Limitation of Interest. It is the intention of each Borrower and Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 12 contracts
Samples: Loan Agreement (Ashford Hospitality Trust Inc), Loan Agreement (Ashford Hospitality Trust Inc), Loan Agreement (Ashford Hospitality Trust Inc)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of the State of California, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 11 contracts
Samples: Modification Agreement (Tri Pointe Homes, Inc.), Modification Agreement (Tri Pointe Homes, Inc.), Modification Agreement (Tri Pointe Homes, Inc.)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section shall govern and control over every other provision of this Agreement or any other Loan Document that conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation that constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (x) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (y) total interest in excess of the amount such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest that would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate, at which time the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions of this Agreement or any other Loan Documents Document that directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s obligations to such Lender, effective as of the date or dates when the event occurs that causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 10 contracts
Samples: Credit Agreement (Hawkins Inc), Credit Agreement (Hawkins Inc), Credit Agreement (Hawkins Inc)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 10 contracts
Samples: Credit Agreement (Universal Electronics Inc), Credit Agreement (Andersons, Inc.), Credit Agreement (Andersons, Inc.)
Limitation of Interest. It is the intention of each Borrower and Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 7 contracts
Samples: Loan Agreement, Loan Agreement (Ashford Hospitality Trust Inc), Loan Agreement (Ashford Hospitality Trust Inc)
Limitation of Interest. It is The Borrower, the intention of each Borrower Designated Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 6 contracts
Samples: Credit Agreement (M.D.C. Holdings, Inc.), Credit Agreement (M.D.C. Holdings, Inc.), Credit Agreement (MDC Holdings Inc)
Limitation of Interest. It is Borrower and the Lenders intend to strictly comply with all applicable federal and Texas laws, including applicable usury laws (or the usury laws of any jurisdiction whose usury laws are deemed to apply to the Notes or any other Loan Documents despite the intention and desire of each Borrower and Lender the parties to conform strictly to applicable apply the usury lawslaws of the State of Texas). Accordingly, the provisions of this SECTION 11.7 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenPROVIDED that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Texas or the applicable law, laws (if any) of the United States or of any other jurisdiction, provided or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Ceiling Rate. The daily interest rates to be used in calculating interest at the Ceiling Rate shall be determined by dividing the applicable Ceiling Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document (including, without limitation, SECTION 9.1 hereof) which directly or otherwise indirectly relate to interest shall ever be construed without reference to this SECTION 11.7, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Ceiling Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Ceiling Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited PRO TANTO against the then-outstanding principal balance of Borrower's obligations to principal (or if the principal portion such Lender, effective as of the Loan date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 5 contracts
Samples: Loan Agreement (Consolidated Graphics Inc /Tx/), Loan Agreement (Innovative Valve Technologies Inc), Loan Agreement (HCC Insurance Holdings Inc/De/)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (i) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (ii) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 5 contracts
Samples: Credit Agreement (Extra Space Storage Inc.), Credit Agreement (Extra Space Storage Inc.), Credit Agreement (Extra Space Storage Inc.)
Limitation of Interest. It is The Borrowers, the intention of each Borrower Agent and Lender the Banks intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 3.5 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 3.5, even if such provision declares that it controls. As used in this Section 3.5, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall a Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Bank have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Bank could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 3.5, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Bank at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Bank, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrowers’ obligations to such Bank, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 5 contracts
Samples: Credit Agreement (Graco Inc), Credit Agreement (Graco Inc), Credit Agreement (Graco Inc)
Limitation of Interest. It is the intention of each Borrower The parties hereto intend to strictly comply with all applicable federal and Lender to conform strictly to Texas laws, including applicable usury lawslaws (or the usury laws of any jurisdiction whose usury laws are deemed to apply to the Notes or any other Loan Documents). Accordingly, the provisions of this Section 11.7 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of Agent or any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Texas or the applicable law, laws (if any) of the United States or of any other jurisdiction, provided or (b) total interest in excess of the amount which such Person could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Ceiling Rate. The daily interest rates to be used in calculating interest at the Ceiling Rate shall be determined by dividing the applicable Ceiling Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document (including, without limitation, Section 9.1 hereof) which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 11.7, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Ceiling Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason Agent or any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Ceiling Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Person, it shall be credited pro tanto against the then-outstanding principal balance of Borrower's obligations to principal (or if the principal portion such Person, effective as of the Loan date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 5 contracts
Samples: Credit Agreement (Oceaneering International Inc), Loan Agreement (Oceaneering International Inc), Loan Agreement (Oceaneering International Inc)
Limitation of Interest. It is The Borrowers, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term “interest” includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is takenlaw; provided that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrowers or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (i) any interest in excess of the maximum amount of non-usurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (ii) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrowers’ obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 4 contracts
Samples: Credit Agreement (Polaris Industries Inc/Mn), Credit Agreement (Polaris Industries Inc/Mn), Amendment Agreement (Polaris Industries Inc/Mn)
Limitation of Interest. It is The Borrower, the intention of each Borrower other Credit Parties and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws, if any. Accordingly, the provisions of this Section 10.6 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided, in that eventthat, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any shall be amortized, prorated, allocated and spread, in equal or in unequal parts during the full term of the Term Loans and the Term Loan Document or otherwise in connection with Commitments so that interest for the Loan shall under no circumstances entire term does not exceed the maximum amount of interest allowed by applicable lawHighest Lawful Rate. In no event shall the Borrower, and any excess shall other Credit Party or any other Person be credited obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of Agent or any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (Y) any interest in excess of the maximum amount of nonusurious interest allowed by applicable lawpermitted under the laws of the United Stales or of any state, if any, provided which are applicable to the Agent or such Lender, respectively, or (Z) total interest in excess of the amount which the Agent or such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Term Loans at the Highest Lawful Rate, if any, applicable to the Agent or such Lender. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 10.6, or be construed to create a contract to pay any Lender for the Loan Documents use, forbearance or otherwise detention of money at an interest rate in excess of the Highest Lawful Rate applicable to such Lender. If the term of any Term Loans or the Term Notes is shortened by reason of acceleration of maturity as a result of any Default or Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason the Agent or any Lender at any time is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate applicable to the Agent or such Lender, then and in any such event all of any such excess interest owed to or received by the Agent or such Lender shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to the Agent or such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Obligations to the Agent or such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 4 contracts
Samples: Term Loan Credit Agreement (Animal Health International, Inc.), Term Loan Agreement (Animal Health International, Inc.), Term Loan Credit Agreement (Animal Health International, Inc.)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 4 contracts
Samples: Credit Agreement (C H Robinson Worldwide Inc), Omnibus Amendment (Plexus Corp), Credit Agreement (C H Robinson Worldwide Inc)
Limitation of Interest. It is the intention of each Borrower and Lender to conform strictly to applicable laws governing the maximum rate of interest and other charges payable, including usury laws. Accordingly, if the transactions contemplated hereby would be usurious under violate any such applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that the maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled canceled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) ). In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 4 contracts
Samples: Loan Agreement (Lazard Freres Real Estate Investors LLC), Loan Agreement (Lazard Freres Real Estate Investors LLC), Loan Agreement (Lazard Freres Real Estate Investors LLC)
Limitation of Interest. It is the intention of each Borrower Borrowers, Agent and Lender Lenders intend to conform strictly to comply with all Applicable Laws, including applicable usury laws. Accordingly, the provisions of this Section shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term “interest” includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is takenApplicable Law, provided that, to the maximum extent permitted by Applicable Law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall any default hereunder Borrower or otherwiseany other Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (y) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the Applicable Laws (if any) of the United States or of any applicable lawstate, or (z) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to against the then-outstanding principal (or if the principal portion balance of the Loan obligations of the applicable Borrower or Borrowers to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 3 contracts
Samples: Loan Agreement (Lithia Motors Inc), Loan Agreement (Lithia Motors Inc), Loan Agreement (Lithia Motors Inc)
Limitation of Interest. It is The Borrowers, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall any Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrowers’ Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 3 contracts
Samples: Credit Agreement (Arcbest Corp /De/), Credit Agreement (Arcbest Corp /De/), Credit Agreement (Arcbest Corp /De/)
Limitation of Interest. It is Borrower and the Lenders intend to strictly comply with all applicable federal and New York laws, including applicable usury laws (or the usury laws of any jurisdiction whose usury laws are deemed to apply to the Notes or any other Loan Documents despite the intention and desire of each Borrower and Lender the parties to conform strictly to applicable apply the usury lawslaws of the State of New York). Accordingly, the provisions of this Section 11.7 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of New York or the applicable law, laws (if any) of the United States or of any other jurisdiction, provided or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Ceiling Rate. The daily interest rates to be used in calculating interest at the Ceiling Rate shall be determined by dividing the applicable Ceiling Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document (including, without limitation, Section 9.1 hereof) which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 11.7, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Ceiling Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Ceiling Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited pro tanto against the then-outstanding principal balance of Borrower's obligations to principal (or if the principal portion such Lender, effective as of the Loan date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 3 contracts
Samples: Loan Agreement (Carrols Corp), Loan Agreement (Carrols Corp), Loan Agreement (Pollo Operations Inc)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.17 shall govern and control over every other provision of this Agreement and the Related Documents which conflicts or is inconsistent with this Section 2.17, even if such provision declares that it controls. As used in this Section 2.17, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (y) any interest in excess of the maximum amount of non-usurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (z) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any Related Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement and the Related Documents which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.17, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Revolving Loan or any other Obligation outstanding hereunder or under the Related Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 3 contracts
Samples: Credit Agreement (Independent Bank Group, Inc.), Credit Agreement, Credit Agreement (Independent Bank Group, Inc.)
Limitation of Interest. It is The Borrowers, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term “interest” includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is takenlaw; provided that, to the maximum extent permitted by applicable law, any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrowers or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (i) any interest in excess of the maximum amount of non-usurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (ii) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrowers’ obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 3 contracts
Samples: Credit Agreement (Polaris Inc.), Credit Agreement (Polaris Inc.), Credit Agreement (Polaris Industries Inc/Mn)
Limitation of Interest. It The provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the intention of each Borrower and Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term “interest” includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is takenlaw; provided that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 3 contracts
Samples: Credit Agreement (Radian Group Inc), Credit Agreement (Mgic Investment Corp), Credit Agreement (Radian Group Inc)
Limitation of Interest. It is The Borrower, the intention of each Borrower other Credit Parties and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws, if any. Accordingly, the provisions of this Section 10.6 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided, in that eventthat, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any shall be amortized, prorated, allocated and spread, in equal or in unequal parts during the full term of the Term Loans and the Term Loan Document or otherwise in connection with Commitments so that interest for the Loan shall under no circumstances entire term does not exceed the maximum amount of interest allowed by applicable lawHighest Lawful Rate. In no event shall the Borrower, and any excess shall other Credit Party or any other Person be credited obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of Agent or any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (Y) any interest in excess of the maximum amount of nonusurious interest allowed by applicable lawpermitted under the laws of the United Stales or of any state, if any, provided which are applicable to the Agent or such Lender, respectively, or (Z) total interest in excess of the amount which the Agent or such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Loans at the Highest Lawful Rate, if any, applicable to the Agent or such Lender. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 10.6, or be construed to create a contract to pay any Lender for the Loan Documents use, forbearance or otherwise detention of money at an interest rate in excess of the Highest Lawful Rate applicable to such Lender. If the term of any Loans or the Term Notes is shortened by reason of acceleration of maturity as a result of any Default or Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason the Agent or any Lender at any time is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate applicable to the Agent or such Lender, then and in any such event all of any such excess interest owed to or received by the Agent or such Lender shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to the Agent or such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Obligations to the Agent or such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Term Loan Agreement (Animal Health International, Inc.), Term Loan Agreement (Animal Health International, Inc.)
