Maximum Interest Rate. No provision of this Agreement, the Note, or any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this Agreement, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender ever receives, collects or applies, as interest due and payable under the Note, any sum in excess of the Maximum Rate, the amount of the excess shall be applied as a payment and reduction of the principal of the indebtedness represented by the Note; and if the principal of the indebtedness represented by the Note has been fully paid, any remaining excess shall forthwith be paid to Borrower. In determining whether or not interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 28 contracts
Samples: Loan Agreement, Loan Agreement, Loan Agreement
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event any Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNotes; and and, if the principal of the indebtedness represented by the Note Notes has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and each Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 8 contracts
Samples: Credit Agreement (Digital Generation Systems Inc), Credit Agreement (Digital Generation Systems Inc), Credit Agreement (Digital Generation Systems Inc)
Maximum Interest Rate. (a) No provision of this Agreement, the Note, or interest rate specified in any other Loan Document shall require at any time exceed the payment or permit Maximum Rate. If at any time the collection interest rate (the “Contract Rate”) for any obligation under the Loan Documents shall exceed the Maximum Rate, thereby causing the interest accruing on such obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract Rate for such obligation shall not reduce the rate of interest in excess of the maximum permitted by applicable law (the "Maximum Rate"). If interest in excess of on such obligation below the Maximum Rate is provided until the aggregate amount of interest accrued on such obligation equals the aggregate amount of interest which would have accrued on such obligation if the Contract Rate for such obligation had at all times been in this Agreementeffect. As used herein, the term “Maximum Rate” means, at any time with respect to any Lender, the maximum rate of nonusurious interest under applicable law that such Lender may charge Borrower. The Maximum Rate shall be calculated in a manner that takes into account any and all fees, payments, and other Loan Documentcharges contracted for, charged, or otherwise received in connection with the Loan, or is adjudicated Loan Documents that constitute interest under applicable law. Each change in any interest rate provided for herein based upon the Maximum Rate resulting from a change in the Maximum Rate shall take effect without notice to be so provided, Borrower at the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount time of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender ever receives, collects or applies, as interest due and payable under the Note, any sum change in excess of the Maximum Rate, the amount of the excess shall be applied as a payment and reduction of the principal of the indebtedness represented by the Note; and if the principal of the indebtedness represented by the Note has been fully paid, any remaining excess shall forthwith be paid to Borrower. In determining whether or not interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 6 contracts
Samples: Credit Agreement (Leggett & Platt Inc), Credit Agreement (Leggett & Platt Inc), Credit Agreement (Leggett & Platt Inc)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any Bank ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNotes; and and, if the principal of the indebtedness represented by the Note Notes has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and Lender each Bank shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 5 contracts
Samples: Credit Agreement (Industrial Holdings Inc), Credit Agreement (Healthcor Holdings Inc), Credit Agreement (Magnum Hunter Resources Inc)
Maximum Interest Rate. No Regardless of any provision of this Agreementcontained herein, or in any other document executed in connection herewith, the Noteholder hereof shall never be entitled to receive, collect or apply, as interest hereon, any other Loan Document shall require the payment or permit the collection of interest amount in excess of the maximum rate of interest permitted to be charged from time to time by applicable law (the "Maximum Rate"). If interest law, and in excess of the Maximum Rate is provided for in this Agreement, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender the holder hereof ever receives, collects or applies, as interest due and payable under the Noteinterest, any sum in excess of the Maximum Ratesuch excess, the such amount of the excess which would be excessive interest shall be applied as deemed a payment and reduction partial prepayment of the principal of the indebtedness represented by the Notehereof and treated hereunder as such; and and, if the principal of the indebtedness represented by the Note has been fully paidhereof is paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable payable, under any specified contingency, exceeds the Maximum Ratehighest lawful rate, Borrower and Lender the holder hereof shall, to the maximum extent permitted by under applicable law, (a) characterize any non-principal nonprincipal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread, in equal or unequal parts, spread the total amount of interest throughout the entire contemplated term hereof; provided, that if the indebtedness evidenced hereby is paid and performed in full prior to the end of the indebtedness represented by full contemplated term thereof, and if the Note so that interest received for the entire term does actual period of existence thereof exceeds the maximum lawful rate, the holder hereof shall refund to Borrower the amount of such excess or credit the amount of such excess against the principal hereof, and in such event, the holder hereof shall not exceed be subject to any penalties provided by any laws for contracting for, charging, or receiving interest in excess of the Maximum Ratemaximum lawful rate.
Appears in 3 contracts
Samples: Convertible Note (Lighting Science Group Corp), Convertible Note (Lighting Science Group Corp), Convertible Note (Lighting Science Group Corp)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document Documents shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate"). If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any other Loan Documents or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, forbearance or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, thereof and (c) amortize, prorate, allocate and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 3 contracts
Samples: Loan Agreement (University General Health System, Inc.), Loan Agreement (University General Health System, Inc.), Loan Agreement (Global Geophysical Services Inc)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document Documents shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate"). If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any other Loan Documents or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, forbearance or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNotes; and and, if the principal of the indebtedness represented by the Note has Notes have been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, thereof and (c) amortize, prorate, allocate and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 3 contracts
Samples: Loan Agreement (Sharps Compliance Corp), Loan Agreement (Sharps Compliance Corp), Loan Agreement (Spacehab Inc \Wa\)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event any Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNotes and the LC Participations; and and, if the principal of the indebtedness represented by Notes and the Note LC Participations has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and each Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, in equal or unequal parts, spread the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes and LC Participations so that interest for the entire term does not exceed the Maximum Rate.
