Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 12 contracts
Samples: Indenture (Community West Bancshares), Indenture (Central Valley Community Bancorp), Indenture (Central Valley Community Bancorp)
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “"applicable law” " when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 8 contracts
Samples: Indenture (Bridge Bancorp Inc), Indenture (Bridge Bancorp Inc), Indenture (Bridge Bancorp Inc)
Interest Limitation. It is All agreements between Borrower and Lender are hereby expressly limited so that in no contingency or event whatsoever shall the intention amount paid or agreed to be paid to Lender for the use, forbearance, loaning or detention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated indebtedness evidenced hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum permissible under applicable law. If from any circumstances whatsoever, fulfillment of any provisions of this Promissory Note at any time given shall exceed the maximum permissible under applicable law, then, the obligation to be fulfilled shall automatically be reduced to an amount allowed by which complies with applicable law, and if from any circumstances Lender should ever receive as interest an amount which would exceed the highest lawful rate of interest, such amount which would be in excess of such lawful rate of interest shall be credited applied to the principal amount reduction of such Security (or, if the principal amount of such Security shall have been paid in full, refunded balance evidenced hereby and not to the Company)payment of interest. This provision shall control every other provision of all agreements between Borrower and Lender and shall also be binding upon and available to any subsequent holder of this Promissory Note. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the indebtedness evidenced hereby, shall, to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable lawbe amortized, prorated, allocated, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of spread throughout the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder this Promissory Note until payment in connection therewith full so that the rate or amount or rate of interest charged for any and all periods of time during the term on account of the Security indebtedness evidenced hereby does not exceed the maximum amount or lawful rate of interest allowed from time to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time in effect and applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of indebtedness evidenced hereby for so long as such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Securityindebtedness is outstanding.
Appears in 8 contracts
Samples: Stock Purchase Agreement (Lugee Li Yeung Tak), Stock Purchase Agreement (Liquidmetal Technology LTD), Stock Purchase Agreement (Lugee Li Yeung Tak)
Interest Limitation. It is the intention of the Company Partnership to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the CompanyPartnership), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the CompanyPartnership), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “"applicable law” " when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 5 contracts
Samples: Indenture (Kinder Morgan Energy Partners L P), Indenture (Kinder Morgan Energy Partners L P), Indenture (Kinder Morgan Energy Partners L P)
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations (as determined by the Company and communicated to the Trustee and the Paying Agent in a Company Order) made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. Neither the Trustee nor the Paying Agent shall have any duty or responsibility to verify any calculations or determinations of the Company hereunder. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 4 contracts
Samples: Indenture (Financial Institutions Inc), Indenture (Financial Institutions Inc), Indenture (Financial Institutions Inc)
Interest Limitation. It is All agreements between the intention Borrowers and the Guarantors, on the one hand, and the Lenders and the Administrative Agent, on the other hand, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the Company Loans or otherwise, shall the amount paid or agreed to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything paid to the contrary Lenders for the use or the forbearance of the Loans exceed the maximum permissible under applicable law. As used herein, the term "applicable law" shall mean the law in effect as of the date hereof; provided, however that in the Securities or event there is a change in the law which results in a higher permissible rate of interest, then this IndentureCredit Agreement and other Loan Document shall be governed by such new law as of its effective date. In this regard, it is expressly agreed as follows: (i) that it is the aggregate intent of all consideration which constitutes interest the Borrowers and the Guarantors and the Lenders and the Administrative Agent in the execution, delivery and acceptance of this Credit Agreement and the other Loan Documents to contract in strict compliance with the laws of the State of New York from time to time in effect. If, under applicable law with respect to a Security or from any circumstances whatsoever, fulfillment of any provision hereof or of any of the other Loan Documents at the time of performance of such provision shall under no circumstances exceed involve transcending the maximum amount allowed limit of such validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits of such validity, and if under or from any excess circumstances whatsoever any Lender should ever receive as interest any amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be credited applied to the principal amount reduction of such Security (or, if the principal amount balance of such Security shall have been paid in full, refunded the Loans and not to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate payment of interest. The right to accelerate maturity This provision shall control every other provision of any Security does not include all agreements between the right to accelerate any interest which has not otherwise accrued to Borrowers and the date of such acceleration, provided, however, that Guarantors and the foregoing shall not prohibit Lenders and the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such SecurityAdministrative Agent.
Appears in 4 contracts
Samples: Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc), Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc), Revolving Credit and Term Loan Agreement (Sovran Acquisition LTD Partnership)
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding Notwithstanding anything to the contrary in herein contained, the Securities or this Indenture, it is agreed as follows: (i) total liability of the aggregate Borrower for payment of all consideration which constitutes interest under applicable law with respect to a Security pursuant hereto shall under no circumstances not exceed the maximum amount allowed amount, if any, of such interest permitted by any applicable lawGovernmental Rule to be contracted for, charged or received, and if any payment by the Borrower to the Bank includes interest in excess of such a maximum amount, the Bank shall apply such excess to the reduction of the unpaid principal amount due pursuant hereto, or if none is due, such excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company)Borrower; provided that, to the extent permitted by applicable Governmental Rules, in the event the interest is not collected, is applied to principal or is refunded pursuant to this sentence and interest thereafter payable pursuant hereto shall be less than such maximum amount, then such interest thereafter so payable shall be increased up to such maximum amount to the extent necessary to recover the amount of interest, if any, theretofore uncollected, applied top principal or refunded pursuant to this sentence. Any such application or refund shall not cure or waive any Default or Event of Default. In determining whether or not any interest payable under this Agreement exceeds the highest rate permitted by law, any non-principal payment (except payments specifically stated in this Agreement to be “interest”) shall be deemed, to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to be an expense, fee, premium or penalty rather than interest. To the extent permitted by applicable law. All calculations made to compute , the rate Borrower hereby waives any provision of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be madewhich renders any provision hereof prohibited, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest unenforceable or not authorized in any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Securityrespect.
Appears in 3 contracts
Samples: Credit Agreement (Universal Stainless & Alloy Products Inc), Credit Agreement (Universal Stainless & Alloy Products Inc), Credit Agreement (Universal Stainless & Alloy Products Inc)
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “"applicable law” " when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 3 contracts
Samples: Indenture (Eog Resources Inc), Indenture (Kinder Morgan Inc), Third Supplemental Indenture (Enron Corp/Or/)
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law law, then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 3 contracts
Samples: Indenture (El Paso Pipeline Partners, L.P.), Indenture (El Paso Pipeline Partners Operating Company, L.L.C.), Indenture (El Paso Pipeline Partners Operating Company, L.L.C.)
Interest Limitation. It is the intention of the Company Partnership to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law law, then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the CompanyPartnership), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the CompanyPartnership), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 2 contracts
Samples: Indenture (El Paso Pipeline Partners Operating Company, L.L.C.), Indenture (El Paso Pipeline Partners Operating Company, L.L.C.)
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: :
(ia) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (iib) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 2 contracts
Samples: Indenture (CenterState Bank Corp), Indenture Agreement (CenterState Bank Corp)
Interest Limitation. It is the intention of the Company to parties hereto that each Bank shall conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereofapplicable to it. Accordingly, if the transactions contemplated hereby would be usurious as to any Bank under laws applicable to it (including the laws of the United States of America or any other jurisdictions whose laws may be mandatorily applicable law to such Bank), then, in that event, notwithstanding anything to the contrary in the Securities Loan Documents, the Credit Agreement or this Indentureany other agreements entered into in connection with or as security for the Obligations, it is agreed as follows: :
(ia) the aggregate of all consideration which constitutes interest under laws applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event Bank that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder Bank under the Loan Documents, the Credit Agreement or any other agreements entered into in connection with or as security for the Obligations or otherwise in connection with the Obligations shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess shall be cancelled automatically and if theretofore paid shall be credited by such Bank on the Trustee on behalf principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or would thereby be paid in full, refunded by such Bank to the Borrower); and (b) in the event that the maturity of the Loans is accelerated, or in the event of any required or permitted prepayment, then such Holder consideration that constitutes interest under law applicable to any Bank may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in connection therewith so this Credit Agreement or otherwise shall be cancelled automatically by such Bank as of the date of such acceleration or prepayment and, if therefore paid, shall be credited by such Bank on the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or rate would thereby be paid in full, refunded by such Bank to the Borrower). All sums paid or agreed to be paid to any Bank for the use, forbearance or detention of interest charged for any sums due hereunder shall, to the extent permitted by laws applicable to such Bank, be amortized, prorated, allocated and all periods of time during spread through the term of the Security Loans until payment in full so that the rate or amount of interest on account of any Loans does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of timesuch applicable law. Notwithstanding any of the foregoing, if If at any time applicable laws shall be changed so as and from time to permit a higher rate or time (a) the amount of interest payable to any Bank on any date shall be computed at the highest lawful rate applicable to such Bank pursuant to this paragraph and (b) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Bank would be less than the amount of interest payable to such Bank computed at the highest lawful rate applicable to such Bank, then the amount of interest payable to such Bank in respect of such subsequent interest computation period shall continue to be charged than that permitted prior computed at the highest lawful rate applicable to such change, then unless prohibited by law, references in Bank until the total amount of interest payable to such Bank shall equal the total amount of interest which would have been payable to such Bank if the total amount of interest had been computed without giving effect to this Indenture or paragraph. To the extent that Article 5069-1.04 of the Texas Revised Civil Statutes is relevant to any Security to “applicable law” when used in Bank for the context purpose of determining the maximum interest or highest lawful rate, each such Bank hereby elects to determine the applicable rate of interest that can be charged shall be deemed ceiling under such Article by the indicated (weekly) rate ceiling from time to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest time in accordance with the terms of the Indenture and such Securityeffect.
