Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Law.
Appears in 24 contracts
Samples: Term Loan Agreement (Public Service Co of New Mexico), Term Loan Agreement (PNM Resources Inc), Term Loan Agreement (Public Service Co of New Mexico)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Credit Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Law.
Appears in 17 contracts
Samples: Term Loan Agreement (Public Service Co of New Mexico), Credit Agreement (Public Service Co of New Mexico), Credit Agreement (Public Service Co of New Mexico)
Usury. It To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any action or proceeding that may be brought by the Buyer in order to enforce any right or remedy under this Agreement, the Note, the Warrant and any document, agreement or instrument contemplated thereby. Notwithstanding any provision to the contrary contained in this Agreement, the Note, the Warrant and any document, agreement or instrument contemplated thereby, it is expressly agreed and provided that the intent total liability of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received Company under this Loan Agreement, the Note, the Warrant or any document, agreement or instrument contemplated thereby for payments which under applicable law are in the Notes or otherwise, nature of interest shall not exceed the maximum nonusurious amount permissible lawful rate authorized under applicable Lawlaw (the “Maximum Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums which under applicable law in the nature of interest that the Company may be obligated to pay under this Agreement, the Note, the Warrant and any document, agreement or instrument contemplated thereby exceed such Maximum Rate. IfIt is agreed that if the maximum contract rate of interest allowed by law applicable to this Agreement, from the Note, the Warrant, and any possible construction of any of the Loan Documents document, agreement or instrument contemplated thereby is increased or decreased by statute or any other official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to this Agreement, the Note, the Warrant and any document, agreement or instrument contemplated thereby from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest would otherwise be payable in excess of the maximum nonusurious amountMaximum Rate is paid by the Company to the Buyer with respect to indebtedness evidenced by this Agreement, the Note, the Warrant and any document, agreement or instrument contemplated thereby, such excess shall be applied by the Buyer to the unpaid principal balance of any such construction shall indebtedness or be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or Company, the other payor thereof if and to the extent manner of handling such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed excess to be paid to at the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable LawBuyer’s election.
Appears in 14 contracts
Samples: Securities Purchase Agreement (SIMPLICITY ESPORTS & GAMING Co), Securities Purchase Agreement (SIMPLICITY ESPORTS & GAMING Co), Securities Purchase Agreement (SIMPLICITY ESPORTS & GAMING Co)
Usury. It To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any action or proceeding that may be brought by the Buyer in order to enforce any right or remedy under this Agreement, the Note and any document, agreement or instrument contemplated thereby. Notwithstanding any provision to the contrary contained in this Agreement, the Note and any document, agreement or instrument contemplated thereby, it is expressly agreed and provided that the intent total liability of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received Company under this Loan Agreement, the Note or any document, agreement or instrument contemplated thereby for payments which under New York law are in the Notes or otherwise, nature of interest shall not exceed the maximum nonusurious amount permissible lawful rate authorized under applicable Lawlaw (the “Maximum Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums which under New York law in the nature of interest that the Company may be obligated to pay under this Agreement, the Note and any document, agreement or instrument contemplated thereby exceed such Maximum Rate. IfIt is agreed that if the maximum contract rate of interest allowed by New York law and applicable to this Agreement, from the Note and any possible construction of any of the Loan Documents document, agreement or instrument contemplated thereby is increased or decreased by statute or any other official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to this Agreement, the Note and any document, agreement or instrument contemplated thereby from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest would otherwise be payable in excess of the maximum nonusurious amountMaximum Rate is paid by the Company to the Buyer with respect to indebtedness evidenced by this Agreement, the Note and any document, agreement or instrument contemplated thereby, such excess shall be applied by the Buyer to the unpaid principal balance of any such construction shall indebtedness or be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or Company, the other payor thereof if and to the extent manner of handling such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed excess to be paid to at the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable LawBuyer’s election.
Appears in 8 contracts
Samples: Securities Purchase Agreement (Adial Pharmaceuticals, Inc.), Securities Purchase Agreement (Cachet Financial Solutions, Inc.), Securities Purchase Agreement (NuLife Sciences, Inc.)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the No provisions of this subsection which shall override and control all such agreements, whether now existing Agreement or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents shall require the payment or any other documentpermit the collection, application or receipt of interest would otherwise be payable in excess of the maximum nonusurious amount, permitted by applicable state or federal law. If any excess of interest in such respect is herein or in any such construction other instrument provided for, or shall be subject adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection paragraph shall govern, and such documents neither Borrower nor any endorsers of the Note nor their respective successors, assigns or personal representatives shall be automatically reduced obligated to pay the amount of such interest to the maximum nonusurious extent it is in excess of the amount permitted under by applicable Lawlaw. It is expressly stipulated and agreed to be the intent of Borrower and Lender to at all times comply with the usury and other laws relating to the Loan Documents and any subsequent revisions, repeals or judicial interpretations thereof, to the extent applicable thereto. In the event Lender or other holder of the Note ever receives, collects or applies as interest any such excess, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of the Note and, if upon such application the principal balance of the Note is paid in full, any remaining excess shall be forthwith paid to Borrower and the provisions of the Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under then applicable Law and which wouldlaw, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to otherwise called for thereunder. In determining whether or not the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed payable under any specific contingency exceeds the maximum interest allowed to be paid to the Lenders with respect to the Loans charged by applicable law, Borrower and Lender or other holder hereof shall, to the maximum extent permitted by under applicable Lawlaw, be amortizedamortize, proratedprorate, allocated, allocate and spread the total amount of interest throughout the full stated entire term (including any renewal or extension) of the Loans Note so that the amount or rate of interest on account charged for any and all periods of time during the term of the Loans does not exceed Note is to the greatest extent possible less than the maximum nonusurious amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in the Note to “applicable Lawlaw” for purposes of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest.
Appears in 6 contracts
Samples: Modification, Renewal and Extension Agreement, Renewal, Extension and Modification Agreement (Moody National REIT I, Inc.), Modification, Renewal and Extension Agreement (Us Home Systems Inc)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the No provisions of this subsection which shall override and control all such agreements, whether now existing Agreement or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents shall require the payment or any other documentpermit the collection, application or receipt of interest would otherwise be payable in excess of the maximum nonusurious amount, permitted by applicable state or federal law. If any excess of interest in such respect is herein or in any such construction other instrument provided for, or shall be subject adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection paragraph shall govern, and such documents neither Borrower nor any endorsers of the $20,000,000.00 Note or $3,000,000.00 Note nor their respective successors, assigns or personal representatives shall be automatically reduced obligated to pay the amount of such interest to the maximum nonusurious extent it is in excess of the amount permitted under by applicable Lawlaw. It is expressly stipulated and agreed to be the intent of Borrower and Lender to at all times comply with the usury and other laws relating to the Loan Documents and any subsequent revisions, repeals or judicial interpretations thereof, to the extent applicable thereto. In the event Lender or other holder of the $20,000,000.00 Note or $3,000,000.00 Note ever receives, collects or applies as interest any such excess, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of the $20,000,000.00 Note or $3,000,000.00 Note and, if upon such application the principal balance of the $20,000,000.00 Note or $3,000,000.00 Note is paid in full, any remaining excess shall be forthwith paid to Borrower and the provisions of the Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under then applicable Law and which wouldlaw, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to otherwise called for thereunder. In determining whether or not the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed payable under any specific contingency exceeds the maximum interest allowed to be paid to the Lenders with respect to the Loans charged by applicable law, Borrower and Lender or other holder hereof shall, to the maximum extent permitted by under applicable Lawlaw, be amortizedamortize, proratedprorate, allocated, allocate and spread the total amount of interest throughout the full stated entire term (including any renewal or extension) of the Loans $20,000,000.00 Note or $3,000,000.00 Note so that the amount or rate of interest on account charged for any and all periods of time during the term of the Loans does not exceed $20,000,000.00 Note or $3,000,000.00 Note is to the greatest extent possible less than the maximum nonusurious amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in the $20,000,000.00 Note or $3,000,000.00 Note to “applicable Lawlaw” for purposes of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest.
Appears in 5 contracts
Samples: Modification, Renewal and Extension Agreement (Craftmade International Inc), Renewal and Extension Agreement (Craftmade International Inc), Modification, Renewal and Extension Agreement (Craftmade International Inc)
Usury. It is the intent of the Lenders Lender and the Borrower Company in the execution and performance of this Agreement and the Note or any Loan Document to conform to and contract remain in strict compliance with applicable usury Applicable Law from time to time in effect. All agreements between the Lenders In furtherance thereof, Lender and the Borrower Company stipulate and agree that none of the terms and provisions contained in the Note, this Agreement or any Loan Document shall ever be construed to create a contract to pay for the use, forbearance or detention of money with interest at a rate or in an amount in excess of the Maximum Rate or amount of interest permitted to be charged under Applicable Law. For purposes of this Agreement, the Note and any other Loan Document, "interest" shall include the aggregate of all charges which constitute interest under Applicable Law that are hereby limited by contracted for, taken, charged, reserved, or received under this Agreement, the Note or any other Loan Document. The Company shall never be required to pay unearned interest or interest at a rate or in an amount in excess of the Maximum Rate or amount of interest that may be lawfully charged under Applicable Law, and the provisions of this subsection paragraph shall control over all other provisions of this Agreement and the Note or any Loan Document, which shall override and control all such agreementsmay be in actual or apparent conflict herewith. If the Note is prepaid, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of if the maturity of the Note is accelerated for any Borrower Obligation)reason, or if under any other contingency the effective rate or amount of interest which would otherwise be payable under the Note would exceed the Maximum Rate or amount of interest Lender or any other holder of the Note is allowed by Applicable Law to charge, contract for, take, reserve or receive, or in the event Lender or any holder of the Note shall charge, contract for, take, reserve or receive monies that are deemed to constitute interest which would, in the absence of this provision, increase the effective rate or amount of interest payable under the Note to a rate or amount in excess of that permitted to be charged, contracted for, taken, reservedreserved or received under Applicable Law then in effect, then the principal amount of the Note or the amount of interest which would otherwise be payable under the Note or both shall be reduced to the amount allowed under Applicable Law as now or hereinafter construed by the courts having jurisdiction, and all such moneys so charged, contracted for, taken, reserved or received that are deemed to constitute interest in excess of the Maximum Rate or amount of interest permitted by Applicable Law shall immediately be returned to or credited to the account of the Company upon such determination. Lender and the Company further stipulate and agree that, without limitation of the foregoing, all calculations of the rate or amount of interest contracted for, charged, taken, reserved or received under this Loan Agreementthe Note which are made for the purpose of determining whether such rate or amount exceeds the Maximum Rate, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and made to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced not prohibited by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Applicable Law, be amortizedby amortizing, proratedprorating, allocated, allocating and spread throughout spreading during the period of the full stated term (including any renewal or extension) of the Loans so that Note, all interest at any time contracted for, charged, taken, reserved or received from the amount of interest on account Company or otherwise by Lender or any other holder of the Loans does not exceed the maximum nonusurious amount permitted by applicable LawNote.
Appears in 5 contracts
Samples: Warehousing Credit and Security Agreement (BNC Mortgage Inc), Warehousing Credit and Security Agreement (Mortgage Com Inc), Warehousing Credit and Security Agreement (Mortgage Com Inc)
Usury. It is expressly stipulated and agreed to be the intent of all of the Lenders parties hereto at all times to comply with the applicable law governing the maximum rate or amount of interest payable on or in connection with the Note and the Borrower Loan (or applicable United States federal law to conform the extent that it permits Noteholder to and contract for, charge, take, reserve or receive a greater amount of interest payable on or in strict compliance connection with applicable usury Law from time to time in effect. All agreements between the Lenders Note and the Borrower are hereby limited by Loan than under applicable law). If the provisions of applicable law is ever judicially interpreted so as to render usurious any amount called for under the Note or under the Security Instrument, this subsection which shall override and control all such agreementsAgreement or any other Loan Document, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, taken, reserved or received under this Loan Agreementwith respect to the Loan, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from if Original Borrower or Assumptor have paid any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of that permitted by law, then it is the maximum nonusurious amountexpress intent of all of the parties that all excess amounts theretofore collected by Noteholder or Lender be credited to the then outstanding principal balance of the Note (or, if the Note has been or would thereby be paid in full, any such construction shall be subject surplus refunded to Original Borrower or Assumptor), and the provisions of the Note, this subsection Agreement, the Security Instrument and such documents shall the other Loan Documents immediately be automatically reduced to deemed reformed and the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized documents, so as interest on to comply with such applicable law but so as to permit the Loans under applicable Law and which would, apart from this provision, be in excess recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans otherwise called for hereunder and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansthereunder. The right to demand payment accelerate the maturity of the Loans or any other Indebtedness evidenced by any of the Loan Documents Note does not include the right to accelerate the payment of any interest interest, which has not otherwise accrued on the date of such demandacceleration, and the Lenders do Noteholder does not intend to charge or receive collect any unearned interest in the event of such demandacceleration. All interest sums paid or agreed to be paid to Lender or Noteholder for the Lenders with respect to use, forbearance or detention of the Loans indebtedness evidenced by the Note or other Loan Documents shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread throughout through the full stated term (including any renewal or extension) of the Loans such indebtedness until payment in full so that the rate or amount of interest on account of the Loans such indebtedness does not exceed the applicable usury ceiling. Notwithstanding any provision contained in the Note, the Security Instrument, this Agreement or in any of the other Loan Documents, as amended herein, that permits the compounding of interest including, without limitation, any provision by which any of the accrued interest is added to the principal amount of the Note, the total amount of interest that Original Borrower or Assumptor is obligated to pay and Noteholder is entitled to receive with respect to the Loan shall not exceed the amount calculated on a simple (i.e., non-compounded) interest basis at the maximum nonusurious rate allowed by applicable law on principal amounts actually advanced to or for the account of Original Borrower or Assumptor, including all current and prior advances and any advances made pursuant to the Security Instrument, this Agreement or the other Loan Documents, as amended herein (including, but not limited to, the payment of taxes, insurance premiums and the like). The provisions of the Note and the other Loan Documents limiting the amount of interest which may be contracted for, charged or received on the indebtedness evidenced thereby and dealing with the rights and duties of the parties with respect to the charging or receiving of interest in excess of the maximum rate, are hereby incorporated in this Agreement by reference as though fully set forth herein. To the extent permitted by applicable Lawlaw, Original Borrower, Assumptor, Original Borrower Principal and New Borrower Principal hereby waive and release all claims and defenses based upon usury in connection with the execution and delivery of the Note and the other Loan Documents and the borrowing of the funds represented by the Loan.