Appears in 3 contracts
Samples: Credit Agreement (Ezcorp Inc), Credit Agreement (Ezcorp Inc), Credit Agreement (Ezcorp Inc)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event the Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and the Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 3 contracts
Samples: Loan Agreement (Spacehab Inc \Wa\), Loan Agreement (Boyle Fleming & Co Inc), Loan Agreement (First Wave Marine Inc)
Maximum Interest Rate. No provision of this Agreement, the Note, or any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Max- imum Rate is provided for in this Agreement, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest in- terest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender ever receives, collects or applies, as interest due and payable under the Note, any sum in excess of the Maximum Rate, the amount of the excess ex- cess shall be applied as a payment and reduction of the principal of the indebtedness represented repre- sented by the Note; and if the principal of the indebtedness represented by the Note has been fully paid, any remaining excess shall forthwith be paid to Borrower. In determining whether or not interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects effects thereof, and (c) amortize, prorate, allocate and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Maximum Interest Rate. No Regardless of any provision of this Agreement, the Note, or contained in any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this AgreementLoan Papers, in any other Loan DocumentBanks shall never be entitled to receive, collect or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender ever receives, collects or applies, apply as interest due and payable under on the Note, Notes any sum amount in excess of the Maximum Rate, and, in the event that any Bank ever receives, collects or applies as interest any such excess, the amount which would be excessive interest shall be deemed to be a partial prepayment of principal and treated hereunder as such; and, if the principal amount of the excess shall be applied as a payment and reduction of the principal of the indebtedness represented by the Note; and if the principal of the indebtedness represented by the Note has been fully paidObligations is paid in full, any remaining excess shall forthwith be paid to BorrowerCompany. In determining whether or not the interest paid or payable under any specific contingency exceeds the Maximum Rate, Borrower Company and Lender Banks shall, to the maximum extent permitted by under applicable law, (ai) characterize any non-principal nonprincipal payment as an expense, fee or premium rather than as interest, ; (bii) exclude voluntary prepayments and the effects thereof, ; and (ciii) amortize, prorate, allocate and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note Notes so that the interest rate is uniform throughout the entire term; provided that, if the Notes are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the entire term does actual period of existence thereof exceeds the Maximum Rate, Banks shall refund to Company the amount of such excess or credit the amount of such excess against the principal amount of the Notes and, in such event, Banks shall not exceed be subject to any penalties provided by any laws for contracting for, charging, taking, reserving or receiving interest in excess of the Maximum Rate.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Cross Timbers Oil Co), Revolving Credit Agreement (Cross Timbers Oil Co)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any Bank ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the its Note; and and, if the principal of the indebtedness represented by the such Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and Lender each Bank shall, to the extent permitted by applicable law, (ai) characterize any non-principal nonprincipal payment as an expense, fee fee, or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the such Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 2 contracts
Samples: Loan Agreement (Geoscience Corp), Loan Agreement (Geoscience Corp)
Maximum Interest Rate. No Regardless of any provision of this Agreementcontained herein, or in any other document executed in connection herewith, the Noteholder hereof shall never be entitled to receive, collect, or apply, as interest hereon, any other Loan Document shall require the payment or permit the collection of interest amount in excess of the maximum rate of interest permitted to be charged from time to time by applicable law (the "Maximum Rate"). If interest law, and in excess of the Maximum Rate is provided for in this Agreement, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender the holder hereof ever receives, collects collects, or applies, as interest due and payable under the Noteinterest, any sum in excess of the Maximum Ratesuch excess, the such amount of the excess which would be excessive interest shall be applied as deemed a payment and reduction partial prepayment of the principal of the indebtedness represented by the Notehereof and treated hereunder as such; and and, if the principal of the indebtedness represented by the Note has been fully paidhereof is paid in full, any remaining excess shall forthwith be paid to BorrowerMaker. In determining whether or not the interest paid or payable payable, under any specified contingency, exceeds the Maximum Ratehighest lawful rate, Borrower Maker and Lender the holder hereof shall, to the maximum extent permitted by under applicable law, (a) characterize any non-principal nonprincipal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread, in equal or unequal parts, spread the total amount of interest throughout the entire contemplated term hereof; provided that if the indebtedness evidenced hereby is paid and performed in full prior to the end of the indebtedness represented by full contemplated term thereof, and if the Note so that interest received for the entire term does actual period of existence thereof exceeds the maximum lawful rate, the holder hereof shall refund to Maker the amount of such excess or credit the amount of such excess against the principal hereof, and in such event, the holder hereof shall not exceed be subject to any penalties provided by any laws for contracting for, charging, or receiving interest in excess of the Maximum Ratemaximum lawful rate.