Appears in 2 contracts
Samples: Revolving Credit and Term Loan Agreement (Petro Stopping Centers Holdings Lp), Revolving Credit and Term Loan Agreement (Petro Stopping Centers L P)
Interest Limitation. It is All agreements between the intention Borrowers and the Guarantors, on the one hand, and the Lenders and the Administrative Agent, on the other hand, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the Company Loans or otherwise, shall the amount paid or agreed to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything paid to the contrary Lenders for the use or the forbearance of the Loans exceed the maximum permissible under applicable law. As used herein, the term “applicable law” shall mean the law in effect as of the date hereof; provided, however that in the Securities or event there is a change in the law which results in a higher permissible rate of interest, then this IndentureCredit Agreement and other Loan Document shall be governed by such new law as of its effective date. In this regard, it is expressly agreed as follows: (i) that it is the aggregate intent of all consideration which constitutes interest the Borrowers and the Guarantors and the Lenders and the Administrative Agent in the execution, delivery and acceptance of this Credit Agreement and the other Loan Documents to contract in strict compliance with the laws of the State of New York from time to time in effect. If, under applicable law with respect to a Security or from any circumstances whatsoever, fulfillment of any provision hereof or of any of the other Loan Documents at the time of performance of such provision shall under no circumstances exceed involve transcending the maximum amount allowed limit of such validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits of such validity, and if under or from any excess circumstances whatsoever any Lender should ever receive as interest any amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be credited applied to the principal amount reduction of such Security (or, if the principal amount balance of such Security shall have been paid in full, refunded the Loans and not to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate payment of interest. The right to accelerate maturity This provision shall control every other provision of any Security does not include all agreements between the right to accelerate any interest which has not otherwise accrued to Borrowers and the date of such acceleration, provided, however, that Guarantors and the foregoing shall not prohibit Lenders and the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such SecurityAdministrative Agent.
Appears in 2 contracts
Samples: Revolving Credit and Term Loan Agreement (Life Storage Lp), Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc)
Interest Limitation. It is The Note and all Loan Documents are intended to be performed in accordance with, and only to the intention of the Company to conform strictly to extent permitted by, all applicable usury laws. If any provision hereof or of any of the other Loan Documents or the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, neither the application of such provision to any other person or circumstance nor the remainder of the instrument in which such provision is contained shall be affected thereby and shall be enforced to the greatest extent permitted by law. It is expressly stipulated and agreed to be the intent of the holder of the Note to at all times comply with the usury and other applicable laws and now or hereafter governing the interest payable on the indebtedness evidenced by the Note. If the applicable law is ever revised, repealed or judicially interpreted so as to render usurious any subsequent revisions, repeals amount called for under the Note or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law thenof the other Loan Documents, in that eventor contracted for, notwithstanding anything to the contrary in the Securities charged, taken, reserved or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law received with respect to a Security shall under no circumstances exceed the maximum amount allowed indebtedness evidenced by applicable the Note, or if Bank's exercise of the option to accelerate the maturity of the Note, or if any prepayment by Borrower or prepayment agreement results (or would, if complied with, result) in Borrower having paid, contracted for or been charged for any interest in excess of that permitted by law, then it is the express intent of Borrower and any Bank that the Note and the other Loan Documents shall be limited to the extent necessary to prevent such result and all excess amounts theretofore collected by Bank shall be credited to on the principal amount balance of the Note or, if fully paid, upon such Security other Indebtedness as shall then remaining outstanding (or, if the principal amount of such Security shall Note and all other Indebtedness have been paid in full, refunded to Borrower), and the Company)provisions of the Note and the other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectable hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid, or agreed to be paid, by Borrower for the use, forbearance, detention, taking, charging, receiving or reserving of the indebtedness of Borrower to Bank under the Note or arising under or pursuant to the other Loan Documents shall, to the maximum extent permitted by applicable law; , be amortized, prorated, allocated and (ii) spread throughout the full term of such indebtedness until payment in the event full so that the maturity rate or amount of any Security is accelerated or in the event of any redemption interest on account of such Securityindebtedness does not exceed the usury ceiling from time to time in effect and applicable to such indebtedness for so long as such indebtedness is outstanding. To the extent federal law permits Bank to contract for, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal charge or receive a greater amount of such Security (orinterest, if Bank will rely on federal law instead of the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security Texas Finance Code for the purpose of determining whether such rate exceeds the Maximum Rate. Additionally, to the maximum amount allowed extent permitted by applicable law shall be madenow or hereafter in effect, Bank may, at its option and from time to time, implement any other method of computing the extent permitted by such Maximum Rate under the Texas Finance Code or under other applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted forgiving notice, takenif required, reserved, charged to Borrower as provided by applicable law now or received by such Holder or by the Trustee on behalf of any such Holder hereafter in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of timeeffect. Notwithstanding anything to the contrary contained herein or in any of the foregoingother Loan Documents, if at any time applicable laws shall be changed so as to permit a higher rate or amount it is not the intention of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right Bank to accelerate the maturity of any Security does not include the right to accelerate any interest which that has not otherwise accrued at the time of such acceleration or to collect unearned interest at the date time of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 2 contracts
Samples: Modification Agreement (Stratus Properties Inc), Fourth Modification Agreement (Stratus Properties Inc)
Interest Limitation. It is the intention not intended by any provision of this Note to charge interest at a rate in excess of the Company maximum rate of interest permitted to conform strictly be charged to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest Maker under applicable law with respect to on a Security cumulative basis over the life of the loan evidenced by this Note (the "Loan"). If by mistake or error, interest in excess of such maximum rate shall under no circumstances exceed be paid for any period during the maximum term of the Loan, the excess amount allowed shall, if permitted by applicable law, be retained by Holder as additional cash collateral for the Loan to be held without interest or trust and any excess shall be credited to the principal amount commingled with other assets of such Security (Holder or, if the principal amount of such Security not permitted to be so held by Holder, shall have been paid in full, be refunded to Maker. If for any period during the Company)term of the Loan, Holder is unable, because of a limitation on the rate of interest permitted to be charged to Maker under applicable law, to collect all of the interest and premium provided for in this Note, such interest or premium ("interest shortage") shall, if permitted by applicable law, be added to the interest earned or to be earned for prior or subsequent periods during the term of the Loan so that, to the extent permitted by applicable law on a cumulative basis over the life of the Loan, Holder may collect all of the interest and premium provided for in this Note, the same to be accomplished in the following manner, or otherwise as permitted by applicable law: (i) if Holder were permitted by applicable law to charge interest to Maker in such prior periods in excess of the amount of interest and premium actually charged during such prior periods, then the interest due on the Loan for such prior periods shall automatically be increased by the amount of such interest shortage, but not in excess of the maximum interest permitted to be charged to Maker during such prior periods, and such increased interest for such prior periods shall be immediately due and payable upon demand; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes if Holder shall have collected all interest under permitted by applicable law may never include more than the maximum amount allowed to be charged to Maker in such prior periods, and if Holder is thereafter permitted by applicable lawlaw to charge interest to Maker in such subsequent periods in excess of the amount of interest and premium actually charged during such subsequent periods, and any excess the interest due on the Loan for such subsequent periods shall automatically be credited to increased by the principal amount of such Security (orinterest shortage, if the principal amount but not in excess of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent interest permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law to Maker during the relevant period of time. Notwithstanding any of the foregoingsuch subsequent period, if at any time applicable laws and such increased interest for such subsequent periods shall be changed so as to permit a higher rate or amount due and payable at the end of interest to be charged than that permitted prior to each such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Securitysubsequent period upon demand.
Appears in 2 contracts
Samples: Agreement (Boatracs Inc /Ca/), Confidentiality Agreement (Boatracs Inc /Ca/)
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding Notwithstanding anything to the contrary in herein contained, the Securities or this Indenture, it is agreed as follows: (i) total liability of the aggregate Borrower for payment of all consideration which constitutes interest under applicable law with respect to a Security pursuant hereto shall under no circumstances not exceed the maximum amount allowed amount, if any, of such interest permitted by any applicable lawGovernmental Rule to be contracted for, charged or received, and if any payment by the Borrower to the Bank includes interest in excess of such a maximum amount, the Bank shall apply such excess to the reduction of the unpaid principal amount due pursuant hereto, or if none is due, such excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company)Borrower; provided that, to the extent permitted by applicable Governmental Rules, in the event the interest is not collected, is applied to principal or is refunded pursuant to this sentence and interest thereafter payable pursuant hereto shall be less than such maximum amount, then such interest thereafter so payable shall be increased up to such maximum amount to the extent necessary to recover the amount of interest, if any, theretofore uncollected, applied top principal or refunded pursuant to this sentence. Any such application or refund shall not cure or waive any Default or Event of Default. In determining whether or not any interest payable under this Agreement exceeds the highest rate permitted by law, any non-principal payment (except payments specifically stated in this Agreement to be "interest") shall be deemed, to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to be an expense, fee, premium or penalty rather than interest. To the extent permitted by applicable law. All calculations made to compute , the rate Borrower hereby waives any provision of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be madewhich renders any provision hereof prohibited, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest unenforceable or not authorized in any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Securityrespect.
