Subordinated Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been been, and shall be, reformed and modified to reflect such reduction; and (5e) the Borrowers Company shall not have any no action against Lender Purchasers for any damages arising out of the payment or collection of due to any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Senior Subordinated Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Senior Subordinated Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender Purchasers shall have received or accrued the amount of interest which Lender Purchasers would have received or accrued during such period on such Senior Subordinated Obligations had the rate of interest not been limited to the Maximum Rate during such period. If All sums paid or agreed to be paid hereunder or under the Default Rate Other Agreements for the use, forbearance or detention of sums due shall, to the extent permitted by applicable law, be amortized, pro-rated, allocated and spread throughout the full term of the Senior Subordinated Obligations until payment in full so that the rate or amounts of interest on account of the Senior Subordinated Obligations does not exceed the Maximum Rate. The terms of this Section 2.8 shall be finally determined deemed incorporated into each Other Agreement and any other document or instrument between the Company and Purchasers or directed to be unlawfulthe Company by Purchasers, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate whether or not specific reference to this Section 2.8 is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall applymade.
Appears in 1 contract
Samples: Note Purchase Agreement (Kenan Advantage Group Inc)
Interest Laws. Notwithstanding It being the intention of Lender and Borrower, for the purposes of this Paragraph 3.27 to comply with the laws of the State of New Jersey, it is agreed that notwithstanding any provision to the contrary contained in the Note, this Loan Agreement Mortgage or any of the other Loan Documents, no such provision shall require the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, payment or permit the collection of any amount of interest ("Excess Interest") in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST")to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the indebtedness evidenced by the Note. If any Excess Interest is provided for for, or determined by a court of competent jurisdiction is adjudicated to have been be provided for for, in the Note, this Loan Agreement Mortgage or in any of the other Loan Documents, then in such event: (1a) the provisions of this subsection Paragraph 3.27 shall govern and control; (2b) neither Borrower nor any other party obligated under the Borrowers terms of the Note or any of the other Loan Documents shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender may have received hereunder shall beshall, at the option of Lender's option, be (ai) applied as a credit against either or both of the outstanding then unpaid principal balance of under the Loan or Note, accrued and unpaid interest thereunder (thereon not to exceed the maximum amount permitted by law), or both, (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(sInterest Rate (as that term is defined in the Note) provided for herein shall be automatically reduced subject to automatic reduction to the maximum lawful contract rate allowed from time to time under the applicable law (usury laws of the "MAXIMUM RATE")State of New Jersey, and the Note, this Loan Agreement Mortgage and the other Loan Documents shall be deemed to have been and shall be, be automatically reformed and modified to reflect such reductionreduction in the Interest Rate; and (5e) neither Borrower nor any other party obligated under the Borrowers terms of the Note or any of the other Loan Documents shall not have any action against Lender for any damages whatsoever arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Financing Statement (Alexanders Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection 2.1(D) shall govern and control; (2) the Borrowers no Borrower nor any Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers no Borrower nor any Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Uniforce Temporary Personnel Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any other Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.at
Appears in 1 contract
Samples: Revolving Loan and Security Agreement (Shoppers Food Warehouse Corp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (aA) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bB) refunded to the payor thereof, or (cC) any combination of the foregoing; (4) the interest rate(s) provided for herein in this Agreement shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or Obligations owing to Lender for accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation owing to Lender is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations owing to Lender shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations owing to Lender had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply. It is expressly stipulated and agreed that it is the intent of Borrower and Lender to contract in strict compliance with applicable usury laws. In furtherance thereof, none of the terms of this Agreement, any Note, the Deed of Trust or any of the other Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Rate. Borrower and any other Persons now or hereafter becoming liable for payment of the Indebtedness shall never be liable for interest in excess of the Maximum Rate. If under any circumstances the aggregate amounts paid on the Obligations include amounts which by law are deemed interest which would exceed the Maximum Rate, Borrower stipulates that such amounts will be deemed to have been paid as a result of an error on the part of both Borrower and Lender, and the Person receiving such excess payment shall promptly, upon discovery of such error or upon notice thereof from the Person making such payment, refund the amount of such excess or, at the Lender’s option, credit such excess against the unpaid principal balance of the Obligations; provided, however, notwithstanding any other provision of this Agreement to the contrary, Borrower shall not be required to pay to Lender the Prepayment Consideration with respect to any such credit against the unpaid principal balance of the Obligations. In addition, all sums paid or agreed to be paid to the holder or holders of the Indebtedness for the use, forbearance or detention of the Indebtedness shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of the Indebtedness. The provisions of this Section 2.2(D) shall control all agreements, whether now or hereafter existing and whether written or oral, between the Borrower and Lender.