Appears in 2 contracts
Samples: Debenture and Note Purchase Agreement (Safeguard Health Enterprises Inc), Debenture and Note Purchase Agreement (Anderson Jack R)
Maximum Interest Rate. No Regardless of any provision contained in any of this Agreementthe Loan Documents, the Noteneither Agent nor any Lender shall ever be entitled to receive, collect, or apply as interest on the Notes any other Loan Document shall require the payment or permit the collection of interest amount in excess of interest calculated at the maximum permitted by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this Agreement, and, in the event that any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest Agent or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Note, any sum in excess of the Maximum Ratesuch excess, the amount of the excess which would be excessive interest shall be applied deemed to be a partial prepayment of principal, and treated hereunder as a payment and reduction of the principal of the indebtedness represented by the Notesuch; and and, if the principal amount of the indebtedness represented by the Note has been fully paidObligation is paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable under any specific contingency exceeds interest calculated at the Maximum Rate, Borrower and Lender Lenders shall, to the maximum extent permitted by under applicable law, (a) characterize any non-principal nonprincipal payment as an expense, fee fee, or premium premium, rather than as interest, ; (b) exclude voluntary prepayments and the effects thereof, ; and (c) amortize, prorate, allocate allocate, and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by Note; provided that, if the Note so that Notes are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the entire term does actual period of existence thereof exceeds interest calculated at the Maximum Rate, Agent and Lenders shall refund to Borrower the amount of such excess, or credit the amount of such excess against the principal amount of the Notes, and, in such event, Agent and Lenders shall not exceed be subject to any penalties provided by any laws for contracting for, charging, taking, reserving, or receiving interest in excess of interest calculated at the Maximum Rate.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Malone John C), Revolving Credit Agreement (Malone John C)
Maximum Interest Rate. No Regardless of any provision of this Agreement, the Note, or contained in --------------------- any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this AgreementLoan Papers, in any other Loan DocumentBanks shall never be entitled to receive, collect or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender ever receives, collects or applies, apply as interest due and payable under on the Note, Notes any sum amount in excess of the Maximum Rate, and, in the event that any Bank ever receives, collects or applies as interest any such excess, the amount which would be excessive interest shall be deemed to be a partial prepayment of principal and treated hereunder as such; and, if the principal amount of the excess shall be applied as a payment and reduction of the principal of the indebtedness represented by the Note; and if the principal of the indebtedness represented by the Note has been fully paidObligations is paid in full, any remaining excess shall forthwith be paid to BorrowerCompany. In determining whether or not the interest paid or payable under any specific contingency exceeds the Maximum Rate, Borrower Company and Lender Banks shall, to the maximum extent permitted by under applicable law, (ai) characterize any non-principal nonprincipal payment as an expense, fee or premium rather than as interest, ; (bii) exclude voluntary prepayments and the effects thereof, ; and (ciii) amortize, prorate, allocate and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note Notes so that the interest rate is uniform throughout the entire term; provided that, if the Notes are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the entire term does actual period of existence thereof exceeds the Maximum Rate, Banks shall refund to Company the amount of such excess or credit the amount of such excess against the principal amount of the Notes and, in such event, Banks shall not exceed be subject to any penalties provided by any laws for contracting for, charging, taking, reserving or receiving interest in excess of the Maximum Rate.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Cross Timbers Oil Co), Revolving Credit Agreement (Cross Timbers Oil Co)
Maximum Interest Rate. No Regardless of any provision of this Agreementcontained herein, or in any other document executed in connection herewith, the Noteholder hereof shall never be entitled to receive, collect, or apply, as interest hereon, any other Loan Document shall require the payment or permit the collection of interest amount in excess of the maximum rate of interest permitted to be charged from time to time by applicable law (the "Maximum Rate"). If interest law, and in excess of the Maximum Rate is provided for in this Agreement, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender the holder hereof ever receives, collects collects, or applies, as interest due and payable under the Noteinterest, any sum in excess of the Maximum Ratesuch excess, the such amount of the excess which would be excessive interest shall be applied as deemed a payment and reduction partial prepayment of the principal of the indebtedness represented by the Notehereof and treated hereunder as such; and and, if the principal of the indebtedness represented by the Note has been fully paidhereof is paid in full, any remaining excess shall forthwith be paid to BorrowerCompany. In determining whether or not the interest paid or payable payable, under any specified contingency, exceeds the Maximum Ratehighest lawful rate, Borrower Company and Lender the holder hereof shall, to the maximum extent permitted by under applicable law, (a) characterize any non-principal nonprincipal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread, in equal or unequal parts, spread the total amount of interest throughout the entire contemplated term hereof; provided that if the indebtedness evidenced hereby is paid and performed in full prior to the end of the indebtedness represented by full contemplated term thereof, and if the Note so that interest received for the entire term does actual period of existence thereof exceeds the maximum lawful rate, the holder hereof shall refund to Company the amount of such excess or credit the amount of such excess against the principal hereof, and in such event, the holder hereof shall not exceed be subject to any penalties provided by any laws for contracting for, charging, or receiving interest in excess of the Maximum Ratemaximum lawful rate.
Appears in 2 contracts
Samples: Debenture and Note Purchase Agreement (Safeguard Health Enterprises Inc), Debenture and Note Purchase Agreement (Anderson Jack R)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any of the Agent or the Lenders ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNotes; and and, if the principal of the indebtedness represented by the Note Notes has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and Lender the Agent and the Lenders shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, ; and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 2 contracts
Samples: Loan Agreement (T-3 Energy Services Inc), Loan Agreement (T-3 Energy Services Inc)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and Borrower neither the Borrowers nor the sureties, guarantors, successors, or assigns of the Borrowers shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any Bank ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNotes; and and, if the principal of the indebtedness represented by the Note Notes has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrowerthe Borrowers. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower the Borrowers and Lender each Bank shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 2 contracts
Samples: Credit Agreement (Healthcor Holdings Inc), Loan Agreement (Castle Energy Corp)
Maximum Interest Rate. No Regardless of any provision contained in any of this Agreementthe Security Documents, the NoteBank shall never be entitled to receive, collect, or apply as interest (whether termed interest herein or deemed to be interest by operation of law or judicial determination) on the Revolving Note any other Loan Document shall require the payment or permit the collection of interest amount in excess of the maximum permitted by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this Agreement, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender ever receives, collects or applies, as interest due and payable under the Note, any sum in excess of calculated at the Maximum Rate, and, in the event that Bank ever receives, collects, or applies as interest any such excess, then the amount which would be excessive interest shall be deemed to be a partial prepayment of principal and treated hereunder as such; and, if the principal amount of the excess shall be applied as a payment and reduction of the principal of the indebtedness represented by the Note; and if the principal of the indebtedness represented by the Note has been fully paidIndebtedness is paid in full, then any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable under any specific contingency exceeds interest calculated at the Maximum Rate, Borrower and Lender Bank shall, to the maximum extent permitted by under applicable law, : (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, ; (b) exclude voluntary prepayments and the effects thereof, ; and (c) amortize, prorate, allocate allocate, and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by Revolving Note; provided that, if the Revolving Note so that is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the entire term does actual period of existence thereof exceeds interest calculated at the Maximum Rate, then Bank shall refund to Borrower the amount of such excess or credit the amount of such excess against the principal amount of the Revolving Note and, in such event, Bank shall not exceed be subject to any penalties provided by any laws for contracting for, charging, taking, reserving, or receiving interest in excess of interest calculated at the Maximum Rate.