Limitation of Interest. It is The Company, the intention of each Borrower Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 9.16 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 9.16, even if such provision declares that it controls. As used in this Section 9.16, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Company or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any other applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the "Stated Rate") called for in the Loan Documents under this Agreement or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall have been paid in full, refunded to any Borrower.) In determining whether or not accrue shall automatically be fixed by operation of this sentence at the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereofHighest Lawful Rate for that day, and (b) amortize, prorate, allocate and spread, in equal parts, shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest throughout accrued equals the entire contemplated term total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the Loan so that immediately preceding sentence shall again automatically operate to limit the interest rate accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is uniform throughout the entire term being made. None of the Loan; providedterms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 9.16, that if the Loan is paid and performed in full prior or be construed to the end of the full contemplated term hereof, and if the interest received create a contract to pay for the actual period use, forbearance or detention of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving money at an interest rate in excess of the maximum amount allowed by applicable law.Highest
Appears in 2 contracts
Samples: Credit Agreement (Valley National Gases Inc), Credit Agreement (Valley National Gases Inc)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all Applicable Laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term “interest” includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is takenApplicable Law, provided that, to the maximum extent permitted by Applicable Law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of no usurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and, to the extent lawful, shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Credit Agreement (Shea Homes Limited Partnership), Credit Agreement (Shea Homes Limited Partnership)
Limitation of Interest. It is the intention of each Borrower Mortgagor and Lender Mortgagee to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender Mortgagee (or if the Loan shall have been paid in full, refunded to any BorrowerMortgagor); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender Mortgagee resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any BorrowerMortgagor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender Mortgagee shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender Mortgagee shall refund to any Borrower Mortgagor the amount of such excess, and in such event, Lender Mortgagee shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Mortgage, Assignment of Rents, Security Agreement and Fixture Filing (Glimcher Realty Trust), Leasehold Mortgage (Mark Centers Trust)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable Laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term “interest” includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is takenLaw, provided that, to the maximum extent permitted by applicable Law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawLaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Credit Agreement (Henry Jack & Associates Inc), Credit Agreement (Henry Jack & Associates Inc)
Limitation of Interest. It is The Obligors and the intention of each Borrower and Lender Banks intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 13.10 shall govern and control over every other provision of this Agreement or any other Credit Document which conflicts or is inconsistent with this Section 13.10, even if such provision declares that it controls. As used in this Section 13.10, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term "interest" includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is takenlaw; provided, that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense and not as interest, and (b) all interest at any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall any default hereunder Obligor or otherwiseany other Person be obligated to pay, or in the event of Agent or any required Bank have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and any interest in excess of the maximum amount of nonusurious interest allowed permitted under applicable law. None of the terms and provisions contained in this Agreement or in any other Credit Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 13.10, or be construed to create a contract to pay interest at a rate in excess of the maximum nonusurious rate permitted by applicable law. If for any reason any Bank at any time, including the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the maximum nonusurious rate permitted by applicable law, if any, provided for then and in the Loan Documents or otherwise any such event all of any such excess interest shall be cancelled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Bank, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Obligations to such Bank, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Credit Agreement (Willbros Group Inc), Credit Agreement (Willbros Group Inc)
Limitation of Interest. It is the intention of each Borrower and Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (Ashford Hospitality Trust Inc), Loan Agreement (Mark Centers Trust)
Limitation of Interest. It is The Borrower, the intention of each Borrower other Credit Parties and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws, if any. Accordingly, the provisions of this Section 10.6 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided, in that eventthat, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document shall be amortized, prorated, allocated and spread, in equal or otherwise in connection with unequal parts during the Loan shall under no circumstances full term of the Loans and the Revolving Credit Commitments so that interest for the entire term does not exceed the maximum amount of interest allowed by applicable lawHighest Lawful Rate. In no event shall the Borrower, and any excess shall other Credit Party or any other Person be credited obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of Agent or any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (Y) any interest in excess of the maximum amount of nonusurious interest allowed by applicable lawpermitted under the laws of the United Stales or of any state, if any, provided which are applicable to the Agent or such Lender, respectively, or (Z) total interest in excess of the amount which the Agent or such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Loans at the Highest Lawful Rate, if any, applicable to the Agent or such Lender. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 10.6, or be construed to create a contract to pay any Lender for the Loan Documents use, forbearance or otherwise detention of money at an interest rate in excess of the Highest Lawful Rate applicable to such Lender. If the term of any Loans or the Notes is shortened by reason of acceleration of maturity as a result of any Default or Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason the Agent or any Lender at any time is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate applicable to the Agent or such Lender, then and in any such event all of any such excess interest owed to or received by the Agent or such Lender shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to the Agent or such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Obligations to the Agent or such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Credit Agreement (Animal Health International, Inc.), Credit Agreement (Animal Health International, Inc.)
Limitation of Interest. It is Borrower and the Lenders intend to strictly comply with all applicable federal and Texas laws, including applicable usury laws (or the usury laws of any jurisdiction whose usury laws are deemed to apply to the Notes or any other Loan Documents despite the intention and desire of each Borrower and Lender the parties to conform strictly to applicable apply the usury lawslaws of the State of Texas). Accordingly, the provisions of this Section 11.7 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with shall be amortized, prorated, allocated and spread throughout the Loan shall under no circumstances full term of the Obligations so that such interest does not exceed the maximum amount of interest allowed by applicable law, and Ceiling Rate. In no event shall Borrower or any excess shall other Person be credited obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Texas or the applicable law, laws (if any) of the United States or of any other jurisdiction, provided or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Ceiling Rate. The daily interest rates to be used in calculating interest at the Ceiling Rate shall be determined by dividing the applicable Ceiling Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document (including, without limitation, Section 9.1 hereof) which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 11.7, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Ceiling Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Ceiling Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited pro tanto against the then-outstanding principal balance of Borrower’s obligations to principal (or if the principal portion such Lender, effective as of the Loan date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Loan Agreement (HCC Insurance Holdings Inc/De/), Loan Agreement (HCC Insurance Holdings Inc/De/)
Limitation of Interest. It is The Borrowers, the intention of each Borrower Administrative Agent, the LC Issuers and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.24 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.24, even if such provision declares that it controls. As used in this Section 2.24, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in any Loan Documentmaximum extent permitted by applicable law, it is agreed as follows: (i) any non-principal payment shall be characterized as an expense or as compensation for something other than the aggregate use, forbearance or detention of money and not as interest, and (ii) all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrowers or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender or permitted prepaymentany LC Issuer have any right or privilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (iii) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Texas or the applicable lawlaws (if any) of the United States or of any other applicable state, or (iv) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the "Stated Rate") called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.24, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrowers' obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term its payor. Chapter 346 of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable lawTexas Finance Code (which regulates certain revolving credit accounts (formerly Tex. Rev. Civ.
Appears in 2 contracts
Samples: Credit Agreement (Core Laboratories N V), Credit Agreement (Core Laboratories N V)
Limitation of Interest. It is the intention of each Borrower Borrower, Guarantor and Lender intend to conform strictly to comply with all applicable federal and state laws, including applicable usury lawslaws (or the usury laws of any jurisdiction whose usury laws are deemed to apply the usury laws of the State of Texas. Accordingly, the provisions of this Section 8.9 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term interest includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed extent permitted by applicable law, and (a) any excess non-principal payment shall be credited to principal by Lender (characterized as an expense or if as compensation for something other than the Loan shall have been paid in fulluse, refunded to any Borrower); forbearance or detention of money and not as interest, and (iib) all interest at any time contracted for, reserved charged or received shall be amortized, prorated, allocated and spread, in equal parts during the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of Lender have any required right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Texas or the applicable lawlaws (if any) of the United States or of any other state, or (b) total interest in excess of the amount which Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Ceiling Rate. On each day, if anythe Ceiling Rate, provided the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Ceiling Rate for that day, and shall remain fixed at the Ceiling Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such Ceiling Rate imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Ceiling Rate; in which case, the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate to the Ceiling Rate. The daily interest rates to be used in calculating interest at the Ceiling Rate shall be determined by dividing the applicable Ceiling Rate by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 8.9, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Ceiling Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Ceiling Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to Lender, it shall be credited pro tanto against the then outstanding principal balance of Borrower’s obligations to principal (or if the principal portion lender, effective as of the Loan date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Loan Agreement (Blue Dolphin Energy Co), Loan Agreement (Blue Dolphin Energy Co)
Limitation of Interest. It is The Borrower, the intention of each Borrower Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.25 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.25, even if such provision declares that it controls. As used in this Section 2.25, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Texas or the applicable lawlaws (if any) of the U.S. or of any other applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for in the Loan Documents under this Agreement or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall have been paid in full, refunded to any Borrower.) In determining whether or not accrue shall automatically be fixed by operation of this sentence at the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereofHighest Lawful Rate for that day, and (b) amortize, prorate, allocate and spread, in equal parts, shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest throughout accrued equals the entire contemplated term total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the Loan so that immediately preceding sentence shall again automatically operate to limit the interest rate is uniform throughout accrual rate. The daily interest rates to be used in calculating interest at the entire term Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received calendar year for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.which
Appears in 2 contracts
Samples: Credit Agreement (USA Compression Partners, LP), Credit Agreement
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document that conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation that constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (x) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (y) total interest in excess of the amount that such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate, at which time the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions of this Agreement or in any other Loan Documents Document that directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s obligations to such Lender, effective as of the date or dates when the event occurs that causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Omnibus Amendment to Loan Documents (Cabelas Inc), Credit Agreement (Cabelas Inc)
Limitation of Interest. It is the intention intent of each Borrower Trustor and Lender Beneficiary in the execution of this Deed of Trust and the Loan Instruments and all other instruments securing the Note to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, contract in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection strict compliance with the laws of the State of Utah governing the obligations evidenced by the Loan Instruments. In furtherance thereof, Beneficiary and Trustor stipulate and agree that none of the terms and provisions contained in the Loan Instruments shall under no circumstances exceed ever be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate in excess of the maximum amount interest rate permitted to be charged by the laws of the State of Utah governing the loan evidenced by the Note. Trustor, or any guarantor, endorser or other party now or hereafter becoming liable for the payment of the Indebtedness, shall never be liable for unearned interest allowed by applicable law, on the Indebtedness and any shall never be required to pay interest on the Indebtedness at a rate in excess of the maximum interest that may be lawfully charged under the laws of the State of Utah and the provisions of this Section shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity control over all other provisions of the Loan is accelerated by reason of an election by Lender resulting from Instruments and any default hereunder or otherwise, or other document executed in connection herewith which may be in apparent conflict herewith. In the event any holder of all or any required portion of the Indebtedness shall collect monies which are deemed to constitute interest which would otherwise increase the effective interest rate on all or a portion of the Indebtedness to a rate in excess of that permitted prepaymentto be charged by the laws of the State of Utah, then all such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any sums deemed to constitute interest in excess of the maximum amount legal rate shall be immediately returned to the Trustor upon such determination, or at the election of interest allowed by applicable lawBeneficiary may be applied to principal, if any, provided for in the Loan Documents or said principal has not otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrowerpaid.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Deed of Trust (OVERSTOCK.COM, Inc), Deed of Trust (OVERSTOCK.COM, Inc)
Limitation of Interest. It is the intention of each Borrower and Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Loan Agreement (Ashford Hospitality Trust Inc), Loan Agreement (Hallwood Realty Partners L P)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of non-usurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Credit Agreement (C. H. Robinson Worldwide, Inc.), Credit Agreement (Andersons, Inc.)