Appears in 1 contract
Samples: Loan and Security Agreement (Digital Realty Trust, Inc.)
Interest Laws. Notwithstanding any provision to the contrary ------------- contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan DocumentsAgreement, the Borrowers Company shall not be required to pay, and Lender no Holder shall not be permitted to collectcontract for, take, reserve, charge or receive, any amount of compensation which constitutes interest under applicable law in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documentsotherwise contracted for, taken, reserved, charged or received, then in such event: (1a) the provisions of this subsection Section 2.6 shall govern and control; (2b) the Borrowers Company shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender the Holders may have contracted for, taken, reserved, charged or received hereunder shall be, at Lender's the Holders' option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Senior Notes or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been been, and shall be, reformed and modified to reflect such reduction; and (5e) the Borrowers Company shall not have any no action against Lender the Holders for any damages arising out of the payment or collection of due to any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Senior Notes is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, Agreement and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, Senior Notes shall remain at the Maximum Rate until Lender the Holders shall have received or accrued the amount of interest which Lender the Holders would have received or accrued during such period on Obligations such Senior Notes had the rate of interest not been limited to the Maximum Rate during such period. If All sums paid or agreed to be paid hereunder for the Default Rate use, forbearance or detention of sums due shall, to the extent permitted by applicable law, be amortized, pro-rated, allocated and spread throughout the full term of the Senior Notes until payment in full so that the rate or amounts of interest on account of the Senior Notes does not exceed the Maximum Rate. The terms of this Section 2.9 shall be finally determined deemed incorporated into each Other Agreement and any other document or instrument directed to be unlawfulthe Company by any Holder, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate whether or not specific reference to this Section 2.9 is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall applymade.
Appears in 1 contract
Samples: Senior Note and Warrant Purchase Agreement (Cardiac Science Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall Borrower will not be required to pay, and neither Agent nor any Lender shall not will be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest ”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall will govern and control; (2) the Borrowers shall not neither Borrower nor any other Loan Party will be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall will be, at such Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall will be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate” ), and this Loan Agreement and the other Loan Documents shall will be deemed to have been and shall will be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not neither Borrower nor any Loan Party will have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest, provided Lender or Agent, as the case may be, has complied with subpart (3) above. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, will remain at the Maximum Rate until each Lender shall will have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan respective Loans for which it has been received or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Component Rate with respect to each Component shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest RateComponent Rate with respect to any Component, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither any Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither any Borrower nor any other Loan Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and neither the Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) neither the Borrowers Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that the Agent or any Lender may have received hereunder shall be, at Lenderthe Agent's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) neither the Borrowers Borrower nor any other Loan Party shall not have any action against the Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Credit Agreement (Edutrek Int Inc)
Interest Laws. Notwithstanding any provision provisions to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and the Lender shall not be permitted to collect, any amount of interest in excess ("Excess Interest") of the maximum amount of interest permitted by law applicable Law (the "EXCESS INTERESTMaximum Interest Rate"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument with respect to the 2016 Loan, then in such event: (1A) the provisions of this subsection shall govern and control; (2B) the Borrowers shall not be obligated to pay any Excess Interest; (3C) any Excess Interest that the Lender may have received hereunder shall be, at the Lender's option, (a1) applied as a credit against either or both of the outstanding principal balance of the 2016 Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law)Maximum Rate, (b2) refunded to the payor thereofBorrowers, or (c3) any combination of the foregoing; (4D) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE")Maximum Rate, and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5E) the Borrowers shall not have any action against the Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Loan is calculated at the Maximum Rate rather than the applicable rate under this Loan AgreementApplicable Rate, and thereafter such applicable rate Applicable Rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, Loan shall remain at the Maximum Rate until the Lender shall have received or accrued the amount of interest which the Lender would have received or accrued during such period on Obligations the 2016 Loan had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither any Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither any Borrower nor any Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and neither Collateral Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Collateral Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the no Borrowers shall not have any action against Collateral Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Sun Healthcare Group Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documentsany Other Agreement, the Borrowers Company shall not be required to pay, and Lender Purchaser shall not be permitted to collectcontract for, take, reserve, charge or receive, any amount of compensation which constitutes interest under applicable law in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreement or otherwise contracted for, taken, reserved, charged or received, then in such event: (1a) the provisions of this subsection Section 2.7 shall govern and control; (2b) the Borrowers Company shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Purchaser may have contracted for, taken, reserved, charged or received hereunder shall be, at LenderPurchaser's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Senior Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been been, and shall be, reformed and modified to reflect such reduction; and (5e) the Borrowers Company shall not have any no action against Lender Purchaser for any damages arising out of the payment or collection of due to any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Senior Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Senior Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender Purchaser shall have received or accrued the amount of interest which Lender Purchaser would have received or accrued during such period on such Senior Obligations had the rate of interest not been limited to the Maximum Rate during such period. If All sums paid or agreed to be paid hereunder or under the Default Rate Other Agreements for the use, forbearance or detention of sums due shall, to the extent permitted by applicable law, be amortized, pro-rated, allocated and spread throughout the full term of the Senior Obligations until payment in full so that the rate or amounts of interest on account of the Senior Obligations does not exceed the Maximum Rate. The terms of this Section 2.7 shall be finally determined deemed incorporated into each Other Agreement and any other document or instrument between the Company and Purchaser or directed to be unlawfulthe Company by Purchaser, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate whether or not specific reference to this Section 2.7 is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall applymade.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection 2.2(F) shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at LenderAgent's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and or the other Loan Documents Documents, as applicable shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any other Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If To the Default Rate shall be finally determined to be unlawfulextent, then if any, that Texas law may apply, the Interest Rate shall be applicable during any time when parties hereto agree that, except for Section 15.10(b) thereof, the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.Article 5069-15.01
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers no Borrower shall not be required to pay, and neither Administrative Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers no Borrower nor any Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Administrative Agent or, Collateral Agent any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither any Borrower nor any Loan Party shall not have any action against Administrative Agent, Collateral Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan Agreement (North Face Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the applicable Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the applicable Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (HRPT Properties Trust)
Interest Laws. Notwithstanding any provision to the contrary contained herein or in this Loan Agreement the Note or the other Loan Transaction Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"the “Excess Interest”). If any Excess Interest is provided for for, whether in the Default Rate, through any contingency or event, or otherwise, or is determined by a court of competent jurisdiction to have been provided for herein or in this Loan Agreement the Note or in any of the other Loan Transaction Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that any Lender may have received hereunder shall be, at such Lender's ’s option, to the fullest extent provided by applicable law: (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, thereof or (c) any combination of the foregoing; (4) the interest rate(s) Applicable Margin provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement Agreement, the Note and the other Loan Transaction Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against any Lender for any monetary damages arising out of the payment or collection of any Excess Interest, other than arising solely from any Lender’s gross negligence or willful conduct in exercising its remedies under this Section 2.5(e). Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreementthe Note of any Lender, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until such Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate Applicable Margin shall be applicable during any time when the Default Rate would have been applicable hereunder; provided, provided however however, that if the Maximum Rate is greater or lesser than the Interest RateApplicable Margin, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Bridge Loan and Security Agreement (Uniti Group Inc.)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the applicable Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the applicable Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (HRPT Properties Trust)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1I) the provisions of this subsection shall govern and control; (2) the neither Borrowers nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the neither Borrowers nor any Loan Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Greenman Technologies Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Beacon Roofing Supply Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Company shall not be required to pay, and Lender you shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1i) the provisions of this subsection shall govern and control; (2ii) the Borrowers Company shall not be obligated to pay any Excess Interest; (3iii) any Excess Interest that Lender you may have received hereunder shall be, at Lender's your option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4iv) the interest rate(s) provided for herein in this Agreement shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5v) the Borrowers Company shall not have any action against Lender you for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender you shall have received or accrued the amount of interest which Lender you would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1i) the provisions of this subsection shall govern and control; (2ii) the Borrowers neither Borrower nor any Loan Party shall not be obligated to pay any Excess Interest; (3iii) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (aA) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bB) refunded to the payor thereof, or (cC) any combination of the foregoing; (4D) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5E) the Borrowers neither Borrower nor any Loan Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall applyPeriod.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documentsany Other Agreement, the Borrowers Company shall not be required to pay, and the Lender shall not be permitted to collectcontract for, take, reserve, charge or receive, any amount of compensation which constitutes interest under applicable law in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreement or otherwise contracted for, taken, reserved, charged or received, then in such event: (1a) the provisions of this subsection Section 2.6 shall govern and control; (2b) the Borrowers Company shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that the Lender may have contracted for, taken, reserved, charged or received hereunder shall be, at the Lender's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Senior Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been been, and shall be, reformed and modified to reflect such reduction; and (5e) the Borrowers Company shall not have any no action against the Lender for any damages arising out of the payment or collection of due to any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Senior Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Senior Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until the Lender shall have received or accrued the amount of interest which the Lender would have received or accrued during such period on such Senior Obligations had the rate of interest not been limited to the Maximum Rate during such period. If All sums paid or agreed to be paid hereunder or under the Default Rate Other Agreements for the use, forbearance or detention of sums due shall, to the extent permitted by applicable law, be amortized, pro-rated, allocated and spread throughout the full term of the Senior Obligations until payment in full so that the rate or amounts of interest on account of the Senior Obligations does not exceed the Maximum Rate. The terms of this Section 2.6 shall be finally determined deemed incorporated into each Other Agreement and any other document or instrument between the Company and the Lender or directed to be unlawfulthe Company by the Lender, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate whether or not specific reference to this Section 2.6 is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall applymade.
Appears in 1 contract
Samples: Loan Agreement (Irata Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate Component Rate, or the ARD Component Rate, as applicable, with respect to each Component shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Component Rate, or the ARD Component Rate, as applicable, with respect to any Component, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Finance Documents, the Borrowers Company shall not be required to pay, and Lender no Agent shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Finance Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Company shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender Holders may have received hereunder shall be, at Lender's option, by act of the Majority Holders be delivered to the Paying Agent and the Collateral Agent and (a) applied as a credit against either or both of the outstanding principal balance amount of the Loan Promissory Certificates or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Finance Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Company shall not have any action against Lender any Agent or Holders for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender Holders shall have received or accrued the amount of interest which Lender Holders would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Dwip Subscription Agreement (Radius Global Infrastructure, Inc.)