Appears in 4 contracts
Samples: Assumption and Release Agreement (Inland American Real Estate Trust, Inc.), Assumption and Release Agreement (Inland American Real Estate Trust, Inc.), Assumption and Release Agreement (Inland American Real Estate Trust, Inc.)
Usury. It is the intent intention of the Lenders and the Borrower parties hereto to conform strictly to and contract in strict compliance with applicable usury Law from time to time laws now in effectforce. All agreements between Accordingly, if the Lenders and the Borrower are transactions contemplated hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible would be usurious under applicable Law. Iflaw, from any possible construction of then, in that event, notwithstanding anything to the contrary in any of the Loan Documents or in any other documentinstrument or agreement entered into in connection with or as security for the Loan Documents, it is agreed as follows: (i) the aggregate of all consideration that constitutes interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawlaw and that is contracted for, without the necessity of execution of any amendment charged or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans received under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, Agreement or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by under any of the Loan Documents does not include (whether designated as interest, fees, indemnities, payments or otherwise) shall under circumstances exceed the right maximum amount of interest permitted by applicable law calculated on the basis of the actual number of days elapsed over a year of three hundred sixty-five (365) days or three hundred sixty-six (366) days, as the case may be, and any excess shall be canceled automatically and, if theretofore paid, shall be credited on the Note by the holder thereof (or, if the Note and all other indebtedness owing under the Loan Documents have been paid in full, refunded to accelerate the payment Borrower); and (ii) in the event that the maturity of the Note is accelerated by reason of an election of the Bank resulting from a Default under this Agreement or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount permitted by applicable law, and excess interest, if any, provided for in this Agreement or otherwise shall be canceled automatically as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited on the Note (or, if the Note and all other indebtedness under the Loan Documents have been paid in full, refunded to the Borrower). All sections and provisions of this Agreement, the Note, the Loan Documents and the other instruments now or hereafter executed in connection with or as security for any of such agreements or instruments, including without limitation those sections and provisions calling for the calculation of interest on the basis of the actual number of days elapsed over a year of three hundred sixty (360) days, are subject to this paragraph 13.10, which has limits the maximum amount of interest. Notwithstanding anything contained herein to the contrary, the Bank will not otherwise accrued be required to advance any funds if on the date of such demand, and any proposed advance the Lenders do not intend prevailing interest rate which the Bank intends to charge or receive any unearned interest in the event (including rates of such demand. All interest paid or agreed to be paid to the Lenders discount and commissions with respect to bankers acceptance financing) would violate the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) usury laws of the Loans so that the amount State of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable LawOklahoma.
Appears in 4 contracts
Samples: Loan Agreement (First Physicians Capital Group, Inc.), Loan Agreement (Tri-Isthmus Group, Inc.), Loan Agreement (Tri-Isthmus Group, Inc.)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Credit Agreement, under the Notes Notes, under the First Mortgage Bonds or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Law.
Appears in 4 contracts
Samples: Credit Agreement (Public Service Co of New Mexico), Credit Agreement (Texas New Mexico Power Co), Term Loan Credit Agreement (PNM Resources Inc)
Usury. It is expressly stipulated and agreed to be the intent of Borrower, Administrative Agent and Lenders at all times to comply with applicable state Law or applicable United States federal Law (to the Lenders extent that it permits a Lender to contract for, charge, take, reserve, or receive a greater amount of interest than under state Law) and that this Section 9.19 shall control every other covenant and agreement in this Agreement, the Notes and the Borrower other Loan Documents. If applicable state or federal Law should at any time be judicially interpreted so as to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in render usurious any event or contingency (including but not limited to prepayment or acceleration amount called for under any of the maturity of any Borrower Obligation)Loan Documents, shall the interest taken, reserved, or contracted for, charged, taken, reserved, or received under this Loan Agreementwith respect to the Loan, under or if Administrative Agent’s exercise of the Notes option to accelerate the Maturity Date, or otherwise, exceed the maximum nonusurious amount permissible under if any prepayment by Borrower results in Borrower’s having paid any interest in excess of that permitted by applicable Law. If, from then it is Administrative Agent’s and each Lender’s express intent that all excess amounts theretofore collected by Administrative Agent or any possible construction of any Lender shall be credited on the Principal Debt and all other Indebtedness and the provisions of the Loan Documents or any other document, interest would otherwise shall immediately be payable in excess of deemed reformed and the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection amounts thereafter collectible hereunder and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawthereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized documents, so as interest on to comply with the Loans under applicable Law and which wouldLaw, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, otherwise called for hereunder or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandthereunder. All interest sums paid or agreed to be paid to Lenders for the Lenders with respect to use, forbearance, or detention of the Loans Loan shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans Loan until payment in full so that the rate or amount of interest on account of the Loans Loan does not exceed the maximum nonusurious amount permitted by lawful rate from time to time in effect and applicable Lawto the Loan for so long as the Loan is outstanding.
Appears in 4 contracts
Samples: Loan Agreement (KBS Strategic Opportunity REIT II, Inc.), Loan Agreement (KBS Real Estate Investment Trust III, Inc.), Loan Agreement (KBS Real Estate Investment Trust III, Inc.)
Usury. It is the intent intention of the Lenders parties hereto to conform strictly to the applicable laws of the State of Texas and the Borrower to conform to United States of America, and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between judicial or administrative interpretations or determinations thereof regarding the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted contracting for, chargedcharging and receiving of interest for the use, forbearance, and detention of money (referred to as "Applicable Law"). The Holder shall have no right to claim, to charge or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from to receive any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amountrate of interest, any such construction if any, permitted to be charged on that portion of the amount representing principal which is outstanding and unpaid from time to time by Applicable Law. Determination of the rate of interest for the purpose of determining whether this Note is usurious under Applicable Law shall be subject to made by amortizing, prorating, allocating and spreading in equal parts during the provisions period of the actual time of this subsection and such documents shall Note, all interest or other sums deemed to be automatically reduced interest (referred to in this Section as "Interest") at any time contracted for, charged or received from the maximum nonusurious amount permitted under applicable LawCompany in connection with this Note. Any Interest contracted for, without the necessity of execution of any amendment charged or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be received in excess of the maximum nonusurious amount, an amount equal rate allowed by Applicable Law shall be deemed a result of a mathematical error and a mistake. If this Note is paid in part prior to the amount which would have been excessive interest shall, without penalty, be applied to the reduction end of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of this Note and the Loans so that Interest received for the actual period of existence of this Note exceeds the maximum rate allowed by Applicable Law, Holder shall credit the amount of interest on account the excess against any amount owing under this Note or, if this Note has been paid in full, or in the event that it has been accelerated prior to maturity, Holder shall refund to the Company the amount of such excess, and shall not be subject to any of the Loans does not exceed penalties provided by Applicable Law for contracting for, charging or receiving Interest in excess of the maximum nonusurious amount permitted rate allowed by applicable Applicable Law. Any such excess which is unpaid shall be canceled.
Appears in 4 contracts
Samples: Purchase and Sale Agreement (Us Legal Support Inc), Purchase and Sale Agreement (Us Legal Support Inc), Purchase and Sale Agreement (Us Legal Support Inc)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Credit Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Revolving Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Revolving Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Revolving Loans. The right to demand payment of the Revolving Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Revolving Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Revolving Loans so that the amount of interest on account of the Revolving Loans does not exceed the maximum nonusurious amount permitted by applicable Law.
Appears in 3 contracts
Samples: Credit Agreement (PNM Resources Inc), Credit Agreement (Texas New Mexico Power Co), Credit Agreement (PNM Resources Inc)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions In no event shall any provision of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents Agreement or any other document, Credit Document ever obligate any Borrower to pay or allow any Lender to collect interest would otherwise be payable in excess on any Loan or any other Obligation of a Borrower hereunder at a rate greater than the maximum nonusurious amount, any such construction shall be subject non-usurious rate permitted by applicable law (herein referred to as the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest"highest lawful rate"), or refunded obligate any Borrower to the Borrower pay any taxes, assessments, charges, insurance premiums or the other payor thereof if and amounts to the extent that such amount which would have been excessive exceeds such unpaid principal amount of payments, when added to the Loans. The right to demand payment of interest payable on the Loans or any other Indebtedness evidenced Obligations, would be held to constitute the payment by a Borrower of interest at a rate greater than the highest lawful rate. This provision shall control over any provision to the contrary. Without limiting the generality of the Loan Documents does not include foregoing, in the right event the maturity of all or any part of the principal amount of the Obligations of a Borrower shall be accelerated for any reason, then such principal amount so accelerated shall be credited with any interest theretofore paid thereon in advance and remaining unearned at the time of such acceleration. If, pursuant to accelerate the terms of this Agreement, any funds are applied to the payment of any part of the principal amount of the Obligations of a Borrower prior to the maturity thereof, then (a) any interest which has not would otherwise accrued thereafter accrue on the principal amount so paid by such application shall be canceled, and (b) the Obligations of such Borrower remaining unpaid after such application shall be credited with the amount of all interest, if any, theretofore collected on the principal amount so paid by such application and remaining unearned at the date of said application; and if the funds so applied shall be sufficient to pay in full all the Obligations of such demandBorrower, and then the Lenders do not intend shall refund to charge such Borrower all interest theretofore paid thereon in advance and remaining unearned at the time of such acceleration. Regardless of any other provision in this Agreement or receive any other Credit Document, no Borrower shall be required to pay any unearned interest on any Obligations or any portion thereof, or be required to pay interest thereon at a rate in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) excess of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted highest lawful rate construed by applicable Lawcourts having competent jurisdiction thereof.
Appears in 3 contracts
Samples: Credit Agreement (Flextronics International LTD), Credit Agreement (Flextronics International LTD), Credit Agreement (Flextronics International LTD)
Usury. It is The Borrower, the intent of Lenders, the Lenders Agent and all other parties to the Borrower Loan Documents intend to conform to and contract in strict compliance with applicable usury Law law from time to time in effect. All agreements between the Lenders Borrower and the Borrower Lenders (or any other party liable with respect to any of the Obligations) are hereby limited by the provisions of this subsection Section which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oralarising. In no way, nor in any event or contingency (including but not limited to prepayment prepayment, default, demand for payment, or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, chargeable, or received under this Loan Agreement, under a Note, any of the Notes other Loan Documents, or otherwise, exceed the maximum nonusurious amount permissible under applicable LawMaximum Rate. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amountMaximum Amount, any such construction shall be subject to the provisions of this subsection Section and such documents document shall ipso facto be automatically reformed and the interest payable shall be automatically reduced to the maximum nonusurious amount permitted under applicable LawMaximum Amount, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law law and which would, would apart from this provision, provision be in excess of the maximum nonusurious amountMaximum Amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans Obligations in the inverse order of its maturity and not to the payment of interest, or be refunded to the Borrower or the other payor thereof if and to thereof, at the extent election of such amount which would have been excessive exceeds such unpaid principal amount of the LoansLender in its sole discretion or as required by applicable law. The right to demand payment accelerate maturity of the Loans a Note or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandacceleration, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandacceleration. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread throughout the full stated term (including any renewal or extension) of the Loans so such Indebtedness such that the amount of such interest on account of the Loans does not exceed the maximum nonusurious amount permitted Maximum Amount. As used in this Section, the term "applicable law" shall mean the laws of such state or states whose laws are held by any court of competent jurisdiction to govern or the federal laws of the United States applicable Lawto this transaction, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 3 contracts
Samples: Revolving Credit Agreement (RFS Hotel Investors Inc), Revolving Credit and Term Loan Agreement (RFS Hotel Investors Inc), Revolving Credit Agreement (RFS Hotel Investors Inc)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection paragraph which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity date of any the Borrower ObligationObligations), shall the interest taken, reserved, contracted for, charged, or received under this Loan Credit Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Lawlaw. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection paragraph and interest owing pursuant to such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawlaw, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law law and which would, apart from this provision, be in excess of the maximum nonusurious lawful amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Lawlaw.
