Common use of No Usury Intended; Spreading Clause in Contracts

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note or any of the other Credit Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note or any other Credit Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by the Note ever exceed the Maximum Rate (as defined in the Note). In this connection, Borrower and Lender expressly stipulate and agree that it is their common and overriding intent to contract in strict compliance with the applicable usury laws. In furtherance thereof, none of the terms of the Note or any of the other Credit Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Rate. Borrower or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note shall never be liable for interest in excess of the Maximum Rate. If, for any reason whatever, the interest paid or received on the Note during its full term produces a rate which exceeds the Maximum Rate, the holder of the Note shall credit against the principal of the Note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note to produce a rate equal to the Maximum Rate. All sums paid or agreed to be paid to the holder of the Note for the use, forbearance or detention of the indebtedness evidenced thereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of the Note, so that the interest rate does not exceed the Maximum Rate. The provisions of this paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower and Lender.

Appears in 2 contracts

Samples: Loan Agreement (Maxxam Inc), Loan Agreement (Maxxam Inc)

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No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note or any of the other Credit Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note or any of the other Credit Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by the Note ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower and Lender expressly stipulate and agree that it is their common and overriding intent to contract in strict compliance with the applicable usury laws. In furtherance thereof, none of the terms of the Note or any of the other Credit Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note shall credit against the principal of the Note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note for the use, forbearance or detention of the indebtedness evidenced thereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of the Note. The provisions of this paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower and Lender.

Appears in 2 contracts

Samples: Modification Agreement (Surrey Inc), Modification Agreement (Surrey Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (ia) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (iib) the aggregate of any other amounts accrued or paid pursuant to the Note or any other Credit DocumentsAdditional Interest, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by the Note ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable federal and Texas usury laws (and the applicable usury lawslaws of any other jurisdiction whose usury laws are deemed to apply to this note or any of the other Loan Documents). In furtherance thereof, none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 2 contracts

Samples: Loan Agreement (Oceaneering International Inc), Loan Agreement (Oceaneering International Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note this note or any of the other Credit Loan Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this note from the Note date hereof, ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable federal and Texas usury laws (and the applicable usury lawslaws of any other jurisdiction whose usury laws are deemed to apply to this note or any of the other Loan Documents despite the intention and desire of the parties to apply the usury laws of the State of Texas). In furtherance thereof, none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 2 contracts

Samples: Loan Agreement (Consolidated Graphics Inc /Tx/), Loan Agreement (Innovative Valve Technologies Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note this note or any of the other Credit Loan Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this note from the Note date hereof, ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable federal and Texas usury laws (and the applicable usury lawslaws of any other jurisdiction whose usury laws are deemed to apply to this note or any of the other Loan Documents despite the intention and desire of the parties to apply the usury laws of the State of Texas). In furtherance thereof, none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Paragraph 3 shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 2 contracts

Samples: Loan Agreement (Hydril Co), Loan Agreement (Hydril Co)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (ia) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (iib) the aggregate of any other amounts accrued or paid pursuant to the Note or any other Credit DocumentsAdditional Interest, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by the Note ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable federal and Texas usury laws (and the applicable usury lawslaws of any other jurisdiction whose usury laws are deemed to apply to this note or any of the other Loan Documents despite the intention and desire of the parties to apply the usury laws of the State of Texas). In furtherance thereofhereof, none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 2 contracts

Samples: Credit Agreement (Evi Inc), Credit Agreement (Evi Weatherford Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (ia) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (iib) the aggregate of any other amounts accrued or paid pursuant to the Note or any other Credit DocumentsAdditional Interest, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by the Note ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable federal and Texas usury laws (and the applicable usury lawslaws of any other jurisdiction whose usury laws are deemed to apply to this note or any of the other Loan Documents despite the intention and desire of the parties to apply the usury laws of the State of Texas). In furtherance thereof, none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 2 contracts

Samples: Loan Agreement (HCC Insurance Holdings Inc/De/), Loan Agreement (Natco Group Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (ia) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (iib) the aggregate of any other amounts accrued or paid pursuant to the Note or any other Credit DocumentsAdditional Interest, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by the Note ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable federal and Texas usury laws (and the applicable usury lawslaws of any other jurisdiction whose usury laws are deemed to apply to this note or any of the other Loan Documents despite the intention and desire of the parties to apply the usury laws of the State of Texas). In furtherance thereof, none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of the Notethis note, so that the interest rate does not exceed the Maximum Ceiling Rate. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 1 contract

Samples: Loan Agreement (HCC Insurance Holdings Inc/De/)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note this note or any of the other Credit Loan Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this note from the Note date hereof, ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower each Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with the applicable usury laws. In furtherance thereof, none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower No Maker or any other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never ever be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Section shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower any Maker and LenderPayee.