Limitation of Interest. It is All agreements and transactions among the intention of each Borrower Makers and Lender to conform strictly to applicable usury laws. Accordinglythe Payee, if the transactions contemplated hereby would be usurious under applicable lawwhether now existing or hereafter arising, then, in that event, notwithstanding anything to the contrary whether contained herein or in any Loan Documentother instrument, it is agreed as follows: (i) and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the aggregate maturity hereof, late payment, prepayment, or otherwise, shall the amount of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document by the Payee from the Makers for the use, forbearance, or otherwise in connection with detention of the Loan shall under no circumstances principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the maximum Maximum Lawful Rate, it particularly being the intention of the parties hereto to conform strictly to the applicable usury laws of the Statx xx Xxxxx (xx xxxxxxxxxx Xxxxxx Xxxxxx xxx to the extent that it permits the Payee to contract for, charge or receive a greater amount of interest allowed than under Texas law). Any interest payable hereunder or under any other instrument relating to the indebtedness evidenced hereby that is in excess of the Maximum Lawful Rate, shall, in the event of acceleration of maturity, late payment, prepayment, or otherwise, be applied to a reduction of the unrepaid indebtedness hereunder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of such unrepaid indebtedness, such excess shall be refunded to the Makers. To the extent not prohibited by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity determination of the Loan is accelerated Maximum Lawful Rate shall at all times be made by reason of an election by Lender resulting from any default hereunder or otherwiseamortizing, or in the event of any required or permitted prepaymentprorating, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, allocating and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, spreading in equal parts, parts during the total amount of interest throughout the entire contemplated full term of this loan, all interest at any time contracted for, charged or received from the Loan Makers in connection with this loan, so that the actual rate of interest rate on account of such indebtedness is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable lawthereof.
Appears in 2 contracts
Samples: Loan Agreement (Lancer Corp /Tx/), Loan Agreement (Lancer Corp /Tx/)
Limitation of Interest. It is The parties to the intention of each Borrower and Lender Credit Documents intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this SECTION 12.8 shall govern and control over every other provision of any Credit Document which conflicts or is inconsistent with this SECTION 12.8, even if such provision declares that it controls. As used in this SECTION 12.8, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term "interest" includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is law; PROVIDED that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest and (b) all interest at any time contracted for, taken, reserved, contracted forretained, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts, during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Loans and the Commitments. In no event shall the Company or any default hereunder or otherwiseother Person be obligated to pay, or in the event of Agent or any required Bank have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawtake, and receive or retain, any interest in excess of the maximum amount of nonusurious interest allowed by permitted under applicable law. None of the terms and provisions contained in any Credit Document which directly or indirectly relate to interest shall ever be construed without reference to this SECTION 12.8, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. On each day, if any, provided that the interest rate (the "STATED RATE") called for under any Credit Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate, whereupon the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the Loan Documents calendar year for which such calculation is being made. If the term of any of the Notes is shortened by reason of acceleration of maturity as a result of any Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason the Agent or any Bank at any time, including the stated maturity, is owed or receives, reserves or takes (and/or has received, reserved or taken) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to the Agent or such Bank, it shall be credited to PRO TANTO against the then-outstanding principal (or if the principal portion balance of the Loan Company's obligations to the Agent or such Bank, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: 364 Day Credit Agreement (Santa Fe Snyder Corp), Credit Agreement (Santa Fe Snyder Corp)
Limitation of Interest. It is the intention of each Mezzanine Borrower and Mezzanine Lender to conform strictly to applicable laws governing the maximum rate of interest and other charges payable, including without limitation usury laws. Accordingly, if the transactions contemplated hereby would be usurious under violate any such applicable law, then, in that event, notwithstanding anything to the contrary in any Mezzanine Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Mezzanine Loan Document or otherwise in connection with the Mezzanine Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Mezzanine Lender (or if the Mezzanine Loan shall have been paid in full, refunded to any Mezzanine Borrower); and (ii) in the event that maturity of the Mezzanine Loan is accelerated by reason of an election by Mezzanine Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Mezzanine Loan Documents or otherwise shall be cancelled canceled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Mezzanine Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Mezzanine Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Mezzanine Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Mezzanine Loan so that the interest rate is uniform throughout the entire term of the Mezzanine Loan; provided, that if the Mezzanine Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Mezzanine Lender shall refund to any Mezzanine Borrower the amount of such excess, and in such event, Mezzanine Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (Mack Cali Realty L P), Mezzanine Loan Agreement (Mack Cali Realty Corp)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable Laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term “interest” includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is takenLaw, provided that, to the maximum extent permitted by applicable Law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawLaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Credit Agreement (Jack Henry & Associates Inc), Term Loan Agreement (Jack Henry & Associates Inc)
Limitation of Interest. It is The Borrowers, the intention of each Borrower Agents, and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.9 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.9, even if such provision declares that it controls. As used in this Section 2.9, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits, or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed extent permitted by applicable law, and (a) any excess non-principal payment shall be credited to principal by Lender (characterized as an expense or if as compensation for something other than the Loan shall have been paid in fulluse, refunded to any Borrower); forbearance, or detention of money and not as interest and (iib) all interest at any time contracted for, reserved, charged, or received shall be amortized, prorated, allocated, and spread, in equal parts during the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrowers or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive, and or retain, (i) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of California or the applicable lawlaws (if any) of the U.S. or of any other applicable state or (ii) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained, or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.9, or be construed to create a contract to pay for the use, forbearance, or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment, or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then outstanding principal (or if the principal portion balance of the Loan Borrowers’ obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 2 contracts
Samples: Credit Agreement (K2 Inc), Credit Agreement (K2 Inc)
Limitation of Interest. It is The Borrowers, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.17 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.17, even if such provision declares that it controls. As used in this Section 2.17, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall any Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.17, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrowers’ obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is Borrower and the Lenders intend to ---------------------- strictly comply with all applicable federal and New York laws, including applicable usury laws (or the usury laws of any jurisdiction whose usury laws are deemed to apply to the Notes or any other Loan Documents despite the intention and desire of each Borrower and Lender the parties to conform strictly to applicable apply the usury lawslaws of the State of New York). Accordingly, the provisions of this Section 11.7 shall govern and ------------ control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum -------- extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of New York or the applicable law, laws (if any) of the United States or of any other jurisdiction, provided or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Ceiling Rate. The daily interest rates to be used in calculating interest at the Ceiling Rate shall be determined by dividing the applicable Ceiling Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document (including, without limitation, Section 9.1 hereof) which directly or otherwise indirectly relate to interest ----------- shall ever be construed without reference to this Section 11.7, or be construed ------------ to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Ceiling Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Ceiling Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited pro tanto against the then-outstanding principal balance of Borrower's obligations to principal (or if the principal portion such Lender, effective as of the Loan date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Loan Agreement (Carrols Corp)
Limitation of Interest. It is the intention of each The Borrower and Lender the Banks intend to conform strictly to ---------------------- comply with all applicable laws, including applicable usury laws, if any. Accordingly, the provisions of this Section 10.7 shall govern and control over ------------ every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided, in that eventthat, notwithstanding anything to the contrary in maximum extent permitted -------- by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document shall be amortized, prorated, allocated and spread, in equal or otherwise in connection with unequal parts throughout the Loan shall under no circumstances entire contemplated term of the Advances and the Commitments so that interest for the entire term does not exceed the maximum amount of interest allowed by applicable law, and Maximum Rate. In no event shall the Borrower or any excess shall other Person be credited obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of Agent or any required Bank have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (i) any interest in excess of the maximum amount of nonusurious interest allowed by applicable lawpermitted under the laws of the United States or of any state, if any, provided which are applicable to the Agent or such Bank, respectively, or (ii) total interest in excess of the amount which the Agent or such Bank could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Advances at the Maximum Rate, if any, applicable to the Agent or such Bank. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 10.7, or be construed to create a contract to pay any ------------ Bank for the Loan Documents use, forbearance or otherwise detention of money at an interest rate in excess of the Maximum Rate applicable to such Bank. If the term of any Advances or the Notes is shortened by reason of acceleration of maturity as a result of any Default or Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason the Agent or any Bank at any time is owed or receives (and/or has received) interest in excess of interest calculated at the Maximum Rate applicable to the Agent or such Bank, then and in any such event all of any such excess interest owed to or received by the Agent or such Bank shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to the Agent or such Bank, it shall be credited pro tanto against the then-outstanding principal balance of --------- the Borrower's obligations to principal (the Agent or if the principal portion such Bank, effective as of the Loan date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Credit Agreement (Cellstar Corp)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.17 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.17, even if such provision declares that it controls. As used in this Section 2.17, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.17, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then- outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is All agreements and transactions among the intention of each Borrower Makers and Lender to conform strictly to applicable usury laws. Accordinglythe Lender, if the transactions contemplated hereby would be usurious under applicable lawwhether now existing or hereafter arising, then, in that event, notwithstanding anything to the contrary whether contained herein or in any Loan Documentother instrument, it is agreed as follows: (i) and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the aggregate maturity hereof, late payment, prepayment, or otherwise, shall the amount of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document by the Lender from the Makers for the use, forbearance, or otherwise in connection with detention of the Loan shall under no circumstances principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the maximum Maximum Lawful Rate, it particularly being the intention of the parties hereto to conform strictly to the applicable usury laws of the Xxxxx xx Xxxxx (xx xxxxxxxxxx Xxxxxx Xxxxxx law to the extent that it permits the Lender to contract for, charge or receive a greater amount of interest allowed than under Texas law). Any interest payable hereunder or under any other instrument relating to the indebtedness evidenced hereby that is in excess of the Maximum Lawful Rate, shall, in the event of acceleration of maturity, late payment, prepayment, or otherwise, be applied to a reduction of the unpaid indebtedness hereunder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of such unpaid indebtedness, such excess shall be refunded to the Makers. To the extent not prohibited by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity determination of the Loan is accelerated Maximum Lawful Rate shall at all times be made by reason of an election by Lender resulting from any default hereunder or otherwiseamortizing, or in the event of any required or permitted prepaymentprorating, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, allocating and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, spreading in equal parts, parts during the total amount of interest throughout the entire contemplated full term of this loan, all interest at any time contracted for, charged or received from the Loan Makers in connection with this loan, so that the actual rate of interest rate on account of such indebtedness is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable lawthereof.
