Common use of Usury Recapture Clause in Contracts

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 36 contracts

Samples: Credit Agreement (Berry Petroleum Corp), Credit Agreement (Berry Petroleum Corp), Credit Agreement (Hi-Crush Partners LP)

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Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 17 contracts

Samples: Pledge and Security Agreement (LaSalle Hotel Properties), Pledge and Security Agreement (LaSalle Hotel Properties), Term Loan Agreement (LaSalle Hotel Properties)

Usury Recapture. In As to each Lender, in the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Obligations owing to such Lender shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances such Obligations equals the amount of interest which would have been paid or accrued on the Advances such Obligations if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advancessuch Obligations, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes as to any Lender is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable lawLegal Requirements, pay the Administrative Agent for the account of the such Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances Obligations owing to such Lender if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances such Obligations if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancessuch Obligations. In the event the Lenders any Lender ever receivereceives, collect collects or apply applies as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesObligations owing to it, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 8 contracts

Samples: Year Credit Agreement (NOV Inc.), Credit Agreement (National Oilwell Varco Inc), Assignment and Assumption (National Oilwell Varco Inc)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Loans shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Loans equals the amount of interest which would have been paid or accrued on the Advances Loans if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesLoans, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Loans is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances Loans if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances Loans if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its AdvancesLoans. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesLoans, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 7 contracts

Samples: Possession Credit Agreement (Hi-Crush Inc.), Credit Agreement (Hi-Crush Inc.), Possession Credit Agreement (Hi-Crush Inc.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 7 contracts

Samples: Senior Secured Term Loan Agreement (Seritage Growth Properties), Senior Unsecured Term Loan Agreement (Seritage Growth Properties), Senior Unsecured Term Loan Agreement (Seritage Growth Properties)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable lawLegal Requirement, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 6 contracts

Samples: Credit Agreement (Aly Energy Services, Inc.), Credit Agreement (Aly Energy Services, Inc.), Credit Agreement (Aly Energy Services, Inc.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or any other Loan Document at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement or applicable Loan Document had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable lawLegal Requirement, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 6 contracts

Samples: Credit Agreement (Penn Virginia Corp), Credit Agreement (Penn Virginia Corp), Credit Agreement (CVR Energy Inc)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or any other Credit Document at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement or applicable Credit Document had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable lawLegal Requirement, pay the Administrative Agent for the account of the applicable Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by lawapplicable Legal Requirement, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 6 contracts

Samples: Credit Agreement (Nine Energy Service, Inc.), Credit Agreement (Nine Energy Service, Inc.), Credit Agreement (Nine Energy Service, Inc.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or any other Credit Document at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Obligations shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Obligations equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement or applicable Credit Document had at all times been in effect. In the event, upon payment in full of the AdvancesObligations, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Obligations is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement or such Credit Document had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders applicable Lender Party an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances Obligations owed to it if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances such Obligations if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement or any Credit Document on its AdvancesObligations owed to it. In the event the Lenders any Lender Party ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesObligations, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 6 contracts

Samples: Credit Agreement (Rowan Companies PLC), Credit Agreement (Helmerich & Payne Inc), Credit Agreement (Rowan Companies Inc)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 5 contracts

Samples: Security Agreement (Arkansas Best Corp /De/), Credit Agreement (Arkansas Best Corp /De/), Security Agreement (Arkansas Best Corp /De/)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time (calculated after giving effect to all items charged which constitute “interest” under applicable laws, including fees and margin amounts, if applicable) is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 4 contracts

Samples: Credit Agreement (Quintana Energy Services Inc.), Credit Agreement (Quintana Energy Services Inc.), Credit Agreement (Quintana Energy Services Inc.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or any other Credit Document at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement or applicable Credit Document had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement or such Credit Document had, at all times, been in effect, then the applicable Borrower shall, to the extent permitted by applicable law, pay the Applicable Administrative Agent for the account of the Lenders applicable Lender Party an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances owed to it if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its such Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement or any Credit Document on its AdvancesAdvances owed to it. In the event the Lenders any Lender Party ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the applicable Borrower.

Appears in 4 contracts

Samples: Credit Agreement (Complete Production Services, Inc.), Credit Agreement (Complete Production Services, Inc.), Credit Agreement (Complete Production Services, Inc.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the applicable Borrower shall, to the extent permitted by applicable law, pay the applicable Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the applicable Borrower.

Appears in 4 contracts

Samples: Credit Agreement (NCS Multistage Holdings, Inc.), Credit Agreement (NCS Multistage Holdings, Inc.), Credit Agreement (NCS Multistage Holdings, Inc.)