Appears in 2 contracts
Samples: Revolving Loan and Security Agreement (Ironclad Performance Wear Corp), Revolving Loan and Security Agreement (Ironclad Performance Wear Corp)
Maximum Interest Rate. No Regardless of any provision of this Agreementcontained herein or in any document related hereto, the NotePayee shall never be entitled to receive, collect or apply as interest any other Loan Document shall require the payment or permit the collection of interest amount in excess of the maximum permitted by applicable law (the "Maximum Highest Lawful Rate"). If interest in excess of the Maximum Rate is provided for in this Agreement, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender Payee ever receives, collects or applies, applies as interest due and payable under the Noteany such excess, any sum in excess of the Maximum Rate, the amount of the excess it shall be applied deemed a partial prepayment of principal and treated hereunder as a payment and reduction of the principal of the indebtedness represented by the Note; and such and, if the principal of the indebtedness represented by the Note has been fully paidhereof is paid in full, any remaining excess shall forthwith be paid refunded to BorrowerMaker. In determining whether or not the interest paid or payable payable, under any specific contingency, exceeds the Maximum Highest Lawful Rate, Borrower Maker and Lender shall, to the extent permitted by applicable law, Payee shall (a) characterize any non-principal nonprincipal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread, in equal or unequal parts, spread the total amount of interest throughout the entire contemplated term hereof (provided that if the indebtedness evidenced hereby is paid and performed in full prior to the end of the indebtedness represented by full contemplated term thereof, and if the Note so that interest received for the entire term does actual period of existence exceeds the Highest Lawful Rate, Payee shall apply or refund such excess as provided above, and shall not exceed be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the Maximum Highest Lawful Rate). “Highest Lawful Rate” means the maximum rate of interest which Payee is allowed to contract for, charge, take, reserve or receive under applicable law after taking into account, to the extent required by applicable law, any and all relevant payments or charges hereunder.
Appears in 2 contracts
Samples: Sub License Agreement (Miromatrix Medical Inc.), Sub License Agreement (Miromatrix Medical Inc.)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document Documents shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any other Loan Documents or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 2 contracts
Samples: Loan Agreement (Arabian Shield Development Co), Loan Agreement (Arabian American Development Co)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event any Lender or the Administrative Agent ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented by the Noteowing under this Agreement; and and, if the principal of the indebtedness represented by the Note owing has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower the Borrower, the Administrative Agent, and each Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note owing pursuant to this Agreement so that interest for the entire term does not exceed the Maximum Rate.
Appears in 2 contracts
Samples: Credit Agreement (Centex Construction Products Inc), Credit Agreement (Centex Construction Products Inc)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender the Bank ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by any promissory note executed in connection with the Loan (“Note”); and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and Lender the Bank shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Ratemaximum rate allowed by applicable law, as it changes from time to time.
Appears in 2 contracts
Samples: Commercial Business Loan Agreement (Viemed Healthcare, Inc.), Commercial Business Loan Agreement (Viemed Healthcare, Inc.)
Maximum Interest Rate. No provision Regardless of any provisions contained in this Agreement, the Note or in any of the other Loan Documents, Lender shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest (whether termed interest in the Loan Documents or deemed to be interest by judicial determination or operation of law) on the Note, or any other Loan Document shall require the payment or permit the collection of interest amount in excess of the maximum rate of interest permitted to be charged by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this Agreementlaw, and, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender ever receives, collects or applies, applies as interest due and payable under the Noteany such excess, any sum in excess of the Maximum Rate, the such amount of the excess which would be excessive interest shall be applied deemed to be a partial prepayment of principal and treated hereunder as a payment and reduction of the principal of the indebtedness represented by the Note; and such, and, if the principal balance of the indebtedness represented by the Note has been fully paidis paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable under any specific contingency exceeds the Maximum Ratehighest lawful rate, Borrower Borrower, and Lender shall, to the maximum extent permitted by under applicable law, (ai) characterize any non-principal payment (other than payments which are expressly designated as interest payments hereunder) as an expense, fee fee, or premium premium, rather than as interest, (bii) exclude voluntary prepayments and the effects effect thereof, and (ciii) amortize, prorate, allocate and spread, in equal or unequal parts, spread the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note so that the interest for the entire term does not exceed the Maximum Raterate is uniform throughout such term.
Appears in 2 contracts
Samples: Loan Agreement (Panda Ethanol, Inc.), Loan Agreement (Panda Ethanol, Inc.)
Maximum Interest Rate. No provision Notwithstanding anything contained in this Deed of this AgreementTrust or in any of the Loan Documents to the contrary, Beneficiary shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest on the NoteSecured Indebtedness, or any other Loan Document shall require the payment or permit the collection of interest amount in excess of the maximum amount permitted by applicable law (and calculated at the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this Agreementhighest lawful rate, and, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender Beneficiary ever receives, collects or applies, applies as interest due and payable under the Note, any sum amount in excess of the Maximum Rateamount permitted and calculated at the highest lawful rate, the such amount of the excess which would be excessive interest shall be applied as a payment and to the reduction of the unpaid principal balance of the indebtedness represented by the Note; and Secured Indebtedness, and, if the principal balance of the indebtedness represented by the Note has been fully paidSecured Indebtedness is paid in full, any remaining excess shall forthwith be paid to BorrowerGrantor. In determining whether or not the interest paid or payable under any specific contingency exceeds the Maximum Rateamount of interest permitted and calculated at the highest lawful rate, Borrower Grantor and Lender Beneficiary shall, to the maximum extent permitted by under applicable law, (aA) characterize any non-principal payment (other than payments which are expressly designated as interest payments hereunder) as an expense, fee fee, or premium premium, rather than as interest, (bB) exclude voluntary prepayments and the effects effect thereof, and (cC) amortize, prorate, allocate and spread, in equal or unequal parts, spread the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note so that interest for the entire term does not exceed the Maximum RateSecured Indebtedness.