Appears in 1 contract
Samples: Loan Agreement (Southwest Water Co)
Limitation of Interest. It is The Company and the intention of each Borrower and Lender Banks intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 13.6 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Company or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Bank have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the Province of Alberta or the applicable lawlaws (if any) of Canada or of any other applicable jurisdiction, or (b) total interest in excess of the amount which such Bank could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the "Stated Rate") called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 13.6, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Bank at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Bank, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Company's obligations to such Bank, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is the intention of each Borrower Mortgagor and Lender ---------------------- Mortgagee to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender Mortgagee (or if the Loan shall have been paid in full, refunded to any BorrowerMortgagor); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender Mortgagee resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any BorrowerMortgagor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender Mortgagee shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender Mortgagee shall refund to any Borrower Mortgagor the amount of such excess, and in such event, Lender Mortgagee shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Mortgage, Assignment of Rents, Security Agreement and Fixture Filing (G&l Realty Corp)
Limitation of Interest. It is the intention of each Borrower Mortgagor and Lender Mortgagee to conform strictly to applicable usury laws. Accordingly, if the transactions transaction contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender Mortgagee (or if the Loan shall have been paid in full, refunded to any BorrowerMortgagor); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender Mortgagee resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) Mortgagor). In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender Mortgagee shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout through the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender Mortgagee shall refund to any Borrower Mortgagor the amount of such excess, and in such event, Lender Mortgagee shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The parties to the intention of each Borrower and Lender Credit Documents intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this SECTION 12.8 shall govern and control over every other provision of any Credit Document which conflicts or is inconsistent with this SECTION 12.8, even if such provision declares that it controls. To the transactions contemplated hereby would be usurious under maximum extent permitted by applicable law, then(a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, in that eventforbearance or detention of money and not as interest and (b) all interest at any time contracted for, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted forretained, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts, during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Loans and the Commitments. In no event shall the Company or any default hereunder or otherwiseother Person be obligated to pay, or in the event of Agent or any required Bank have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawtake, and receive or retain, any interest in excess of the maximum amount of nonusurious interest allowed by permitted under applicable law. If the term of any of the Notes is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if anyfor that (or any other) reason the Agent or any Bank at any time, provided for including the stated maturity, is owed or receives (and/or has reserved, taken or received) interest in excess of interest calculated at the Loan Documents or otherwise Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration accelera tion, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to the Agent or such Bank, it shall be credited to PRO TANTO against the then-outstanding principal (or if the principal portion balance of the Loan Company's obligations to the Agent or such Bank, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The Borrower and the Lenders intend to strictly comply with all applicable federal and Texas laws, including applicable usury laws (or the usury laws of any jurisdiction whose usury laws are deemed to apply to the Notes or any other Loan Documents despite the intention and desire of each Borrower and Lender the parties to conform strictly to applicable apply the usury lawslaws of the State of Texas). Accordingly, the provisions of this Section 11.7 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Texas or the applicable lawlaws (if any) of the United States or of any other state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Ceiling Rate. On each day, if any, provided that the interest rate (the "Stated Rate") called for under this Agreement or any other Loan Document exceeds the Ceiling Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Ceiling Rate for that day, and shall remain fixed at the Ceiling Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Ceiling Rate, in which case, the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate to the Ceiling Rate. The daily interest rates to be used in calculating interest at the Ceiling Rate shall be determined by dividing the applicable Ceiling Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document (including, without limitation, Section 9.1 hereof) which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 11.7, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Ceiling Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Ceiling Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower's obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.17 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.17, even if such provision declares that it controls. As used in this Section 2.17, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (x) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (y) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.17, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The Borrowers, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall any Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan and any other amounts not constituting interest shall have been paid in fullBorrowers’ Obligations to such Lender, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term effective as of the Loan so that date or dates when the interest rate event occurs which causes it to be excess interest, until such excess is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount exhausted or all of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.principal has been fully paid,
Appears in 1 contract
Samples: Credit Agreement (Arcbest Corp /De/)
Limitation of Interest. (a) It is the intention intent of each the Borrower and Lender the Lenders in the execution and performance of this Agreement and all matters incidental and related hereto and the other Loan Documents or any agreement or instrument executed in connection herewith or therewith or with any Indebtedness of the Borrower to conform strictly the Lenders to remain in strict compliance with all laws applicable to the Lenders from time to time in effect, including, without limitation, usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in furtherance hereof, the Borrower and the Lenders stipulate and agree that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity none of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder terms and provisions contained in or otherwise, pertaining to this Agreement or in the event other Loan Documents or any other agreement or instrument ("Other Agreement") executed in connection herewith or with any Indebtedness of any required the Borrower to the Lenders shall ever be construed to create a contract to pay for the use, forbearance or permitted prepayment, then such consideration that constitutes detention of money with interest may never include more than the maximum at a rate or in an amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed permitted to be charged by the Lenders under all laws in effect and applicable lawto the Lenders (the "Maximum Rate"). For purposes of this Agreement and the Revolving Credit Notes, if any"interest" shall include the aggregate of all amounts which constitute or are deemed to constitute interest under the respective laws in effect and applicable to the Lenders that are contracted for, provided for in the Loan Documents chargeable, receivable (whether received or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited deemed to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to received) or taken under this Agreement or the Revolving Credit Notes or any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Other Agreement. The Borrower the amount of such excess, and in such event, Lender shall not be subject required to pay interest hereunder or on any penalties provided by Revolving Credit Note or any laws for contracting for, charging Other Agreement at a rate or receiving interest in an amount in excess of the Maximum Rate with respect to the Lenders or the maximum amount allowed of interest that may be lawfully charged by the Lenders under any law which is in effect and applicable law.to the Lenders, and the provisions of this subsection 9.15 shall control over all other provisions of this Agreement and the Revolving Credit Notes or any Other Agreement which may be in apparent conflict herewith. If the effective rate or amount of interest which would otherwise be payable under this Agreement or any Revolving Credit Note or any Other Agreement, or all of them, would exceed the Maximum Rate for the Lenders or the maximum
Appears in 1 contract
Samples: Credit Agreement (Brown Tom Inc /De)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.22 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.22, even if such provision declares that it controls. As used in this Section 2.22, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.22, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section shall govern and control over every other provision of this Agreement or any other Loan Document that conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation that constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrowers or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (x) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (y) total interest in excess of the amount such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest that would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate, at which time the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions of this Agreement or any other Loan Documents Document that directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrowers’ obligations to such Lender, effective as of the date or dates when the event occurs that causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Credit Agreement (Dolan Co.)
Limitation of Interest. It is The parties to the intention of each Borrower and Lender Loan Documents intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in provisions of this Section 9.18 shall govern and control over every other provision of any Loan DocumentDocument which conflicts or is inconsistent with this Section 9.18, even if such provision declares that it is agreed as follows: (i) controls. As used in this Section 9.18, the term “interest” includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is law; provided that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest and (b) all interest at any time contracted for, taken, reserved, contracted forretained, charged charged, collected or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Loans and the Commitments. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawtake, and receive, collect or retain, any interest in excess of the maximum amount of nonusurious interest allowed by permitted under applicable law. None of the terms and provisions contained in any Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 9.18, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Maximum Rate On each day, if any, provided that the interest rate (the “Stated Rate”) called for under any Loan Document exceeds the Maximum Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Maximum Rate for that day, and shall remain fixed at the Maximum Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Maximum Rate, whereupon the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Maximum Rate shall be determined by dividing the applicable Maximum Rate per annum by the number of days in the Loan Documents calendar year for which such calculation is being made. If the term of any of the Loans is shortened by reason of acceleration of maturity as a result of any Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including the stated maturity, is owed or receives, collects, reserves or takes (and/or has received, collected, reserved or taken) interest in excess of interest calculated at the Maximum Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is All agreements between Grantor and Grantee, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the intention amount paid, or agreed to be paid, to Grantee for the use, forbearance, or detention of each Borrower and Lender the money to conform strictly be loaned pursuant to applicable usury laws. Accordinglythe Loan Agreement, if or otherwise, or for the transactions contemplated hereby would be usurious performance or payment of any covenant or obligation contained herein, exceed the maximum amount permissible under applicable law. If from any circumstance whatsoever fulfillment of any provision hereof at the time performance of such provision shall be due shall involve transcending the limit of validity prescribed by law, then, in that eventipso facto, notwithstanding anything the obligation to be fulfilled shall be reduced to the contrary in limit of such validity, and, if from any Loan Documentsuch circumstance, it is agreed Grantee shall ever receive as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is takenthe Loan Agreement, reserved, contracted for, charged or received under any Loan Document this Mortgage or otherwise in connection with anything of value which would exceed interest at the highest lawful rate, such amount that would be excessive interest shall be applied to the reduction of the principal amount owing under the Loan Agreement or on account of other Secured Obligations and not to the payment of interest, or, if such excessive interest exceeds the unpaid balance of principal of the Loan Agreement, the Notes, and such other Secured Obligations, such excess shall under no circumstances exceed be refunded to Grantor. All sums paid or agreed to be paid to Grantee for the maximum amount use, forbearance, or detention of interest allowed the Secured Obligations shall, to the extent permitted by applicable law, be amortized, prorated, allocated and any excess shall be credited to principal by Lender (or if spread throughout the Loan shall have been paid full term of such obligations until payment in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the rate of interest rate on account of Secured Obligations is uniform throughout the entire term terms thereof. The terms and provisions of the Loan; provided, that if the Loan is paid this Section shall control all agreements between Grantor and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable lawGrantee.
Appears in 1 contract
Samples: Open End Mortgage, Assignment of Leases and Rents and Security Agreement (Adcare Health Systems Inc)
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The parties to this Agreement and the intention of each Borrower and Lender other Loan Documents intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this SECTION 9.13 shall govern and control over every other provision of this Agreement, any Note or any other Loan Document which conflicts or is inconsistent with this SECTION 9.13, even if such provision declares that it controls. As used in this SECTION 9.13, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term "interest" includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is law; PROVIDED that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, taken, reserved, contracted forretained, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Loans and the Commitments. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of Administrative Agent, the Issuing Bank or any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawtake, and receive or retain, any interest in excess of the maximum amount of nonusurious interest allowed permitted under applicable law. None of the terms and provisions contained in this Agreement, any Note or any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this SECTION 9.13, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the maximum nonusurious rate of interest permitted by applicable law. If the term of any Loan is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason the Administrative Agent, the Issuing Bank or any Lender at any time, including the stated maturity, is owed or receives, reserves or takes (and/or has received, reserved or taken) interest in excess of interest calculated at the maximum nonusurious rate of interest permitted by applicable law, if any, provided for then and in the Loan Documents or otherwise any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to the Administrative Agent, the Issuing Bank or such Lender, it shall be credited to PRO TANTO against the then-outstanding principal (or if the principal portion balance of the Loan Obligations, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Credit Agreement (Stewart & Stevenson Services Inc)
Limitation of Interest. It is The Company and the intention of each Borrower and Lender Banks intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 13.6 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Company or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Bank have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Texas or the applicable lawlaws (if any) of the United States or of any other applicable state, or (b) total interest in excess of the amount which such Bank could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the "Stated Rate") called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 13.6, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Bank at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Bank, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Company's obligations to such Bank, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The Borrower, the intention of each Borrower Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.25 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.25, even if such provision declares that it controls. As used in this Section 2.25, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Texas or the applicable lawlaws (if any) of the U.S. or of any other applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.25, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the outstanding principal (or if the principal portion balance of the Loan Borrower’s obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term its payor. Chapter 346 of the Loan so that the interest rate is uniform throughout the entire term of the Loan; providedTexas Finance Code (which regulates certain revolving credit accounts (formerly TEX. REV. CIV. STAT. XXX. ART. 0000, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable lawXx.
Appears in 1 contract
Limitation of Interest. It is The Borrowers, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term “interest” includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is takenlaw; provided that, to the maximum extent permitted by applicable law, any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrowers or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (i) any interest in excess of the maximum amount of non-usurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (ii) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for in the Loan Documents under this Agreement or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall have been paid in full, refunded to any Borrower.) In determining whether or not accrue shall automatically be fixed by operation of this sentence at the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereofHighest Lawful Rate for that day, and (b) amortize, prorate, allocate and spread, in equal parts, shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest throughout accrued equals the entire contemplated term total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the Loan so that immediately preceding sentence shall again automatically operate to limit the interest rate accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is uniform throughout the entire term being made. None of the Loan; providedterms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, that if the Loan is paid and performed in full prior or be construed to the end of the full contemplated term hereof, and if the interest received create a contract to pay for the actual period use, forbearance or detention of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving money at an interest rate in excess of the maximum amount allowed by applicable law.Highest
Appears in 1 contract
Samples: Credit Agreement (Polaris Inc.)