Appears in 3 contracts
Samples: Credit Agreement (Baker Hughes Inc), 364 Day Credit Agreement (Baker Hughes Inc), Credit Agreement (Baker Hughes Inc)
Usury. It is expressly stipulated and agreed to be the intent of each Borrower, Administrative Agent and Lenders at all times to comply with applicable state Law or applicable United States federal Law (to the Lenders extent that it permits a Lender to contract for, charge, take, reserve, or receive a greater amount of interest than under state Law) and that this Section 9.19 shall control every other covenant and agreement in this Agreement, the Notes and the Borrower other Loan Documents. If applicable state or federal Law should at any time be judicially interpreted so as to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in render usurious any event or contingency (including but not limited to prepayment or acceleration amount called for under any of the maturity of any Borrower Obligation)Loan Documents, shall the interest taken, reserved, or contracted for, charged, taken, reserved, or received under this Loan Agreementwith respect to the Loan, under or if Administrative Agent’s exercise of the Notes option to accelerate the Maturity Date, or otherwise, exceed the maximum nonusurious amount permissible under if any prepayment by Borrowers results in Borrowers’ having paid any interest in excess of that permitted by applicable Law. If, from then it is Administrative Agent’s and each Lender’s express intent that all excess amounts theretofore collected by Administrative Agent or any possible construction of any Lender shall be credited on the Principal Debt and all other Indebtedness and the provisions of the Loan Documents or any other document, interest would otherwise shall immediately be payable in excess of deemed reformed and the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection amounts thereafter collectible hereunder and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawthereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized documents, so as interest on to comply with the Loans under applicable Law and which wouldLaw, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, otherwise called for hereunder or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandthereunder. All interest sums paid or agreed to be paid to Lenders for the Lenders with respect to use, forbearance, or detention of the Loans Loan shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans Loan until payment in full so that the rate or amount of interest on account of the Loans Loan does not exceed the maximum nonusurious amount permitted by lawful rate from time to time in effect and applicable Lawto the Loan for so long as the Loan is outstanding.
Appears in 3 contracts
Samples: Loan Agreement (KBS Real Estate Investment Trust III, Inc.), Loan Agreement (KBS Real Estate Investment Trust II, Inc.), Loan Agreement (KBS Real Estate Investment Trust III, Inc.)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Credit Agreement, under the Notes Notes, under the First Mortgage Bonds or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Revolving Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Revolving Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Revolving Loans. The right to demand payment of the Revolving Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Revolving Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Revolving Loans so that the amount of interest on account of the Revolving Loans does not exceed the maximum nonusurious amount permitted by applicable Law.
Appears in 3 contracts
Samples: Credit Agreement (Texas New Mexico Power Co), Credit Agreement (PNM Resources Inc), Credit Agreement (Texas New Mexico Power Co)
Usury. It is the intent of the Lenders and the Borrower Borrowers to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower Borrowers are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Credit Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Revolving Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Revolving Loans and not to the payment of interest, or refunded to the Borrower Borrowers or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Revolving Loans. The right to demand payment of the Revolving Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Revolving Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Revolving Loans so that the amount of interest on account of the Revolving Loans does not exceed the maximum nonusurious amount permitted by applicable Law.
Appears in 3 contracts
Samples: Credit Agreement (PNM Resources Inc), Credit Agreement (PNM Resources Inc), Credit Agreement (PNM Resources Inc)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection paragraph which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity date of any the Borrower ObligationObligations), shall the interest taken, reserved, contracted for, charged, or received under this Loan Credit Agreement, under the Notes or otherwise, exceed the maximum nonusurious non-usurious amount permissible under applicable Lawlaw. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious non-usurious amount, any such construction shall be subject to the provisions of this subsection paragraph and interest owing pursuant to such documents shall be automatically reduced to the maximum nonusurious non-usurious amount permitted under applicable Lawlaw, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law law and which would, apart from this provision, be in excess of the maximum nonusurious lawful amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious non-usurious amount permitted by applicable Lawlaw.
Appears in 3 contracts
Samples: Credit Agreement (Baker Hughes Inc), Credit Agreement (Baker Hughes Inc), Credit Agreement (Baker Hughes Inc)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders Trustor and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreementsBeneficiary, whether now existing or hereafter arising and whether written or oral. In , are hereby limited so that in no waycontingency, nor in any event or contingency (including but not limited to prepayment whether by reason of demand or acceleration of the maturity date of any Borrower Obligation)the Notes or otherwise, shall the interest taken, reserved, contracted for, charged, received, paid or received under this Loan Agreement, under the Notes or otherwise, agreed to be paid to Beneficiary exceed the maximum nonusurious amount permissible under the applicable Lawlaw. If, from any possible construction of any of the Loan Documents or any other documentcircumstance whatsoever, interest would otherwise be payable to Beneficiary in excess of the maximum nonusurious amountamount permissible under applicable law, any such construction the interest payable to Beneficiary shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted permissible under applicable Law, without the necessity of execution of law; and if from any amendment or new document. If any Lender circumstance Beneficiary shall ever receive anything of value which is characterized as deemed interest on the Loans under by applicable Law and which would, apart from this provision, be law in excess of the maximum nonusurious amountamount permissible under applicable law, an amount equal to the amount which would have been excessive interest shall, without penalty, shall be applied to the reduction of the principal amount owing on of the Loans Notes and not to the payment of interest, or if such excessive amount of interest exceeds the unpaid balance of principal of the Notes, such excess shall be refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandBorrower. All interest paid or agreed to be paid to the Lenders with respect to the Loans Beneficiary shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, and spread throughout the full stated term period (including any renewal or extension) until payment in full of the Loans principal so that the amount of interest on account of accruing under the Loans does Notes for such full period shall not exceed the maximum nonusurious amount permissible under applicable law. Trustor expressly disavows any intent to contract for, charge or receive interest in an amount which exceeds the maximum amount permissible under applicable law. For the purpose of determining the highest lawful rate per annum permitted by the applicable Lawlaws of the State of Texas, the “weekly ceiling” from time to time in effect as defined in Tex. Fin. Code §303.009(f) (1999), as amended, shall be the ceiling applicable to this transaction; however, if permitted by law, Beneficiary may implement any ceiling under that law used to compute the rate of interest hereunder by notice to Trustor as provided in such article. Notwithstanding the foregoing sentence, if the Depository Institutions and Deregulation and Monetary Control Act of 1980, 12 U.S.C. Sections 1235f-7 and 1735f-7a, as amended, permits a higher maximum rate than the Texas Finance Code, such higher maximum rate shall apply to the Notes. In determining the highest lawful rate, all fees and other charges contracted for, charged or received by Beneficiary in connection with the Indebtedness which are either deemed interest by applicable law or required by applicable law to be deducted from the principal balance of the Notes to determine the rate of interest hereon shall be taken into account.
Appears in 3 contracts
Samples: Commercial Deed of Trust (Grubb & Ellis Healthcare REIT, Inc.), Commercial Deed of Trust (NNN Healthcare/Office REIT, Inc.), Commercial Deed of Trust (NNN Healthcare/Office REIT, Inc.)
Usury. This Deed of Trust and all of the other Loan Documents are intended to be performed in accordance with, and only to the extent permitted by, all applicable usury laws. If any provision hereof or of any of the other Loan Documents or the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, neither the application of such provision to any other person or circumstance nor the remainder of the instrument in which such provision is contained shall be affected thereby and shall be enforced to the greatest extent permitted by applicable laws. It is expressly stipulated and agreed to be the intent of Grantor and Beneficiary to at all times comply with the Lenders usury and the Borrower to conform to and contract in strict compliance with other applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether laws now existing or hereafter arising and whether written governing the interest payable on the Obligations. If the applicable law is ever revised, repealed or oral. In no way, nor in judicially interpreted so as to render usurious any event or contingency (including but not limited to prepayment or acceleration amount called for under any of the maturity of any Borrower Obligation)other Loan Documents, shall the interest taken, reserved, or contracted for, charged, taken, reserved or received under this Loan Agreementwith respect to the Obligations, under or if Beneficiary's exercise of the Notes option to accelerate the maturity of the Obligations, or otherwise, exceed if any prepayment of the maximum nonusurious amount permissible under applicable Law. If, from any possible construction Obligations result in the payment of any of the Loan Documents or any other document, interest would otherwise be payable in excess of that permitted by law to be agreed upon by Grantor and Beneficiary, then it is the maximum nonusurious amountexpress intent of Grantor and Beneficiary that all excess amounts theretofore collected by Beneficiary be credited on the principal balance of the Loans (or, any if the Loans and all of such construction shall be subject to other Obligations have been paid in full, refunded), and the provisions of this subsection the Loans and such documents shall the other Loan Documents immediately be automatically reduced to deemed reformed and the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectable hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under then applicable Law and which wouldlaws, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, otherwise called for hereunder or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandthereunder. All interest paid sums paid, or agreed to be paid to paid, for the Lenders with respect to use, forbearance, detention, taking, charging, receiving or reserving on the Loans Obligations shall, to the extent permitted by applicable Lawlaws, be amortized, prorated, allocated, allocated and spread throughout the full stated term (including any renewal or extension) of the Loans such Obligations until payment in full so that the rate or amount of interest on account of the Loans such Obligations does not exceed any usury ceiling from time to time in effect and applicable thereto for so long as debt is outstanding under the maximum nonusurious amount permitted by applicable LawObligations.
Appears in 2 contracts
Samples: Deed of Trust (Maxxam Inc), Deed of Trust (Maxxam Inc)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the No provisions of this subsection which shall override and control all such agreements, whether now existing Agreement or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents shall require the payment or any other documentpermit the collection, application or receipt of interest would otherwise be payable in excess of the maximum nonusurious amount, permitted by applicable state or federal law. If any excess of interest in such respect is herein or in any such construction other instrument provided for, or shall be subject adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection paragraph shall govern, and such documents neither the Borrower, the Loan Parties nor any endorsers of the Note nor their respective successors, assigns or personal representatives shall be automatically reduced obligated to pay the amount of such interest to the maximum nonusurious extent it is in excess of the amount permitted under by applicable Lawlaw. It is expressly stipulated and agreed to be the intent of the Borrower, the Loan Parties and the Lender to at all times comply with the usury and other laws relating to the Loan Documents and any subsequent revisions, repeals or judicial interpretations thereof, to the extent applicable thereto. In the event the Lender or other holder of the Note ever receives, collects or applies as interest any such excess, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of the Note and, if upon such application the principal balance of the Note is paid in full, any remaining excess shall be forthwith paid to the Borrower and the provisions of the Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under then applicable Law and which wouldlaw, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to otherwise called for thereunder. In determining whether or not the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed payable under any specific contingency exceeds the maximum interest allowed to be paid to charged by applicable law, the Lenders with respect to Borrower, the Loans Loan Parties and the Lender or other holder hereof shall, to the maximum extent permitted by under applicable Lawlaw, be amortizedamortize, proratedprorate, allocated, allocate and spread the total amount of interest throughout the full stated entire term (including any renewal or extension) of the Loans Note so that the amount or rate of interest on account charged for any and all periods of time during the term of the Loans does not exceed Note is to the greatest extent possible less than the maximum nonusurious amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in the Note to “applicable Lawlaw” for purposes of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest.
Appears in 2 contracts
Samples: Credit Agreement (Global Income Trust, Inc.), Credit Agreement (Global Income Trust, Inc.)
Usury. It is the intent of the Lenders Lender and the Borrower Borrowers in the execution and performance of this Agreement and the Note or any Loan Document to conform to and contract remain in strict compliance with applicable usury Applicable Law from time to time in effect. All agreements between the Lenders In furtherance thereof, Lender and the Borrower Borrowers stipulate and agree that none of the terms and provisions contained in the Note, this Agreement or any Loan Document shall ever be construed to create a contract to pay for the use, forbearance or detention of money with interest at a rate or in an amount in excess of the Maximum Rate or amount of interest permitted to be charged under Applicable Law. For purposes of this Agreement, the Note and any other Loan Document, "interest" shall include the aggregate of all charges which constitute interest under Applicable Law that are hereby limited by contracted for, taken, charged, reserved, or received under this Agreement, the Note or any other Loan Document. The Borrowers shall never be required to pay unearned interest or interest at a rate or in an amount in excess of the Maximum Rate or amount of interest that may be lawfully charged under Applicable Law, and the provisions of this subsection paragraph shall control over all other provisions of this Agreement and the Note or any Loan Document, which shall override and control all such agreementsmay be in actual or apparent conflict herewith. If the Note is prepaid, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of if the maturity of the Note is accelerated for any Borrower Obligation)reason, or if under any other contingency the effective rate or amount of interest which would otherwise be payable under the Note would exceed the Maximum Rate or amount of interest Lender or any other holder of the Note is allowed by Applicable Law to charge, contract for, take, reserve or receive, or in the event Lender or any holder of the Note shall charge, contract for, take, reserve or receive monies that are deemed to constitute interest which would, in the absence of this provision, increase the effective rate or amount of interest payable under the Note to a rate or amount in excess of that permitted to be charged, contracted for, taken, reservedreserved or received under Applicable Law then in effect, then the principal amount of the Note or the amount of interest which would otherwise be payable under the Note or both shall be reduced to the amount allowed under Applicable Law as now or hereinafter construed by the courts having jurisdiction, and all such moneys so charged, contracted for, taken, reserved or received that are deemed to constitute interest in excess of the Maximum Rate or amount of interest permitted by Applicable Law shall immediately be returned to or credited to the account of the Borrowers upon such determination. Lender and the Borrowers further stipulate and agree that, without limitation of the foregoing, all calculations of the rate or amount of interest contracted for, charged, taken, reserved or received under this Loan Agreementthe Note which are made for the purpose of determining whether such rate or amount exceeds the Maximum Rate, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and made to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced not prohibited by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Applicable Law, be amortizedby amortizing, proratedprorating, allocated, allocating and spread throughout spreading during the period of the full stated term (including any renewal or extension) of the Loans so that Note, all interest at any time contracted for, charged, taken, reserved or received from the amount of interest on account Borrowers or otherwise by Lender or any other holder of the Loans does not exceed the maximum nonusurious amount permitted by applicable LawNote.