Usury Recapture. In the event the rate of interest chargeable under --------------- this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 3 contracts

Samples: Credit Agreement (American General Hospitality Corp), Management Agreement (American General Hospitality Corp), Credit Agreement (American General Hospitality Corp)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time (calculated after giving affect to all items charged which constitute “interest” under applicable laws, including fees and margin amounts, if applicable) is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Cig Wireless Corp.), Credit Agreement (Cig Wireless Corp.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time (calculated after giving affect to all items charged which constitute “interest” under applicable laws, including fees and margin amounts, if applicable) is greater than the Maximum Rate, the unpaid principal amount of the Revolving Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Revolving Advances equals the amount of interest which would have been paid or accrued on the Revolving Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Revolving Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Revolving Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Revolving Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Revolving Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Revolving Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Revolving Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Diamondback Energy Services, Inc.), Credit Agreement (Diamondback Energy Services, Inc.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable lawLegal Requirement, pay the Administrative Agent for the account of the applicable Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by lawapplicable Legal Requirement, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Select Energy Services, Inc.), Credit Agreement (Select Energy Services, Inc.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent Lender for the account of the Lenders Lender an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Lender ever receivereceives, collect collects or apply applies as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Meristar Hospitality Corp), Revolving Credit Agreement (Meristar Hotels & Resorts Inc)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstandingoutstand- ing, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Lasalle Hotel Properties), Credit Agreement (Lasalle Hotel Properties)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Loans shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Loans equals the amount of interest which would have been paid or accrued on the Advances Loans if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesLoans, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Loans is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of ratably among the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances Loans if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances Loans if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its AdvancesLoans. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesLoans, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 2 contracts

Samples: Possession Credit Agreement (Carbo Ceramics Inc), Restructuring Support Agreement (Carbo Ceramics Inc)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Applicable Borrower shall, to the extent permitted by applicable lawLegal Requirement, pay the Applicable Administrative Agent for the account of the applicable Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by lawapplicable Legal Requirement, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Applicable Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Nine Energy Service, Inc.), Credit Agreement (Nine Energy Service, Inc.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time (calculated after giving affect to all items charged which constitute “interest” under applicable laws, including fees and margin amounts, if applicable) is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the each Borrower shall, to the extent permitted by applicable law, pay the Administrative Facility Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Vantage Drilling CO)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Loans shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Loans equals the amount of interest which would have been paid or accrued on the Advances Loans if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesLoans, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Loans is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (ia) the lesser of (Ai) the amount of interest which would have been charged on its Advances Loans if the Maximum Rate had, at all times, been in effect and (Bii) the amount of interest which would have accrued on its Advances Loans if the rates of interest set forth in this Agreement had at all times been in effect and (iib) the amount of interest actually paid under this Agreement on its AdvancesLoans. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesLoans, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Trans Energy Inc)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time (calculated after giving affect to all items charged which constitute “interest” under applicable laws, including fees and margin amounts, if applicable) is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the *Information marked with an asterisk herein has been omitted and filed separately with the Commission pursuant to a request for confidential treatment. amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Cig Wireless Corp.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or any other Credit Document at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement or applicable Credit Document had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable lawLegal Requirement, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Steel Excel Inc.)

Usury Recapture. In the event that, but for limitations regarding the Maximum Rate set forth in this Agreement, the rate of interest otherwise chargeable under this Agreement at any time is greater than the Maximum Rate, then the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement Agreement, without giving effect to limitations regarding the Maximum Rate set forth in this Agreement, had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and on the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement Agreement, without giving effect to limitations regarding the Maximum Rate set forth in this Agreement, had, at all times, been in effect, then the Borrower Borrowers shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its the Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its the Advances if the rates of interest set forth in this Agreement Agreement, without giving effect to limitations regarding the Maximum Rate set forth in this Agreement, had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its the Advances. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the BorrowerBorrowers.

Appears in 1 contract

Samples: Credit Agreement (Arkansas Best Corp /De/)

Usury Recapture. In the event the rate of interest chargeable under --------------- this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Meristar Hospitality Corp)

Usury Recapture. In the event the rate of interest --------------- chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable lawLegal Requirements, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Varco International Inc /De/)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstandingoutstand ing, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Arkansas Best Corp /De/)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, within 10 days of demand from the Agent, pay to the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Pledge and Security Agreement (Valhi Inc /De/)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and or (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Equity Corp International)

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Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower Obligors shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the stated rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the BorrowerObligors.