Appears in 2 contracts
Samples: Credit Agreement (Gerdau Ameristeel Corp), Credit Agreement (Gerdau Ameristeel Corp)
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations (as determined by the Company and communicated to the Trustee and the Paying Agent in a Company Order) made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 2 contracts
Samples: Indenture (Investar Holding Corp), Indenture (Investar Holding Corp)
Interest Limitation. It is the intention of the Company and the Bank to conform strictly to all applicable the usury laws and any subsequent revisions, repeals or judicial interpretations thereofas set forth in Section 8.04. Accordingly, if the transactions contemplated hereby would be usurious under those laws or any other applicable law laws, then, in that event, notwithstanding anything to the contrary in the Securities Note, or this IndentureAgreement, it is agreed as follows: follows in this Section 8.05:
(ia) the aggregate of all consideration which that constitutes interest that is contracted for, taken, reserved, charged or received under applicable law the Note, or this Agreement, or otherwise in connection with respect to a Security any Advance, shall under no circumstances exceed the maximum amount allowed by applicable lawthose laws, and any excess shall be credited to by the Bank on the principal amount of such Security the Advance (or, if the principal amount of such Security the Advance shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and and
(iib) in the event that if the maturity of any Security Advance is accelerated or in the event of any redemption of such Securityrequired or permitted prepayment, then such the consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable lawthose laws, and any excess interest, if any, provided for in this Agreement or otherwise shall be canceled automatically as of the date of the acceleration or prepayment and, if theretofore paid, shall be credited to by the Bank on the principal amount of such Security the Advance (or, if the principal amount of such Security the Advance shall be have been paid in full, refunded by the Bank to the Company). To the extent that Chapter 1D, Subtitle 1, Title 79, Revised Civil Statutes of Texas, 1925, as amended, is relevant to the Bank for the purposes of determining the highest lawful interest rate applicable to this Agreement and the Note, the Bank hereby elects to determine the applicable rate ceiling under that chapter by the indicated (weekly) rate ceiling from time to time in effect, subject to the Bank's right subsequently to change that method in accordance with applicable law. In determining whether the interest paid or payable under any specific contingency exceeds the highest lawful rate, the Company and the Bank shall, to the maximum extent permitted by under applicable law. All calculations made to compute ; (i) characterize any nonprincipal payment (other than payments expressly designated as interest payments hereunder) as an expense or fee rather than as interest, (ii) exclude voluntary prepayments and the rate effect thereof and (iii) spread the total amount of interest with respect to a Security for throughout the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period entire contemplated term of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith Note so that the amount or interest rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than is uniform throughout that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Securityterm.
Appears in 2 contracts
Samples: Credit Agreement (Baker Hughes Inc), Credit Agreement (Baker Hughes Inc)
Interest Limitation. It is the intention of the Company to parties hereto that each ------------------- Bank shall conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereofapplicable to it. Accordingly, if the transactions contemplated hereby would be usurious as to any Bank under laws applicable to it (including the laws of the United States of America or any other jurisdictions whose laws may be mandatorily applicable law to such Bank notwithstanding the other provision of the Notes), then, in that event, notwithstanding anything to the contrary in the Securities Notes, the Loan Documents, the Credit Agreement or this Indentureany other agreements entered into in connection with or as security the Notes, it is agreed as follows: :
(ia) the aggregate of all consideration which constitutes interest under laws applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event Bank that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder Bank under the Notes, the Loan Documents, the Credit Agreement or any other agreements entered into in connection with or as security for the Notes or otherwise in connection with the Notes shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess shall be cancelled automatically and if theretofore paid shall be credited by such Bank on the Trustee on behalf principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or would thereby be paid in full, refunded by such Bank to the Borrower); and (b) in the event that the maturity of the Notes is accelerated by reason of an election of the holder thereof resulting from any Event of Default under the Notes, or in the event of any required or permitted prepayment, then such Holder consideration that constitutes interest under law applicable to any Bank may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in connection therewith so the Notes or otherwise shall be cancelled automatically by such Bank as of the date of such acceleration or prepayment and, if therefore paid, shall be credited by such Bank on the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or rate would thereby be paid in full, refunded by such Bank to the Borrower). All sums paid or agreed to be paid to any Bank for the use, forbearance or detention of interest charged for any sums due hereunder shall, to the extent permitted by laws applicable to such Bank, be amortized, prorated, allocated and all periods of time during spread through the term of the Security Loans evidenced by the Notes until payment in full so that the rate or amount of interest on account of any Loans does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of timesuch applicable law. Notwithstanding any of the foregoing, if If at any time applicable laws shall be changed so as and from time to permit a higher rate or time (a) the amount of interest payable to any Bank on any date shall be computed at the highest lawful rate applicable to such Bank pursuant to this paragraph and (b) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Bank would be less than the amount of interest payable to such Bank computed at the highest lawful rate applicable to such Bank, then the amount of interest payable to such Bank in respect of such subsequent interest computation period shall continue to be charged than that permitted prior computed at the highest lawful rate applicable to such change, then unless prohibited by law, references in Bank until the total amount of interest payable to such Bank shall equal the total amount of interest which would have been payable to such Bank if the total amount of interest had been computed without giving effect to this Indenture or paragraph. To the extent that Article 5069-1.04 of the Texas Revised Civil Statutes is relevant to any Security to “applicable law” when used in Bank for the context purpose of determining the maximum interest or highest lawful rate, each such Bank hereby elects to determine the applicable rate of interest that can be charged shall be deemed ceiling under such Article by the indicated (weekly) rate ceiling from time to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest time in accordance with the terms of the Indenture and such Securityeffect.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Petro Stopping Centers L P)
Interest Limitation. It is the intention of the Company Partnership to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the CompanyPartnership), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the CompanyPartnership), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 1 contract
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; , and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “"applicable law” " when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 1 contract
Interest Limitation. It is All agreements between the intention Guarantors, the ------------------- Agent or any Financing Lender, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of demand being made in respect of an amount due under any Operative Document or otherwise, shall the amount paid, or agreed to be paid, to the Agent, or any Financing Lender for the use, forbearance or detention of the Company money to conform strictly to all be loaned under the Participation Agreement, or otherwise or for the payment or performance of any covenant or obligation contained herein or in any other Operative Document exceed the Maximum Rate. If, as a result of any circumstances whatsoever, fulfillment of any provision hereof or of any such documents, at the time performance of such provision shall be due, shall involve transcending the limit of validity prescribed by applicable usury laws and any subsequent revisionslaw, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything ipso facto the obligation to be ---- ----- fulfilled shall be reduced to the contrary in limit of such validity, and if, from any such circumstance, the Securities Agent, or this Indenture, it is agreed as follows: (i) the aggregate of all consideration any Financing Lender shall ever receive interest or anything which constitutes might be deemed interest under applicable law with respect to a Security shall under no circumstances which would exceed the maximum Maximum Rate, such amount allowed by applicable lawwhich would be excessive interest shall be applied to the amounts owing on other obligations of the Guarantors to the Agent, or any Financing Lender under any Operative Document and not to the payment of interest, or if such excessive interest exceeds the amounts owing on other obligations of the Guarantors to the Agent, or any Financing Lender under any Operative Document, as the case may be, such excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company)Guarantors. All sums paid or agreed to be paid to the Agent, or any Financing Lender for the use, forbearance or detention of the indebtedness of the Guarantors to the Agent or any Financing Lender shall, to the extent permitted by applicable law; , be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full of the principal (iiincluding the period of any renewal or extension thereof) in the event so that the maturity of any Security is accelerated or in the event of any redemption interest on account of such Security, then such consideration that constitutes interest under applicable law may never include more than indebtedness shall not exceed the maximum amount allowed by applicable law, and any excess shall be credited Maximum Rate. Notwithstanding anything to the principal amount of such Security (orcontrary contained in any Operative Document, it is understood and agreed that if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute at any time the rate of interest with respect to a Security for which accrues on the purpose outstanding principal balance of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period any indebtedness of the full stated term Guarantors hereunder shall exceed the Maximum Rate, the rate of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by which accrues on the Trustee on behalf outstanding principal balance of any such Holder indebtedness shall be limited to the Maximum Rate, but any subsequent reductions in connection therewith so that the amount or rate of interest charged for which accrues on the outstanding principal balance of any and all periods of time during such indebtedness shall not reduce the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during which accrues on the relevant period outstanding principal balance of time. Notwithstanding any of such indebtedness below the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or Maximum Rate until the total amount of interest to be charged than that permitted prior to accrued on the outstanding principal balance of any such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in indebtedness equals the context of determining the maximum interest or rate amount of interest that can be charged shall be deemed to refer to which would have accrued if such applicable law as so amended to allow the greater amount or interest rate of interesthad at all times been in effect. The right to accelerate maturity terms and provisions of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date this Section 14 shall ---------- control and supersede every other provision of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Securitythis Guaranty.
Appears in 1 contract
Interest Limitation. It Lender and Borrower each acknowledges, ------------------- agrees, and declares that it is the its intention of the Company to conform strictly to expressly comply with all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate respect of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee limitations on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for that can legally be contracted for, charged, or received under or in connection with the Loan Documents. Notwithstanding anything to the contrary contained in any Loan Document (even if any such provision expressly declares that it controls all other provision of the Loan Documents), in no contingency or event whatsoever shall the amount of interest (including the aggregate of all charges, fees, benefits, or other compensation which constitutes interest under any applicable laws) under the Loan Documents paid by Borrower, received by Lender, agreed to be paid by Borrower, or requested or demanded to be paid by Lender, exceed the Maximum Rate, and all periods provisions of time during the Loan Documents in respect of the contracting for, charging, or receiving compensation for the use, forbearance, or detention of money shall be limited as provided by this Section 3A.5. In the event any such interest is paid to Lender by Borrower in an amount or at a rate which would exceed the Maximum Rate, Lender shall automatically apply such excess to any unpaid amount of the Secured Obligations other than interest, in inverse order of maturity, or if the amount of such excess exceeds said unpaid amount, such excess shall be paid to Borrower. All interest paid, or agreed to be paid, by Borrower, or taken, reserved, or received by Lender, shall be amortized, prorated, spread, and allocated in respect of the Secured Obligations throughout the full term of this Agreement. Notwithstanding any provision contained in any of the Security does not exceed Loan Documents, or in any other related documents executed pursuant hereto, Lender shall never be entitled to charge, receive, take, reserve, collect, or apply as interest any amount which, together with all other interest under the maximum amount or Loan Documents would result in a rate of interest allowed under the Loan Documents in excess of the Maximum Rate and, in the event Lender ever charges, receives, takes, reserves, collects, or applies any amount in respect of Borrower that otherwise would, together with all other interest under the Loan Documents, be in excess of the Maximum Rate, such amount shall automatically be deemed to be charged applied in reduction of the unpaid principal balance of the Secured Obligations and, if such principal balance is paid in full, any remaining excess shall forthwith be paid to Borrower. Borrowers and Lender shall, to the maximum extent permitted under any applicable laws, (i) characterize any non-principal payment as a standby fee, commitment fee, prepayment charge, delinquency charge, expense, or reimbursement for a third- party expense rather than as interest and (ii) exclude prepayments, acceleration, and the effect thereof. Nothing in any Loan Document shall be construed or so operate as to require or obligate Borrower to pay any interest, fees, costs, or charges greater than is permitted by law during the relevant period of timeany applicable laws. Notwithstanding any of Subject to the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than Borrower agrees that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or actual effective rate of interest that can from time to time existing under the Loan Documents, including all amounts agreed to by Borrower or charged or received by Lender pursuant to and in accordance with the Loan Documents, which may be charged deemed to be interest under any applicable laws, shall be deemed to refer be a rate which is agreed to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest and stipulated by Borrower and Lender in accordance with the terms of the Indenture and such Securityapplicable law.