Appears in 1 contract
Maximum Interest Rate. No provision of this Agreement, the Note, Note or of any other Loan Subordinated Note Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreementfor, or shall be adjudicated to be so provided, in any other Loan Document, Subordinated Note Document or otherwise in connection with the Loan, or is adjudicated to be so providedtransactions contemplated hereby, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any Holder ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the this Note; and and, if the principal of the indebtedness represented by the this Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Ratemaximum rate, the Borrower and Lender the Holders shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of 7 interest throughout the entire contemplated term of the indebtedness represented evidenced by the this Note so that interest for the entire term does not exceed the Maximum Ratemaximum rate.
Appears in 1 contract
Samples: Subordinated Guaranty (Loral Space & Communications LTD)
Maximum Interest Rate. No provision provisions of this Agreement, the Note, Agreement or any other Loan Document Note shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for for, or shall be adjudicated to be so provided, in this Agreement, in Agreement or any other Loan Document, Note or otherwise in connection with the Loan, or is adjudicated to be so providedtransactions contemplated hereby and thereby, the provisions of this section Section shall govern and prevail and Borrower Parent shall not be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any Holder ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal amount of the indebtedness represented by the Note; and if the principal of the indebtedness represented by the Note Notes has been fully paidpaid in full, any remaining excess shall forthwith be paid to BorrowerParent. In determining whether or not the interest paid or payable exceeds the Maximum Ratemaximum rate, Borrower Parent and Lender the Holders shall, to the extent permitted by applicable law, (a) characterize any non-non- principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Ratemaximum rate.
Appears in 1 contract
Maximum Interest Rate. No Anything to the contrary contained herein notwithstanding, no provision of this Agreement, the Note, or any other Loan Document Note shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law ("the "Maximum RateMAXIMUM RATE"). If interest in excess of the Maximum Rate is provided for in this Agreement, in any other Loan Document, Note or otherwise in connection with the Loanloan transaction represented by this Note, or is adjudicated to be so provided, the provisions of this section paragraph shall govern and prevail prevail, and no Borrower or any guarantor shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances advances made under this the Loan Agreement. In the event Lender ever receives, collects or applies, as interest due and payable under the this Note, any sum in excess of the Maximum Rate, the amount of the excess shall be applied as a payment and reduction of the principal of the indebtedness represented by the this Note; and if the principal of the indebtedness represented by the this Note has been fully paid, any remaining excess shall forthwith be paid to BorrowerBorrowers. In determining whether or not interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by the this Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Promissory Note (Telkonet Inc)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event any Lender or the Administrative Agent ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented by the Noteowing under this Agreement; and and, if the principal of the indebtedness represented by the Note owing has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower the Borrower, the Administrative Agent, and each Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note owing pursuant to this Agreement so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Credit Agreement (Daisytek International Corporation /De/)
Maximum Interest Rate. No Regardless of any provision contained in this Agreement or in any of this Agreementthe Loan Documents, Lender shall never be entitled to receive, collect or apply as interest on the Note, or any other Loan Document shall require the payment or permit the collection of interest amount in excess of interest calculated at the maximum permitted by rate, allowed under applicable law law, if any, (the "Maximum RateMAXIMUM RATE"). If interest in excess of the Maximum Rate is provided for in this Agreement, in any other Loan Documentand, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event if Lender ever receives, collects or applies, applies as interest due any such excess, then the amount that would be excessive interest shall be deemed to be a partial prepayment of principal and payable under treated hereunder as such; and, if the Note, any sum in excess of the Maximum Rate, the principal amount of the excess shall be applied as a payment and reduction of the principal of the indebtedness represented by the Note; and if the principal of the indebtedness represented by the Note has been fully paidis paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable payable, under any specific contingency exceeds interest calculated at the Maximum Rate, Borrower and Lender shall, to the maximum extent permitted by under applicable law, (ai) characterize any non-principal nonprincipal payment as an expense, expense or fee or premium rather than as interest, ; (bii) exclude voluntary prepayments and the effects thereof, ; and (ciii) amortize, prorate, allocate and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by Note; provided that, if the Note so that is paid and performed in full before the end of the full contemplated term thereof, and if the interest received for the entire term does actual period of existence thereof exceeds interest calculated at the Maximum Rate, then Lender shall refund to Borrower the amount of the excess or credit the amount of the excess against the principal amount of the Note and, in such event, Lender shall not exceed be subject to any penalties provided by any laws for contracting for, charging, taking, reserving or receiving interest in excess of interest calculated at the Maximum Rate.
Appears in 1 contract
Samples: Construction Loan Agreement (JMB Income Properties LTD V)
Maximum Interest Rate. No provision of this Agreement, Agreement or of the Note, or any other Loan Document Note shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in the Note or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (ai) characterize any non-non principal payment as an expense, fee fee, or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither any Borrower nor the sureties, guarantors, successors, or assigns of any Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any Bank ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented by the Noteindebtedness; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrowerthe Borrowers. In determining whether or not the interest paid or payable exceeds the Maximum Rate, each Borrower and Lender each Bank shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Credit Agreement (Global Industrial Technologies Inc)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of either Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event any Lender or the Administrative Agent ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented by the Noteowing under this Agreement; and and, if the principal of the indebtedness represented by the Note owing has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrowerthe Borrowers. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower the Borrowers, the Administrative Agent, and each Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note owing pursuant to this Agreement so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Credit Agreement (Centex Construction Products Inc)
Maximum Interest Rate. No provision of this Agreement, Agreement or of the Note, or any other Loan Document Note shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in the Note or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (ai) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. No provision Regardless of any provisions contained in this Agreement, the Term Note or in any of the other Sabre Documents, Sabre shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest (whether termed interest in the Sabre Documents or deemed to be interest by judicial determination or operation of law) on the Term Note, or any other Loan Document shall require the payment or permit the collection of interest amount in excess of the maximum rate of interest permitted to be charged by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this Agreementlaw, and, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender Sabre ever receives, collects or applies, applies as interest due and payable under the Noteany such excess, any sum in excess of the Maximum Rate, the such amount of the excess which would be excessive interest shall be applied deemed to be a partial prepayment of principal and treated hereunder as a payment and reduction of the principal of the indebtedness represented by the Note; and such, and, if the principal balance of the indebtedness represented by the Term Note has been fully paidis paid in full, any remaining excess shall forthwith be paid to BorrowerCompany. In determining whether or not the interest paid or payable under any specific contingency exceeds the Maximum Ratehighest lawful rate, Borrower Company, and Lender Sabre shall, to the maximum extent permitted by under applicable law, (ai) characterize any non-principal payment (other than payments which are expressly designated as 7 interest payments hereunder) as an expense, fee fee, or premium premium, rather than as interest, (bii) exclude voluntary prepayments and the effects effect thereof, and (ciii) amortize, prorate, allocate and spread, in equal or unequal parts, spread the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Term Note so that the interest for the entire term does not exceed the Maximum Raterate is uniform throughout such term.