Appears in 1 contract

Samples: Credit Agreement (Mesa Inc)

Usury Recapture. In the event the If during any period a rate of interest chargeable contracted for under this Agreement at any time (calculated after giving affect to all items charged which constitute “interest” under applicable laws, including fees and margin amounts, if applicable) is greater than the Maximum RateRate for the period of time in which such contracted rate would otherwise be in effect, the unpaid principal amount of the Revolving Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances such principal amount equals the total amount of interest which would have been paid or accrued on the Advances such principal amount if the stated rates such contract rate of interest set forth in this Agreement had at all times been in effecteffect for such applicable period. In the event, upon payment in full of the Revolving Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Revolving Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Revolving Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Revolving Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Revolving Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Revolving Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Pledge Agreement (Seahawk Drilling, Inc.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Loans shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Loans equals the amount of interest which would have been paid or accrued on the Advances Loans if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment Payment in full Full of the AdvancesLoans, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Loans is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable lawLegal Requirement, pay the Administrative Agent for the account of the applicable Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances Loans if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances Loans if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its AdvancesLoans. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by lawapplicable Legal Requirement, be applied to the reduction of the principal balance of the AdvancesLoans, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Superior Energy Services Inc)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Obligations shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Obligations equals the amount of interest which would have been paid or accrued on the Advances Obligations if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesObligations, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable lawLegal Requirements, pay the applicable Administrative Agent for the account of the applicable Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Obligations if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Obligations if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Obligations. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesObligations, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (National Oilwell Varco Inc)

Usury Recapture. In the event that, but for limitations regarding the Maximum Rate set forth in this Agreement, the rate of interest otherwise chargeable under this Agreement at any time is greater than the Maximum Rate, then the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement Agreement, without giving effect to limitations regarding the Maximum Rate set forth in this Agreement, had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and on the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement Agreement, without giving effect to limitations regarding the Maximum Rate set forth in this Agreement, had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its the Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its the Advances if the rates of interest set forth in this Agreement Agreement, without giving effect to limitations regarding the Maximum Rate set forth in this Agreement, had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its the Advances. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Arkansas Best Corp /De/)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Loans shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Loans equals the amount of interest which would have been paid or accrued on the Advances Loans if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesLoans, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Loans is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative DIP Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances Loans if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances Loans if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its AdvancesLoans. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesLoans, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Possession Credit Agreement (Extraction Oil & Gas, Inc.)

Usury Recapture. In the event the rate RATE of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Interstate Hotels & Resorts Inc)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Term Loans shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Term Loans equals the amount of interest which would have been paid or accrued on the Advances Term Loans if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesTerm Loans, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Term Loans is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances Term Loans if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances Term Loans if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its AdvancesTerm Loans. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesTerm Loans, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Carbo Ceramics Inc)

Usury Recapture. In the event the rate of interest chargeable --------------- under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Meristar Hotels & Resorts Inc)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Loans shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Loans equals the amount of interest which would have been paid or accrued on the Advances Loans if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesLoans, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Loans is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (ia) the lesser of (Ai) the amount of interest which would have been charged on its Advances Loans if the Maximum Rate had, at all times, been in effect and (Bii) the amount of interest which would have accrued on its Advances Loans if the rates of interest set forth in this Agreement had at all times been in effect and (iib) the amount of interest actually paid under this Agreement on its AdvancesLoans. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesLoans, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Hi-Crush Inc.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable lawLegal Requirement, pay the Administrative Agent for the account of the applicable Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by lawapplicable Legal Requirement, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Nine Energy Service, Inc.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Loans shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Loans equals the amount of interest which would have been paid or accrued on the Advances Loans if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesLoans, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Loans is less than the total amount of interest which would have been paid or accrued if 105 the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances Loans if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances Loans if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its AdvancesLoans. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesLoans, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Extraction Oil & Gas, Inc.)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or any other Loan Document at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid 134 or accrued on the Advances if the stated rates of interest set forth in this Agreement or applicable Loan Document had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable lawLegal Requirement, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Penn Virginia Corp)

Usury Recapture. In the event the rate of interest chargeable --------------- under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Lasalle Hotel Properties)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the BorrowerNotes.

Appears in 1 contract

Samples: Credit Agreement (Monro Muffler Brake Inc)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable lawLegal Requirements, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Varco International Inc /De/)

Usury Recapture. In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates NY\6260051.12 of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Hi-Crush Partners LP)

Usury Recapture. In the event the rate of interest chargeable under this Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.. (c)

Appears in 1 contract

Samples: Guarantee and Collateral Agreement

Usury Recapture. In the event the rate of interest chargeable under this --------------- Agreement or the Notes at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances Notes shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances Notes equals the amount of interest which would have been paid or accrued on the Advances Notes if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the AdvancesNotes, the total amount of interest paid or accrued under the terms of this Agreement and the Advances Notes is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders Banks an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances the Notes if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances the Notes if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid or accrued under this Agreement on its Advancesthe Notes. In the event the Lenders Banks ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the AdvancesNotes, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (American General Hospitality Corp)

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