Appears in 1 contract
Interest Limitation. It is In no contingency or event whatsoever shall the intention amount of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect the Loan Documents paid by any Loan Party, received by Agent or any Lender, agreed to a Security shall under no circumstances be paid by any Loan Party, or requested or demanded to be paid by Agent or any Lender, exceed the maximum amount allowed Maximum Rate. In the event any such sums paid to Agent or any Lender by applicable lawany Loan Party would exceed the Maximum Rate, and Agent or such Lender, as applicable, shall automatically apply such excess to any excess shall be credited to the unpaid principal amount of such Security (or, if the principal amount of such Security excess exceeds said unpaid principal, such excess shall have been be paid to such Loan Party. All sums paid, or agreed to be paid, by any Loan Party which are or hereafter may be construed to be compensation for the use, forbearance, or detention of money shall be amortized, prorated, spread and allocated in respect of the Obligations throughout the full Contract Term until the Obligations are paid in full. Notwithstanding any provisions contained in the Loan Documents, or in any notes or other related documents executed pursuant hereto, neither Agent nor any Lender shall ever be entitled to receive, collect or apply as interest any amount in excess of the Maximum Rate and, in the event Agent or any Lender ever receives, collects, or applies any amount that otherwise would be in excess of the Maximum Rate, such amount shall automatically be deemed to be applied in reduction of the unpaid principal balance of the Obligations and, if such principal balance is paid in full, refunded any remaining excess shall forthwith be paid to the Company)Loan Party which made such excess payment. In determining whether or not the interest paid or payable under any specific contingency exceeds the Maximum Rate, each Loan Party, Agent and each Lender shall, to the maximum extent permitted by under applicable law; and , (i) characterize any non-principal payment as a standby fee, commitment fee, prepayment charge, delinquency charge or reimbursement for a third-party expense rather than as interest, (ii) in exclude voluntary prepayments and the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable laweffect thereof, and (iii) amortize, prorate, allocate and spread in equal parts throughout the entire period during which the indebtedness was outstanding the total amount of interest at any excess time contracted for, charged or received. Nothing herein contained shall be credited construed or so operate as to the principal amount of such Security (orrequire any Loan Party to pay any interest, if the principal amount of such Security shall be paid in fullfees, refunded to the Company)costs, to the extent or charges greater than is permitted by applicable law. All calculations made Subject to compute the foregoing, each Loan Party hereby agrees that the actual effective rate of interest from time to time existing with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed Loans made by applicable law shall be madeany Lender to Borrower, including all amounts agreed to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, Borrower or charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed Lender, which may be deemed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time interest under applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer be a rate which is agreed to and stipulated by the Loan Parties, Agent and such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest Lenders in accordance with the terms of the Indenture and such Securityapplicable law.
Appears in 1 contract
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding Notwithstanding anything to the contrary contained herein or in the Securities Mortgage or any other of the Loan Documents, the effective rate of interest on the obligation evidenced by this IndentureNote shall not exceed the maximum rate of interest permitted to be paid by applicable Law. The term "maximum rate of interest permitted to be paid by applicable Law" (the "MAXIMUM RATE") shall mean the highest lawful rate of interest applicable to this Note. In determining the Maximum Rate, due regard shall be given to all payments, fees, charges, deposits, balances and agreements which may constitute interest or be deducted from principal when calculating interest. For purposes of determining the Maximum Rate, the Indicated Rate Ceiling specified in Texas Revised Civil Statutes, Article 5069-1.04 shall be used; however, if permitted by applicable Law, Lender may implement any ceiling under that law used to compute the rate of interest hereunder by notice to Maker as provided in such article. Notwithstanding the foregoing sentence, if Section 501 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (as amended) permits a higher Maximum Rate than article 5069-1.04 or applicable Texas Law, such higher Maximum Rate shall apply to this Note. It is expressly stipulated and agreed to be the intent of Maker and Lender at all times to comply with the applicable Law governing the Maximum Rate or amount of interest payable on or in connection with this Note and the Loan (or applicable United States federal law to the extent that it permits Lender to contract for, charge, take, reserve, or receive a greater amount of interest than under the Law of the State of Texas). If the applicable Law is agreed ever judicially interpreted so as follows: (i) to render usurious any amount called for under this Note or under the aggregate of all consideration which constitutes interest under applicable law Mortgage or any other Loan Document or contracted for, charged, taken, reserved or received with respect to a Security shall under no circumstances exceed the maximum amount allowed Loan, or if acceleration of the maturity of this Note or if any prepayment by Maker results in Maker having paid any interest in excess of that permitted by applicable lawLaw, then it is Maker's and any Xxxxxx's express intent that all excess shall amounts theretofore collected by Lender be credited to on the principal amount balance of such Security this Note (or, if the principal amount of such Security shall have this Note has been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall would thereby be paid in full, refunded to the CompanyMaker), to and the extent permitted by applicable law. All calculations made to compute provisions of this Note, the rate of interest with respect to a Security for Mortgage and the purpose of determining whether such rate exceeds other Loan Documents immediately be deemed reformed and the maximum amount allowed by applicable law shall be madeamounts thereafter collectible hereunder and thereunder reduced, to without the extent permitted by such applicable law, by allocating and spreading during the period necessity of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf execution of any such Holder in connection therewith new documents, so that as to comply with the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoingapplicable Law, if at any time applicable laws shall be changed but so as to permit a higher rate or the recovery of the fullest amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interestotherwise called for hereunder and thereunder. The right to accelerate the maturity of any Security this Note does not include the right to accelerate any interest which has not otherwise accrued to on the date of such acceleration, providedand Lender does not intend to collect any unearned interest in the event of acceleration. All sums paid or agreed to be paid to Lender for the use, howeverforbearance or detention of the indebtedness evidenced hereby shall, to the extent permitted by applicable Law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the foregoing rate or amount of interest on account of such indebtedness does not exceed the applicable usury ceiling. Notwithstanding any provision contained in this Note, the Mortgage or in any of the other Documents that permits the compounding of interest, including, without limitation, any provision by which any accrued interest is added to the principal amount of this Note, the total amount of interest that Maker is obligated to pay and Lender is entitled to receive with respect to this Note shall not prohibit exceed the continuing accrual after acceleration amount calculated on a simple (i.e., noncompounded) interest basis at the Maximum Rate on principal amounts actually advanced to or for the account of interest in accordance with Maker, including all current and prior advances and any advances made pursuant to the terms Mortgage or other Loan Documents (such as for the payment of the Indenture taxes, insurance premiums and such Securitysimilar expenses and costs).
Appears in 1 contract
Samples: Multifamily Note (Apartment Investment & Management Co)
Interest Limitation. It is the intention of the Company Borrower and the ------------------- Banks to conform strictly to all applicable the respective usury laws and any subsequent revisions, repeals or judicial interpretations thereofapplicable to the Banks. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law as to any Bank, then, in that event, notwithstanding anything to the contrary in the Securities Notes or this IndentureAgreement or in any other Collateral Document, it is agreed as follows: :
(ia) the aggregate of all consideration which constitutes interest under law applicable law to such Bank that is contracted for, taken, reserved, charged or received under any Note payable to such Bank or this Agreement or under any other Collateral Document or otherwise in connection with respect to a Security such Note shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security Note (or, if the principal amount of such Security Note shall have been or would thereby be paid in full, refunded to the CompanyBorrower), to the extent permitted by applicable law; and (iib) in the event that the maturity of any Security Note payable to a Bank is accelerated or in the event of any redemption of such Securityrequired or permitted prepayment, then such consideration that constitutes interest under law applicable law to such Bank may never include more than the maximum amount allowed by such applicable law, and any excess interest, if any, provided for in this Agreement or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited to by such Bank on the principal amount of such Security Note (or, if the principal amount of such Security Note shall have been or would thereby be paid in full, refunded by such Bank to the CompanyBorrower), to the extent permitted by applicable law. All calculations made to compute the rate of interest that is contracted for, taken, reserved, charged or received under any Note payable to any Bank or under this Agreement or under any other Collateral Document or otherwise in connection with respect to a Security such Note for the purpose of determining whether such rate exceeds the maximum amount allowed by law applicable law to such Bank shall be made, to the extent permitted by such applicable law, by allocating amortizing, prorating, and spreading in equal parts during the period of the full stated term of the Loan or Loans evidenced by such Security Note all interest at any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder Bank in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Securitytherewith.
