Common use of Maximum Interest Rate; Payment of Fee Clause in Contracts

Maximum Interest Rate; Payment of Fee. If the rate of interest payable hereunder with respect to any Loan, the Note or any other Obligations hereunder shall exceed the Maximum Lawful Rate for any period for which interest is payable, then (a) interest at such Maximum Lawful Rate shall be due and payable with respect to such period and (b) interest at the rate equal to the difference between (i) the rate of interest calculated in accordance with the terms hereof and thereof and (ii) such Maximum Lawful Rate (the “Excess Interest”), shall be deferred until such date as the rate of interest calculated in accordance with the terms hereof ceases to exceed such Maximum Lawful Rate, at which time the Borrower shall pay or cause to be paid to the Bank, with respect to any Loan, the Note or any other Obligations hereunder, such portion of the deferred Excess Interest as will cause the rate of interest then paid to the Bank to equal such Maximum Lawful Rate, which payments of deferred Excess Interest shall continue to apply to such unpaid Loan, the Note or any other Obligations hereunder until all deferred Excess Interest is fully paid to the Bank. On the date on which no principal amount with respect to the Obligations or the Note remains unpaid, in consideration for any limitation of the rate of interest which may otherwise be payable hereunder, the Borrower shall pay or cause to be paid to the Bank a fee equal to the amount of all unpaid deferred Excess Interest (the “Excess Interest Fee”).

Maximum Interest Rate; Payment of Fee. If the rate of interest payable hereunder with respect to any Loan, the Note or any other Obligations hereunder shall exceed the Maximum Lawful Rate for any period for which interest is payable, then then (ai) interest at such the Maximum Lawful Rate shall be due and payable with respect to such interest period and (bii) interest at the rate equal to the difference between (iA) the rate of interest calculated in accordance with the terms hereof and thereof and (iiB) such the Maximum Lawful Rate (the “Excess Interest”), shall be deferred until such date as the rate of interest calculated in accordance with the terms hereof ceases to exceed such Maximum Lawful Rate, at which time the Borrower City shall pay or cause to be paid to the Bank, with respect to any Loan, amounts then payable to the Note or any other Obligations Bank that are required to accrue interest hereunder, such portion of the deferred Excess Interest as will cause the rate of interest then paid to the Bank to equal such Maximum Lawful Rate, which payments of deferred Excess Interest shall continue to apply to such unpaid Loan, the Note or any other Obligations amounts hereunder until all deferred Excess Interest is fully paid to the Bank. On Upon the date on which no principal amount with respect to the Obligations or the Note remains unpaidtermination of this Agreement, in consideration for any limitation of the rate of interest which may otherwise be payable hereunder, the Borrower City shall pay or cause to be paid to the Bank a fee equal to the amount of all unpaid deferred Excess Interest (the “Excess Interest Fee”); provided that the Excess Interest Fee shall be payable as and to the extent that the then fair rental value with respect to the Project for such period exceeds the sum of all other Reimbursement Obligations remaining unpaid hereunder and the amount of interest accruing on the Bonds during such period. In accordance with Section 5922 of the California Government Code, the City hereby represents and warrants that the obligations of the City under the Bank Bond and all other Reimbursement Obligations hereunder are not subject to any limitation as to maximum interest rate.

Maximum Interest Rate; Payment of Fee. If the rate of interest payable hereunder with respect to any Loan, the Note or any other Obligations hereunder shall exceed the Maximum Lawful Interest Rate for any period for which interest is payable, then (ai) interest at such the Maximum Lawful Interest Rate shall be due and payable with respect to such interest period and (bii) interest at the rate equal to the difference between (iA) the rate of interest calculated in accordance with the terms hereof and thereof without regard to the limitations of this Section 3.04 and (iiB) such the Maximum Lawful Interest Rate (the “Excess Interest”), shall be deferred until such date as the rate of interest calculated in accordance with the terms hereof ceases to exceed such the Maximum Lawful Interest Rate, at which time the Borrower City shall pay or cause to be paid to the Bank, Bank with respect to any Loan, amounts then payable to the Note or any other Obligations Bank that are required to accrue interest hereunder, such portion of the deferred Excess Interest as will cause the rate of interest then paid to the Bank to equal such the Maximum Lawful Interest Rate, which payments of deferred Excess Interest shall continue to apply to such unpaid Loan, the Note or any other Obligations amounts hereunder until all deferred Excess Interest is fully paid to the Bank. On Upon the date on which no principal amount with respect to termination of the Obligations or the Note remains unpaidLetter of Credit and this Agreement, in consideration for any the limitation of the rate of interest which may otherwise be payable hereunder, the Borrower City shall pay or cause to be paid to the Bank a fee equal to the amount of all unpaid deferred Excess Interest (the “Excess Interest Fee”)Interest.

Maximum Interest Rate; Payment of Fee. If the rate of interest payable hereunder with respect to any Loan, the Note or any other Obligations hereunder shall exceed the Maximum Lawful Rate any maximum interest rate payable by law for any period for which interest is payable, then (ai) interest at such Maximum Lawful Rate maximum interest rate shall be due and payable with respect to such interest period and (bii) interest at the rate equal to the difference between (iA) the rate of interest calculated in accordance with the terms hereof and thereof and (iiB) such Maximum Lawful Rate maximum interest rate (the “Excess Interest”), shall be deferred until such date as the rate of interest calculated in accordance with the terms hereof ceases to exceed such Maximum Lawful Ratemaximum interest rate, at which time the Borrower Authority shall pay or cause to be paid to the Bank, with respect to any Loan, amounts then payable to the Note or any other Obligations Bank that are required to accrue interest hereunder, such portion of the deferred Excess Interest as will cause the rate of interest then paid to the Bank to equal such Maximum Lawful Ratemaximum interest rate, which payments of deferred Excess Interest shall continue to apply to such unpaid Loan, the Note or any other Obligations amounts hereunder until all deferred Excess Interest is fully paid to the Bank. On Upon the date on which no principal amount with respect to the Obligations or the Note remains unpaidtermination of this Agreement, in consideration for any limitation of the rate of interest which may otherwise be payable hereunder, the Borrower Authority shall pay or cause to be paid to the Bank Agent for the credit of the Bank a fee equal to the amount of all unpaid deferred Excess Interest (the “Excess Interest Termination Fee”); provided that the Termination Fee shall be payable as and to the extent that the then fair rental value with respect to the Components subject to the Sublease for such Base Rental Period exceeds the sum of all other Reimbursement Obligations remaining unpaid hereunder and the amount of interest accruing on the Notes during such Base Rental Period. In accordance with Section 5922 of the California Government Code, the Authority hereby represents and warrants that the obligations of the Authority under the Revolving Note and all other Reimbursement Obligations hereunder are not subject to any limitation as to maximum interest rate.