Limitation of Interest. It is the intention of each The Borrower and Lender intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.17 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.17, even if such provision declares that it controls. As used in this Section 2.17, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of Lender have any required right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (x) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (y) total interest in excess of the amount which Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the "Stated Rate") called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.17, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The Borrowers and the intention of each Borrower and Lender Banks intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 12.10 shall govern and control over every other provision of this Agreement or any other Credit Document which conflicts or is inconsistent with this Section 12.10, even if such provision declares that it controls. As used in this Section 12.10, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term "interest" includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is takenlaw; provided, that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense and not as interest, and (b) all interest at any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall any default hereunder Borrower or otherwiseany other Person be obligated to pay, or in the event of Agent or any required Bank have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and any interest in excess of the maximum amount of nonusurious interest allowed permitted under applicable law. None of the terms and provisions contained in this Agreement or in any other Credit Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 12.10, or be construed to create a contract to pay interest at a rate in excess of the maximum nonusurious rate permitted by applicable law. If for any reason any Bank at any time, including the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the maximum nonusurious rate permitted by applicable law, if any, provided for then and in the Loan Documents or otherwise any such event all of any such excess interest shall be cancelled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Bank, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Obligations to such Bank, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.26 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.26, even if such provision declares that it controls. As used in this Section 2.26, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Illinois or the applicable lawlaws (if any) of the United States or of any other applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Credit Agreement (Clarcor Inc)
Limitation of Interest. It is Each Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations and this Agreement. In no event shall any default hereunder Borrower or otherwiseany other Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations and this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrowers’ obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The Borrower, the intention of each Borrower Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.22 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.22, even if such provision declares that it controls. As used in this Section 2.22, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of New York or the applicable lawlaws (if any) of the United States or of any other applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the "Stated Rate ") called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower's obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Credit Agreement (Magnetek Inc)
Limitation of Interest. It is The Company and the intention of each Borrower and Lender Banks intend to conform strictly to ---------------------- comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 9.6 shall govern and control over every other ----------- provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by -------- applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Loans and the Commitments. In no event shall the Company or any default hereunder or otherwiseother Person be obligated to pay, or in the event of Agent or any required Bank have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (Y) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Texas or the applicable lawlaws (if any) of the United States or of any other state, or (Z) total interest in excess of the amount which the Agent or such Bank could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Loans at the Highest Lawful Rate. On each day, if any, provided that the Stated Rate or such other rate, respectively, or any rate called for under any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate or such other rate, respectively, unless and until the Stated Rate or such other rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 9.6, or be construed to ----------- create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loans or the Notes is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Bank at any time, including the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Bank, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion --------- balance of the Loan Company's obligations to the Agent or such Bank, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. All agreements between Borrower and Beneficiary are expressly limited so that in no contingency or event whatsoever whether by reason of advancement of the proceeds of the Indebtedness, acceleration of maturity of the Indebtedness hereof, or otherwise, shall the amount paid or agreed to be paid to the Beneficiary for the use, forbearance, or detention of the money to be advanced hereunder exceed the highest rate permissible under the laws of the State of Texas and of the United States, and in particular the Texas Finance Code, as amended (to the extent not preempted by Federal law, if any) and any subsequent revisions repeals, or judicial interpretations thereof, to the extent any of same are applicable hereto and thereto. If, from any circumstance whatsoever, fulfillment of any provisions hereof or of the Indebtedness or any other agreement referred to herein or therein shall, at the time fulfillment of such provision be due, involve transcending the limit of validity prescribed by law that a court of competent jurisdiction may deem applicable hereto, then ipso facto the obligations to be fulfilled shall be reduced to the limit of such validity, and if from any circumstance the Beneficiary shall ever receive as interest an amount which would be excessive interest, it shall: (a) be applied to the reduction of the unpaid principal balance of the Indebtedness; or (b) be refunded to Borrower and not to the payment of interest. It is further agreed, without limitation of the intention foregoing, that all calculations of each Borrower and Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate rate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged charged, or received under any Loan Document on the Indebtedness evidenced or otherwise in connection with secured hereby that are made for the Loan shall under no circumstances exceed purpose of determining whether such rate exceeds the maximum amount of interest allowed lawful contract rate, shall be made, to the extent permitted by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in fullamortizing, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwiseprorating, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawallocating, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest spreading throughout the entire contemplated full stated term of the Loan Indebtedness so that the such rate of interest rate on account of such Indebtedness, as so calculated, is uniform throughout the entire term thereof. This provision shall control every other provision of all agreements between Borrower and the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable lawBeneficiary.
Appears in 1 contract
Limitation of Interest. It is the intention of each Borrower ---------------------- Borrower, Operator and Mezzanine Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Mezzanine Loan Document, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Mezzanine Loan Document or otherwise in connection with the Mezzanine Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Mezzanine Lender (or if the Mezzanine Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Mezzanine Loan is accelerated by reason of an election by Mezzanine Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Mezzanine Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Mezzanine Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) ). In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Mezzanine Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Mezzanine Loan so that the interest rate is uniform throughout the entire term of the Mezzanine Loan; provided, that if the Mezzanine Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Mezzanine Lender shall refund to any Borrower the amount of such excess, and in such event, Mezzanine Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Mezzanine Loan Agreement (Brookdale Living Communities Inc)
Limitation of Interest. It is The Borrower, the intention of each Borrower Agent and Lender the Lenders intend to conform strictly to comply with all applicable usury laws. Accordingly, the provisions of this Section 2.10 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.10, even if such provision declares that it controls. As used in this Section 2.10, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (i) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (ii) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 2.10, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the Maturity Date, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to principal (or if pro tanto against the principal portion Outstanding Credit Exposure of such Lender, effective as of the Loan date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is the intention of each The Borrower and the Lender intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.11 shall govern and control over every other provision of this Agreement or any other Loan Document that conflicts or is inconsistent with this Section 2.11, even if such provision declares that it controls. As used in this Section 2.11, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term “interest” includes the aggregate of all consideration which constitutes charges, fees, benefits or other compensation that constitute interest under applicable law that is takenlaw; provided that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance, or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of Lender have any required right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (x) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (y) total interest in excess of the amount the Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest accrues shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest that would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate, when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions in this Agreement or in any other Loan Document that directly or indirectly relate to interest shall ever be construed without reference to this Section 2.11, or be construed to create a contract to pay for the use, forbearance, or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason the Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment, or prepayment other event that produces the excess, and, if theretofore prepaidsuch excess interest has been paid to the Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Obligations to the Lender, effective as of the date or dates when the event occurs that causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is the intention intent of each Borrower Mortgagor and Lender Mortgagee in the execution of this Mortgage and all xxxxx Xxxn Documents to conform strictly contract in strict compliance with the usury laws governing the Secured Indebtedness evidenced by the Loan Documents. In furtherance thereof, Mortgagor and Mortgagee stipulate and agree that none of the terms xxx xxxxisions contained in the Loan Documents shall ever be construed to applicable create a contract for the use, forbearance or detention of money requiring payment of interest at a rate in excess of the maximum interest rate permitted to be charged by the laws governing the Loan Documents evidencing the Secured Indebtedness. Mortgagor or any guarantor, endorser or other party now or hereafter becoming liable for the payment of the Secured Indebtedness shall never be required to pay interest on the Secured Indebtedness at a rate in excess of the maximum interest that may be lawfully charged under the laws governing the Loan Documents evidencing the Secured Indebtedness, and the provisions of this Section shall control over all other provisions of the Credit Agreement, the Note Agreement, the Notes, the A-Advanced Guaranty and the other Loan Documents and any other instrument executed in connection herewith which may be in apparent conflict herewith. In the event the Collateral Agent, any Lender, or any other holder of the Secured Indebtedness shall collect monies that are deemed to constitute interest and that would otherwise increase the effective interest rate on the Secured Indebtedness to a rate in excess of that permitted to be charged by the usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything all such sums deemed to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any constitute interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise legal rate shall be cancelled automatically as applied in accordance with the provisions of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any BorrowerCredit Agreement.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Note Agreement (Guilford Mills Inc)
Limitation of Interest. It is The Company and the intention of each Borrower and Lender Banks intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 13.6 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be character ized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Company or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Bank have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Texas or the applicable lawlaws (if any) of the United States or of any other applicable state, or (b) total interest in excess of the amount which such Bank could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the "Stated Rate") called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 13.6, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Bank at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Bank, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Company's obligations to such Bank, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. All agreements between Borrower and Beneficiary are expressly limited so that in no contingency or event whatsoever whether by reason of advancement of the proceeds of the Indebtedness, acceleration of maturity of the Indebtedness hereof, or otherwise, shall the amount paid or agreed to be paid to the Beneficiary for the use, forbearance, or detention of the money to be advanced hereunder exceed the highest rate permissible under the laws of the State of Texas and of the United States, and in particular Article 5069 of the Texas Revised Civil Statutes, as amended (to the extent not preempted by Federal law, if any) and any subsequent revisions repeals, or judicial interpretations thereof, to the extent any of same are applicable hereto and thereto. If, from any circumstance whatsoever, fulfillment of any provisions hereof or of the Indebtedness or any other agreement referred to herein or therein shall, at the time fulfillment of such provision be due, involve transcending the limit of validity prescribed by law that a court of competent jurisdiction may deem applicable hereto, then ipso facto the obligations to be fulfilled shall be reduced to the limit of such validity, and if from any circumstance the Beneficiary shall ever receive as interest an amount which would be excessive interest, it shall (a) be applied to the reduction of the unpaid principal balance of the Indebtedness or (b) be refunded to Borrower and not to the payment of interest. It is further agreed, without limitation of the intention foregoing, that all calculations of each Borrower and Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate rate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged charged, or received under any Loan Document on the Indebtedness evidenced or otherwise in connection with secured hereby that are made for the Loan shall under no circumstances exceed purpose of determining whether such rate exceeds the maximum amount of interest allowed lawful contract rate, shall be made, to the extent permitted by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in fullamortizing, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwiseprorating, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawallocating, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest spreading throughout the entire contemplated full stated term of the Loan Indebtedness so that the such rate of interest rate on account of such Indebtedness, as so calculated, is uniform throughout the entire term thereof. This provision shall control every other provision of all agreements between Borrower and the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable lawBeneficiary.
Appears in 1 contract
Limitation of Interest. It is the intention of each The Borrower and the Lender intend to conform strictly to comply with all applicable laws, including applicable usury laws, if any. Accordingly, the provisions of this Section 10.6 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Loans and the Commitments. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of Lender have any required right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (Y) any interest in excess of the maximum amount of non-usurious interest allowed by applicable lawpermitted under the laws of the United States or of any state, if any, provided which are applicable to the Lender, or (Z) total interest in excess of the amount which the Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Loans at the Highest Lawful Rate, if any, applicable to the Lender. On each day, if any, that the sum of the Alternate Base Rate or the Adjusted LIBOR Rate, as applicable, and the Applicable Margin, or any other applicable rate called for under any other Loan Document exceeds the Highest Lawful Rate, if any, applicable to the Lender, the rate at which interest shall accrue for the applicable type of borrowing owing to the Lender shall automatically be fixed by operation of this sentence at the Highest Lawful Rate applicable to the Lender for that day, and shall remain fixed at the Highest Lawful Rate applicable to the Lender for each day thereafter until the total amount of interest accrued and owing to the Lender equals the total amount of interest which would have accrued on such borrowing owing to the Lender if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Alternate Base Rate plus the Applicable Margin, the Adjusted LIBOR Rate plus the Applicable Margin or such other applicable rate, respectively, unless and until the sum of the Alternate Base Rate and the Applicable Margin, the sum of the Adjusted LIBOR Rate and the Applicable Margin or such other applicable rate (whichever is applicable to the situation) again exceeds the Highest Lawful Rate applicable to the Lender when the provisions of the immediately preceding since shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate for the Lender shall be determined by dividing the applicable Highest Lawful Rate, if any, for the Lender per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 10.6, or be construed to create a contract to pay the Lender for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate applicable to the Lender. If the term of any Loans or any of the Notes is shortened by reason of acceleration of maturity as a result of any Default or Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason the Lender at any time is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate applicable to the Lender, then and in any such event all of any such excess interest owed to or received by the Lender shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to the Lender, it shall be credited pro tanto against the then-outstanding principal balance of the Borrower's obligations to the Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any remaining balance of such excess shall be promptly refunded to its payor. To the extent the Laws of the State of Texas are applicable for purposes of determining the "Highest Lawful Rate," such term shall mean the "weekly ceiling" from time to time in effect under Article lD. 003, Title 79, Revised Civil Statutes of Texas, as amended, or, if permitted by applicable Law and effective upon the giving of the notices required by such Article lD. 103 and under the Texas Finance Code (or if effective upon any other date otherwise specified by applicable Law), the principal portion "monthly ceiling," the "quarterly ceiling" or "annualized ceiling" from time to time in effect under such Chapter lD of the Loan Texas Credit Title, whichever that the Lender shall elect to substitute for the "weekly ceiling," and any other amounts not constituting interest vice versa, each such substitution to have the effect provided in such Chapter lD of the Texas Credit Title; and the Lender shall have been paid in fullbe entitled to make such election from time to time and one or more times and, refunded without notice to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to leave any such substitute rate in effect for subsequent periods in accordance with Chapter lD of the maximum extent permitted under applicable law (aTexas Credit Title. Pursuant to Article 15.10(b) exclude voluntary prepayments and the effects thereofof Chapter 15, Subtitle 79, Revised Civil Statutes of Texas, 1925, as amended, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term pursuant to Chapter 346.004 of the Loan so Texas Finance Code, as amended, Borrower agrees that the interest rate is uniform throughout the entire term Chapter 15 of the Loan; provided, that if Texas Credit Title and Chapter 346 of the Loan is paid Texas Finance Code (which regulates certain revolving credit loan accounts and performed revolving tri-party accounts) shall not govern or in full prior any manner apply to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable lawObligations.