Appears in 2 contracts
Samples: Warehousing Credit and Security Agreement (Hanover Capital Mortgage Holdings Inc), Warehousing Credit and Security Agreement (Hanover Capital Mortgage Holdings Inc)
Usury. It is the intent of the Lenders Lender and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders Lender and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes Note or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any the Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do Lender does not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders Lender with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Law.
Appears in 2 contracts
Samples: Term Loan Agreement (Public Service Co of New Mexico), Term Loan Agreement (PNM Resources Inc)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the The provisions of this subsection which Section shall override govern and control all such agreements, whether now existing over any irreconcilably inconsistent provision contained in this Agreement or hereafter arising and whether written or oral. In no way, nor in any event other document evidencing or contingency securing the Loan. Bank shall never be entitled to receive, collect, or apply as interest hereon (including but not limited for purposes of this Section, the word "INTEREST" shall be deemed to prepayment or acceleration include any sums treated as interest under applicable law governing matters of the maturity of any Borrower Obligationusury and unlawful interest), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious any amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amountHighest Lawful Rate (hereinafter defined) and, in the event Bank ever receives, collects, or applies as interest any such excess, such amount which would be excessive interest shall be deemed a partial prepayment of principal and shall be treated hereunder as such; and, if the principal of this Agreement is paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate, Borrower and Bank shall, to the maximum extent permitted under applicable law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) spread the total amount of interest throughout the entire contemplated term of this Agreement, provided, that if this Agreement is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence hereof exceeds the Highest Lawful Rate, Bank shall refund to Borrower the amount of such construction excess and, in such event, Bank shall not be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawany penalties provided by any laws for contracting for, without the necessity of execution of any amendment charging or new document. If any Lender shall ever receive anything of value which is characterized as receiving interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the Highest Lawful Rate. "HIGHEST LAWFUL RATE" shall mean the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction rate of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandBank is allowed to contract for, and the Lenders do not intend to charge charge, take, reserve or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shallunder applicable law after taking into account, to the extent permitted required by applicable Lawlaw, be amortized, prorated, allocated, any and spread throughout the full stated term (including any renewal all relevant payments or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Lawcharges hereunder.
Appears in 2 contracts
Samples: Loan Agreement (SPSS Inc), Loan Agreement (Firstcity Financial Corp)
Usury. It is expressly stipulated and agreed to be the intent of Borrower and Lenders at all times to comply strictly with the applicable Texas law governing the maximum rate or amount of interest payable on the Notes or the Related Indebtedness (or applicable United States federal law to the extent that it permits Lenders and the Borrower to conform to and contract in strict compliance with for, charge, take, reserve or receive a greater amount of interest than under Texas law). Accordingly, if applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing law (or hereafter arising and whether written or oral. In no way, nor in any event or contingency judicial interpretation thereof) renders usurious any amount (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, i) contracted for, charged, taken, reserved or received under this Loan Agreementpursuant to the Notes, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the other Loan Documents or any other documentcommunication or writing by or between Borrower and Lenders related to the transaction or transactions that are the subject matter of the Loan Documents, interest would otherwise be payable (ii) contracted for, charged or received by reason of Lenders’ exercise of the option to accelerate the maturity of the Notes and/or the Related Indebtedness, or (iii) Borrower will have paid or Lenders will have received by reason of any voluntary prepayment by Borrower of the Notes and/or the Related Indebtedness, then it is Borrower’s and Lenders’ express intent that all amounts charged in excess of the maximum nonusurious amount, any such construction Maximum Lawful Rate shall be subject automatically cancelled, ab initio, and all amounts in excess of the Maximum Lawful Rate theretofore collected by Lenders shall be credited on the principal balance of the Notes and/or the Related Indebtedness (or, if the Notes and all Related Indebtedness have been or would thereby be paid in full, refunded to Borrower), and, to the fullest extent permitted under applicable law, the provisions of this subsection the Notes and such documents shall the other Loan Documents immediately be automatically reduced to deemed reformed and the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder; provided, however, if the Notes have been paid in full before the end of the stated term of the Notes, then Borrower and Lenders agree that Lenders shall either refund such excess interest to Borrower and/or credit such excess interest against the Notes and/or any Related Indebtedness then owing by Borrower to Lenders. If any Lender shall ever receive anything of value which is characterized as interest on To the Loans fullest extent permitted under applicable Law and which wouldlaw, apart from this provisionBorrower hereby agrees that as a condition precedent to any claim seeking usury penalties against Lenders, be Borrower will provide written notice to Lenders, advising Lenders in excess reasonable detail of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans nature and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansviolation, and Lenders shall have sixty (60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess interest to Borrower or crediting such excess interest against the Notes and/or the Related Indebtedness then owing by Borrower to Lenders. The right to demand payment All sums contracted for, charged or received by Lenders for the use, forbearance or detention of the Loans or any other Indebtedness debt evidenced by any of the Loan Documents does not include Notes and/or the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans Related Indebtedness shall, to the extent permitted by applicable Lawlaw, be amortizedamortized or spread, proratedusing the actuarial method, allocated, and spread throughout the full stated term of the Notes and/or the Related Indebtedness (including any and all renewal or extensionand extension periods) of the Loans until payment in full so that the rate or amount of interest on account of the Loans Notes and/or the Related Indebtedness does not exceed the maximum nonusurious Maximum Lawful Rate from time to time in effect and applicable to the Notes and/or the Related Indebtedness for so long as debt is outstanding. In no event shall the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving triparty accounts) apply to the Notes and/or the Related Indebtedness. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is not the intention of Lenders to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. To the fullest extent permitted under applicable law, Borrower and Lenders hereby agree that any and all suits alleging the contracting for, charging or receiving of usurious interest shall lie in Dallas County, Texas, and each irrevocably waive the right to venue in any other county. To the extent that Lenders are relying on Chapter 303 of the Texas Finance Code to determine the Maximum Lawful Rate payable on the Notes and/or the Related Indebtedness, Lenders will utilize the weekly ceiling from time to time in effect as provided in such Chapter 303, as amended. To the extent United States federal law permits Lenders to contract for, charge, take, receive or reserve a greater amount of interest than under Texas law, Lenders will rely on United States federal law instead of such Chapter 303 for the purpose of determining the Maximum Lawful Rate. Additionally, to the extent permitted by applicable Lawlaw now or hereafter in effect, Lenders may, at its option and from time to time, utilize any other method of establishing the Maximum Lawful Rate under such Chapter 303 or under other applicable law by giving notice, if required, to Borrower as provided by applicable law now or hereafter in effect.
Appears in 2 contracts
Samples: Loan Agreement (Howard Hughes Corp), Loan Agreement (Howard Hughes Corp)
Usury. This Deed of Trust and all of the other Loan Documents are intended to be performed in accordance with, and only to the extent permitted by, all applicable usury laws. If any provision hereof or of any of the other Loan Documents or the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, neither the application of such provision to any other person or circumstance nor the remainder of the instrument in which such provision is contained shall be affected thereby and shall be enforced to the greatest extent permitted by applicable laws. It is expressly stipulated and agreed to be the intent of Grantor and Beneficiary to at all times comply with the Lenders usury and the Borrower to conform to and contract in strict compliance with other applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether laws now existing or hereafter arising and whether written governing the interest payable on the Obligations. If the applicable law is ever revised, repealed or oral. In no way, nor in judicially interpreted so as to render usurious any event or contingency (including but not limited to prepayment or acceleration amount called for under any of the maturity of any Borrower Obligation)other Loan Documents, shall the interest taken, reserved, or contracted for, charged, taken, reserved or received under this Loan Agreementwith respect to the Obligations, under or if Beneficiary’s exercise of the Notes option to accelerate the maturity of the Obligations, or otherwise, exceed if any prepayment of the maximum nonusurious amount permissible under applicable Law. If, from any possible construction Obligations result in the payment of any of the Loan Documents or any other document, interest would otherwise be payable in excess of that permitted by law to be agreed upon by Grantor and Beneficiary, then it is the maximum nonusurious amountexpress intent of Grantor and Beneficiary that all excess amounts theretofore collected by Beneficiary be credited on the principal balance of the Loans (or, any if the Loans and all of such construction shall be subject to other Obligations have been paid in full, refunded), and the provisions of this subsection the Loans and such documents shall the other Loan Documents immediately be automatically reduced to deemed reformed and the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectable hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under then applicable Law and which wouldlaws, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, otherwise called for hereunder or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandthereunder. All interest paid sums paid, or agreed to be paid to paid, for the Lenders with respect to use, forbearance, detention, taking, charging, receiving or reserving on the Loans Obligations shall, to the extent permitted by applicable Lawlaws, be amortized, prorated, allocated, allocated and spread throughout the full stated term (including any renewal or extension) of the Loans such Obligations until payment in full so that the rate or amount of interest on account of the Loans such Obligations does not exceed any usury ceiling from time to time in effect and applicable thereto for so long as debt is outstanding under the maximum nonusurious amount permitted by applicable LawObligations.
Appears in 2 contracts
Samples: Deed of Trust (Maxxam Inc), Deed of Trust (Maxxam Inc)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Credit Agreement, under the Revolving Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Revolving Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Revolving Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Revolving Loans. The right to demand payment of the Revolving Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Revolving Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Revolving Loans so that the amount of interest on account of the Revolving Loans does not exceed the maximum nonusurious amount permitted by applicable Law.
Appears in 2 contracts
Samples: Credit Agreement (PNM Resources), Credit Agreement (PNM Resources Inc)
Usury. It To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any action or proceeding that may be brought by the Purchaser in order to enforce any right or remedy under this Agreement, the Note and any document, agreement or instrument contemplated thereby. Notwithstanding any provision to the contrary contained in this Agreement, the Note and any document, agreement or instrument contemplated thereby, it is expressly agreed and provided that the intent total liability of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received Company under this Loan Agreement, the Note or any document, agreement or instrument contemplated thereby for payments which under applicable law are in the Notes or otherwise, nature of interest shall not exceed the maximum nonusurious amount permissible lawful rate authorized under applicable Lawlaw (the “Maximum Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums which under applicable law in the nature of interest that the Company may be obligated to pay under this Agreement, the Note and any document, agreement or instrument contemplated thereby exceed such Maximum Rate. IfIt is agreed that if the maximum contract rate of interest allowed by law applicable to this Agreement, from the Note and any possible construction of any of the Loan Documents document, agreement or instrument contemplated thereby is increased or decreased by statute or any other official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to this Agreement, the Note and any document, agreement or instrument contemplated thereby from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest would otherwise be payable in excess of the maximum nonusurious amountMaximum Rate is paid by the Company to the Purchaser with respect to indebtedness evidenced by this Agreement, the Note and any document, agreement or instrument contemplated thereby, such excess shall be applied by the Purchaser to the unpaid principal balance of any such construction shall indebtedness or be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or Company, the other payor thereof if and to the extent manner of handling such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed excess to be paid to at the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable LawPurchaser’s election.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Digerati Technologies, Inc.), Securities Purchase Agreement (Digerati Technologies, Inc.)
