Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, Borrower shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event: (1) the provisions of this subsection shall govern and control; (2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 3 contracts
Samples: Loan and Security Agreement (Rankin Automotive Group Inc), Loan and Security Agreement (Skechers Usa Inc), Revolving Loan and Security Agreement (Shoppers Food Warehouse Corp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, Borrower shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
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 Agreement or any other Loan Document, Borrower shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the appropriate Obligations or accrued and unpaid interest (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 Rate"), and this Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
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 Agreement or any other Loan Document, Borrower shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
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 any the other Loan DocumentDocuments, the 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 DocumentDocuments, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither the 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 Obligations 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
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (Lodgian Inc), Mezzanine Loan Agreement (Lodgian Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan DocumentAgreement, Borrower the Company shall not be required to pay, and neither Agent nor any Lender the Investor 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 applicable law ("Excess Interest"). If any Excess Interest is provided for or determined in a final, non-appealable judgment by a court of competent jurisdiction to have been provided for in this Agreement or in any other Loan Documentotherwise contracted for, taken, reserved, charged or received, then in such event:
: (1A) the provisions of this subsection Section shall govern and control;
; (2B) neither Borrower nor any other Loan Party the Company shall not be obligated to pay any Excess Interest; (3C) any Excess Interest that Agent or any Lender the Investors may have contracted for, taken, reserved, charged or received hereunder shall be, at such Lenderthe Investor's option, (aI) applied as a credit against the outstanding principal balance of the Obligations or accrued and unpaid interest Note (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 Agreement and the other Loan Documents shall be deemed to have been been, and shall be, reformed and modified to reflect such reduction; andand (E) the Company shall have no action against the Investors due to any Excess Interest. The terms of this Section shall be deemed incorporated into the Notes.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Documentthe Other Agreements, Borrower shall not be required to pay, and neither Agent nor any Lender Bank 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 Agreement or in any other Loan Documentof the Other Agreements, then in such event:
(1a) the provisions of this subsection Paragraph shall govern and control;
(2b) neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Agent or any Lender Bank may have received and/or that has been disbursed to Bank hereunder shall be, at such LenderBank's option, (ai) applied as a credit against the outstanding principal balance of the Obligations Borrower's Liabilities or accrued and unpaid interest (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 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
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Documentthe Other Agreements, Borrower shall not be required to pay, and neither Agent nor any Lender LNB 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 Agreement or in any other Loan Documentof the Other Agreements, then in such event:
(1a) the provisions of this subsection Paragraph shall govern and control;
(2b) neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Agent or any Lender LNB may have received hereunder shall be, at such LenderLNB's option, (ai) applied as a credit against the outstanding principal balance of the Obligations Term Loan B, or accrued and unpaid interest (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 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
Appears in 1 contract
Samples: Credit Agreement (Regis Corp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Documentthe Other Agreements, Borrower shall not be required to pay, and neither Agent nor any Revolving Credit Lender shall 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 Agreement or in any other Loan Documentof the Other Agreements, then in such event:
(1a) the provisions of this subsection Paragraph shall govern and control;
(2b) neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Agent or any Revolving Credit Lender may have received hereunder herunder shall be, at such LenderAgent's option, (ai) applied as a credit against the outstanding principal balance of the Obligations Borrower's Liabilities or accrued and unpaid interest (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 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
Appears in 1 contract
Samples: Credit Agreement (Regis Corp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any the other Loan DocumentDocuments, 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 Agreement or in any of the other Loan DocumentDocuments, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) 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, (aA) applied as a credit against the outstanding principal balance of the Obligations or accrued and unpaid interest (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 RateMAXIMUM RATE"), and this Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, no Borrower shall not be required to pay, and neither Agent nor any Lender Bank shall 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 Agreement or in any other Loan Document, then in such event:
(1a) the provisions of this subsection section shall govern and control;
(2b) neither Borrower nor any other Loan Party Company Affiliate shall be obligated to pay any Excess Interest; ;
(3c) any Excess Interest that Agent or any Lender Bank may have received hereunder shall be, at such LenderBank's option, (ai) applied as a credit against the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
(e) neither Borrower nor any Company Affiliate shall have any action against Agent or any Bank for any damages arising out of the payment or collection of any Excess Interest.