Appears in 1 contract
Limitation of Interest. It is the intention of each Borrower and Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, 130 Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.17 shall govern and control over every other provision of this Agreement and the Related Documents which conflicts or is inconsistent with this Section 2.17, even if such provision declares that it controls. As used in this Section 2.17, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (y) any interest in excess of the maximum amount of non-usurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (z) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any Related Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement and the Related Documents which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.17, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Revolving Loan or any other Obligation outstanding hereunder or under the Related Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.19 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.19, even if such provision declares that it controls. As used in this Section 2.19, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of the State of California, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.19, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Credit Agreement (New Home Co Inc.)
Limitation of Interest. It is the intention intent of each Borrower Mortgagor and Lender Mortgagee in the execution of this Mortgage and all other Loan Documents to conform strictly contract in strict compliance with the usury laws governing the Secured Indebtedness evidenced by the Loan Documents. In furtherance thereof, Mortgagor and Mortgagee stipulate and agree that none of the terms and provisions contained in the Loan Documents shall ever be construed to applicable create a contract for the use, forbearance or detention of money requiring payment of interest at a rate in excess of the maximum interest rate permitted to be charged by the laws governing the Loan Documents evidencing the Secured Indebtedness. Mortgagor or any guarantor, endorser or other party now or hereafter becoming liable for the payment of the Secured Indebtedness shall never be required to pay interest on the Secured Indebtedness at a rate in excess of the maximum interest that may be lawfully charged under the laws governing the Loan Documents evidencing the Secured Indebtedness, and the provisions of this Section shall control over all other provisions of the Credit Agreement, the Note Agreement, the Notes, the A-Advanced Guaranty and the other Loan Documents and any other instrument executed in connection herewith which may be in apparent conflict herewith. In the event the Collateral Agent, any Lender, or any other holder of the Secured Indebtedness shall collect monies that are deemed to constitute interest and that would otherwise increase the effective interest rate on the Secured Indebtedness to a rate in excess of that permitted to be charged by the usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything all such sums deemed to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any constitute interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise legal rate shall be cancelled automatically as applied in accordance with the provisions of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any BorrowerCredit Agreement.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Credit, Security, Guaranty and Pledge Agreement (Guilford Mills Inc)
Limitation of Interest. It is All agreements and transactions among the intention of each Borrower Makers and Lender to conform strictly to applicable usury laws. Accordinglythe Payee, if the transactions contemplated hereby would be usurious under applicable lawwhether now existing or hereafter arising, then, in that event, notwithstanding anything to the contrary whether contained herein or in any Loan Documentother instrument, it is agreed as follows: (i) and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the aggregate maturity hereof, late payment, prepayment, or otherwise, shall the amount of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document by the Payee from the Makers for the use, forbearance, or otherwise in connection with detention of the Loan shall under no circumstances principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the maximum Maximum Lawful Rate, it particularly being the intention of the parties hereto to conform strictly to the applicable usury laws of the Xxxxx xx Xxxxx (xx xxxxxxxxxx Xxxxxx Xxxxxx law to the extent that it permits the Payee to contract for, charge or receive a greater amount of interest allowed than under Texas law). Any interest payable hereunder or under any other instrument relating to the indebtedness evidenced hereby that is in excess of the Maximum Lawful Rate, shall, in the event of acceleration of maturity, late payment, prepayment, or otherwise, be applied to a reduction of the unrepaid indebtedness hereunder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of such unrepaid indebtedness, such excess shall be refunded to the Makers. To the extent not prohibited by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity determination of the Loan is accelerated Maximum Lawful Rate shall at all times be made by reason of an election by Lender resulting from any default hereunder or otherwiseamortizing, or in the event of any required or permitted prepaymentprorating, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, allocating and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, spreading in equal parts, parts during the total amount of interest throughout the entire contemplated full term of this loan, all interest at any time contracted for, charged or received from the Loan Makers in connection with this loan, so that the actual rate of interest rate on account of such indebtedness is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable lawthereof.
Appears in 1 contract
Limitation of Interest. It is the intention of each Borrower Borrower, Administrative Agent and Lender Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) term “interest” includes the aggregate of all consideration charges, fees, benefits or other compensation which constitutes constitute interest under applicable law that is takenlaw; provided that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of non-usurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be 6090356 -31- Xxxxxxxx Xxxxxx LLP fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited pro tanto against the then-outstanding principal balance of Borrower’s Obligations to principal (or if the principal portion such Lender, effective as of the Loan date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is The Company and the intention of each Borrower and Lender Banks intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 13.6 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be character ized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall the Company or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Bank have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the Province of Alberta or the applicable lawlaws (if any) of Canada or of any other applicable jurisdiction, or (b) total interest in excess of the amount which such Bank could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the "Stated Rate") called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 13.6, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Bank at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Bank, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Company's obligations to such Bank, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is Borrower and the Lenders intend to strictly comply with all applicable federal and Texas laws, including applicable usury laws (or the usury laws of any jurisdiction whose usury laws are deemed to apply to the Notes or any other Loan Documents despite the intention and desire of each Borrower and Lender the parties to conform strictly to applicable apply the usury lawslaws of the State of Texas). Accordingly, the provisions of this Section 11.07 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of Texas or the applicable law, laws (if any) of the United States or of any other jurisdiction, provided or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Ceiling Rate. The daily interest rates to be used in calculating interest at the Ceiling Rate shall be determined by dividing the applicable Ceiling Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document (including, without limitation, Section 9.01 hereof) which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 11.07, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Ceiling Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Ceiling Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited pro tanto against the then-outstanding principal balance of Borrower's obligations to principal (or if the principal portion such Lender, effective as of the Loan date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any its payor. The Borrower.) In determining whether or not , the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments Lenders and the effects thereofAgent expressly agree, pursuant to Chapter 346 ("Chapter 346") of the Texas Finance Code, that Chapter 346 (which relates to open-end line of credit revolving loan accounts) shall not apply to any Loan Document or to any Obligation, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount that none of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed them shall be governed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be Chapter 346 or subject to its provisions in any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable lawmanner whatsoever.
Appears in 1 contract
Samples: Loan Agreement (Hydril Co)
Limitation of Interest. It is the intention of each Borrower ---------------------- Borrower, Operator and Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: :
(i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) ). In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in 125 excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is the intention of each Borrower and Lender intend to conform strictly to comply with the applicable usury lawslaw governing the Maximum Rate. AccordinglyInterest contracted for, charged, or received shall not exceed the Maximum Rate, and, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Documentcontingency whatsoever, it is agreed as follows: (i) the aggregate Lender shall receive anything of all consideration which constitutes value deemed interest under applicable law that is taken, reserved, which would cause the interest contracted for, charged charged, or received under any Loan Document or otherwise in connection with by the Loan shall under no circumstances holder thereof to exceed the maximum amount of interest allowed permissible under applicable law, the excessive interest shall be applied to the reduction of the unpaid principal balance hereof and not to the payment of interest, or if such excessive interest exceeds the unpaid principal balance hereof such excess shall be refunded to Borrower, and the provisions of this Note and any demand on Borrower shall immediately be deemed reformed and the amounts thereafter collectible hereunder shall be reduced, without the necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder. All interest paid or agreed to be paid to the holder hereof shall, to the extent permitted by applicable law, and any excess shall be credited to principal by Lender amortized, prorated, allocated, and spread throughout the full term of such indebtedness until payment in full (or if including the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event period of any required renewal or permitted prepayment, then such consideration extension hereof) so that constitutes interest may never include more than the maximum rate or amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date on account of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if indebtedness does not exceed the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any BorrowerMaximum Rate.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Loan Agreement (Aqua Metals, Inc.)