Usury. It is expressly stipulated and agreed to be the intent of Hanover, HCLP, the Administrative Agent and the Lenders and at all times to comply with the Borrower applicable law governing the maximum rate or amount of interest payable on or in connection with the Loans. If the applicable law is ever judicially interpreted so as to conform render usurious any amount or compensation called for under this Agreement or any of the other Loan Documents, or contracted for, charged, taken, reserved or received with respect to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between any of the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreementsLoans, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or if acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents Loans, any prepayment by HCLP, or any other documentcircumstance whatsoever, results in the Lenders, or any of them, having been paid any interest would otherwise be payable in excess of that permitted by applicable law, then it is the maximum nonusurious amountexpress intent of HCLP, any such construction shall the Administrative Agent and the Lenders that all excess amounts theretofore collected by the Lenders be subject credited on the principal balances of the Loans (or, if the Loans have been or would thereby be paid in full, refunded to HCLP), and the provisions of this subsection other applicable Loan Documents immediately be deemed reformed and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under applicable Law and which wouldlaw, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans otherwise called for hereunder and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansthereunder. The right to demand payment accelerate the maturity of any or all of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandacceleration, and the Lenders do not intend to charge or receive collect any unearned interest in the event of such demandacceleration. All interest sums or other compensation paid or agreed to be paid to the Lenders with respect to for the Loans use, forbearance or detention of the indebtedness evidenced hereby shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread with respect to all of the Loans throughout the full stated term (including any renewal or extension) of the Loans such indebtedness until payment in full of all such indebtedness so that the rate or amount of interest on account of such indebtedness under all of the Loans does not exceed the Maximum Lawful Rate or maximum nonusurious amount of interest permitted under applicable law. The term “Maximum Lawful Rate” as used herein as to any Lender means the maximum non-usurious rate of interest which may be lawfully contracted for, charged, taken, reserved, or received by such Lender from HCLP in connection with the Loans evidenced hereby under applicable Lawlaw. The provisions of this Section 11.15 shall control all agreements between HCLP and the Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Hanover Compressor Co /), Credit Agreement (Hanover Compressor Co /)
Usury. It is In any event no rate change shall be put into effect which would result in a rate greater than the intent of highest rate permitted by law. Notwithstanding anything to the Lenders and the Borrower to conform to and contract contrary contained in strict compliance with applicable usury Law from time to time in effect. All any Loan Document, all agreements which either now are or which shall become agreements between the Lenders Borrower and the Borrower Lender are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing so that in no contingency or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), whatsoever shall the interest takentotal liability for payments in the nature of interest, reservedadditional interest, contracted forDefault Interest, chargedfees payable hereunder, or received under this Loan Agreement, under the Notes or otherwise, and other charges exceed the maximum nonusurious amount permissible under applicable Law. If, from limits imposed by any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new documentusury laws. If any Lender shall ever receive anything payments in the nature of value which is characterized as interest on the Loans interest, additional interest, Default Interest, fees payable hereunder, and other charges made under applicable Law and which would, apart from this provision, any Loan Document are held to be in excess of the maximum nonusurious amountlimits imposed by any applicable usury laws, an it will be deemed a mutual mistake and any such amount equal held to be in excess shall be considered payment of principal hereunder, and the indebtedness evidenced hereby shall be reduced by such amount (or if there is no existing indebtedness, refunded to the amount which would have been excessive interest shall, without penalty, be applied to Borrower) so that the reduction of total liability for payments in the principal amount owing on the Loans and not to the payment nature of interest, or refunded to additional interest and other charges shall not exceed the applicable limits imposed by any applicable usury laws, in compliance with the desires of the Borrower and the Lender. All amounts constituting interest will be spread throughout the full term of the indebtedness evidenced hereby in determining whether interest exceeds lawful amounts. The Borrower agrees that the interest rate contracted for herein includes the interest rate set forth in this Section 2.8 plus any other charges or fees set forth herein and costs and expenses incident to this transaction paid by the other payor thereof if and Borrower to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansthat they are deemed interest under applicable law. The right to demand payment of the Loans This provision shall never be superseded or any waived and shall control every other Indebtedness evidenced by any provision of the Loan Documents does not include and all agreements between the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, Borrower and the Lenders do not intend to charge Lender, or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, their successors and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Lawassigns.
Appears in 2 contracts
Samples: Credit and Security Agreement (HC2 Holdings, Inc.), Credit and Security Agreement (Schuff International Inc)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders Borrower and each Lender hereunder are expressly limited so that in no event shall the Borrower are hereby limited by amount paid, or agreed to be paid, to any Lender for the provisions of this subsection which shall override and control all such agreementsuse, whether now existing forbearance or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration detention of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, money to be loaned hereunder exceed the maximum nonusurious amount permissible under applicable Lawlaw. If, If from any possible construction circumstances fulfillment of any provision of this Agreement, the Loan Documents Security Agreement, the Warrants, or of any other documentdocument evidencing, interest would otherwise be payable in excess securing or pertaining thereto, at the time performance of the maximum nonusurious amount, any such construction provision shall be subject due, shall involve transcending the limit of validity prescribed by law, then ipso facto, the obligation to the provisions of this subsection and such documents be fulfilled shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawlimit of such validity, without the necessity of execution of and if from any amendment or new document. If any such circumstances a Lender shall ever receive anything of value which is characterized as interest on or deemed interest by applicable law pursuant to this Agreement, or any other document evidencing, securing, or pertaining to the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amountindebtedness incurred hereby or pursuant to a Note, an amount equal to that would exceed the highest lawful rate, such amount which that would have been be excessive interest shall, without penalty, shall be applied to the reduction of the principal amount owing on hereunder or under the Loans applicable Note, and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal of the applicable Note, such excess shall be refunded to the Borrower Borrower. In determining whether or not the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders payable with respect to any indebtedness of the Loans Borrower exceeds the highest lawful rate, the Borrower and the Lender shall, to the maximum extent permitted by applicable Lawlaw, be amortized(i) characterize any nonprincipal payment as an expense, proratedfee or premium rather than as interest, allocated(ii) amortize, prorate, allocate and spread the total amount of interest throughout the full stated term (including any renewal or extension) of the Loans such indebtedness so that the amount actual rate of interest on account of such indebtedness is uniform throughout the Loans does not exceed term thereof and/or (iii) allocate interest between portions of such indebtedness, to the maximum nonusurious amount end that no such portion shall bear interest at a rate greater than that permitted by applicable Lawlaw. The terms and provisions of this Section 9 shall control and supersede every other conflicting provision of all agreements between the Borrower and the Lenders.
Appears in 2 contracts
Samples: Bridge Loan Agreement (Vincera, Inc.), Bridge Loan Agreement (Vincera, Inc.)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions In no event shall any provision of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents Agreement or any other document, Credit Document ever obligate Borrower to pay or allow any Lender to collect interest would otherwise be payable in excess on any Loan or any other Obligation of Borrower hereunder at a rate greater than the maximum nonusurious amount, any such construction shall be subject non-usurious rate permitted by applicable law (herein referred to as the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest“highest lawful rate”), or refunded obligate Borrower to the Borrower pay any taxes, assessments, charges, insurance premiums or the other payor thereof if and amounts to the extent that such amount which would have been excessive exceeds such unpaid principal amount of payments, when added to the Loans. The right to demand payment of interest payable on the Loans or any other Indebtedness evidenced Obligations, would be held to constitute the payment by Borrower of interest at a rate greater than the highest lawful rate. This provision shall control over any provision to the contrary. Without limiting the generality of the Loan Documents does not include foregoing, in the right event the maturity of all or any part of the principal amount of the Obligations of Borrower shall be accelerated for any reason, then such principal amount so accelerated shall be credited with any interest theretofore paid thereon in advance and remaining unearned at the time of such acceleration. If, pursuant to accelerate the terms of this Agreement, any funds are applied to the payment of any part of the principal amount of the Obligations of Borrower prior to the maturity thereof, then (a) any interest which has not would otherwise accrued thereafter accrue on the principal amount so paid by such application shall be canceled and (b) the Obligations of Borrower remaining unpaid after such application shall be credited with the amount of all interest, if any, theretofore collected on the principal amount so paid by such application and remaining unearned at the date of such demandsaid application; and if the funds so applied shall be sufficient to pay in full all the Obligations of Borrower, and then the Lenders do not intend shall refund to charge Borrower all interest theretofore paid thereon in advance and remaining unearned at the time of such acceleration. Regardless of any other provision in this Agreement or receive any other Credit Document, Borrower shall be required to pay any unearned interest on any Obligations or any portion thereof, or be required to pay interest thereon at a rate in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) excess of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted highest lawful rate construed by applicable Lawcourts having competent jurisdiction thereof.
Appears in 2 contracts
Samples: Credit Agreement (Flextronics International LTD), Credit Agreement (Flextronics International LTD)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions In no event shall any provision of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents Agreement or any other document, Credit Document ever obligate Borrower to pay or allow any Lender to collect interest would otherwise be payable in excess on any Loan or any other Obligation of Borrower hereunder at a rate greater than the maximum nonusurious amount, any such construction shall be subject non-usurious rate permitted by applicable law (herein referred to as the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest"highest lawful rate"), or refunded obligate Borrower to the Borrower pay any taxes, assessments, charges, insurance premiums or the other payor thereof if and amounts to the extent that such amount which would have been excessive exceeds such unpaid principal amount of payments, when added to the Loans. The right to demand payment of interest payable on the Loans or any other Indebtedness evidenced Obligations, would be held to constitute the payment by Borrower of interest at a rate greater than the highest lawful rate. This provision shall control over any provision to the contrary. Without limiting the generality of the Loan Documents does not include foregoing, in the right event the maturity of all or any part of the principal amount of the Obligations of Borrower shall be accelerated for any reason, then such principal amount so accelerated shall be credited with any interest theretofore paid thereon in advance and remaining unearned at the time of such acceleration. If, pursuant to accelerate the terms of this Agreement, any funds are applied to the payment of any part of the principal amount of the Obligations of Borrower prior to the maturity thereof, then (a) any interest which has not would otherwise accrued thereafter accrue on the principal amount so paid by such application shall be canceled, and (b) the Obligations of Borrower remaining unpaid after such application shall be credited with the amount of all interest, if any, theretofore collected on the principal amount so paid by such application and remaining unearned at the date of such demandsaid application; and if the funds so applied shall be sufficient to pay in full all the Obligations of Borrower, and then the Lenders do shall refund to Borrower all interest theretofore paid thereon in advance and remaining unearned at the time of such acceleration. Regardless of any other provision in this Agreement or any other Credit Document, Borrower shall not intend be required to charge or receive pay any unearned interest on any Obligations or any portion thereof, or be required to pay interest thereon at a rate in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) excess of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted highest lawful rate construed by applicable Lawcourts having competent jurisdiction thereof. [The first signature page follows.]
Appears in 2 contracts
Samples: Credit Agreement (Flextronics International LTD), Credit Agreement (Flextronics International LTD)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders Borrower and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreementsLender, whether now existing or hereafter arising and whether written or oral. In , are hereby limited so that in no waycontingency, nor in any event or contingency (including but not limited to prepayment whether by reason of demand or acceleration of the maturity of any Borrower Obligation)Final Maturity Date. or otherwise, shall the interest taken, reserved, contracted for, charged, received, paid or received under this Loan Agreement, under the Notes or otherwise, agreed to be paid to Lender exceed the maximum nonusurious amount permissible under applicable the laws of the State of New York (hereinafter the "Applicable Law"). If, from any possible construction of any of the Loan Documents or any other documentcircumstance whatsoever, interest would otherwise be payable to Lender in excess of the maximum nonusurious amountamount permissible under the Applicable Law, any such construction the interest payable to Lender shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted permissible under applicable the Applicable Law, without the necessity of execution of and if from any amendment or new document. If any circumstance Lender shall ever receive anything of value which is characterized as deemed interest on by the Loans under applicable Applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amountamount permissible under the Applicable Law, an amount equal to the amount which would have been excessive interest shall, without penalty, shall be applied to the reduction of the principal amount owing on the Loans hereof and not to the payment of interest, or if such excessive amount of interest exceeds the unpaid balance of principal hereof, such excess shall be refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandBorrower. All interest paid or agreed to be paid to the Lenders with respect to the Loans Lender shall, to the extent permitted by applicable the Applicable Law, be amortized, prorated, allocated, allocated and spread throughout the full stated term period (including any renewal or extension) until payment in full of the Loans principal so that the amount of interest on account of the Loans does hereon for such full period shall not exceed the maximum nonusurious amount permitted by applicable permissible under the Applicable Law. Lender expressly disavows any intent to contract for, charge or receive interest in an amount which exceeds the maximum amount permissible under the Applicable Law. This paragraph shall control all agreements between Borrower and Lender.