Appears in 1 contract
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document Documents shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any other Loan Documents or otherwise in connection wit this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining deter- mining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Loan Agreement (Reliability Inc)
Maximum Interest Rate. No provision provisions of this Agreement, the Note, Agreement or any other Loan Document Note shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for for, or shall be adjudicated to be so provided, in this Agreement, in Agreement or any other Loan Document, Note or otherwise in connection with the Loan, or is adjudicated to be so providedtransactions contemplated hereby and thereby, the provisions of this section Section shall govern and prevail and Borrower Parent shall not be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any Holder ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal amount of the indebtedness represented by the Note; and if the principal of the indebtedness represented by the Note Notes has been fully paidpaid in full, any remaining excess shall forthwith be paid to BorrowerParent. In determining whether or not the interest paid or payable exceeds the Maximum Ratemaximum rate, Borrower Parent and Lender the Holders shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Ratemaximum rate.
Appears in 1 contract
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any Bank ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Revolving Credit Note; and and, if the principal of the indebtedness represented by the Revolving Credit Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and Lender each Bank shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Revolving Credit Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Loan Agreement (Pizza Inn Inc /Mo/)
Maximum Interest Rate. No Regardless of any provision of contained in this Loan Agreement, any of the Noteother Loan Documents, or any other document or instrument executed pursuant hereto or thereto, Lender shall never be entitled to receive, collect, charge or apply, as interest on the Loan Document shall require the payment or permit the collection of interest contemplated hereunder, any amount in excess of the maximum permitted by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this Agreementhighest lawful rate, and, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender ever receives, collects collects, charges or applies, applies as interest due and payable under the Noteinterest, any sum in excess of the Maximum Ratesuch excess, the such amount of the excess which would be excessive interest shall be applied deemed a partial prepayment of principal and treated hereunder as a payment and reduction of the principal of the indebtedness represented by the Notesuch; and and, if the principal debt of the indebtedness represented by the Note has been fully paidLoan is paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable under any specific contingency exceeds the Maximum Ratehighest lawful rate, Borrower and Lender shall, to the maximum extent permitted by under applicable law, (ai) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate allocate, and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note Loan so that the interest for rate is uniform throughout the entire term does of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the highest lawful rate, Lender shall refund to Borrower or credit against the principal debt of the Loan the amount of such excess and, in such event, Lender shall not exceed be subject to any penalties provided by any laws for contracting for, charging, taking, reserving, or receiving interest in excess of the Maximum Ratehighest lawful rate.
Appears in 1 contract
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document Documents shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate"). If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any other Loan Documents or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, forbearance or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event any Lender ever receives, collects or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNotes; and and, if the principal of the indebtedness represented by the Note has Notes have been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender Lenders shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, thereof and (c) amortize, prorate, allocate and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. No Regardless of any provision of this Agreementcontained herein, or in any other document executed in connection herewith, the Noteholder hereof shall never be entitled to receive, collect or apply, as interest hereon, any other Loan Document shall require the payment or permit the collection of interest amount in excess of the maximum rate of interest permitted to be charged from time to time by applicable law (the "Maximum Rate"). If interest law, and in excess of the Maximum Rate is provided for in this Agreement, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender the holder hereof ever receives, collects or applies, as interest due and payable under the Noteinterest, any sum in excess of the Maximum Ratesuch excess, the such amount of the excess which would be excessive interest shall be applied as deemed a payment and reduction partial prepayment of the principal of the indebtedness represented by the Notehereof and treated hereunder as such; and and, if the principal of the indebtedness represented by the Note has been fully paidhereof is paid in full, any remaining excess shall forthwith be paid to BorrowerMaker. In determining whether or not the interest paid or payable payable, under any specified contingency, exceeds the Maximum Ratehighest lawful rate, Borrower Maker and Lender the holder hereof shall, to the maximum extent permitted by under applicable law, (a) characterize any non-principal nonprincipal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread, in equal or unequal parts, spread the total amount of interest throughout the entire contemplated term hereof; provided that if the indebtedness evidenced hereby is paid and performed in full prior to the end of the indebtedness represented by full contemplated term thereof, and if the Note so that interest received for the entire term does actual period of existence thereof exceeds the maximum lawful rate, the holder hereof shall refund to Maker the amount of such excess or credit the amount of such excess against the principal hereof, and in such event, the holder hereof shall not exceed be subject to any penalties provided by any laws for contracting for, charging, or receiving interest in excess of the Maximum Ratemaximum lawful rate.