Limitation of Interest. It is the intention intent of each Borrower Grantor and Lender ---------------------- Beneficiary in the execution of this Deed of Trust and all other Fundamental Documents to conform strictly contract in strict compliance with the usury laws governing the Secured Indebtedness evidenced by the Credit Agreement and the other Fundamental Documents. In furtherance thereof, Grantor and Beneficiary stipulate and agree that none of the terms and provisions contained in the Fundamental Documents shall ever be construed to applicable usury lawscreate a contract for the use, forbearance or detention of money requiring payment of interest at a rate in excess of the maximum interest rate permitted to be charged by the laws governing the Loans evidenced by the Credit Agreement and the other Fundamental Documents. AccordinglyGrantor or any Guarantor, if endorser or other party now or hereafter becoming liable for the transactions contemplated hereby would payment of the Secured Indebtedness shall never be usurious required to pay interest on the Secured Indebtedness at a rate in excess of the maximum interest that may be lawfully charged under applicable lawthe laws governing the Loans evidenced by the Credit Agreement and the other Fundamental Documents, then, in that event, notwithstanding anything to and the contrary in provisions of this Section shall control over all other provisions of the Credit Agreement and the other Fundamental Documents and any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise other instrument executed in connection with herewith which may b e in apparent conflict herewith. In the event any holder of the Secured Indebtedness shall collect monies that are deemed to constitute interest and that would otherwise increase the effective interest rate on the Secured Indebtedness to a rate in excess of that permitted to be charged by the laws governing the Loan shall under no circumstances exceed evidenced by the maximum amount of interest allowed by applicable lawCredit Agreement and the other Fundamental Documents, and any excess shall be credited all such sums deemed to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any constitute interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise legal rate shall be cancelled automatically as applied to the unpaid principal balance of the date of such acceleration or prepayment Secured Indebtedness and, if theretofore prepaidin excess of such balance, shall be credited immediately returned to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any BorrowerGrantor upon such determination.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. It is the intention intent of each Borrower Mortgagor and Lender Mortgagee in the execution of this Mortgage and all other Loan Documents to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, contract in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection strict compliance with the usury laws governing the Loan evidenced by the Note. In furtherance thereof, Mortgagee and Mortgagor stipulate and agree that none of the terms and provisions contained in the Loan Documents shall under no circumstances exceed ever be construed to create a contract for the use, forbearance, or detention of money requiring payment of interest at a rate in excess of the maximum amount of interest allowed rate permitted to be charged by applicable lawthe laws governing the Loan. Mortgagor or any guarantor, and any excess shall be credited to principal by Lender (endorser or if other party now or hereafter becoming liable for the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity payment of the Loan is accelerated by reason or other amounts due to Mortgagee shall never be liable for unearned interest on the Loan or other amounts due to Mortgagee and shall never be required to pay interest on the Loan or other amounts due to Mortgagee at a rate in excess of an election by Lender resulting from the maximum interest that may be lawfully charged under the laws governing the Loan, and the provisions of this paragraph shall control over all other provisions of the Note and any default hereunder or otherwise, or other instrument executed in connection herewith which may be in apparent conflict herewith. In the event any holder of any required the Note shall collect monies that are deemed to constitute interest and that would otherwise increase the effective interest rate on the Loan or other amounts due to Mortgagee to a rate in excess of that permitted prepaymentto be charged by the laws governing the Loan, then all such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any sums deemed to constitute interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise legal rate shall be cancelled automatically as applied to the unpaid principal balance of the date Note (without penalty or premium) and if in excess of such acceleration or prepayment and, if theretofore prepaidbalance, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, immediately returned to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of Mortgagor upon such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable lawdetermination.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Emeritus Corp\wa\)
Limitation of Interest. It is the intention of the parties hereto that each Borrower and Lender to of the Lenders shall conform strictly to usury laws applicable usury lawsto it, if any. Accordingly, if the transactions with the Lenders contemplated hereby would be usurious under applicable law, if any, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: the
(i) the aggregate of all consideration which constitutes interest under applicable law that is contracted for, taken, reserved, contracted for, charged or received by the Lenders under any Note, this Agreement or under any other Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by such applicable law, law and any excess shall be canceled automatically, and if theretofore paid, shall at the option of any Lender be credited by such Lender on the principal amount of the Obligations owed to principal such Lender by the Borrower or refunded by such Lender (or if to the Loan shall have been paid in fullBorrower, refunded to any Borrower); and (ii) in the event that the maturity of the Loan any Note or other Obligation payable to any Lender is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under law applicable to any Lender may never include more than the maximum amount of interest allowed by such applicable law, law and any all interest in excess of the maximum amount of interest allowed by applicable lawsuch lawful amount, if any, provided for in the Loan Documents payable to any Lender under this Agreement or otherwise shall be cancelled canceled automatically as of the date of such acceleration or prepayment and, if theretofore prepaidpaid, shall shall, at the option of any Lender be credited to principal (or if by such Lender on the principal portion amount of the Loan and any other amounts not constituting interest shall have been paid in full, Obligations owed to such Lender by the Borrower or refunded by such Lender to any the Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Credit Agreement (Dimon Inc)
Limitation of Interest. It is Borrowers, the intention of each Borrower Administrative Bank and Lender the Banks intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 1.26 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 1.26, even if such provision declares that it controls. As used in this Section 1.26, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall Borrowers or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Bank have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Bank could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the highest lawful rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the highest lawful rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the highest lawful rate for that day, and shall remain fixed at the highest lawful rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the highest lawful rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the highest lawful rate shall be determined by dividing the applicable highest lawful rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 1.26, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the highest lawful rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Bank at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the highest lawful rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Bank, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrowers’ Obligations to such Bank, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Loan Agreement (OVERSTOCK.COM, Inc)
Limitation of Interest. It is Borrower and the Lenders intend to strictly comply with all applicable federal and New York laws, including applicable usury laws (or the usury laws of any jurisdiction whose usury laws are deemed to apply to the Notes or any other Loan Documents despite the intention and desire of each Borrower and Lender the parties to conform strictly to applicable apply the usury lawslaws of the State of New York). Accordingly, the provisions of this Section 11.7 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Obligations. In no event shall Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the laws of the State of New York or the applicable law, laws (if any) of the United States or of any other jurisdiction, provided or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Ceiling Rate. The daily interest rates to be used in calculating interest at the Ceiling Rate shall be determined by dividing the applicable Ceiling Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Documents Document (including, without limitation, Section 9.1 hereof) which directly or otherwise indirectly relate to interest shall ever be construed without reference to this Section 11.7, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Ceiling Rate. If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Ceiling Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited pro tanto against the then-outstanding principal balance of Borrower’s obligations to principal (or if the principal portion such Lender, effective as of the Loan date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Loan Agreement (Carrols Corp)
Limitation of Interest. It is the intention of each Borrower Borrowers and Mezzanine Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Mezzanine Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Mezzanine Loan Document or otherwise in connection with the Mezzanine Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Mezzanine Lender (or if the Mezzanine Loan shall have been paid in full, refunded to any BorrowerBorrowers); and (ii) in the event that maturity of the Mezzanine Loan is accelerated by reason of an election by Mezzanine Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Mezzanine Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Mezzanine Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) Borrowers). In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Mezzanine Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Mezzanine Loan so that the interest rate is uniform throughout the entire term of the Mezzanine Loan; provided, that if the Mezzanine Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Mezzanine Lender shall refund to any Borrower Borrowers the amount of such excess, and in such event, Mezzanine Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. (a) It is expressly stipulated and agreed to be the intention intent of each Borrower and Lender at all times to conform comply strictly to with the applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under Texas law (or applicable law, then, in that event, notwithstanding anything United States federal law to the contrary in extent that it permits Lender to contract for, charge, take, reserve or receive a greater amount of interest than under Texas law) governing the maximum rate or amount of interest payable on the Revolving Note or the Related Indebtedness. If the applicable law is ever judicially interpreted so as to render usurious any Loan Document, it is agreed as follows: amount (i) the aggregate of all consideration which constitutes interest under applicable law that is contracted for, charged, taken, reservedreserved or received pursuant to the Revolving Note, any of the other Loan Documents or any other communication or writing by or between Borrower and Lender related to the transaction or transactions that are the subject matter of the Loan Documents, (ii) contracted for, charged or received under by reason of Lender’s exercise of the option to accelerate the maturity of the Revolving Note and/or the Related Indebtedness, or (iii) Borrower will have paid or Lender will have received by reason of any Loan Document or otherwise voluntary prepayment by Borrower of the Revolving Note and/or the Related Indebtedness, then it is Borrower’s and Lender’s express intent that all amounts charged in connection with excess of the Loan Maximum Lawful Rate shall under no circumstances exceed the maximum amount of interest allowed by applicable lawbe automatically canceled, ab initio, and any all amounts in excess of the Maximum Lawful Rate theretofore collected by Lender shall be credited to on the principal by Lender balance of the Revolving Note and/or the Related Indebtedness (or or, if the Loan shall Revolving Note and all Related Indebtedness have been or would thereby be paid in full, refunded to any Borrower); , and (ii) in the event that maturity provisions of the Revolving 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; provided, however, if the Revolving Note has been paid in full before the end of the stated term of the Revolving Note, then Borrower and Lender agrees that Lender shall, with reasonable promptness after Lender discovers or is accelerated advised by reason Borrower that interest was received in an amount in excess of an election the Maximum Lawful Rate, either refund such excess interest to Borrower and/or credit such excess interest against the Revolving Note and/or any Related Indebtedness then owing by Borrower to Lender. Borrower hereby agrees that as a condition precedent to any claim seeking usury penalties against Lender, Borrower will provide written notice to Lender, advising Lender in reasonable detail of the nature and amount of the violation, and Lender shall have sixty (60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess interest to Borrower or crediting such excess interest against the Revolving Note and/or the Related Indebtedness then owing by Borrower to Lender. All sums contracted for, charged or received by Lender resulting from any default hereunder for the use, forbearance or otherwise, or in the event detention of any required or debt evidenced by the Revolving Note and/or the Related Indebtedness shall, to the extent permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess be amortized or spread, using the actuarial method, throughout the stated term of the maximum Revolving Note and/or the Related Indebtedness (including any and all renewal and extension periods) until payment in full so that the rate or amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as on account of the date Revolving Note and/or the Related Indebtedness does not exceed the Maximum Lawful Rate from time to time in effect and applicable to the Revolving Note and/or the Related Indebtedness for so long as debt is outstanding. In no event shall the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving triparty accounts) apply to the Revolving Note and/or the Related Indebtedness. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is not the intention of Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if collect unearned interest at the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount time of such excess, acceleration. Borrower and in such event, Lender shall not be subject to hereby agree that any penalties provided by any laws for and all suits alleging the contracting for, charging or receiving of usurious interest shall lie in excess Xxxxxx County, Texas, and each irrevocably waives the right to venue in any other county.
(b) As used herein, the term “Maximum Lawful Rate” shall mean the maximum lawful rate of interest which may be contracted for, charged, taken, received or reserved by Lender in accordance with the applicable laws of the maximum State of Texas (or applicable United States federal law to the extent that it permits Lender to contract for, charge, take, receive or reserve a greater amount allowed of interest than under Texas law), taking into account all Charges (as herein defined) made in connection with the transaction evidenced by the Revolving Note and the other Loan Documents. As used herein, the term “Charges” shall mean all fees, charges and/or any other things of value, if any, contracted for, charged, received, taken or reserved by Lender in connection with the transactions relating to the Revolving Note and the other Loan Documents, which are treated as interest under applicable law. As used herein, the term “Related Indebtedness” shall mean any and all debt paid or payable by Borrower to Lender pursuant to the Loan Documents or any other communication or writing by or between Borrower and Lender related to the transaction or transactions that are the subject matter of the Loan Documents, except such debt which has been paid or is payable by Borrower to Lender under the Revolving Note.
Appears in 1 contract
Samples: Revolving Credit Agreement (Amreit)
Limitation of Interest. It is the intention of each The Borrower and the Lender intend to conform strictly to comply with all applicable laws, including applicable usury laws, if any. Accordingly, the provisions of this SECTION 9.6 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this Section, the transactions contemplated hereby would be usurious term "interest" includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnonprincipal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if amortized, prorated, allocated and spread, in equal parts during the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity full term of the Loan is accelerated by reason of an election by Lender resulting from Loans and the Commitments. In no event shall the Borrower or any default hereunder or otherwiseother Person be obligated to pay, or in the event of Lender have any required right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (Y) any interest in excess of the maximum amount of nonusurious interest allowed by applicable lawpermitted under the laws of the United States or of any state, if any, provided for which are applicable to the Lender, or (Z) total interest in the Loan Documents or otherwise shall be cancelled automatically as excess of the date amount which the Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of such acceleration or prepayment andthe Loans at the Highest Lawful Rate, if theretofore prepaidany, shall be credited applicable to principal (or the Lender. On each day, if any, that the principal portion sum of the Loan Alternate Base Rate or the Adjusted LIBOR Rate, as applicable, and the Applicable Margin, or any other amounts not constituting applicable rate called for under any other Loan Document exceeds the Highest Lawful Rate, if any, applicable to Lender, the rate at which interest shall have been paid in full, refunded accrue for the applicable type of borrowing owing to any Borrower.) In determining whether or not Lender shall automatically be fixed by operation of this sentence at the interest paid or payable under any specific contingency exceeds the maximum amount allowed by Highest Lawful Rate applicable law, to Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereoffor that day, and (b) amortize, prorate, allocate and spread, in equal parts, shall remain fixed at the Highest Lawful Rate applicable to Lender for each day thereafter until the total amount of interest throughout accrued and owing to Lender equals the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the total amount of interest which would have accrued on such excessborrowing owing to Lender if there were no such ceiling rate as is imposed by this sentence. Thereafter, and in interest shall accrue at the Alternate Base Rate plus the Applicable Margin, the Adjusted LIBOR Rate plus the Applicable Margin or such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by other applicable law.rate,
Appears in 1 contract
Limitation of Interest. It is the intention intent of each the Borrower and Lender ---------------------- the Lenders in the execution and performance of this Agreement and all matters incidental and related hereto and the other Loan Documents or any agreement or instrument executed in connection herewith or therewith or with any Indebtedness of the Borrower to conform strictly the Lenders to remain in strict compliance with all laws applicable to the Lenders from time to time in effect, including, without Limitation, usury laws. AccordinglyIn furtherance hereof, if the transactions contemplated hereby would be usurious under applicable law, then, in Borrower and the Lenders stipulate and agree that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity none of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder terms and provisions contained in or otherwise, pertaining to this Agreement or in the event other Loan Documents or any other agreement or instrument ("Other Agreement") executed in --------------- connection herewith or with any Indebtedness of any required the Borrower to the Lenders shall ever be construed to create a contract to pay for the use, forbearance or permitted prepayment, then such consideration that constitutes detention of money with interest may never include more than the maximum at a rate or in an amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest permitted to be charged by the Lenders under all laws in effect and applicable to the Lenders (the "Maximum Rate"). For purposes of ------------ this Agreement and the Notes, "interest" shall include the aggregate of all amounts which constitute or are deemed to constitute interest under the respective laws in effect and applicable to the Lenders that are contracted for, chargeable, receivable (whether received or deemed to have been received) or taken under this Agreement or the Notes or any Other Agreement. The Borrower shall not be required to pay interest hereunder or on any Note or any Other Agreement at a rate or in an amount in excess of the Maximum Rate with respect to the Lenders or the maximum amount of interest that may be lawfully charged by the Lenders under any law which is in effect and applicable to the Lenders, and the provisions of this Section 10.18 shall control over all other provisions of this Agreement and the Notes or any Other Agreement which may be in apparent conflict herewith. If the effective rate or amount of interest which would otherwise be payable under this Agreement or any Note or any Other Agreement, or all of them, would exceed the Maximum Rate for the Lenders or the maximum amount of interest the Lenders or any holder of any Note or any Other Agreement is allowed by the relevant applicable lawlaw to charge, if anycontract for, provided for take or receive or in the Loan Documents event the Lenders or otherwise any holder of any Note or any Other Agreement shall charge, contract for, take or receive monies that are deemed to constitute interest which could, in the absence of this provision, increase the effective rate or amount of interest payable under this Agreement or any Note or any Other Agreement, or all of them, to a rate or amount in excess of that permitted to be cancelled automatically as charged, contracted for, taken or received under the applicable laws then in effect with respect to the Lenders, then the principal amount of the date Notes or the obligations of such acceleration the Borrower to the Lenders under this Agreement, the Notes or prepayment and, if theretofore prepaidany Other Agreement or the amount of interest which would otherwise be payable to or for the account of the Lenders under this Agreement or the Notes or any Other Agreement or all of them, shall be reduced to the amount allowed under said laws as now or hereafter construed by the courts having jurisdiction, and all such monies so charged, contracted for, or received that are deemed to constitute interest in excess of the Maximum Rate for the Lenders or maximum amount of interest permitted by the relevant applicable laws shall be immediately returned to or credited to principal (or if the principal portion account of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) Company upon such determination. In determining whether or not the interest paid or payable under any specific contingency exceeds exceed the maximum amount allowed by applicable lawMaximum Rate, Lender the Borrower and the Lenders shall, to the maximum extent permitted under by applicable law law, (ai) exclude voluntary prepayments characterize any non-principal payment as an expense, fee (excluding attorneys' and the effects thereof, accountants' fees) or premium rather than interest and (bii) amortize, prorate, allocate and spread, in equal parts, parts during the total amount of interest throughout the entire contemplated full term of the Loan so that the relevant Note, all interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to at any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting time contracted for, charging charged or receiving interest received in excess of connection with the maximum amount allowed by applicable lawrelevant Note.