Appears in 2 contracts
Samples: Loan Agreement (Value Partners LTD /Tx/), Loan Agreement (Trans World Gaming Corp)
Usury. It is the intent of the Collateral Agent, the Lenders and Grantor in the Borrower execution of the Credit Agreements, this Deed, the other Loan Documents and all other instruments now or hereafter securing the Secured Indebtedness or executed in connection therewith or under any other written or oral agreement by the undersigned in favor of the Collateral Agent and/or Lenders to conform to and contract in strict compliance with applicable usury Law from time to time in effectlaw. All agreements between In furtherance thereof, the Collateral Agent, Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override Grantor stipulate and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration agree that none of the maturity of any Borrower Obligation)terms and provisions contained in the Credit Agreements, shall this Deed, the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the other Loan Documents or any other documentinstrument securing the Notes or executed in connection herewith, or in any other written or oral agreement by Grantor in favor of Lenders and/or the Collateral Agent, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, interest would otherwise be payable at a rate in excess of the maximum nonusurious amountinterest rate permitted to be charged by Applicable Laws. Neither Grantor nor any guarantors, endorsers, sureties or other parties now or hereafter becoming liable for the Secured Indebtedness, or any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawpart thereof, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as be required to pay interest on Secured Indebtedness, under any instrument securing the Loans Secured Indebtedness or under applicable Law and which wouldany of the other Loan Documents, apart from this provisionor in any other written or oral agreement by Grantor in favor of Lenders and/or the Collateral Agent, be at a rate in excess of the maximum nonusurious amountinterest that may be lawfully charged under Applicable Laws, an amount equal to and the amount which would have been excessive interest shall, without penalty, be applied to the reduction provisions of this Paragraph 6.14 shall control over all other provisions of the principal amount owing on the Loans and not to the payment of interestCredit Agreements, or refunded to the Borrower or this Deed, the other payor thereof if Loan Documents and to any other instruments now or hereafter securing the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans Secured Indebtedness or executed in connection herewith or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest oral or written agreements which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest may be in the event of such demandapparent conflict herewith. All interest paid or agreed to be paid to Lenders and/or the Lenders with respect to the Loans Collateral Agent shall, to the extent permitted by applicable LawApplicable Laws, be amortized, prorated, allocated, allocated and spread throughout the full stated term (including any renewal or extension) period until payment in full of the Loans so that the amount principal of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Law.the
Appears in 2 contracts
Samples: Term Credit Agreement (Pillowtex Corp), Credit Agreement (Pillowtex Corp)
Usury. It is the intent intention of the Lenders and the Borrower parties hereto to conform strictly to and contract in strict compliance with applicable usury Law from time laws and, anything herein to time in effect. All agreements between the Lenders and contrary notwithstanding, the Borrower are hereby limited by the provisions obligations of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction Resellers hereunder shall be subject to the limitation that payments of interest or of other amounts constituting interest under Applicable Laws shall not be required to the extent that receipt thereof would be in excess of the Highest Lawful Rate, or otherwise contrary to provisions of law applicable to the recipient limiting rates of interest which may be charged or collected by the recipient. Accordingly, if the transactions or the amount paid or otherwise agreed to be paid for the use, forbearance or detention of money under this Agreement would exceed the Highest Lawful Rate or otherwise be usurious under Applicable Laws (including without limitation the federal and state laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable) with respect to the recipient of any such amount, then, notwithstanding anything to the contrary in this Agreement, it is agreed as follows as to the recipient of any such amount:
(a) the provisions of this subsection Section 4.6 shall govern and control over any other provision in this Agreement, and each provision set forth therein is hereby so limited;
(b) the aggregate of all consideration which constitutes interest under Applicable Laws that is contracted for, charged or received under this Agreement, shall under no circumstances exceed the maximum amount of interest allowed by Applicable Laws (such documents maximum lawful interest rate, if any, with respect to such recipient herein called the “Highest Lawful Rate”), and all amounts owed under this Agreement, shall be held subject to reduction and: (i) the amount of interest which would otherwise be payable to the recipient hereunder shall be automatically reduced to the maximum nonusurious amount permitted allowed under applicable LawApplicable Laws, without the necessity of execution of and (ii) any amendment or new document. If any Lender shall ever receive anything of value which is characterized as unearned interest on the Loans under applicable Law and which would, apart from this provision, be paid in excess of the maximum nonusurious amount, an amount equal Highest Lawful Rate shall be credited to the amount which would payor by the recipient (or, if such consideration shall have been excessive interest shallpaid in full, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandpayor);
(c) all sums paid, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to for the Lenders with respect to use, forbearance and detention of the Loans money under this Agreement, shall, to the extent permitted by applicable LawApplicable Laws, be amortized, prorated, allocated, allocated and spread throughout the full stated term (including any renewal or extension) of the Loans such indebtedness until payment in full so that the actual rate of interest is uniform throughout the full term thereof; and
(d) if at any time the interest, together with any other fees, late charges and other sums payable pursuant to or in connection with this Agreement, and deemed interest under Applicable Laws, exceeds that amount which would have accrued at the Highest Lawful Rate, the amount of interest on account and any such fees, charges and sums to accrue to the recipient of such interest, fees, charges and sums pursuant to this Agreement shall be limited, notwithstanding anything to the Loans does contrary herein, to that amount which would have accrued at the Highest Lawful Rate for the recipient, but any subsequent reductions, as applicable, shall not exceed reduce the maximum nonusurious interest to accrue hereunder below the recipient’s Highest Lawful Rate until the total amount permitted by applicable Lawof interest payable to the recipient (including all consideration which constitutes interest) equals the amount of interest which would have been payable to the recipient (including all consideration which constitutes interest), plus the amount of fees which would have been received but for the effect of this Section 4.6.
Appears in 2 contracts
Samples: Credit Agreement (Insight Enterprises Inc), Credit Agreement (Insight Enterprises Inc)
Usury. It is (i) If, with respect to any Bank, the intent effective rate of interest contracted for under the Credit Documents, including the stated rates of interest and fees contracted for hereunder and any other amounts contracted for under the Credit Documents which are deemed to be interest, at any time exceeds the Maximum Rate, then the outstanding principal amount of the Lenders and loans made by such Bank hereunder shall bear interest at a rate which would make the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements effective rate of interest for such Bank under the Credit Documents equal the Maximum Rate until the difference between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount amounts which would have been excessive interest shalldue at the stated rates and the amounts which were due at the Maximum Rate (the "Lost Interest") has been recaptured by such Bank.
(ii) If, without penaltywhen the loans made hereunder are repaid in full, be applied the Lost Interest has not been fully recaptured by such Bank pursuant to the reduction of the principal amount owing on the Loans and not to the payment of interestpreceding paragraph, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shallthen, to the extent permitted by applicable Lawlaw, for the loans made hereunder by such Bank the interest rates charged under Section 2.08 hereunder shall be amortizedretroactively increased such that the effective rate of interest under the Credit Documents was at the Maximum Rate since the effectiveness of this Agreement to the extent necessary to recapture the Lost Interest not recaptured pursuant to the preceding sentence and, proratedto the extent allowed by law, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that Borrower shall pay to such Bank the amount of the Lost Interest remaining to be recaptured by such Bank.
(iii) NOTWITHSTANDING the foregoing or any other term in this Agreement and the Credit Documents to the contrary, it is the intention of each Bank and the Borrower to conform strictly to any applicable usury laws. Accordingly, if any Bank contracts for, charges, or receives any consideration which constitutes interest on account in excess of the Loans does not exceed Maximum Rate, then any such excess shall be canceled automatically and, if previously paid, shall at such Bank's option be applied to the maximum nonusurious outstanding amount permitted of the loans made hereunder by applicable Lawsuch Bank or be refunded to the Borrower.
Appears in 2 contracts
Samples: Credit Agreement (Stone Energy Corp), Credit Agreement (Stone Energy Corp)
Usury. It is (i) If, with respect to any Bank, the intent effective rate of interest contracted for under the Credit Documents, including the stated rates of interest and fees contracted for hereunder and any other amounts contracted for under the Credit Documents which are deemed to be interest, at any time exceeds the Maximum Rate, then the outstanding principal amount of the Lenders and loans made by such Bank hereunder shall bear interest at a rate which would make the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements effective rate of interest for such Bank under the Credit Documents equal the Maximum Rate until the difference between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount amounts which would have been excessive interest shalldue at the stated rates and the amounts which were due at the Maximum Rate (the “Lost Interest”) has been recaptured by such Bank.
(ii) If, without penaltywhen the loans made hereunder are repaid in full, be applied the Lost Interest has not been fully recaptured by such Bank pursuant to the reduction of the principal amount owing on the Loans and not to the payment of interestpreceding paragraph, or refunded to the Borrower or the other payor thereof if and then, to the extent permitted by law, for the loans made hereunder by such amount which would have been excessive exceeds Bank the interest rates charged under Section 2.8 hereunder shall be retroactively increased such unpaid principal that the effective rate of interest under the Credit Documents was at the Maximum Rate since the effectiveness of this Agreement to the extent necessary to recapture the Lost Interest not recaptured pursuant to the preceding sentence and, to the extent allowed by law, the Borrower shall pay to such Bank the amount of the Loans. The right Lost Interest remaining to demand payment of the Loans or any other Indebtedness evidenced be recaptured by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest Bank.
(iii) In calculating all sums paid or agreed to be paid to any Bank by the Lenders with respect to Borrower for the Loans use, forbearance, or detention of money under the Credit Documents, such amounts shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, and spread in equal parts throughout the full stated term (including any renewal or extension) of the Loans so Credit Documents.
(iv) NOTWITHSTANDING the foregoing or any other term in this Agreement and the Credit Documents to the contrary, it is the intention of each Bank and the Borrower to conform strictly to any applicable usury laws. Accordingly, if any Bank contracts for, charges, or receives any consideration which constitutes interest in excess of the Maximum Rate, then (A) the provisions of this Section 2.8, together with the second sentence of Section 9.13 shall control, and (B) any such excess shall be canceled automatically and, if previously paid, shall at such Bank’s option be applied to the outstanding amount of the loans made hereunder by such Bank or be refunded to the Borrower. For purposes of Chapter 303 of the Texas Finance Code, as amended, to the extent applicable, the Borrower agrees that the amount of interest on account of Maximum Rate shall be the Loans does not exceed “indicated (weekly) rate ceiling” as defined in said Chapter, provided that such Bank may also rely, to the maximum nonusurious amount extent permitted by applicable Lawlaws, on alternative maximum rates of interest under other laws applicable to such Bank, if greater.
Appears in 2 contracts
Samples: Credit Agreement (Stone Energy Corp), Credit Agreement (Stone Energy Corp)
Usury. It is Notwithstanding any other provision of this Agreement to the intent of contrary, all agreements among the Lenders Company and the Borrower to conform to and contract Purchaser are expressly limited, so that in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or whatsoever, whether by reason of the advancement of the proceeds of the Convertible Notes, acceleration of the maturity of any Borrower Obligation)the unpaid principal balance, the addition of accrued interest to principal or otherwise, shall the interest takenamount paid, reservedcharged for, contracted for, chargedreceived or agreed to be paid to any Holder for the use, forbearance or received under this Loan Agreement, detention of the money to be advanced under the Convertible Notes or otherwise, exceed the maximum nonusurious amount highest lawful rate permissible under applicable usury laws as prescribed by a court of competent jurisdiction ("Applicable Law"). If, from any possible construction of any of the Loan Documents or any other documentcircumstances whatsoever, interest would otherwise be payable to any Holder in excess of the maximum nonusurious amountamount permissible under Applicable Law, any the interest payable to such construction Holder shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawamount, without the necessity of execution of and if from any amendment or new document. If circumstances any Lender Holder shall ever receive anything of value which is characterized as deemed interest on the Loans under applicable by Applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amountamount permissible under Applicable Law, an amount equal to the amount which would have been excessive interest shall, without penalty, be shall by applied to the reduction of the principal amount owing on the Loans hereof and not to the payment of interest, or if such excessive amount of interest exceeds the unpaid principal balance hereof, such excess shall be refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandCompany. All interest paid or agreed to be paid to the Lenders with respect to the Loans Holders shall, to the extent permitted by applicable Applicable Law, be amortized, prorated, allocated, allocated and spread throughout the full stated term period (including any renewal or extension) until payment in full of the Loans principal so that the amount of interest on account of the Loans does hereon for such full period shall not exceed the maximum nonusurious amount permitted by applicable permissible under Applicable Law. Purchaser expressly disavows any intent to contract for, charge or receive interest in an amount which exceeds the maximum amount permissible under Applicable Law. This Section 7.8 shall control agreements between the Company and the Purchaser. This covenant shall survive the payment in full of the Convertible Notes.
