Common use of Usury Protection Clause in Contracts

Usury Protection. (i) If, with respect to any Bank and the Borrower, the effective rate of interest contracted for by such Bank with the Borrower under the Credit Documents, including the stated rates of interest contracted for hereunder and any other amounts contracted for under the Credit Documents which are deemed to be interest, at any time exceeds the Highest Lawful Rate, then the outstanding principal amount of the loans made by such Bank to the Borrower hereunder shall bear interest at a rate which would make the effective rate of interest on the loans made by such Bank to the Borrower under the Credit Documents equal the Highest Lawful Rate until the difference between the amounts which would have been due by the Borrower to such Bank at the stated rates and the amounts which were due by the Borrower to such Bank at the Highest Lawful Rate (the "Lost Interest") has been recaptured by such Bank. If, when the loans made hereunder are repaid in full, the Lost Interest has not been fully recaptured by such Bank pursuant to the preceding paragraph, then, to the extent permitted by law, the interest rates charged by such Bank to the Borrower hereunder shall be retroactively increased such that the effective rate of interest on the loans made by such Bank to the Borrower under the Credit Documents was at the Highest Lawful Rate since the effectiveness of this Agreement to the extent necessary to recapture the Lost Interest not recaptured pursuant to the preceding sentence and, to the extent allowed by law, the Borrower shall pay to such Bank the amount of the Lost Interest remaining to be recaptured by such Bank.

Appears in 6 contracts

Samples: Credit Agreement (Team Inc), Accession and Amendment Agreement (Coach Usa Inc), Credit Agreement (Tyler Technologies Inc)

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Usury Protection. (i) i. If, with respect to any Bank and the Borrower, the effective rate of interest contracted for by such Bank with the Borrower under the Credit Documents, including the stated rates of interest contracted for hereunder and any other amounts contracted for under the Credit Documents which are deemed to be interest, at any time exceeds the Highest Lawful Rate, then the outstanding principal amount of the loans made by such Bank to the Borrower hereunder shall bear interest at a rate which would make the effective rate of interest on the loans made by such Bank to the Borrower under the Credit Documents equal the Highest Lawful Rate until the difference between the amounts which would have been due by the Borrower to such Bank at the stated rates and the amounts which were due by the Borrower to such Bank at the Highest Lawful Rate (the "Lost Interest") has been recaptured by such Bank. If, when the loans made hereunder are repaid in full, the Lost Interest has not been fully recaptured by such Bank pursuant to the preceding paragraphsentence, then, to the extent permitted by law, the interest rates charged by such Bank to the Borrower hereunder shall be retroactively increased such that the effective rate of interest on the loans made by such Bank to the Borrower under the Credit Documents was at the Highest Lawful Rate since the effectiveness of this Agreement to the extent necessary to recapture the Lost Interest not recaptured pursuant to the preceding sentence and, to the extent allowed by law, the Borrower shall pay to such Bank the amount of the Lost Interest remaining to be recaptured by such Bank.

Appears in 1 contract

Samples: Credit Agreement (Integrated Electrical Services Inc)

Usury Protection. (ia) If, with respect to any Bank and the Borrower, If the effective rate of interest contracted for by such Bank Lender with the Borrower under the Credit Loan Documents, including the stated rates of interest contracted for hereunder and any other amounts contracted for under the Credit Loan Documents which are deemed to be interest, at any time exceeds the Highest Lawful Rate, then the outstanding principal amount of the loans made by such Bank Lender to the Borrower hereunder shall bear interest at a rate which would make the effective rate of interest on the loans made by such Bank Lender to the Borrower under the Credit Loan Documents equal the Highest Lawful Rate until the difference between the amounts which would have been due by the Borrower to such Bank Lender at the stated rates and the amounts which were due by the Borrower to such Bank Lender at the Highest Lawful Rate (the "Lost Interest") has been recaptured by such BankLender. If, when the loans made hereunder are repaid in full, the Lost Interest has not been fully recaptured by such Bank Lender pursuant to the preceding paragraph, then, to the extent permitted by law, the interest rates charged by such Bank Lender to the Borrower hereunder shall be retroactively increased such that the effective rate of interest on the loans made by such Bank Lender to the Borrower under the Credit Loan Documents was at the Highest Lawful Rate since the effectiveness of this Agreement to the extent necessary to recapture the Lost Interest not recaptured pursuant to the preceding sentence and, to the extent allowed by law, the Borrower shall pay to such Bank Lender the amount of the Lost Interest remaining to be recaptured by such BankLender.

Appears in 1 contract

Samples: Loan Agreement (Huntco Inc)

Usury Protection. (i) If, with respect to any Bank and the any Borrower, the effective rate of interest contracted for by such Bank with the such Borrower under the Credit Documents, including the stated rates of interest contracted for hereunder and any other amounts contracted for under the Credit Documents which are deemed to be interest, at any time exceeds the Highest Lawful Rate, then the outstanding principal amount of the loans made by such Bank to the such Borrower hereunder shall bear interest at a rate which would make the effective rate of interest on the loans made by such Bank to the such Borrower under the Credit Documents equal the Highest Lawful Rate until the difference between the amounts which would have been due by the such Borrower to such Bank at the stated rates and the amounts which were due by the such Borrower to such Bank at the Highest Lawful Rate (the "β€œLost Interest"”) has been recaptured by such Bank. If, when the loans made hereunder are repaid in full, the Lost Interest has not been fully recaptured by such Bank pursuant to the preceding paragraph, then, to the extent permitted by law, the interest rates charged by such Bank to the such Borrower hereunder shall be retroactively increased such that the effective rate of interest on the loans made by such Bank to the such Borrower under the Credit Documents was at the Highest Lawful Rate since the effectiveness of this Agreement to the extent necessary to recapture the Lost Interest not recaptured pursuant to the preceding sentence and, to the extent allowed by law, the such Borrower shall pay to such Bank the amount of the Lost Interest remaining to be recaptured by such Bank.

Appears in 1 contract

Samples: Credit Agreement (Susser Holdings CORP)

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Usury Protection. (i) If, with respect to any Bank and the Borrower, the effective rate of interest contracted for by such Bank with the Borrower under the Credit Documents, including the stated rates of interest contracted for hereunder and any other amounts contracted for under the Credit Documents which are deemed to be interest, at any time exceeds the Highest Lawful Rate, then the outstanding principal amount of the loans made by such Bank to the Borrower hereunder shall bear interest at a rate which would make the effective rate of interest on the loans made by such Bank to the Borrower under the Credit Documents equal the Highest Lawful Rate until the difference between the amounts which would have been due by the Borrower to such Bank at the stated rates and the amounts which were due by the Borrower to such Bank at the Highest Lawful Rate (the "Lost InterestLOST INTEREST") has been recaptured by such Bank. If, when the loans made hereunder are repaid in full, the Lost Interest has not been fully recaptured by such Bank pursuant to the preceding paragraph, then, to the extent permitted by law, the interest rates charged by such Bank to the Borrower hereunder shall be retroactively increased such that the effective rate of interest on the loans made by such Bank to the Borrower under the Credit Documents was at the Highest Lawful Rate since the effectiveness of this Agreement to the extent necessary to recapture the Lost Interest not recaptured pursuant to the preceding sentence and, to the extent allowed by law, the Borrower shall pay to such Bank the amount of the Lost Interest remaining to be recaptured by such Bank.

Appears in 1 contract

Samples: Credit Agreement (Eagle Usa Airfreight Inc)

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