Appears in 1 contract
Samples: Credit Agreement (Imagemax Inc)
Interest Laws. Notwithstanding any provision to the neither contrary contained in this Agreement or the other Loan Documents, Borrower nor any other Loan Document, Borrower Party (or Resources) 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 Agreement or in any of the other Loan DocumentDocuments, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party (or Resources) shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary ------------- contained in this Agreement or any other Loan Document, Borrower shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Documentthe Other Agreements, Borrower shall not be required to pay, and neither Agent nor any Lender Bank 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 Agreement or in any other Loan Documentof the Other Agreements, then in such event:
(1a) the provisions of this subsection Paragraph shall govern and control;
(2b) neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Agent or any Lender Bank may have received and/or disbursed to Bank hereunder shall be, at such LenderBank's option, (ai) applied as a credit against the outstanding principal balance of the Obligations Borrower's Liabilities or accrued and unpaid interest (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 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
Appears in 1 contract
Samples: Loan and Security Agreement (Sigmatron International Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan DocumentAgreement, Borrower the Company shall not be required to pay, and neither Agent nor any 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 applicable law ("“Excess Interest"”). If any Excess Interest is provided for or determined in a final, non-appealable judgment by a court of competent jurisdiction to have been provided for in this Agreement or in any other Loan Documentotherwise contracted for, taken, reserved, charged or received, then in such event:
: (1A) the provisions of this subsection Section shall govern and control;
; (2B) neither Borrower nor any other Loan Party the Company shall not be obligated to pay any Excess Interest; (3C) any Excess Interest that Agent or any Lender the Lenders may have contracted for, taken, reserved, charged or received hereunder shall be, at such the Lender's ’s option, (aI) applied as a credit against the outstanding principal balance of the Obligations or accrued and unpaid interest Note (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 Agreement and the other Loan Documents shall be deemed to have been been, and shall be, reformed and modified to reflect such reduction; andand (E) the Company shall have no action against the Lenders due to any Excess Interest. The terms of this Section shall be deemed incorporated into the Notes.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the -------------- contrary contained in this Agreement or any other Loan Document, Borrower shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Samples: Loan and Security Agreement (Gradall Industries Inc)
Interest Laws. Notwithstanding any provision to the contrary ------------- contained in this Agreement or any other Loan Document, Borrower shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; andthe
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary ------------- contained in this Agreement or any other Loan Document, 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary ------------- contained in this Agreement or any other Loan Document, Borrower shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; andsuch
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any the other Loan DocumentDocuments, 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 Agreement or in any of the other Loan DocumentDocuments, then in such event:
: (1i) the provisions of this subsection shall govern and control;
(2ii) neither Borrower nor any other Loan Party shall 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 option, (aA) applied as a credit against the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Rate"), and this Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, Borrower Borrowers shall not be required to pay, and neither Administrative Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:to
(1) the provisions of this subsection shall govern and control;
(2) neither any Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Samples: Loan and Security Agreement (Comforce Operating Co)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any the other Loan DocumentFacility Documents, the Borrower shall not be required to pay, and neither Agent nor any 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 Interest"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Agreement or in any of the other Loan DocumentFacility Documents, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither the 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 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
Appears in 1 contract
Samples: Vendor Credit Financing Agreement (Hughes Electronics Corp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, Borrower shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Samples: Loan and Security Agreement (Continental Information Systems Corp)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any the other Loan DocumentDocuments, 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 Agreement or in any other Loan Document, then in such event:or
(1) the provisions of this subsection Section shall govern and control;
(2) 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 the outstanding principal balance of the 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 RateMAXIMUM RATE"), and this Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Samples: Loan and Security Agreement (Valence Technology Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any the other Loan DocumentDocuments, 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 Agreement or in any of the other Loan DocumentDocuments, then in such event:
(1) the provisions of this subsection Section shall govern and control;
(2) 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 the outstanding principal balance of the 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 RateMAXIMUM RATE"), and this Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Samples: Loan and Security Agreement (Lexicon Genetics Inc/Tx)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any the other Loan DocumentDocuments, 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection Section shall govern and control;
(2) 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 the outstanding principal balance of the 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 RateMAXIMUM RATE"), and this Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
(5) Borrower shall not have any action against Lender for any damages arising out of the payment or collection of any Excess
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 Agreement Note, no such provision shall require the payment or any other Loan Document, Borrower shall not be required to pay, and neither Agent nor any Lender shall be permitted to collect, permit the collection of any amount of interest ("Excess Interest") in excess of the maximum amount of interest or loan charges permitted by applicable 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 Agreement or in any other Loan DocumentNote, then in such event:
(1a) the provisions of this subsection paragraph shall govern and control;