Appears in 1 contract

Samples: Industrial Holdings Inc

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note this note or any of the other Credit Loan Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this note from the Note date hereof, ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable federal and New York usury laws (and the applicable usury lawslaws of any other jurisdiction whose usury laws are deemed to apply to this note or any of the other Loan Documents despite the intention and desire of the parties to apply the usury laws of the State of New York). In furtherance thereof, none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have EXHIBIT D to Loan Agreement been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 1 contract

Samples: Loan Agreement (Pollo Operations Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note or any of the other Credit Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Note, accrued or paid from the date hereof of and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note or any other Credit Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by the Note ever exceed the Maximum Rate (as defined in the Note). In this connection, Borrower and Lender expressly stipulate and agree that it is their common and overriding intent to contract in strict compliance with the applicable usury laws. In furtherance thereof, none of the terms of the Note or any of the other Credit Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Rate. Borrower or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note shall never be liable for interest in excess of the Maximum Rate. If, for any reason whatever, the interest paid or received on the Note during its full term produces a rate which exceeds the Maximum Rate, the holder of the Note shall credit against the principal of the Note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note to produce a rate equal to the Maximum Rate. All sums paid or agreed to be paid to the holder of the Note for the use, forbearance or detention of the indebtedness evidenced thereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of the Note, so that the interest rate does not exceed the Maximum Rate. The provisions of this paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower and Lender.

Appears in 1 contract

Samples: Loan Agreement and Promissory Note (Maxxam Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note Credit Agreement as amended by this Amendment, the Notes or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the NoteNotes, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note Notes or any of the other Credit Loan Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by the Note Notes ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower and Lender the parties hereto expressly stipulate and agree that it is their common and overriding intent to contract in strict compliance with the applicable usury laws. In furtherance thereof, none of the terms of the Note Notes or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note Notes shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the any Note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the such Note shall credit against the principal of the such Note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the such Note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the any Note for the use, forbearance or detention of the indebtedness evidenced thereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the such Note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of such Note. The provisions of this paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between among Borrower and LenderAgent and Lenders.

Appears in 1 contract

Samples: Credit Agreement (Equalnet Holding Corp)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this Lease or any of the other Credit DocumentsSchedules hereto, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Noteowing under this Lease, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note this Lease or any other Credit Documentsof the Schedules hereto, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this Lease from the Note date hereof, ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Lessor and Lender expressly Lessee stipulate and agree that it is their common and overriding intent to contract in strict compliance with the applicable usury laws. In furtherance thereof, none of the terms of the Note this Lease or any of the other Credit Documents Schedules hereto shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Lessee or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this Lease shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this Lease during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note Lessor shall credit against the principal of the Note this Lease (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this Lease to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note Lessor for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Notethis Lease, so that the interest rate does not exceed is uniform throughout the Maximum Rate. The provisions full term of this paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower and Lender.this

Appears in 1 contract

Samples: Master Lease Agreement (Home Interiors & Gifts Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note or any of the other Credit Documentsthis note, it is expressly provided that in no case or event shall the aggregate of (ia) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof hereof, and (iib) the aggregate of any other amounts accrued or paid pursuant to the Note or any other Credit Documentsthis note, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this note from the Note date hereof, ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker, Payment Agent and Lender expressly Payees stipulate and agree that it is their common and overriding intent to contract in strict compliance with the applicable usury laws. In furtherance thereof, none of the terms of the Note or any of the other Credit Documents this note shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Section 7 shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower and LenderMaker, Payment Agent and/or Payees.

Appears in 1 contract

Samples: Whittier Energy Corp

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No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note this note or any of the other Credit Loan Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this note from the Note date hereof, ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable federal and Texas usury laws (and the applicable usury lawslaws of any other jurisdiction whose usury laws are deemed to apply to this note or any of the other Loan Documents despite the intention and desire of the parties to apply the usury laws of the State of Texas). In furtherance thereof, none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, EXHIBIT D to Credit Agreement prorated, allocated and spread in equal parts throughout the full term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 1 contract

Samples: Credit Agreement (Sterling Chemicals Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note this note or any of the other Credit Loan Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this note from the Note date hereof, ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable federal and Texas usury laws (and the applicable usury lawslaws of any other jurisdiction whose usury laws are deemed to apply to this note or any of the other Loan Documents despite the intention and desire of the parties to apply the usury laws of the State of Texas). In furtherance thereof, none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, EXHIBIT C to Credit Agreement prorated, allocated and spread in equal parts throughout the full term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 1 contract

Samples: Credit Agreement (Sterling Chemicals Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (ia) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (iib) the aggregate of any other amounts accrued or paid pursuant to the Note or any other Credit DocumentsAdditional Interest, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by the Note ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable federal and New York usury laws (and the applicable usury lawslaws of any other jurisdiction whose usury laws are deemed to apply to this note or any of the other Loan Documents despite the intention and desire of the parties to apply the usury laws of the State of New York). In furtherance thereof, none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of the Notethis note, so that the interest rate does not exceed the Maximum Ceiling Rate. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 1 contract