Appears in 1 contract
Limitation of Interest. It is the intention intent of each the Borrower and Lender the Lenders in the execution and performance of this Agreement and all matters incidental and related hereto and the other Loan Documents or any agreement or instrument executed in connection herewith or therewith or with any Indebtedness of the Borrower to conform strictly the Lenders to remain in strict compliance with all laws applicable to the Lenders from time to time in effect, including, without limitation, usury laws. AccordinglyIn furtherance hereof, if the transactions contemplated hereby would be usurious under applicable law, then, in Borrower and the Lenders stipulate and agree that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity none of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder terms and provisions contained in or otherwise, pertaining to this Agreement or in the event other Loan Documents or any other agreement or instrument ("Other Agreement") executed in connection herewith or with any Indebtedness of any required the Borrower to the Lenders shall ever be construed to create a contract to pay for the use, forbearance or permitted prepayment, then such consideration that constitutes detention of money with interest may never include more than the maximum at a rate or in an amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest permitted to be charged by the Lenders under all laws in effect and applicable to the Lenders (the "Maximum Rate"). For purposes of this Agreement and the Notes, "interest" shall include the aggregate of all amounts which constitute or are deemed to constitute interest under the respective laws in effect and applicable to the Lenders that are contracted for, chargeable, receivable (whether received or deemed to have been received) or taken under this Agreement or the Notes or any Other Agreement. The Borrower shall not be required to pay interest hereunder or on any Note or any Other Agreement at a rate or in an amount in excess of the Maximum Rate with respect to the Lenders or the maximum amount of interest that may be lawfully charged by the Lenders under any law which is in effect and applicable to the Lenders, and the provisions of this Section 9.20 shall control over all other provisions of this Agreement and the Notes or any Other Agreement which may be in apparent conflict herewith. If the effective rate or amount of interest which would otherwise be payable under this Agreement or any Note or any Other Agreement, or all of them, would exceed the Maximum Rate for the Lenders or the maximum amount of interest the Lenders or any holder of any Note or any Other Agreement is allowed by the relevant applicable lawlaw to charge, if anycontract for, provided for take or receive or in the Loan Documents event the Lenders or otherwise any holder of any Note or any Other Agreement shall charge, contract for, take or receive monies that are deemed to constitute interest which could, in the absence of this provision, increase the effective rate or amount of interest payable under this Agreement or any Note or any Other Agreement, or all of them, to a rate or amount in excess of that permitted to be cancelled automatically as charged, contracted for, taken or received under the applicable laws then in effect with respect to the Lenders, then the principal amount of the date Notes or the obligations of such acceleration the Borrower to the Lenders under this Agreement, the Notes or prepayment and, if theretofore prepaidany Other Agreement or the amount of interest which would otherwise be payable to or for the account of the Lenders under this Agreement or the Notes or any Other Agreement or all of them, shall be reduced to the amount allowed under said laws as now or hereafter construed by the courts having jurisdiction, and all such monies so charged, contracted for, or received that are deemed to constitute interest in excess of the Maximum Rate for the Lenders or maximum amount of interest permitted by the relevant applicable laws shall be immediately returned to or credited to principal (or if the principal portion account of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) Borrower upon such determination. In determining whether or not the interest paid or payable under any specific contingency exceeds exceed the maximum amount allowed by applicable lawMaximum Rate, Lender the Borrower and the Lenders shall, to the maximum extent permitted under by applicable law law, (ai) exclude voluntary prepayments characterize any non-principal payment as an expense, fee (excluding attorneys' and the effects thereof, accountants' fees) or premium rather than interest and (bii) amortize, prorate, allocate and spread, in equal parts, parts during the total amount of interest throughout the entire contemplated full term of the Loan so that the relevant Note, all interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to at any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting time contracted for, charging charged or receiving interest received in excess of connection with the maximum amount allowed by applicable lawrelevant Note.
Appears in 1 contract
Limitation of Interest. It is the intention intent of each Borrower Xxxxxxx and Lender Beneficiary in the execution of this Deed of Trust, the Guarantied Obligations and all other Transaction Agreements in strict compliance with the usury laws of the State of Washington governing the Guaranty and the Guarantied Obligations. In furtherance thereof, Beneficiary and Grantor stipulate and agree that none of the terms and provisions contained in the Transaction Agreements shall ever be construed to conform strictly create a contract for the use, forbearance or detention of money requiring payment of interest at a rate in excess of the maximum interest rate permitted to applicable usury lawsbe charged by the laws of the State of Washington governing the Guaranty and the Guarantied Obligations. AccordinglyGrantor or any guarantor, if endorser or other party now or hereafter becoming liable for the transactions contemplated hereby would payment of the Guarantied Obligations shall never be usurious liable for unearned interest on the Guarantied Obligations and shall never be required to pay interest on the Guarantied Obligations at a rate in excess of the maximum interest that may be lawfully charged under applicable lawthe laws of the State of Washington and the provisions of this section shall control over all other provisions of the Guarantied Obligations and any other instrument executed in connection herewith which may be in apparent conflict herewith. If a court of competent jurisdiction shall make a final determination that the performance of any provision of the Guarantied Obligations shall result in a payment of an amount for such use, thenforbearance or detention in excess of such rate, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: then (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess such provision shall be credited deemed to principal by Lender (or if be appropriately modified to the Loan shall have been paid extent necessary to reduce such amount to an amount not in full, refunded to any Borrower)excess of such rate; and (ii) in any such excess amounts theretofore received by the event that maturity holder of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or Guarantied Obligations shall be deemed to have been applied in like amount to principal on the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawGuarantied Obligations, and any interest in excess all necessary reallocations of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise subsequent payments with respect to such Guarantied Obligations shall be cancelled automatically as of the date of made and appropriately annotated on such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any BorrowerGuarantied Obligations.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Samples: Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing
Limitation of Interest. It is The Borrower, the intention of each Borrower Administrative Agent and Lender the Lenders intend to conform strictly to comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the transactions contemplated hereby would be usurious term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, thenprovided that, in that event, notwithstanding anything to the contrary in maximum extent permitted by applicable law, (a) any Loan Documentnon-principal payment shall be characterized as an expense or as compensation for something other than the use, it is agreed forbearance or detention of money and not as follows: interest, and (ib) the aggregate of all consideration which constitutes interest under applicable law that is takenat any time contracted for, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwisepay, or in the event of any required Lender have any right or permitted prepaymentprivilege to reserve, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable lawreceive or retain, and (a) any interest in excess of the maximum amount of nonusurious interest allowed by permitted under the applicable lawlaws (if any) of the United States or of the State of California, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, provided that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or otherwise by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be cancelled canceled automatically as of the date of such acceleration acceleration, prepayment or prepayment other event which produces the excess, and, if theretofore prepaidsuch excess interest has been paid to such Lender, it shall be credited to pro tanto against the then-outstanding principal (or if the principal portion balance of the Loan Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any other amounts not constituting interest remaining balance of such excess shall have been paid in full, be promptly refunded to any Borrowerits payor.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.
Appears in 1 contract
Limitation of Interest. (a) It is the intention intent of each the Borrower and Lender the Lenders in the execution and performance of this Agreement and all matters incidental and related hereto and the other Loan Documents or any agreement or instrument executed in connection herewith or therewith or with any Indebtedness of the Borrower to conform strictly the Lenders to remain in strict compliance with all laws applicable to the Lenders from time to time in effect, including, without limitation, usury laws. AccordinglyIn furtherance hereof, if the transactions contemplated hereby would be usurious under applicable law, then, in Borrower and the Lenders stipulate and agree that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity none of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder terms and provisions contained in or otherwise, pertaining to this Agreement or in the event other Loan Documents or any other agreement or instrument ("Other Agreement") executed in connection herewith or with any Indebtedness of any required the Borrower to the Lenders shall ever be construed to create a contract to pay for the use, forbearance or permitted prepayment, then such consideration that constitutes detention of money with interest may never include more than the maximum at a rate or in an amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed permitted to be charged by the Lenders under all laws in effect and applicable lawto the Lenders (the "Maximum Rate"). For purposes of this Agreement and the Revolving Credit Notes, if any"interest" shall include the aggregate of all amounts which constitute or are deemed to constitute interest under the respective laws in effect and applicable to the Lenders that are contracted for, provided for in the Loan Documents chargeable, receivable (whether received or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited deemed to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to received) or taken under this Agreement or the Revolving Credit Notes or any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Other Agreement. The Borrower the amount of such excess, and in such event, Lender shall not be subject required to pay interest hereunder or on any penalties provided by Revolving Credit Note or any laws for contracting for, charging Other Agreement at a rate or receiving interest in an amount in excess of the Maximum Rate with respect to the Lenders or the maximum amount of interest that may be lawfully charged by the Lenders under any law which is in effect and applicable to the Lenders, and the provisions of this subsection 9.15 shall control over all other provisions of this Agreement and the Revolving Credit Notes or any Other Agreement which may be in apparent conflict herewith. If the effective rate or amount of interest which would otherwise be payable under this Agreement or any Revolving Credit Note or any Other Agreement, or all of them, would exceed the Maximum Rate for the Lenders or the maximum amount of interest the Lenders or any holder of any Revolving Credit Note or any Other Agreement is allowed by the relevant applicable law.
Appears in 1 contract
Samples: Credit Agreement (Brown Tom Inc /De)