Interest Laws. Notwithstanding any provision to the contrary ------------- contained in this Loan Agreement or the other Loan DocumentsOther Agreements, the Borrowers shall not be required to pay, and Lender Bank shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreements, then in such event: (1a) the provisions of this subsection Paragraph shall govern and control; (2b) the Borrowers shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Bank may have received hereunder shall be, at LenderBank's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Borrowers' Liabilities or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been and shall be, be reformed and modified to reflect such reduction; and (5e) the Borrowers shall not have any action against Lender Bank for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Borrowers' Liabilities is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, Borrowers' Liabilities shall remain at the Maximum Rate until Lender Bank shall have received or accrued the amount of interest which Lender Bank would have received or accrued during such period on Obligations such Borrowers' Liabilities had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Heartland Partners L P)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither any Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither any Borrower nor any other Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding It being the intention of Administrative Agent and Mortgagor to comply with the laws of the State of Minnesota, it is agreed that notwithstanding any provision to the contrary contained in the Loan Agreement, the Note, this Loan Agreement Mortgage or any of the other Loan Documents, no such provision shall require the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, payment or permit the collection of any amount of interest (“Excess Interest”) in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST")to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the indebtedness evidenced by the Note, if any. If any Excess Interest is provided for for, or determined by a court of competent jurisdiction is adjudicated to have been be provided for for, in the Loan Agreement, the Note, this Loan Agreement Mortgage or in any of the other Loan Documents, then in such event: (1a) the provisions of this subsection Section 8.13 shall govern and control; (2b) neither Mortgagor nor any other party obligated under the Borrowers terms of the Note or any of the other Loan Documents shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Administrative Agent may have received hereunder shall beshall, at Lender's optionthe option of Administrative Agent, be (ai) applied as a credit against either or both of the outstanding then unpaid principal balance of under the Loan or Note, accrued and unpaid interest thereunder (thereon not to exceed the maximum amount permitted by law), or both, (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein rate shall be automatically reduced subject to automatic reduction to the maximum lawful contract rate allowed from time to time under the applicable law (usury laws of the "MAXIMUM RATE")aforesaid State, and the Note, this Loan Agreement Mortgage and the other Loan Documents shall be deemed to have been and shall be, be automatically reformed and modified to reflect such reductionreduction in the Interest Rate; and (5e) neither Mortgagor nor any other party obligated under the Borrowers terms of the Note or any of the other Loan Documents shall not have any action against Lender Administrative Agent for any damages whatsoever arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: FSP 50 South Tenth Street Corp
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan DocumentsWarrant Agreement, the Borrowers Company shall not be required to pay, and Lender Purchaser shall not be permitted to collectcontract for, take, reserve, charge or receive, any amount of compensation which constitutes interest under applicable law in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsWarrant Agreement or otherwise contracted for, taken, reserved, charged or received, then in such event: (1a) the provisions of this subsection Section 11.17 shall govern and control; (2b) the Borrowers Company shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Purchaser may have contracted for, taken, reserved, charged or received hereunder shall be, at LenderPurchaser's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan any Put Note or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Warrant Agreement shall be deemed to have been been, and shall be, reformed and modified to reflect such reduction; and (5e) the Borrowers Company shall not have any no action against Lender Purchaser for any damages arising out of the payment or collection of due to any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Put Note is calculated at the Maximum Rate rather than the applicable rate specified under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, Put Note shall remain at the Maximum Rate until Lender Purchaser shall have received or accrued the amount of interest which Lender Purchaser would have received or accrued during such period on Obligations such Put Note had the applicable rate of interest not been limited to the Maximum Rate during such period. If All sums paid or agreed to be paid hereunder or under the Default Rate Warrant Agreement for the use, forbearance or detention of sums due shall, to the extent permitted by applicable law, be amortized, pro-rated, allocated and spread throughout the full term of any Put Note until payment in full so that the rate or amounts of interest on account of any Put Note does not exceed the Maximum Rate. The terms of this Section 11.17 shall be finally determined deemed incorporated into the Warrant Agreement and any other document or instrument between the Company and any Purchaser or directed to be unlawfulthe Company by any Purchaser, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate whether or not specific reference to this Section 11.17 is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall applymade.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and neither any Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that any Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any Loan Party shall not have any action against any Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Thorn Apple Valley Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the neither Borrowers nor any Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the neither Borrowers nor any Loan Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Facility Documents, the Borrowers Borrower shall not be required to pay, and Lender the Lenders shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Facility Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Facility Documents shall be deemed to have been been, and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against such Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until Lender the Lenders shall have received or accrued the amount of interest which Lender the Lenders would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Vendor Credit Financing Agreement (Hughes Electronics Corp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's Xxxxxx’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither Borrower nor any other Loan Party shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement
Interest Laws. Notwithstanding any provision to the contrary contained herein or in this Loan Agreement any Note or the other Loan Transaction Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"the “Excess Interest”). If any Excess Interest is provided for for, whether in the Default Rate, through any contingency or event, or otherwise, or is determined by a court of competent jurisdiction to have been provided for herein or in this Loan Agreement any Note or in any of the other Loan Transaction Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that any Lender may have received hereunder shall be, at such Lender's ’s option, to the fullest extent provided by applicable law: (a) applied as a credit against either or both of the outstanding principal balance of the Term Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) Interest Rate provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement Agreement, any Note and the other Loan Transaction Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against any Lender for any monetary damages arising out of the payment or collection of any Excess Interest, other than arising solely from Lender’s gross negligence or willful conduct in exercising its remedies under this Section 2.4(d). Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreementany Note, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until such Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided provided, however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection Section shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations due and owing to Lender (without any prepayment penalty or premium therefor) or for accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation due and owing to Lender is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations due and owing to Lender shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations due and owing to Lender had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined All sums paid or agreed to be unlawfulpaid to Lender for the use, then forbearance or detention of the Interest Rate shall Obligations of Borrower to Lender shall, to the extent permitted by applicable law, (i) be applicable during any time when amortized, prorated, allocated and spread throughout the Default Rate would have been applicable hereunder, provided however full term of such Obligations until payment in full so that if the actual rate of interest on account of such Obligations does not exceed the Maximum Rate is greater throughout the term thereof, (ii) be characterized as a fee, expense or lesser other charge other than interest, and/or (iii) exclude any voluntary prepayments and the Interest Rate, then the foregoing provisions of this paragraph shall applyeffects thereof.
Appears in 1 contract
Samples: Loan and Security Agreement (Lexicon Genetics Inc/Tx)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan DocumentsOther Agreements, the Borrowers shall not be required to pay, and Lender Bank shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsOther Agreements, then in such event: (1a) the provisions of this subsection Paragraph shall govern and control; (2b) the Borrowers shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Lender Bank may have received hereunder shall be, at LenderBank's option, (ai) applied as a credit against either or both of the outstanding principal balance of the Loan Borrowers' Liabilities or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents Other Agreements shall be deemed to have been and shall be, be reformed and modified to reflect such reduction; and (5e) the Borrowers shall not have any action against Lender Bank for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Borrowers' Liabilities is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, Borrowers' Liabilities shall remain at the Maximum Rate until Lender Bank shall have received or accrued the amount of interest which Lender Bank would have received or accrued during such period on Obligations such Borrowers' Liabilities had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers Borrower shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Continental Information Systems Corp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the any other Loan DocumentsDocument, the Borrowers shall not be required to pay, and neither Agent nor any Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTERESTExcess Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan DocumentsDocument, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers neither any Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender's option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan Obligations or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATEMaximum Rate"), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers neither any Borrower nor any Loan Party shall not have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation Obligations is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, shall remain at the Maximum Rate until each Lender shall have received or accrued the amount of interest which such Lender would have received or accrued during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Rocky Shoes & Boots Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers Borrower shall not be required to pay, and Lender the Administrative Agent shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender Lenders may have received hereunder shall be, at Lender's the Administrative Agent’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers Borrower shall not have any action against Lender the Administrative Agent or Lenders for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender Lenders shall have received or accrued the amount of interest which Lender Lenders would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Dwip Loan and Security Agreement (Digital Landscape Group, Inc.)
Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and the Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST"“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event: (1) the provisions of this subsection shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that the Lender may have received hereunder shall be, at the Lender's ’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "MAXIMUM RATE"“Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against the Lender for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until the Lender shall have received or accrued the amount of interest which the Lender would have ‑37‑ received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Loan and Security Agreement (Sba Communications Corp)
Interest Laws. Notwithstanding It being the intention of Lender and Mortgagor to comply with the laws of the State of Illinois, it is agreed that notwithstanding any provision to the contrary contained in the Note, this Loan Agreement Mortgage, or any of the other Loan Documents, no such provision shall require the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, payment or permit the collection of any amount of interest (“Excess Interest”) in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST")to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the indebtedness evidenced by the Note. If any Excess Interest is provided for for, or determined by a court of competent jurisdiction is adjudicated to have been be provided for for, in the Note, this Loan Agreement Mortgage, or in any of the other Loan Documents, then in such event: event (1a) the provisions of this subsection Paragraph 3.22 shall govern and control; (2b) the Borrowers Mortgagor shall not be obligated to pay any JPMorgan Chase Bank, N.A. Mortgage Excess Interest; (3c) any Excess Interest that Lender may have received hereunder shall beshall, at the option of Lender's option, be (ai) applied as a credit against either or both of the outstanding then unpaid principal balance of under the Loan or Note, accrued and unpaid interest thereunder (thereon not to exceed the maximum amount permitted by law), or both, (bii) refunded to the payor thereof, or (ciii) any combination of the foregoing; (4d) the interest rate(s“Interest Rate” (as that term is defined in the Note or the Loan Agreement referred to in the Note) provided for herein shall be automatically reduced subject to automatic reduction to the maximum lawful contract rate allowed from time to time under the applicable law (usury laws of the "MAXIMUM RATE")aforesaid State, and the Note, this Loan Agreement Mortgage, and the other Loan Documents shall be deemed to have been been, and shall be, reformed and modified to reflect such reductionreduction in the Interest Rate; and (5e) the Borrowers Mortgagor shall not have any action against Lender for any damages whatsoever arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract
Samples: Material Sciences Corp
Interest Laws. Notwithstanding It being the intention of Lender and Borrower to comply with the laws of the State of Illinois, it is agreed that notwithstanding any provision to the contrary contained in this Loan Agreement Note or any of the other Loan Documents, no such provision shall require the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, payment or permit the collection of any amount of interest ("EXCESS INTEREST") in excess of the maximum amount of interest permitted by law ("EXCESS INTEREST")to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the indebtedness evidenced by this Note. If any Excess Interest is provided for for, or determined by a court of competent jurisdiction is adjudicated to have been be provided for for, in this Loan Agreement Note, or in any of the other Loan Documents, then in such event: event (1i) the provisions of this subsection paragraph shall govern and control; , (2ii) neither Borrower nor any of the Borrowers other Obligors shall not be obligated to pay any Excess Interest; , (3iii) any Excess Interest that Lender may have received hereunder shall beshall, at the option of Lender's option, be (a) applied as a credit against either or both of the then outstanding principal balance of the Loan or applicable Loan, accrued and unpaid interest thereunder (thereon not to exceed the maximum amount permitted by law), or both, (b) refunded to the payor payer thereof, or (c) any combination of the foregoing; , (4iv) the interest rate(s) provided for herein rate payable hereunder shall be automatically reduced subject to reduction to the maximum lawful contract rate allowed from time to time under the applicable law (usury laws of the "MAXIMUM RATE")aforesaid State, and this Loan Agreement Note and the other Loan Documents shall be deemed to have been been, and shall be, reformed and modified to reflect such reduction; reduction in the interest rate, and (5v) neither Borrower nor any of the Borrowers other Obligors shall not have any action against Lender for any damages whatsoever arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. If the Default Rate shall be finally determined to be unlawful, then the Interest Rate shall be applicable during any time when the Default Rate would have been applicable hereunder, provided however that if the Maximum Rate is greater or lesser than the Interest Rate, then the foregoing provisions of this paragraph shall apply.
Appears in 1 contract