Samples: Loan Agreement (HCC Insurance Holdings Inc/De/)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note or any of the other Credit Documentsthis note, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note or any other Credit Documentsthis note, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this note from the Note date hereof, ever exceed the Maximum Rate (as defined in highest lawful amount permissible under the Note). In this connection, Borrower and Lender expressly stipulate and agree that it is their common and overriding intent to contract in strict compliance with the then-applicable usury laws. In furtherance thereof, none of the terms of the Note or any of the other Credit Documents this note shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ratemaximum legal rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ratesuch maximum legal amount. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ratemaximum legal amount, the holder of the Note Payee shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interestMaker) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ratemaximum legal rate. All sums paid contracted for, charged or agreed to be paid to the holder of the Note received by Payee for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full stated term of the Note, this note so that the interest rate does not exceed the Maximum Ratemaximum legal rate. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 1 contract

Samples: Purchase Agreement (Comfort Systems Usa Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note this note or any of the other Credit Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this note from the Note date hereof, ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with the applicable usury laws. In furtherance thereof, none of the terms of the Note this note or any of the other Credit Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full INITIALLED FOR IDENTIFICATION: ___ term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Section 5 shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 1 contract

Samples: Purchase Agreement (Acr Group Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note this note or any of the other Credit Loan Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this note from the Note date hereof, ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable federal and New York usury laws (and the applicable usury lawslaws of any other jurisdiction whose usury laws are deemed to apply to this note or any of the other Loan Documents despite the intention and desire of the parties to apply the usury laws of the State of New York). In furtherance thereof, thereof none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be EXHIBIT C to Loan Agreement necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and LenderPayee.

Appears in 1 contract

Samples: Loan Agreement (Pollo Operations Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note or any of the other Credit Documentsthis note, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note or any other Credit Documentsthis note, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this note from the Note date hereof, ever exceed the Maximum Rate (as defined in highest lawful amount permissible under the Note). In this connection, Borrower and Lender expressly stipulate and agree that it is their common and overriding intent to contract in strict compliance with the then-applicable usury laws. In furtherance thereof, none of the terms of the Note or any of the other Credit Documents this note shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ratemaximum legal rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ratesuch maximum legal amount. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ratemaximum legal amount, the holder Stockholder Representative, on behalf of the Note Payees, shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, Payees shall refund to the payor of such interestMaker) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ratemaximum legal rate. All sums paid contracted for, charged or agreed to be paid to received by the holder of the Note Payees for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full stated term of the Note, this note so that the interest rate does not exceed the Maximum Ratemaximum legal rate. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and Lenderthe Payees.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Comfort Systems Usa Inc)

No Usury Intended; Spreading. Notwithstanding any provision to the contrary contained in the Note this note or any of the other Credit Loan Documents, it is expressly provided that in no case or event shall the aggregate of (i) all interest on the unpaid balance of the Notethis note, accrued or paid from the date hereof and (ii) the aggregate of any other amounts accrued or paid pursuant to the Note this note or any of the other Credit Loan Documents, which under applicable laws are or may be deemed to constitute interest upon the indebtedness evidenced by this note from the Note date hereof, ever exceed the Maximum Rate (as defined in the Note)Ceiling Rate. In this connection, Borrower Maker and Lender expressly Payee stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable federal and Texas usury laws (and the applicable usury lawslaws of any other jurisdiction whose usury laws are deemed to apply to this note or any of the other Loan Documents despite the intention and desire of the parties to apply the usury laws of the State of Texas). In furtherance thereof, none of the terms of the Note this note or any of the other Credit Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Ceiling Rate. Borrower Maker or other parties now or hereafter becoming liable for payment of the indebtedness evidenced by the Note this note shall never be liable for interest in excess of the Maximum Ceiling Rate. If, for any reason whatever, the interest paid or received on the Note this note during its full term produces a rate which exceeds the Maximum Ceiling Rate, the holder of the Note this note shall credit against the principal of the Note this note (or, if such indebtedness shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid on the Note this note to produce a rate equal to the Maximum Ceiling Rate. All sums paid or agreed to be paid to the holder of the Note this note for the use, forbearance or detention of the indebtedness evidenced thereby hereby shall, to the extent required to avoid or minimize usury and to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Notethis note, so that the interest rate does not exceed is uniform throughout the Maximum Ratefull term of this note. The provisions of this paragraph Paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, between Borrower Maker and Lender.Payee. EXHIBIT E to Credit Agreement

Appears in 1 contract

Samples: Credit Agreement (Sterling Chemicals Inc)

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