Appears in 1 contract
Interest Limitation. It is the intention of the Company Agent and the Banks and the Borrowers to conform strictly to all applicable usury the laws and any subsequent revisions, repeals of the State of New Jersey or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would laws of such other jurisdiction which may be usurious under any applicable law then, in that event, notwithstanding anything found to apply to the contrary subject transaction relating to the maximum rate of interest which may be lawfully contracted for or charged. Nothing contained in this Agreement or any other Loan Document shall be construed to mean that the Securities Borrowers have contracted to pay or this Indenture, it is agreed as follows: (i) are obligated to pay any sum or sums to the aggregate Agent and/or the Banks in excess of all consideration those which constitutes interest may lawfully be charged or contracted for under applicable law with respect of the State of New Jersey or other applicable law. If any provision of this Agreement or any of the other Loan Documents shall require payment of any sum or sums of interest in excess of the maximum permitted rate which may be lawfully contracted for or charged, then the Borrowers, the Agent, and the Banks agree that such result is as a consequence of their inadvertence and/or mistake, and the interest charge for which the Borrowers are liable under this instrument shall be recomputed for the sole and limited purpose of determining the extent of the obligations and liabilities of the Borrowers to a Security the Agent and/or the Banks so that the interest charges for which the Borrowers are liable shall under no circumstances not exceed the maximum amount allowed permitted rate which is determined to be applicable. Additionally, any sums of interest which are collected by applicable lawthe Agent and/or the Banks from the Borrowers or other source in connection with the Credit Facilities evidenced hereby which are in excess of the maximum permitted rate shall, for the sole and any excess shall limited purpose of determining the extent of the obligations and liabilities of the Borrowers to the Agent, and/or the Banks, be credited against the amount of principal for which the Borrowers are liable to the Agent, and/or the Banks after giving effect to any recomputation and adjustment required pursuant to the foregoing provisions of this Section, or if such outstanding principal amount of such Security (or, if the principal amount of such Security shall have been balance and interest are paid in full, refunded to any such excess shall be remitted by the Company)Agent, and/or the Banks, as applicable, to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such SecurityBorrowers.
Appears in 1 contract
Samples: Loan and Security Agreement (Opinion Research Corp)
Interest Limitation. It is expressly stipulated and agreed to be the intention intent of Borrower, Administrative Agent and Lender at all times to comply with the applicable Texas law governing the maximum rate or amount of interest payable on this Note or the indebtedness evidenced hereby and by the other Loan Documents (or applicable United States federal law to the extent that it permits Lender to contract for, charge, take, reserve or receive a greater amount of interest than under Texas law). If (a) the applicable law is ever judicially interpreted so as to render usurious any amount called for under this Note or under any of the Company to conform strictly to all applicable usury laws and any subsequent revisionsother Loan Documents, repeals or judicial interpretations thereof. Accordinglycontracted for, if the transactions contemplated hereby would be usurious under any applicable law thencharged, in that eventtaken, notwithstanding anything to the contrary in the Securities reserved or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law received with respect to a Security shall under no circumstances exceed the maximum amount allowed indebtedness evidenced by this Note and the other Loan Documents, or (b) Xxxxxx's exercise of the option herein contained to accelerate the maturity of this Note or any prepayment by Xxxxxxxx results in Borrower having paid any interest in excess of that permitted by applicable law, then it is Xxxxxxxx's and any Xxxxxx's express intent that (i) all excess shall amounts theretofore collected by Xxxxxx be credited to on the principal amount balance of such Security this Note (or, if the principal amount of such Security shall have this Note has been or would thereby be paid in full, refunded to Borrower), and (ii) the Company)provisions of this Note and the other Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder. All sums paid or agreed to be paid to Lender for the use, forbearance and detention of the indebtedness evidenced hereby and by the other Loan Documents shall, to the extent permitted by applicable law; , be amortized, prorated, allocated and (ii) spread throughout the full term of such indebtedness until payment in the event full so that the maturity rate or amount of any Security is accelerated or in the event of any redemption interest on account of such Securityindebtedness does not exceed the usury ceiling from time to time in effect and applicable to such indebtedness for so long as debt is outstanding. To the extent that Lender is relying on Chapter 303, then as amended, of the Texas Finance Code to determine the Maximum Lawful Rate payable on such consideration that constitutes indebtedness, Lender will utilize the weekly rate ceiling from time to time in effect as provided in such Chapter 303, as amended. To the extent United States federal law permits Lender to contract for, charge or receive a greater amount of interest under applicable law may never include more than the maximum amount allowed by applicable Texas law, and any excess shall be credited to the principal amount Lender will rely on United States federal law instead of such Security (orChapter 303, if as amended, for the principal amount purpose of such Security shall be paid in full, refunded to determining the Company)Maximum Lawful Rate. Additionally, to the extent permitted by applicable law. All calculations made law now or hereafter in effect, Lender may, at its option and from time to compute time, implement any other method of computing the rate of interest with respect Maximum Lawful Rate under such Chapter 303, as amended, or under other applicable law by giving notice, if required, to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed Borrower as provided by applicable law now or hereafter in effect. In no event shall be made, the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving triparty accounts) apply to the extent permitted by indebtedness evidenced hereby. Borrower hereby agrees that as a condition precedent to any claim seeking usury penalties against Xxxxxx, Xxxxxxxx will provide written notice to Xxxxxx, advising Lender in reasonable detail of the nature and amount of the violation, and Xxxxxx shall have sixty (60) days after receipt of such applicable lawnotice in which to correct such usury violation, if any, by allocating and spreading during the period of the full stated term of either refunding such Security all excess interest to Borrower or crediting such excess interest against this Note and/or any time contracted for, taken, reserved, charged or received other indebtedness then owing by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed Borrower to be charged by law during the relevant period of timeXxxxxx. Notwithstanding anything to the contrary contained herein or in any of the foregoingother Loan Documents, if at any time applicable laws shall be changed so as to permit a higher rate or amount it is not the intention of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right Lender to accelerate the maturity of any Security does not include the right to accelerate any interest which that has not otherwise accrued at the time of such acceleration or to collect unearned interest at the date time of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 1 contract
Samples: Promissory Note (Brookfield DTLA Fund Office Trust Investor Inc.)
Interest Limitation. 11 It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “"applicable law” " when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 1 contract
Interest Limitation. It is the intention All agreements between Borrower and Lender are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the Company indebtedness evidenced hereby or otherwise, shall the amount paid or agreed to conform strictly be paid to all applicable usury laws and any subsequent revisionsLender for the use, repeals forbearance, loaning or judicial interpretations thereof. Accordingly, if detention of the transactions contemplated indebtedness evidenced hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum permissible under applicable law. If from any circumstances whatsoever, fulfillment of any provisions of this Promissory Note or of the other Loan Documents at any time given shall exceed the maximum permissible under applicable law, then, the obligation to be fulfilled shall automatically be reduced to an amount allowed by which complies with applicable law, and if from any circumstances Lender should ever receive as interest an amount which would exceed the highest lawful rate of interest, such amount which would be in excess of such lawful rate of interest shall be credited applied to the principal amount reduction of such Security (or, if the principal amount of such Security shall have been paid in full, refunded balance evidenced hereby and not to the Company)payment of interest. This provision shall control every other provision of all agreements between Borrower and Lender and shall also be binding upon and available to any subsequent holder of this Promissory Note. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the indebtedness evidenced hereby, shall, to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable lawbe amortized, prorated, allocated, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of spread throughout the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder this Promissory Note until payment in connection therewith full so that the rate or amount or rate of interest charged for any and all periods of time during the term on account of the Security indebtedness evidenced hereby, without the payment of any Reinvestment Charge or Default Premium, does not exceed the maximum amount or lawful rate of interest allowed from time to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time in effect and applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of indebtedness evidenced hereby for so long as such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Securityindebtedness is outstanding.
Appears in 1 contract
Interest Limitation. It is In no contingency or event whatsoever shall the intention amount of interest under the Loan Documents paid by Borrower, received by the Lenders, agreed to be paid by Borrower, or requested or demanded to be paid by the Lenders, exceed the Maximum Rate. In the event any such sums paid to the Lenders by Borrower would exceed the Maximum Rate, the Lenders shall automatically apply such excess to any unpaid amount of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (Secured Obligations or, if the principal amount of such Security excess exceeds said unpaid amount, such excess shall have been be paid to Borrower, as applicable. All sums paid, or agreed to be paid, by Borrower which are or hereafter may be construed to be compensation for the use, forbearance or detention of money shall be amortized, prorated, spread and allocated in respect of the Secured Obligations throughout the full term of this Agreement until the Secured Obligations are paid in full. Notwithstanding any provisions contained in the Loan Documents, or in any Notes or other related documents executed pursuant hereto, the Lenders shall never be entitled to receive, collect or apply as interest any amount in excess of the Maximum Rate and, in the event any Lender ever receives, collects or applies any amount in respect of Borrower that otherwise would be in excess of the Maximum Rate, such amount shall automatically be deemed to be applied in reduction of the unpaid principal balance of the Secured Obligations and, if such principal balance is paid in full, refunded any remaining excess shall forthwith be paid to Borrower, as applicable. In determining whether or not the Company)interest paid or payable under any specific contingency exceeds the Maximum Rate, Borrower and the Lenders shall, to the maximum extent permitted by applicable law; and under Applicable Law, (i) characterize any non-principal payment as a standby fee, commitment fee, prepayment charge, delinquency charge or reimbursement for a third-party expense rather than as interest, (ii) in exclude voluntary prepayments and the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable laweffect thereof, and any excess shall be credited to (iii) amortize, prorate, allocate and spread in equal parts throughout the principal entire period during which the Secured Obligations were outstanding the total amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest at any time contracted for, takencharged or received. Nothing herein contained shall be construed or so operate as to require Borrower to pay any interest, reservedfees, costs or charges greater than is permitted by Applicable Law. Subject to the foregoing, Borrower hereby agrees that the actual effective rate of interest from time to time existing with respect to Loans made by the Lenders to Borrower, including all amounts agreed to by Borrower or charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed Lenders, which may be deemed to be charged by law during the relevant period of time. Notwithstanding any of the foregoinginterest under Applicable Law, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer be a rate which is agreed to such applicable law as so amended to allow and stipulated by Borrower and the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest Lenders in accordance with the terms of the Indenture and such SecurityApplicable Law.