Appears in 1 contract
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event any Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNotes; and and, if the principal of the indebtedness represented by the Note Notes has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and each Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (ai) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. No Regardless of any provision contained in any of this Agreementthe Loan Documents, the Noteneither Agent nor any Lender shall never be entitled to receive, collect, or apply as interest on the Notes any other Loan Document shall require the payment or permit the collection of interest amount in excess of interest calculated at the maximum permitted by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this Agreement, and, in the event that any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest Agent or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Note, any sum in excess of the Maximum Ratesuch excess, the amount of the excess which would be excessive interest shall be applied deemed to be a partial prepayment of principal, and treated hereunder as a payment and reduction of the principal of the indebtedness represented by the Notesuch; and and, if the principal amount of the indebtedness represented by the Note has been fully paidObligation is paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable under any specific contingency exceeds interest calculated at the Maximum Rate, Borrower and Lender Lenders shall, to the maximum extent permitted by under applicable law, (a) characterize any non-principal nonprincipal payment as an expense, fee fee, or premium premium, rather than as interest, ; (b) exclude voluntary prepayments and the effects thereof, ; and (c) amortize, prorate, allocate allocate, and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by Note; provided that, if the Note so that Notes are paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the entire term does actual period of existence thereof exceeds interest calculated at the Maximum Rate, Agent and Lenders shall refund to Borrower the amount of such excess, or credit the amount of such excess against the principal amount of the Notes, and, in such event, Agent and Lenders shall not exceed be subject to any penalties provided by any laws for contracting for, charging, taking, reserving, or receiving interest in excess of interest calculated at the Maximum Rate.
Appears in 1 contract
Samples: Revolving Credit Agreement (United Dental Care Inc /De/)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any Bank ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNotes; and and, if the principal of the indebtedness represented by the Note Notes has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender each Bank shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. No (a) Regardless of any provision contained in any of this Agreementthe Loan Documents, Lender shall never be entitled to receive, collect or apply as interest on the Note, or Debentures any other Loan Document shall require the payment or permit the collection of interest amount in excess of interest calculated at the maximum permitted by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this Agreement, and, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event that Lender ever receives, collects or applies, applies as interest due and payable under the Note, any sum in excess of the Maximum Ratesuch excess, the amount of the excess which would be excessive interest shall be applied deemed to be a partial prepayment of principal and treated hereunder as a payment and reduction of the principal of the indebtedness represented by the Notesuch; and and, if the principal amount of the indebtedness represented by the Note has been fully paidObligation is Agreement (Continued) -------------------------------------------------------------------------------- paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable under any specific contingency exceeds interest calculated at the Maximum Rate, Borrower and Lender shall, to the maximum extent permitted by under applicable law, (ai) characterize any non-principal nonprincipal payment as an expense, fee or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, proratepro rate, allocate and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by Debentures; provided that, if the Note so that Debentures is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the entire term does actual period of existence thereof exceeds interest calculated at the Maximum Rate, Lender shall refund to Borrower the amount of such excess or credit the amount of such excess against the principal amount of the Debentures and, in such event, Lender shall not exceed be subject to any penalties provided by any laws for contracting for, charging, taking, reserving or receiving interest in excess of interest calculated at the Maximum Rate.
Appears in 1 contract
Samples: Convertible Loan Agreement (Cover All Technologies Inc)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of ---------------------- any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any Bank ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNotes; and and, if the principal of the indebtedness represented by the Note Notes has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and Lender each Bank shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Loan Agreement (Pizza Inn Inc /Mo/)
Maximum Interest Rate. No Regardless of any provision contained in any of this Agreementthe Loan Documents, the NoteLender shall never be entitled to receive, collect, or apply as interest (whether termed interest herein or deemed to be interest by operation of law or judicial determination) on the Note any other Loan Document shall require the payment or permit the collection of interest amount in excess of interest calculated at the maximum permitted by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this Agreement, and, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event that any Lender ever receives, collects collects, or applies, applies as interest due any such excess, then the amount which would be excessive interest shall be deemed to be a partial prepayment of principal and payable under treated hereunder as such; and, if the Note, any sum in excess of the Maximum Rate, the principal amount of the excess shall be applied as a payment and reduction of the principal of the indebtedness represented by the Note; and if the principal of the indebtedness represented by the Note has been fully paidObligation is paid in full, then any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable under any specific contingency exceeds interest calculated at the Maximum Rate, Borrower and Lender shall, to the maximum extent permitted by under applicable law, :
(a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, ; (b) exclude voluntary prepayments and the effects thereof, ; and (c) amortize, prorate, allocate allocate, and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by Note; provided that, if the Note so that is paid and performed in full prior to the end of the full contemplated term thereof, and if the interest received for the entire term does actual period of existence thereof exceeds interest calculated at the Maximum Rate, then Lender shall refund to Borrower the amount of such excess or credit the amount of such excess against the principal amount of the Note and, in such event, Lender shall not exceed be subject to any penalties provided by any laws for contracting for, charging, taking, reserving, or receiving interest in excess of interest calculated at the Maximum Rate.