Appears in 2 contracts
Samples: Note Purchase Agreement (Youbet Com Inc), Note Purchase Agreement (Youbet Com Inc)
Usury. It is expressly stipulated and agreed to be the intent of all of the Lenders parties hereto at all times to comply with the applicable law governing the maximum rate or amount of interest payable on or in connection with the Note and the Borrower Loan (or applicable United States federal law to conform the extent that it permits Noteholder to and contract for, charge, take, reserve or receive a greater amount of interest payable on or in strict compliance connection with applicable usury Law from time to time in effect. All agreements between the Lenders Note and the Borrower are hereby limited by Loan than under applicable law). If the provisions of applicable law is ever judicially interpreted so as to render usurious any amount called for under the Note or under the Mortgage, this subsection which shall override and control all such agreementsAgreement or any other Loan Document, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, taken, reserved or received under this Loan Agreementwith respect to the Loan, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from if Transferor or Transferee having paid any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of that permitted by law, then it is the maximum nonusurious amountexpress intent of all of the parties that all excess amounts theretofore collected by Noteholder or Lender be credited to the then outstanding principal balance of the Note (or, if the Note has been or would thereby be paid in full, any such construction shall be subject surplus refunded to Transferor or Transferee), and the provisions of the Note, this subsection Agreement, the Mortgage and such documents shall the other Loan Documents immediately be automatically reduced to deemed reformed and the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized documents, so as interest on to comply with such applicable law, but so as to permit the Loans under applicable Law and which would, apart from this provision, be in excess recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans otherwise called for hereunder and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansthereunder. The right to demand payment accelerate the maturity of the Loans or any other Indebtedness evidenced by any of the Loan Documents Note does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandacceleration, and the Lenders do Noteholder does not intend to charge or receive collect any unearned interest in the event of such demandacceleration. All interest sums paid or agreed to be paid to Lender or Noteholder for the Lenders with respect to use, forbearance or detention of the Loans indebtedness evidenced by the Note or other Loan Documents shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread throughout through the full stated term (including any renewal or extension) of the Loans such indebtedness until payment in full so that the rate or amount of interest on account of the Loans such indebtedness does not exceed the applicable usury ceiling. Notwithstanding any provision contained in the Note, the Mortgage, this Agreement or in any of the other Loan Documents, as amended herein, that permits the compounding of interest, including, without limitation, any provision by which any of the accrued interest is added to the principal amount of the Note, the total amount of interest that Transferor or Transferee is obligated to pay and Noteholder is entitled to receive with respect to the Loan shall not exceed the amount calculated on a simple (i.e., non-compounded) interest basis at the maximum nonusurious rate allowed by applicable law on principal amounts actually advanced to or for the account of Transferor or Transferee, including all current and prior advances and any advances made pursuant to the Mortgage, this Agreement or the other Loan Documents, as amended herein (including, but not limited to, the payment of taxes, insurance premiums and the like). The provisions of the Note and the other Loan Documents limiting the amount of interest which may be contracted for, charged or received on the indebtedness evidenced thereby and dealing with the rights and duties of the parties with respect to the charging or receiving of interest in excess of the maximum rate, are hereby incorporated in this Agreement by reference as though fully set forth herein. To the extent permitted by applicable Law.law, the Transferor, Transferee, the Indemnitor and the Replacement Indemnitor hereby waive and release all claims and defenses based upon usury in connection with the execution and delivery of the Note and the other Loan Documents and the borrowing of the funds represented by the Loan. 000 Xxxx 00xx Xxxxxx / Loan No. 00-0000000
Appears in 2 contracts
Samples: Loan Assumption Agreement, Release and Amendment of Loan Documents (American Realty Capital New York Recovery Reit Inc), Loan Assumption Agreement, Release and Amendment of Loan Documents (American Realty Capital New York Recovery Reit Inc)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the No provisions of this subsection which shall override and control all such agreements, whether now existing Agreement or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents shall ----- require the payment or any other documentpermit the collection, application or receipt of interest would otherwise be payable in excess of the maximum nonusurious amount, permitted by applicable state or federal law. If any excess of interest in such respect is herein or in any such construction other instrument provided for, or shall be subject adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection paragraph shall govern, and such documents neither Borrower nor any endorsers of the Note nor their respective successors, assigns or personal representatives shall be automatically reduced obligated to pay the amount of such interest to the maximum nonusurious extent it is in excess of the amount permitted under by applicable Lawlaw. It is expressly stipulated and agreed to be the intent of Borrower and Lender to at all times comply with the usury and other laws relating to the Loan Documents and any subsequent revisions, repeals or judicial interpretations thereof, to the extent applicable thereto. In the event Lender or other holder of the Note ever receives, collects or applies as interest any such excess, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of the Note and, if upon such application the principal balance of the Note is paid in full, any remaining excess shall be forthwith paid to Borrower and the provisions of the Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under then applicable Law and which wouldlaw, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to otherwise called for thereunder. In determining whether or not the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed payable under any specific contingency exceeds the maximum interest allowed to be paid to the Lenders with respect to the Loans charged by applicable law, Borrower and Lender or other holder hereof shall, to the maximum extent permitted by under applicable Lawlaw, be amortizedamortize, proratedprorate, allocated, allocate and spread the total amount of interest throughout the full stated entire term (including any renewal or extension) of the Loans Note so that the amount or rate of interest on account charged for any and all periods of time during the term of the Loans does not exceed Note is to the greatest extent possible less than the maximum nonusurious amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in the Note to "applicable Lawlaw" for purposes of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest.
Appears in 2 contracts
Samples: Modification, Renewal and Extension Agreement (Charys Holding Co Inc), Modification, Renewal and Extension Agreement (Charys Holding Co Inc)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions In no event shall any provision of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents Agreement or any other document, Credit Document ever obligate any Borrower to pay or allow any Lender to collect interest would otherwise be payable in excess on any Loan or any other Obligation of a Borrower hereunder at a rate greater than the maximum nonusurious amount, any such construction shall be subject non-usurious rate permitted by applicable law (herein referred to as the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest“highest lawful rate”), or refunded obligate any Borrower to the Borrower pay any taxes, assessments, charges, insurance premiums or the other payor thereof if and amounts to the extent that such amount which would have been excessive exceeds such unpaid principal amount of payments, when added to the Loans. The right to demand payment of interest payable on the Loans or any other Indebtedness evidenced Obligations, would be held to constitute the payment by a Borrower of interest at a rate greater than the highest lawful rate. This provision shall control over any provision to the contrary. Without limiting the generality of the Loan Documents does not include foregoing, in the right event the maturity of all or any part of the principal amount of the Obligations of a Borrower shall be accelerated for any reason, then such principal amount so accelerated shall be credited with any interest theretofore paid thereon in advance and remaining unearned at the time of such acceleration. If, pursuant to accelerate the terms of this Agreement, any funds are applied to the payment of any part of the principal amount of the Obligations of a Borrower prior to the maturity thereof, then (a) any interest which has not would otherwise accrued thereafter accrue on the principal amount so paid by such application shall be canceled and (b) the Obligations of such Borrower remaining unpaid after such application shall be credited with the amount of all interest, if any, theretofore collected on the principal amount so paid by such application and remaining unearned at the date of said application; and if the funds so applied shall be sufficient to pay in full all the Obligations of such demandBorrower, and then the Lenders do not intend shall refund to charge such Borrower all interest theretofore paid thereon in advance and remaining unearned at the time of such acceleration. Regardless of any other provision in this Agreement or receive any other Credit Document, no Borrower shall be required to pay any unearned interest on any Obligations or any portion thereof, or be required to pay interest thereon at a rate in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) excess of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted highest lawful rate construed by applicable Lawcourts having competent jurisdiction thereof.
Appears in 2 contracts
Samples: Credit Agreement (Flextronics International LTD), Credit Agreement (Flextronics International LTD)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders Borrower and the Borrower are hereby limited by Agent on behalf of the provisions of this subsection which shall override and control all such agreementsLenders, whether now existing or hereafter arising and whether written or oral. In , are hereby limited so that in no waycontingency, nor in any event or contingency (including but not limited to prepayment whether by reason of demand or acceleration of the maturity of any Borrower Obligation)Date, as that term is defined in the Notes, or otherwise, shall the interest taken, reserved, contracted for, charged, received, paid or received under this Loan Agreement, under agreed to be paid to the Notes or otherwise, Lenders exceed the maximum nonusurious amount permissible under applicable the laws of the State of Maryland (hereinafter the "Applicable Law"). If, from any possible construction of any of the Loan Documents or any other documentcircumstance whatsoever, interest would otherwise be payable to Lenders in excess of the maximum nonusurious amountamount permissible under the Applicable Law, any such construction the interest payable to Lenders shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted permissible under applicable the Applicable Law, without the necessity of execution of and if from any amendment or new document. If any Lender circumstance Lenders shall ever receive anything of value which is characterized as deemed interest on by the Loans under applicable Applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amountamount permissible under the Applicable Law, an amount equal to the amount which would have been excessive interest shall, without penalty, shall be applied to the reduction of the principal amount owing on of the Loans Notes and not to the payment of interest, or if such excessive amount of interest exceeds the unpaid balance of principal of the Notes, such excess shall be refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandBorrower. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable the Applicable Law, be amortized, proratedpro-rated, allocated, allocated and spread throughout the full stated term period (including any renewal or extension) until payment in full of the Loans principal so that the amount of interest on account of the Loans does Notes for such full period shall not exceed the maximum nonusurious amount permitted by applicable permissible under the Applicable Law. The Lenders expressly disavow any intent to contract for, charge or receive interest in an amount which exceeds the maximum amount permissible under the Applicable Law. This paragraph as well as a similar paragraph as set forth in the Notes shall control all agreements between Borrower and the Lenders.
Appears in 2 contracts
Samples: Pledge and Security Agreement (Value Partners LTD /Tx/), Pledge and Security Agreement (Altiva Financial Corp)
Usury. Notwithstanding anything to the contrary contained in this Lease or any of the Operative Documents, the amounts which the Lessee is obliged to pay pursuant to this Lease and the other Operative Documents, and the amounts which the Lessor is entitled to receive pursuant to this Lease and the other Operative Documents, are subject to the following limitations. It is the intent intention of the Lenders parties hereto that the Lessor shall conform strictly to usury laws applicable to it. Accordingly, if the transactions contemplated hereby would be usurious as to the Lessor under laws applicable to it (including the laws of the United States of America and the Borrower state where its main office is located or any other jurisdiction whose laws may be mandatorily applicable to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and Lessor notwithstanding the Borrower are hereby limited by the other provisions of this subsection which shall override and control all such agreementsAgreement), whether now existing then, in that event, notwithstanding anything to the contrary in this Lease or hereafter arising and whether written or oral. In no way, nor in any event or contingency other Operative Document, it is agreed as follows:
(including but not limited i) the aggregate of all consideration which constitutes interest under law applicable to prepayment or acceleration of the maturity of any Borrower Obligation)Lessor that is contracted for, shall the interest taken, reserved, contracted for, charged, charged or received by the Lessor under this Loan AgreementLease or under any of the other aforesaid Operative Documents or other agreements or otherwise in connection with this Lease shall under no circumstances exceed the maximum amount allowed by such applicable law, under and any excess shall be canceled automatically and if theretofore paid shall be credited by the Notes Lessor on the amounts paid by the Lessee, to the extent that the obligations with respect thereto shall have been or would thereby be paid in full, refunded by the Lessor to the Lessee and (ii) in the event that any amounts hereunder become due and payable prior to the regularly scheduled maturity, whether by reason of the occurrence of a Cancellation Event or a Termination Event or otherwise, exceed or in the event of any required or permitted prepayment, then such consideration that constitutes interest under law applicable to the Lessor may never include more than the maximum nonusurious amount permissible under allowed by such applicable Law. Iflaw, from any possible construction of any of the Loan Documents and excess interest, if any, provided for in this Lease or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to canceled automatically by the provisions Lessor as of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandprepayment and, and if theretofore paid, shall be credited by the Lenders do not intend Lessor on the amounts payable hereunder (or, to charge the extent that the amounts payable hereunder shall have been or receive any unearned interest would thereby be paid in full, refunded by the event of such demandLessor to the Lessee). All interest sums paid or agreed to be paid to the Lenders with respect to Lessor for the Loans use, forbearance or detention of sums due hereunder shall, to the extent permitted by law applicable Lawto the Lessor, be amortized, prorated, allocated, allocated and spread in equal parts throughout the full stated term (including any renewal or extension) of the Loans this Lease until payment in full so that the rate or amount of interest on account of the Loans any amounts payable hereunder does not exceed the maximum nonusurious amount permitted allowed by such applicable Lawlaw. If at any time and from time to time (i) the amount of Rent, interest or yield payable to the Lessor on any date shall be computed at the Highest Lawful Rate applicable to the Lessor pursuant to this Section 31(i) and (ii) in respect of any subsequent Rent, interest or yield computation period the amount of Rent, interest or yield otherwise payable to the Lessor would be less than the amount of Rent, interest or yield payable to the Lessor computed at the Highest Lawful Rate applicable to the Lessor, then the amount of Rent, interest or yield payable to the Lessor in respect of such subsequent Rent, interest or yield computation period shall continue to be computed at the Highest Lawful Rate applicable to the Lessor until the total amount of Rent, interest or yield payable to Lessor shall equal the total amount of Rent, interest or yield which would have been payable to the Lessor if the total amount of Rent, interest or yield had been computed without giving effect to this Section.