Appears in 1 contract
Interest Limitation. It is the intention of Bank and the Company Obligors to conform strictly to all applicable usury the laws and any subsequent revisions, repeals of the State of New Jersey or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would laws of such other jurisdiction which may be usurious under any applicable law then, in that event, notwithstanding anything found to apply to the contrary subject transaction relating to the maximum rate of interest which may be lawfully contracted for or charged. Nothing contained in the Securities this Agreement or this Indenture, it any other Loan Document shall be construed to mean that Borrower has contracted to pay or is agreed as follows: (i) the aggregate obligated to pay any sum or sums to Bank in excess of all consideration those which constitutes interest may lawfully be charged or contracted for under applicable law with respect of the State of New Jersey or other applicable law. If any provision of this Agreement or any of the other Loan Documents shall require payment of any sum or sums of interest in excess of the maximum permitted rate which may be lawfully contracted for or charged, then Borrower and Bank agree that such result is as a consequence of their inadvertence and/or mistake, and the interest charge for which Borrower is liable under this instrument shall be recomputed for the sole and limited purpose of determining the extent of the obligations and liabilities of any of the Obligors to a Security Bank so that the interest charges for which Borrower is liable shall under no circumstances not exceed the maximum amount allowed permitted rate which is determined to be applicable. Additionally, any sums of interest which are collected by applicable lawBank from any such Obligors or other source in connection with the Facilities evidenced hereby which are in excess of the maximum permitted rate shall, for the sole and any excess shall limited purpose of determining the extent of the obligations and liabilities of Borrower to Bank, be credited against the amount of principal for which any such Obligors is liable to Bank after giving effect to any recomputation and adjustment required pursuant to the foregoing provisions of this section, or if such outstanding principal amount of such Security (or, if the principal amount of such Security shall have been balance and interest are paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited remitted by Bank to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such SecurityObligors.
Appears in 1 contract
Samples: Loan and Security Agreement (Leading Edge Packaging Inc)
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances circumstance exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “"applicable law” " when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, provided however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 1 contract
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “"applicable law” " when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the this Indenture and such Security. The agreements set forth in this Section are part of the consideration for the issuance of the Securities. Section 116.
Appears in 1 contract
Samples: Indenture (Kinder Morgan Inc)
Interest Limitation. It is In no contingency or event whatsoever shall the intention amount of interest under the Loan Documents paid by Borrower, received by the Lenders, agreed to be paid by Borrower, or requested or demanded to be paid by the Lenders, exceed the Maximum Rate. In the event any such sums paid to Lender by Borrower would exceed the Maximum Rate, Lender shall automatically apply such excess to any unpaid amount of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (Secured Obligations or, if the principal amount of such Security excess exceeds said unpaid amount, such excess shall have been be paid to Borrower. All sums paid, or agreed to be paid, by Borrower which are or hereafter may be construed to be compensation for the use, forbearance or detention of money shall be amortized, prorated, spread and allocated in respect of the Secured Obligations throughout the full term of this Agreement until the Secured Obligations are paid in full. Notwithstanding any provisions contained in the Loan Documents, or in any Notes or other related documents executed pursuant hereto, the Lenders shall never be entitled to receive, collect or apply as interest any amount in excess of the Maximum Rate and, in the event any Lender ever receives, collects or applies any amount in respect of Borrower that otherwise would be in excess of the Maximum Rate, such amount shall automatically be deemed to be applied in reduction of the unpaid principal balance of the Secured Obligations and, if such principal balance is paid in full, refunded any remaining excess shall forthwith be paid to Borrower. In determining whether or not the Company)interest paid or payable under any specific contingency exceeds the Maximum Rate, Borrower and Lender shall, to the maximum extent permitted by under applicable law; and , (i) characterize any non-principal payment as a standby fee, commitment fee, prepayment charge, delinquency charge or reimbursement for a third-party expense rather than as interest, (ii) in exclude voluntary prepayments and the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable laweffect thereof, and any excess shall be credited to (iii) amortize, prorate, allocate and spread in equal parts throughout the principal entire period during which the Secured Obligations were outstanding the total amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest at any time contracted for, takencharged or received. Nothing herein contained shall be construed or so operate as to require Borrower to pay any interest, reservedfees, costs or charges greater than is permitted by Applicable Law. Subject to the foregoing, Borrower hereby agrees that the actual effective rate of interest from time to time existing with respect to Loans made by the Lenders to Borrower, including all amounts agreed to by Borrower or charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed Lenders, which may be deemed to be charged by law during the relevant period of time. Notwithstanding any of the foregoinginterest under Applicable Law, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer be a rate which is agreed to such applicable law as so amended to allow and stipulated by Borrower and the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest Lenders in accordance with Applicable Law. Borrower, Agent and the terms Lenders hereby agree that the provisions of Chapter 346 of the Indenture and such SecurityTexas Finance Code, which replaced Tex. Rev. Civ.
Appears in 1 contract
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by hy applicable law; , and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 1 contract
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding Notwithstanding anything to the ------------------- contrary in herein contained, the Securities or this Indenture, it is agreed as follows: (i) total liability of the aggregate Borrower for payment of all consideration which constitutes interest under applicable law with respect to a Security pursuant hereto shall under no circumstances not exceed the maximum amount allowed amount, if any, of such interest permitted by any applicable lawGovernmental Rule to be contracted for, charged or received, and if any payment by the Borrower to the Bank includes interest in excess of such a maximum amount, the Bank shall apply such excess to the reduction of the unpaid principal amount due pursuant hereto, or if none is due, such excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company)Borrower; provided that, to the extent permitted by applicable Governmental -------- Rules, in the event the interest is not collected, is applied to principal or is refunded pursuant to this sentence and interest thereafter payable pursuant hereto shall be less than such maximum amount, then such interest thereafter so payable shall be increased up to such maximum amount to the extent necessary to recover the amount of interest, if any, theretofore uncollected, applied top principal or refunded pursuant to this sentence. Any such application or refund shall not cure or waive any Default or Event of Default. In determining whether or not any interest payable under this Agreement exceeds the highest rate permitted by law, any non-principal payment (except payments specifically stated in this Agreement to be "interest") shall be deemed, to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to be an expense, fee, premium or penalty rather than interest. To the extent permitted by applicable law. All calculations made to compute , the rate Borrower hereby waives any provision of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be madewhich renders any provision hereof prohibited, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest unenforceable or not authorized in any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Securityrespect.
Appears in 1 contract
Samples: Credit Agreement (Universal Stainless & Alloy Products Inc)
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities Notes or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security Note shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security Note (or, if the principal amount of such Security Note shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity Maturity of any Security Note is accelerated or in the event of any redemption of such SecurityNote, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security Note (or, if the principal amount of such Security Note shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security Note for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security Note all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security Note does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security Note to “"applicable law” " when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity Maturity of any Security Note does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, ; provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such SecurityNote.
Appears in 1 contract
Samples: Indenture (Kinder Morgan, Inc.)
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, BN 83622998v1 that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 1 contract
Interest Limitation. It is In no contingency or event whatsoever shall the intention amount of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect the Loan Documents paid by Borrower, received by Lender, agreed to a Security shall under no circumstances be paid by Borrower, or requested or demanded to be paid by Lender, exceed the maximum amount allowed Maximum Rate. In the event any such sums paid to Lender by applicable lawBorrower would exceed the Maximum Rate, and Lender shall automatically apply such excess to any excess shall be credited to the unpaid principal amount of such Security (or, if the principal amount of such Security excess exceeds said unpaid principal, such excess shall have been be paid to Borrower. All sums paid, or agreed to be paid, by Borrower which are or hereafter may be construed to be compensation for the use, forbearance, or detention of money shall be amortized, prorated, spread and allocated in respect of the Secured Obligations throughout the full Contract Term until the Secured Obligations are paid in full. Notwithstanding any provisions contained in the Loan Documents, or in any notes or other related documents executed pursuant hereto. Lender shall never be entitled to receive, collect or apply as interest any amount in excess of the Maximum Rate and, in the event Lender ever receives, collects, or applies any amount in respect of Borrower that otherwise would be in excess of the Maximum Rate, such amount shall automatically be deemed to be applied in reduction of the unpaid principal balance of the Secured Obligations and, if such principal balance is paid in full, refunded any remaining excess shall forthwith be paid to Borrower. In determining whether or not the Company)interest paid or payable under any specific contingency exceeds the Maximum Rate, Borrower and Lender shall, to the maximum extent permitted by under applicable law; and , (i) characterize any non-principal payment as a standby fee, commitment fee, prepayment charge, delinquency charge or reimbursement for a third-party expense rather than as interest, (ii) in exclude voluntary prepayments and the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable laweffect thereof, and (iii) amortize, prorate, allocate and spread in equal parts throughout the entire period during which the indebtedness was outstanding the total amount of interest at any excess time contracted for, charged or received, Nothing herein contained shall be credited construed or so operate as to the principal amount of such Security (orrequire Borrower to pay any interest, if the principal amount of such Security shall be paid in fullfees, refunded to the Company)costs, to the extent or charges greater than is permitted by applicable law. All calculations made Subject to compute the foregoing, Borrower hereby agrees that the actual effective rate of interest from time to time existing with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed loans made by applicable law shall be madeLender to Borrower, including all amounts agreed to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, Borrower or charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed Lender, which may be deemed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time interest under applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer be a rate which is agreed to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest and stipulated by Borrower and Lender in accordance with the terms of the Indenture and such Securityapplicable law.