Appears in 1 contract
Samples: Subordinated Revolving Credit Agreement (Toreador Resources Corp)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate"). If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event any Lender or the Administrative Agent ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the amount of the excess Rate shall be applied as a payment and reduction of the principal of the indebtedness represented by the Noteowing under this Agreement; and and, if the principal of the indebtedness represented by the Note owing has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower the Borrower, the Administrative Agent, and each Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note owing pursuant to this Agreement so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Credit Agreement (SCP Pool Corp)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender the Lenders ever receivesreceive, collects collect, or applies, apply as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNotes; and and, if the principal of the indebtedness represented by the Note Notes has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and Lender the Lenders shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Loan Agreement (Hydrogenics Corp)
Maximum Interest Rate. No provision of this Agreement, the Note, or any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this Agreement, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender ever receives, collects or applies, as interest due and payable under the Note, any sum in excess of the Maximum Rate, the amount of the excess shall be applied as a payment and reduction of the principal of the indebtedness represented by the Note; and if the principal of the indebtedness represented by the Note has been fully paid, any remaining excess shall forthwith be paid to Borrower. In determining whether or not interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-non- principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread, in equal or unequal parts, the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Loan Agreement
Maximum Interest Rate. It is the intention of Lender and Borrower to conform to and contract in strict compliance with applicable usury laws from time-to-time in effect. No provision of this Agreement, the Note, Agreement or any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail prevail, and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Individual Note; and and, if the principal of the indebtedness represented by the Individual Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (ai) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Individual Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Master Revolving Line of Credit Loan Agreement (Ares Commercial Real Estate Corp)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Documents or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither any Borrower nor the sureties, guarantors, successors, or assigns of any Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to BorrowerBorrowers. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower Borrowers and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Loan Agreement (Oyo Geospace Corp)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document Documents shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any other Loan Documents or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNotes; and and, if the principal of the indebtedness represented by the Note Notes has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Loan Agreement (Transamerican Waste Industries Inc)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or --------------------- any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any Bank ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented by the Noteindebtedness; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and Lender each Bank shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Credit Agreement (Cellstar Corp)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrowers shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and Notes and, if the principal of the indebtedness represented by the Note Notes has been fully paidpaid in full, any remaining excess shall forthwith be paid to BorrowerBorrowers. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower Borrowers and Lender shall, to the extent permitted by applicable law, (ai) characterize any non-principal non‑principal payment as an expense, fee fee, or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document Documents shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreementfor, or shall be adjudicated to be so provided, in any other Loan Document, Document or otherwise in connection with the Loan, or is adjudicated to be so providedtransactions contemplated by this Agreement, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender any Bank ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the NoteNote held by such Bank; and and, if the principal of the indebtedness represented by the such Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Credit Agreement (Input Output Inc)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section shall govern and prevail and Borrower neither the Borrowers nor the sureties, guarantors, successors, or assigns of the Borrowers shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event the Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrowerthe Borrowers. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower the Borrowers and the Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Loan Agreement (Marcum Natural Gas Services Inc/New)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and Borrower no Company nor the sureties, guarantors, successors, or assigns of any Company shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender Wxxxx Fargo ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrowerthe Companies. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower the Companies and Lender Wxxxx Fargo shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, in equal or unequal parts, spread the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Credit and Security Agreement (Adams Resources & Energy, Inc.)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or any --------------------- other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender the Agent or any Bank ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented by the Noteindebtedness; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower the Borrower, the Agent and Lender each Bank shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Samples: Credit Agreement (Cellstar Corp)
Maximum Interest Rate. No provision of this Agreement, Agreement or of the Note, or any other Loan Document Note shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in the Note or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be he applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the tile Maximum Rate, Borrower and Lender shall, shall to the extent permitted by applicable law, (ai) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (bii) exclude voluntary prepayments and the effects thereof, and (ciii) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law (the "Maximum Rate")law. If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event any Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented by the Noteindebtedness; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and each Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note Notes so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract
Maximum Interest Rate. No provision Notwithstanding anything contained in this Mortgage or in any of this Agreementthe Loan Documents to the contrary, Mortgagee shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest on the NoteSecured Indebtedness, or any other Loan Document shall require the payment or permit the collection of interest amount in excess of the maximum amount permitted by applicable law (and calculated at the "Maximum Rate"). If interest in excess of the Maximum Rate is provided for in this Agreementhighest lawful nonusurious rate, and, in any other Loan Document, or otherwise in connection with the Loan, or is adjudicated to be so provided, the provisions of this section shall govern and prevail and Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreement. In the event Lender Mortgagee ever receives, collects or applies, applies as interest due and payable under the Note, any sum amount in excess of the Maximum Rateamount permitted and calculated at the highest lawful nonusurious rate, the such amount of the excess which would be excessive interest shall be applied as a payment and to the reduction of the unpaid principal balance of the indebtedness represented by the Note; and Secured Indebtedness, and, if the principal balance of the indebtedness represented by the Note has been fully paidSecured Indebtedness is paid in full, any remaining excess shall forthwith be paid to BorrowerMortgagor. In determining whether or not the interest paid or payable under any specific contingency exceeds the Maximum Rateamount of interest permitted and calculated at the highest lawful nonusurious rate, Borrower Mortgagor and Lender Mortgagee shall, to the maximum extent permitted by under applicable law, (ai) characterize any non-principal payment (other than payments which are expressly designated as interest payments hereunder) as an expense, fee fee, or premium premium, rather than as interest, (bii) exclude voluntary prepayments and the effects effect thereof, and (ciii) amortize, prorate, allocate and spread, in equal or unequal parts, spread the total amount of interest throughout the entire contemplated term of the indebtedness represented by the Note so that interest for the entire term does not exceed the Maximum RateSecured Indebtedness.
Appears in 1 contract
Samples: Mortgage, Security Agreement, Financing Statement and Assignment of Rents (Hurco Companies Inc)
Maximum Interest Rate. No provision of this Agreement, the Note, Agreement or of any other Loan Document shall require the payment or permit the collection of interest in excess of the maximum permitted by applicable law (the "Maximum Rate"). If any excess of interest in excess of the Maximum Rate such respect is hereby provided for in this Agreement, in any other Loan Documentfor, or otherwise in connection with the Loan, or is shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this section Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors, or assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of Advances made under this Agreementsums loaned pursuant hereto. In the event Lender ever receives, collects collects, or applies, applies as interest due and payable under the Noteany such sum, any sum such amount which would be in excess of the Maximum Rate, the maximum amount of the excess permitted by applicable law shall be applied as a payment and reduction of the principal of the indebtedness represented evidenced by the Note; and and, if the principal of the indebtedness represented by the Note has been fully paidpaid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal nonprincipal payment as an expense, fee fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate allocate, and spread, spread in equal or unequal parts, parts the total amount of interest throughout the entire contemplated term of the indebtedness represented evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate.
Appears in 1 contract