; (2b) neither Borrower nor any other Loan Party the Purchaser shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Agent or any Lender the Seller may have received hereunder shall beshall, at such Lender's optionthe option of Seller, be (ai) applied as a credit against the then outstanding principal balance of this Note or against the Obligations or accrued and unpaid interest (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 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; andand (e) the Purchaser shall not have any action against the Seller for any damages whatsoever arising from the collection of Excess Interest. If a refund reduces principal, the reduction shall be treated as a partial prepayment, though not subject to any minimum limit on permitted prepayments.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the ------------- contrary contained in this Agreement or any other Loan Document, Borrower shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any the other Loan DocumentDocuments, 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 Agreement or in any of the other Loan DocumentDocuments, then in such event:
(1) the provisions of this subsection Section shall govern and control;
(2) 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 the outstanding principal balance of the 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 RateMAXIMUM RATE"), and this Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained ------------- in this Loan Agreement or any the other Loan DocumentDocuments, 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 DocumentDocuments, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) 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 Obligations 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
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, no Borrower shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither any Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan DocumentAgreement, Borrower the Company shall not be required to pay, and neither Agent nor any Lender the Investor 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 applicable law ("Excess Interest"). If any Excess Interest is provided for or determined in a final, non-appealable judgment by a court of competent jurisdiction to have been provided for in this Agreement or in any other Loan Documentotherwise contracted for, taken, reserved, charged or received, then in such event:
: (1A) the provisions of this subsection Section shall govern and control;
; (2B) neither Borrower nor any other Loan Party the Company shall not be obligated to pay any Excess Interest; (3C) any Excess Interest that Agent or any Lender the Investors may have contracted for, taken, reserved, charged or received hereunder shall be, at such Lenderthe Investor's option, (aI) applied as a credit against the outstanding principal balance of the Obligations or accrued and unpaid interest April Note (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 Agreement and the other Loan Documents shall be deemed to have been been, and shall be, reformed and modified to reflect such reduction; andand (E) the Company shall have no action against the Investors due to any Excess Interest. The terms of this Section shall be deemed incorporated into the April Notes.
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, Borrower the Borrowers shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither any Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Samples: Loan and Security Agreement (Rocky Shoes & Boots Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any the other Loan DocumentDocuments, Borrower shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any of the other Loan DocumentDocuments, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such LenderAgent's option, (a) applied as a credit against the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Samples: Credit Agreement (Krystal Company)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any the other Loan DocumentDocuments, the Borrower shall not be required to pay, and neither the Agent nor any Lender shall 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 Agreement or in any of the other Loan DocumentDocuments, then in such event:
(1) the provisions of this subsection Section shall govern and control;
(2) neither the Borrower nor any other Loan Party shall 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 Lenderthe Agent's option, (a) applied as a credit against the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Samples: Credit Agreement (Edutrek Int Inc)
Interest Laws. Notwithstanding any provision to the contrary ------------- contained in this Agreement or any other Loan Document, Borrower Borrowers shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower Borrowers nor any other Loan Party shall be obligated to pay any Excess Interest; (3) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such LenderAgent's option, (a) applied as a credit against the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan ------------ Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Samples: Loan and Security Agreement (Hawker Pacific Aerospace)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, Borrower Borrowers shall not be required to pay, and neither Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither any Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, Borrower 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"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower Borrowers nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, Borrower 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"). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither any Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Other Document, 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 Agreement or in any other Loan Document, then in such event:competent
(1) the provisions of this subsection shall govern and control;
(2) 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 or under any Other Agreement shall be, at such Lender's option, (a) applied as a credit against the outstanding principal balance of the Obligations Borrower's Liabilities or accrued and unpaid interest (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"), and this 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
Appears in 1 contract
Samples: Loan and Security Agreement
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, Borrower shall not be required to pay, and neither any Agent nor any Lender shall 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Samples: Loan and Security Agreement (Thorn Apple Valley Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any the other Loan DocumentDocuments, Borrower shall not be required to pay, and neither Agent nor any Lender Bank 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 Agreement or in any of the other Loan DocumentDocuments, then in such event:
(1a) the provisions of this subsection Paragraph shall govern and control;
(2b) neither Borrower nor any other Loan Party shall not be obligated to pay any Excess Interest; (3c) any Excess Interest that Agent or any Lender Bank may have received hereunder shall be, at such LenderBank's option, (ai) applied as a credit against the outstanding principal balance of the Obligations Borrower's Liabilities or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, be reformed and modified to reflect such reduction; and
Appears in 1 contract
Samples: Loan and Security Agreement (Aasche Transportation Services Inc)
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, 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 Agreement or in any other Loan Document, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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"), and this Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Interest Laws. Notwithstanding any provision to the contrary contained in this Agreement or any the other Loan DocumentDocuments, 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 Agreement or in any of the other Loan DocumentDocuments, then in such event:
(1) the provisions of this subsection shall govern and control;
(2) neither Borrower nor any other Loan Party shall 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 the outstanding principal balance of the Obligations or accrued and unpaid interest (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 Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and
Appears in 1 contract
Samples: Loan and Security Agreement (Advanced Logic Research Inc)