Appears in 1 contract
Interest Limitation. It is (a) All agreements between the intention Guarantors, the ------------------- Agent or any Financing Lender, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of demand being made in respect of an amount due under any Operative Document or otherwise, shall the amount paid, or agreed to be paid, to the Agent, or any Financing Lender for the use, forbearance or detention of the Company money to conform strictly to all be loaned under the Participation Agreement, or otherwise or for the payment or performance of any covenant or obligation contained herein or in any other Operative Document exceed the Maximum Rate. If, as a result of any circumstances whatsoever, fulfillment of any provision hereof or of any such documents, at the time performance of such provision shall be due, shall involve transcending the limit of validity prescribed by applicable usury laws and any subsequent revisionslaw, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything ipso facto the obligation ---- ----- to be fulfilled shall be reduced to the contrary in limit of such validity, and if, from any such circumstance, the Securities Agent, or this Indenture, it is agreed as follows: (i) the aggregate of all consideration any Financing Lender shall ever receive interest or anything which constitutes might be deemed interest under applicable law with respect to a Security shall under no circumstances which would exceed the maximum Maximum Rate, such amount allowed by applicable lawwhich would be excessive interest shall be applied to the amounts owing on other obligations of the Guarantors to the Agent, or any Financing Lender under any Operative Document and not to the payment of interest, or if such excessive interest exceeds the amounts owing on other obligations of the Guarantors to the Agent, or any Financing Lender under any Operative Document, as the case may be, such excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company)Guarantors. All sums paid or agreed to be paid to the Agent, or any Financing Lender for the use, forbearance or detention of the indebtedness of the Guarantors to the Agent or any Financing Lender shall, to the extent permitted by applicable law; , be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full of the principal (iiincluding the period of any renewal or extension thereof) in the event so that the maturity of any Security is accelerated or in the event of any redemption interest on account of such Security, then such consideration that constitutes interest under applicable law may never include more than indebtedness shall not exceed the maximum amount allowed by applicable law, and any excess shall be credited Maximum Rate. Notwithstanding anything to the principal amount of such Security (orcontrary contained in any Operative Document, it is understood and agreed that if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute at any time the rate of interest with respect to a Security for which accrues on the purpose outstanding principal balance of determining whether any indebtedness of the Guarantors hereunder shall exceed the Maximum Rate, the rate of interest which accrues on the outstanding principal balance of any such rate exceeds the maximum amount allowed by applicable law indebtedness shall be madelimited to the Maximum Rate, but any subsequent reductions in the rate of interest which accrues on the outstanding principal balance of any such indebtedness shall not reduce the rate of interest which accrues on the outstanding principal balance of any such indebtedness below the Maximum Rate until the total amount of interest accrued on the outstanding principal balance of any such indebtedness equals the amount of interest which would have accrued if such interest rate had at all times been in effect. The terms and provisions of this Section 14 shall ---------- control and supersede every other provision of this Guaranty.
(b) The parties hereto agree that if Article 1.04, Subtitle 1, Title 79 of the Revised Civil Statutes of Texas, 1925, as amended, is applicable to the determination of the Maximum Rate, the indicated rate ceiling computed from time to time pursuant to Section (a) of such Article shall apply, provided that, -------- to the extent permitted by such applicable lawArticle, the Agent may from time to time by allocating and spreading during notice Loan Agreement to Guarantors revise the period of the full stated term election of such Security all interest any time contracted for, taken, reserved, charged rate ceiling as such ceiling affects the then current or received by such Holder or by the Trustee on behalf future balances of any such Holder in connection therewith so that the amount or rate indebtedness of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such SecurityGuarantors hereunder.
Appears in 1 contract
Samples: Loan Agreement (Mail Well Inc)
Interest Limitation. It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “"applicable law” " when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security. The agreements set forth in this Section are part of the consideration for the issuance of the Securities.
Appears in 1 contract
Samples: Indenture (Kinder Morgan Inc)
Interest Limitation. It is In no contingency or event whatsoever shall the intention amount of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect the Loan Documents paid by any Borrower, received by Lender, agreed to a Security shall under no circumstances be paid by any Borrower, or requested or demanded to be paid by Lender, exceed the maximum amount allowed Maximum Rate. In the event any such sums paid to Lender by applicable lawany Borrower would exceed the Maximum Rate, and Lender shall automatically apply such excess to any excess shall be credited to the unpaid principal amount of such Security (or, if the principal amount of such Security excess exceeds said unpaid principal, such excess shall have been be paid to such Borrower. All sums paid, or agreed to be paid, by any Borrower which are or hereafter may be construed to be compensation for the use, forbearance or detention of money shall be amortized, prorated, spread and allocated in respect of the Obligations throughout the full Contract Term until the Obligations are paid in full. Notwithstanding any provisions contained in the Loan Documents, or in any notes or other related documents executed pursuant hereto, Lender shall never be entitled to receive, collect or apply as interest any amount in excess of the Maximum Rate and, in the event Lender ever receives, collects or applies any amount in respect of any Borrower that otherwise would be in excess of the Maximum Rate, such amount shall automatically be deemed to be applied in reduction of the unpaid principal balance of the Obligations and, if such principal balance is paid in full, refunded any remaining excess shall forthwith be paid to such Borrower. In determining whether or not the Company)interest paid or payable under any specific contingency exceeds the Maximum Rate, Borrowers and Lender shall, to the maximum extent permitted by under applicable law; and , (i) characterize any non-principal payment as a standby fee, commitment fee, prepayment charge, delinquency charge or reimbursement for a third-party expense rather than as interest, (ii) in exclude voluntary prepayments and the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable laweffect thereof, and (iii) amortize, prorate, allocate and spread in equal parts throughout the entire period during which the indebtedness was outstanding the total amount of interest at any excess time contracted for, charged or received. Nothing herein contained shall be credited construed or so operate as to the principal amount of such Security (orrequire any Borrower to pay any interest, if the principal amount of such Security shall be paid in fullfees, refunded to the Company), to the extent costs or charges greater than is permitted by applicable law. All calculations made Subject to compute the foregoing, each Borrower hereby agrees that the actual effective rate of interest from time to time existing with respect to a Security for the purpose of determining whether loans made by Lender to such rate exceeds the maximum amount allowed by applicable law shall be madeBorrower, including all amounts agreed to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, Borrower or charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed Lender, which may be deemed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time interest under applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer be a rate which is agreed to and stipulated by such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest Borrower and Lender in accordance with the terms of the Indenture and such Securityapplicable law.
Appears in 1 contract
Samples: Loan Agreement (Ultrak Inc)
Interest Limitation. It is the intention of the Company Borrowers and ------------------- the Banks to conform strictly to all applicable the respective usury laws and any subsequent revisions, repeals or judicial interpretations thereofapplicable to the Banks. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law as to any Bank, then, in that event, notwithstanding anything to the contrary in the Securities Notes or this IndentureAgreement or in any other Collateral Document, it is agreed as follows: :
(ia) the aggregate of all consideration which constitutes interest under law applicable law to such Bank that is contracted for, taken, reserved, charged or received 107 under any Note payable to such Bank or this Agreement or under any other Collateral Document or otherwise in connection with respect to a Security such Note shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security law (or, if the principal amount of such Security Note shall have been or would thereby be paid in full, refunded to the CompanyBorrowers), to the extent permitted by applicable law; and (iib) in the event that the maturity of any Security Note payable to a Bank is accelerated or in the event of any redemption of such Securityrequired or permitted prepayment, then such consideration that constitutes interest under law applicable law to such Bank may never include more than the maximum amount allowed by such applicable law, and any excess interest, if any, provided for in this Agreement or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited to by such Bank on the principal amount of such Security Note (or, if the principal amount of such Security Note shall have been or would thereby be paid in full, refunded by such Bank to the CompanyBorrowers), to the extent permitted by applicable law. All calculations made to compute the rate of interest that is contracted for, taken, reserved, charged or received under any Note payable to any Bank or under this Agreement or under any other Collateral Document or otherwise in connection with respect to a Security such Note for the purpose of determining whether such rate exceeds the maximum amount allowed by law applicable law to such Bank shall be made, to the extent permitted by such applicable law, by allocating amortizing, prorating, and spreading in qual parts during the period of the full stated term of the Loan or Loans evidenced by such Security Note all interest at any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder Bank in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Securitytherewith.
Appears in 1 contract
Interest Limitation. It is the intention of the Company Issuer to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities Notes or this Indenture, it is agreed as follows: :
(ia) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security Note shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security Note (or, if the principal amount of such Security Note shall have been paid in full, refunded to the CompanyIssuer), to the extent permitted by applicable law; and (iib) in the event that the maturity of any Security Note is accelerated or in the event of any redemption of such SecurityNote, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security Note (or, if the principal amount of such Security Note shall be paid in full, refunded to the CompanyIssuer), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security Note for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security Note all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security Note does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security Note to “"applicable law” " when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security Note does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the this Indenture and such SecurityNote. The agreements set forth in this Section 1.4 are part of the consideration for the issuance of the Notes.
Appears in 1 contract
Samples: Indenture (Urs Corp /New/)
Interest Limitation. It is Nothing contained in this Note, the intention Mortgage, the Loan Agreement or in any of the Company Loan Documents shall be construed or shall operate, either presently or prospectively, to conform strictly require the Borrower to all pay interest in excess of the maximum interest rate allowable under any statute or law applicable usury laws to this transaction or to make any payments or do any act contrary to law, nor shall the Borrower be obligated or required to pay interest on the outstanding principal balance at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the maximum rate which the Borrower is permitted by law to contract, agree to pay or pay. Any interest paid in excess of the maximum rate allowed by law shall, at Lender's option, be (i) refunded to the Borrower, (ii) applied to reduction of the principal balance under this Note, or (iii) credited to amounts then due and owing by the Borrower under this Note, the Mortgage, the Loan Agreement or any subsequent revisionsof the Loan Documents; provided. however. that if the excessive amount of interest paid by Xxxxxxxx exceeds the sums outstanding hereunder, repeals the portion exceeding the sums outstanding hereunder shall be refunded in cash to the Borrower. Any such crediting or judicial interpretations thereofrefund shall not cure or waive any Event of Default by Borrower hereunder or under any of the Loan Documents. AccordinglyFurther, if the transactions contemplated hereby terms of this Note would be usurious under any applicable law thenotherwise require or obligate Borrower to pay interest on the principal balance hereunder at a rate in excess of the maximum rate allowed by law, in that event, notwithstanding anything to then the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate rate of all consideration which constitutes interest under applicable law with respect this Note shall IPSO FACTO be deemed to a Security be reduced to such maximum lawful rate, and interest payable hereunder shall under no circumstances exceed be computed at such maximum lawful rate and all payments theretofore or thereafter accruing hereunder shall be likewise computed on the basis of such maximum lawful rate. Xxxxxxxx agrees, however, that in determining whether or not any interest payable hereunder exceeds the maximum amount rate allowed by applicable law, and any excess non-principal payment (except payments specifically stated herein to be "interest"), including without limitation late charges, shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company)deemed, to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoingan expense, if at any time applicable laws shall be changed so as to permit a higher rate fee, premium or amount of interest to be charged penalty rather than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.
Appears in 1 contract
Interest Limitation. It is the intention of the Company to parties hereto that each Bank shall conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereofapplicable to it. Accordingly, if the transactions contemplated hereby would be usurious as to any Bank under laws applicable to it (including the laws of the United States of America or any other jurisdictions whose laws may be mandatorily applicable law to such Bank), then, in that event, notwithstanding anything to the contrary in the Securities Loan Documents, the Credit Agreement or this Indentureany other agreements entered into in connection with or as security for the Obligations, it is agreed as follows: :
(ia) the aggregate of all consideration which constitutes interest under laws applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event Bank that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder Bank under the Loan Documents, the Credit Agreement or any other agreements entered into in connection with or as security for the Obligations or otherwise in connection with the Obligations shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess shall be cancelled automatically and if theretofore paid shall be credited by such Bank on the Trustee on behalf principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or would thereby be paid in full, refunded by such Bank to the Borrower); and (b) in the event that the maturity of the Loans is accelerated, or in the event of any required or permitted prepayment, then such Holder consideration that constitutes interest under law applicable to any Bank may not include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in connection therewith so this Credit Agreement or otherwise shall be cancelled automatically by such Bank as of the date of such acceleration or prepayment and, if therefore paid, shall be credited by such Bank on the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or rate would thereby be paid in full, refunded by such Bank to the Borrower). All sums paid or agreed to be paid to any Bank for the use, forbearance or detention of interest charged for any sums due hereunder shall, to the extent permitted by laws applicable to such Bank, be amortized, prorated, allocated and all periods of time during spread through the term of the Security Loans until payment in full so that the rate or amount of interest on account of any Loans does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of timesuch applicable law. Notwithstanding any of the foregoing, if If at any time applicable laws shall be changed so as and from time to permit a higher rate or time (a) the amount of interest payable to any Bank on any date shall be computed at the highest lawful rate applicable to such Bank pursuant to this paragraph and (b) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Bank would be less than the amount of interest payable to such Bank computed at the highest lawful rate applicable to such Bank, then the amount of interest payable to such Bank in respect of such subsequent interest computation period shall continue to be charged than that permitted prior computed at the highest lawful rate applicable to such change, then unless prohibited by law, references in Bank until the total amount of interest payable to such Bank shall equal the total amount of interest which would have been payable to such Bank if the total amount of interest had been computed without giving effect to this Indenture or paragraph. To the extent that the Texas Finance Code is relevant to any Security to “applicable law” when used in Bank for the context purpose of determining the maximum interest or highest lawful rate, each such Bank hereby elects to determine the applicable rate of interest that can be charged shall be deemed to refer to ceiling under such applicable law as so amended to allow Finance Code by the greater amount or weekly rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest ceiling described in and computed in accordance with the terms Section 303.003 of the Indenture and such SecurityTexas Finance Code.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Aviall Inc)
Interest Limitation. It is the intention of the Company Borrower and the Banks to conform strictly to all applicable the respective usury laws and any subsequent revisions, repeals or judicial interpretations thereofapplicable to the Banks. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law as to any Bank, then, in that event, notwithstanding anything to the contrary in the Securities Notes or this IndentureAgreement or in any other Collateral Document, it is agreed as follows: :
(ia) the aggregate of all consideration which constitutes interest under law applicable law to such Bank that is contracted for, taken, reserved, charged or received under any Note payable to such Bank or this Agreement or under any other Collateral Document or otherwise in connection with respect to a Security such Note shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security law (or, if the principal amount of such Security Note shall have been or would thereby be paid in full, refunded to the CompanyBorrower), to the extent permitted by applicable law; and (iib) in the event that the maturity of any Security Note payable to a Bank is accelerated or in the event of any redemption of such Securityrequired or permitted prepayment, then such consideration that constitutes interest under law applicable law to such Bank may never include more than the maximum amount allowed by such applicable law, and any excess interest, if any, provided for in this Agreement or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited to by such Bank on the principal amount of such Security Note (or, if the principal amount of such Security Note shall have been or would thereby be paid in full, refunded by such Bank to the CompanyBorrower), to the extent permitted by applicable law. All calculations made to compute the rate of interest that is contracted for, taken, reserved, charged or received under any Note payable to any Bank or under this Agreement or under any other Collateral Document or otherwise in connection with respect to a Security such Note for the purpose of determining whether such rate exceeds the maximum amount allowed by law applicable law to such Bank shall be made, to the extent permitted by such applicable law, by allocating amortizing, prorating, and spreading in equa parts during the period of the full stated term of the Loan or Loans evidenced by such Security Note all interest at any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder Bank in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Securitytherewith.
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Interest Limitation. It is the intention of the Company Borrower and the Lenders to conform strictly to all applicable the respective usury laws and any subsequent revisions, repeals or judicial interpretations thereofapplicable to the Lenders. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law as to any Lender, then, in that event, notwithstanding anything to the contrary in the Securities Notes or this IndentureAgreement or in any other Loan Document, it is agreed as follows: (ia) the aggregate of all consideration which that constitutes interest under law applicable law to such Lender that is contracted for, taken, reserved, charged or received under any Note payable to such Lender or this Agreement or under any other Loan Document or otherwise in connection with respect to a Security such Note shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security law (or, if the principal amount of such Security Note shall have been or would thereby be paid in full, refunded to the CompanyBorrower), to the extent permitted by applicable law; and (iib) in the event that the maturity of any Security Note payable to a Lender is accelerated or in the event of any redemption of such Securityrequired or permitted prepayment, then such consideration that constitutes interest under law applicable law to such Lender may never include more than the maximum amount allowed by such applicable law, and any excess interest, if any, provided for in this Agreement or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited to by such Lender on the principal amount of such Security Note (or, if the principal amount of such Security Note shall have been or would thereby be paid in full, refunded by such Lender to the CompanyBorrower), to the extent permitted by applicable law. All calculations made to compute the rate of interest that is contracted for, taken, reserved, charged or received under any Note payable to any Lender or under this Agreement or under any Loan Document or otherwise in connection with respect to a Security such Note for the purpose of determining whether such rate exceeds the maximum amount allowed by law applicable law to such Lender shall be made, to the extent permitted by such applicable law, by allocating amortizing, prorating, and spreading in equal parts during the period of the full stated term of the Loan or Loans evidenced by such Security Note all interest at any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder Lender in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Securitytherewith.
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Interest Limitation. It is the intention of the Company to parties hereto that the Bank shall conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereofapplicable to it. Accordingly, if the transactions contemplated hereby would be usurious as to the Bank under laws applicable to it (including the laws of the United States of America or any other jurisdictions whose laws may be mandatorily applicable law to the Bank notwithstanding the other provision of the Notes), then, in that event, notwithstanding anything to the contrary in the Securities Note, the Loan Documents, the Agreement or this Indentureany other agreements entered into in connection with or as security the Notes, it is agreed as follows: :
(ia) the aggregate of all consideration which constitutes interest under laws applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event Bank that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by the Bank under the Notes, the Loan Documents, the Agreement or any other agreements entered into in connection with or as security for the Note or otherwise in connection with the Note shall under no circumstances exceed the maximum amount allowed by such Holder or applicable law, and any excess shall be cancelled automatically and if theretofore paid shall be credited by the Trustee Bank on behalf the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or would thereby be paid in full, refunded by the Bank to the Borrower); and (b) in the event that the maturity of the Note is accelerated by reason of an election of the holder thereof resulting from any Event of Default under the Note, or in the event of any required or permitted prepayment, then such Holder consideration that constitutes interest under law applicable to the Bank may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in connection therewith so the Note or otherwise shall be cancelled automatically by the Bank as of the date of such acceleration or prepayment and, if therefore paid, shall be credited by the Bank on the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or rate would thereby be paid in full, refunded by the Bank to the Borrower). All sums paid or agreed to be paid to the Bank for the use, forbearance or detention of interest charged for any sums due hereunder shall, to the extent permitted by laws applicable to the Bank, be amortized, prorated, allocated and all periods of time during spread through the term of the Security Loans evidenced by the Note until payment in full so that the rate or amount of interest on account of any Loans does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of timesuch applicable law. Notwithstanding any of the foregoing, if If at any time applicable laws shall be changed so as and from time to permit a higher rate or time (a) the amount of interest payable to the Bank on any date shall be computed at the highest lawful rate applicable to the Bank pursuant to this paragraph and (b) in respect of any subsequent interest computation period the amount of interest otherwise payable to the Bank would be less than the amount of interest payable to the Bank computed at the highest lawful rate applicable to the Bank, then the amount of interest payable to the Bank in respect of such subsequent interest computation period shall continue to be charged than computed at the highest lawful rate applicable to the Bank until the total amount of interest payable to the Bank shall equal the total amount of interest which would have been payable to the Bank if the total amount of interest had been computed without giving effect to this paragraph. To the extent that permitted prior Article 5069-1.04 of the Texas Revised Civil Statutes is relevant to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context Bank for the purpose of determining the maximum interest or highest lawful rate, the Bank hereby elects to determine the applicable rate of interest that can be charged shall be deemed ceiling under such Article by the indicated (weekly) rate ceiling from time to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest time in accordance with the terms of the Indenture and such Securityeffect.
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