Appears in 1 contract
Samples: Master Lease Agreement (Coca Cola Bottling Co Consolidated /De/)
Usury. Notwithstanding anything to the contrary contained in this Lease or any of the Operative Documents, the amounts which the Lessee is obliged to pay pursuant to this Lease and the other Operative Documents, and the amounts which the Lessor is entitled to receive pursuant to this Lease and the other Operative Documents, are subject to the following limitations. It is the intent intention of the Lenders parties hereto that the Lessor shall conform strictly to usury laws applicable to it. Accordingly, if the transactions contemplated hereby would be usurious as to the Lessor under laws applicable to it (including the laws of the United States of America and the Borrower State of Georgia or any other jurisdiction whose laws may be mandatorily applicable to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and Lessor notwithstanding the Borrower are hereby limited by the other provisions of this subsection which shall override and control all such agreementsAgreement), whether now existing then, in that event, notwithstanding anything to the contrary in this Lease or hereafter arising and whether written or oral. In no way, nor in any event or contingency other Operative Document, it is agreed as follows:
(including but not limited i) the aggregate of all consideration which constitutes interest under law applicable to prepayment or acceleration of the maturity of any Borrower Obligation)Lessor that is contracted for, shall the interest taken, reserved, contracted for, charged, charged or received by the Lessor under this Loan AgreementLease or under any of the other aforesaid Operative Documents or other agreements or otherwise in connec tion with this Lease shall under no circumstances exceed the maximum amount allowed by such applicable law, under and any excess shall be cancelled automatically and if theretofore paid shall be credited by the Notes Lessor on the amounts paid by the Lessee, to the extent that the obligations with respect thereto shall have been or would thereby be paid in full, refunded by the Lessor to the Lessee and (ii) in the event that any amounts hereunder become due and payable prior to the regularly scheduled maturity (whether by reason of the occurrence of a Cancellation Event or a Termination Event or otherwise, exceed or in the event of any required or permitted prepayment, then such consideration that constitutes interest under law applicable to the Lessor may never include more than the maximum nonusurious amount permissible under allowed by such applicable Law. Iflaw, from any possible construction of any of the Loan Documents and excess interest, if any, provided for in this Lease or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to cancelled automatically by the provisions Lessor as of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandprepayment and, and if theretofore paid, shall be credited by the Lenders do not intend Lessor on the amounts payable hereunder (or, to charge the extent that the amounts payable hereunder shall have been or receive any unearned interest would thereby be paid in full, refunded by the event of such demandLessor to the Lessee). All interest sums paid or agreed to be paid to the Lenders with respect to Lessor for the Loans use, forbearance or detention of sums due hereunder shall, to the extent permitted by law applicable Lawto the Lessor, be amortized, prorated, allocated, allocated and spread in equal parts throughout the full stated term (including any renewal or extension) of the Loans this Lease until payment in full so that the rate or amount of interest on account of the Loans any amounts payable hereunder does not exceed the maximum nonusurious amount permitted allowed by such applicable Lawlaw. If at any time and from time to time (i) the amount of interest or yield payable to the Lessor on any date shall be computed at the Highest Lawful Rate applicable to the Lessor pursuant to this Section 31(i) and (ii) in respect of any subse quent interest or yield computation period the amount of interest or yield otherwise payable to the Lessor would be less than the amount of interest or yield payable to the Lessor computed at the Highest Lawful Rate applicable to the Lessor, then the amount of interest or yield payable to the Lessor in respect of such subsequent interest or yield computation period shall continue to be computed at the Highest Lawful Rate applicable to the Lessor until the total amount of interest or yield payable to Lessor shall equal the total amount of interest or yield which would have been payable to the Lessor if the total amount of interest or yield had been computed without giving effect to this Section.
Appears in 1 contract
Samples: Master Lease Agreement (Flowers Industries Inc /Ga)
Usury. It is expressly stipulated and agreed to be the intent of all of the Lenders parties hereto at all times to comply with the applicable law governing the maximum rate or amount of interest payable on or in connection with the Note and the Borrower Loan (or applicable United States federal law to conform the extent that it permits Noteholder to and contract for, charge, take, reserve or receive a greater amount of interest payable on or in strict compliance connection with applicable usury Law from time to time in effect. All agreements between the Lenders Note and the Borrower are hereby limited by Loan than under applicable law). If the provisions of applicable law is ever judicially interpreted so as to render usurious any amount called for under the Note or under the Security Instrument, this subsection which shall override and control all such agreementsAgreement or any other Loan Document, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, taken, reserved or received under this Loan Agreementwith respect to the Loan, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from if Original Borrower or Assumptor having paid any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of that permitted by law, then it is the maximum nonusurious amountexpress intent of all of the parties that all excess amounts theretofore collected by Noteholder or Lender be credited to the then outstanding principal balance of the Note (or, if the Note has been or would thereby be paid in full, any such construction shall be subject surplus refunded to Original Borrower or Assumptor), and the provisions of the Note, this subsection Agreement, the Security Instrument and such documents shall the other Loan Documents immediately be automatically reduced to deemed reformed and the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized documents, so as interest on to comply with such applicable law, but so as to permit the Loans under applicable Law and which would, apart from this provision, be in excess recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans otherwise called for hereunder and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansthereunder. The right to demand payment accelerate the maturity of the Loans or any other Indebtedness evidenced by any of the Loan Documents Note does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandacceleration, and the Lenders do Noteholder does not intend to charge or receive collect any unearned interest in the event of such demandacceleration. All interest sums paid or agreed to be paid to Lender or Noteholder for the Lenders with respect to use, forbearance or detention of the Loans indebtedness evidenced by the Note or other Loan Documents shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread throughout through the full stated term (including any renewal or extension) of the Loans such indebtedness until payment in full so that the rate or amount of interest on account of the Loans such indebtedness does not exceed the applicable usury ceiling. Notwithstanding any provision contained in the Note, the Security Instrument, this Agreement or in any of the other Loan Documents, as amended herein, that permits the compounding of interest, including, without limitation, any provision by which any of the accrued interest is added to the principal amount of the Note, the total amount of interest that Original Borrower or Assumptor is obligated to pay and Noteholder is entitled to receive with respect to the Loan shall not exceed the amount calculated on a simple (i.e., non-compounded) interest basis at the maximum nonusurious rate allowed by applicable law on principal amounts actually advanced to or for the account of Original Borrower or Assumptor, including all current and prior advances and any advances made pursuant to the Security Instrument, this Agreement or the other Loan Documents, as amended herein (including, but not limited to, the payment of taxes, insurance premiums and the like). The provisions of the Note and the other Loan Documents limiting the amount of interest which may be contracted for, charged or received on the indebtedness evidenced thereby and dealing with the rights and duties of the parties with respect to the charging or receiving of interest in excess of the maximum rate, are hereby incorporated in this Agreement by reference as though fully set forth herein. To the extent permitted by applicable Lawlaw, the Original Borrower and the Assumptor hereby waive and release all claims and defenses based upon usury in connection with the execution and delivery of the Note and the other Loan Documents and the borrowing of the funds represented by the Loan.
Appears in 1 contract
Samples: Leasehold Deed to Secure Debt and Security Agreement (Meredith Enterprises Inc)
Usury. It is The Mortgagor and the intent Mortgagee intend to conform strictly to applicable laws regarding usury. The Mortgagor and the Mortgagee hereby stipulate and agree that none of the Lenders terms and provisions contained in the Borrower Mortgage Note or this Mortgage shall ever be construed to conform create a contract to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between pay for the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreementsuse, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, chargedforbearance, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious detention of money an amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amountamount allowed by applicable law. If the Mortgage Note or this Mortgage or the transactions contemplated by any of them would be otherwise usurious under applicable law, any such construction shall be subject then notwithstanding anything to the provisions contrary in any or all of the Mortgage Note or this subsection Mortgage, the Mortgagor, and such documents the Mortgagee hereby agree as follows: (i) for any applicable period of time specified by any applicable law, interest under the Loan Documents shall be automatically reduced to never exceed the maximum nonusurious amount allowed by such law; and (ii) if the Mortgage Note shall be accelerated in whole or in part for any reason, or if any required or permitted prepayment occurs hereunder, then for any applicable period of time specified by any applicable law, interest shall never include more than the maximum nonusurious amount allowed by each such law, and in either such case any excess interest (if any) otherwise provided for under applicable Lawany or all of the Loan Documents shall automatically be applied by the Mortgagee in the following order:
(1) to interest properly charged under the Mortgage Note and this Mortgage; (2) to principal properly charged under the Mortgage Note and this Mortgage (without premium); (3) if all sums due under (1) and (2) have been or would thereby be paid in full, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as all other interest on the Loans Mortgage Note shall be cancelled automatically as of and through the date of such acceleration or prepayment; and (4) if any such excess interest has been received by the Mortgagee, it shall be refunded by the Mortgagee to the Mortgagor. The Mortgagor shall never be required to pay unearned interest under applicable Law the Mortgage Note and which would, apart from this provision, be Mortgage or to pay interest under any or all of the Loan Documents in an amount in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced allowed by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandapplicable law, and the Lenders do not intend provisions of this Article 47 shall control over all other provisions of any Loan Document which may be in apparent conflict herewith. Notwithstanding anything to charge or receive any unearned interest the contrary contained in this Article 47, in the event of such demand. All interest paid or agreed that any payments required to be paid made under the Mortgage Note are determined to be usurious under applicable law, the Lenders with respect Mortgagor shall be required to redeem the Loans shall, Mortgage Note and failure to the extent permitted by applicable Law, do so shall be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) an Event of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable LawDefault under this Mortgage.
Appears in 1 contract
Samples: Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing (Mills Corp)
Usury. It is the intent of the Lenders Lender and the Borrower Maker to conform to and contract in strict compliance with applicable usury Law law from time to time in effect. All agreements between the Lenders Lender or any other holder hereof and the Borrower Maker (or any other party liable with respect to any indebtedness hereunder) are hereby limited by the provisions of this subsection paragraph which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oralarising. In no way, nor in any event or contingency (including but not limited to prepayment prepayment, default, demand for payment, or acceleration of the maturity of any Borrower Obligationmaturity), shall the interest taken, reserved, contracted for, charged, charged or received under this Loan Agreement, under the Notes Note or otherwise, exceed the maximum nonusurious amount permissible under permitted by applicable Lawlaw (the “Maximum Amount”). If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amountMaximum Amount, any such construction shall be subject to the provisions of this subsection paragraph and such documents document shall be automatically reformed and the interest payable shall be automatically reduced to the maximum nonusurious amount permitted under applicable LawMaximum Amount, without the necessity of execution of any amendment or new document. If any Lender the holder hereof shall ever receive anything of value which is characterized as interest on the Loans under applicable Law law and which would, would apart from this provision, provision be in excess of the maximum nonusurious amountMaximum Amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans indebtedness evidenced hereby in the inverse order of its maturity and not to the payment of interest, or refunded to the Borrower Maker or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Law.unpaid
Appears in 1 contract
Usury. It To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any action or proceeding that may be brought by the Buyers in order to enforce any right or remedy under this Agreement, the Note, and any document, agreement or instrument contemplated thereby. Notwithstanding any provision to the contrary contained in this Agreement, the Note, and any document, agreement or instrument contemplated thereby, it is expressly agreed and provided that the intent total liability of the Lenders and Company under this Agreement, the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, chargedNote, or received any document, agreement or instrument contemplated thereby for payments which under this Loan Agreement, under applicable law are in the Notes or otherwise, nature of interest shall not exceed the maximum nonusurious amount permissible lawful rate authorized under applicable Lawlaw (the “Maximum Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums which under applicable law in the nature of interest that the Company may be obligated to pay under this Agreement, the Note, and any document, agreement or instrument contemplated thereby exceed such Maximum Rate. IfIt is agreed that if the maximum contract rate of interest allowed by law applicable to this Agreement, from the Note, and any possible construction of any of the Loan Documents document, agreement or instrument contemplated thereby is increased or decreased by statute or any other official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to this Agreement, the Note, and any document, agreement or instrument contemplated thereby from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest would otherwise be payable in excess of the maximum nonusurious amountMaximum Rate is paid by the Company to the Buyers with respect to indebtedness evidenced by this Agreement, the Note, and any document, agreement or instrument contemplated thereby, such excess shall be applied by the Buyers to the unpaid principal balance of any such construction shall indebtedness or be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or Company, the other payor thereof if and to the extent manner of handling such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed excess to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Lawat each Buyer’s election.
Appears in 1 contract
Samples: Securities Purchase Agreement (SIMPLICITY ESPORTS & GAMING Co)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection paragraph which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any the Borrower ObligationObligations), shall the interest taken, reserved, contracted for, charged, or received under this Loan Credit Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Lawlaw. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection paragraph and interest owing pursuant to such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawlaw, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law law and which would, apart from this provision, be in excess of the maximum nonusurious lawful amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Lawlaw.
Appears in 1 contract
Samples: Credit Agreement (Baker Hughes Inc)
Usury. It is the intent Mortgagor and Mortgagee intend to conform strictly to applicable laws regarding usury. Mortgagor and Mortgagee hereby stipulate and agree that none of the Lenders terms and provisions contained in the Borrower Mortgage Notes or this Mortgage shall ever be construed to conform create a contract to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between pay for the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreementsuse, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, chargedforbearance, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious detention of money an amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amountamount allowed by applicable law. If the Mortgage Notes or this Mortgage or the transactions contemplated by any of them would be otherwise usurious under applicable law, any such construction shall be subject then notwithstanding anything to the provisions contrary in any or all of the Mortgage Notes or this subsection Mortgage, Mortgagor and such documents Mortgagee hereby agree as follows: (i) for any applicable period of time specified by any applicable law, interest under the Loan Documents shall be automatically reduced to never exceed the maximum nonusurious amount allowed by such law; and (ii) if the Mortgage Notes shall be accelerated in whole or in part for any reason, or if any required or permitted prepayment occurs hereunder, then for any applicable period of time specified by any applicable law, interest shall never include more than the maximum nonusurious amount allowed by each such law, and in either such case any excess interest (if any) otherwise provided for under applicable Lawany or all
(1) to interest properly charged under the Mortgage Notes and this Mortgage; (2) to principal properly charged under the Mortgage Notes and this Mortgage (without premium); (3) if all sums due under (1) and (2) have been or would thereby be paid in full, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as all other interest on the Loans Mortgage Notes shall be cancelled automatically as of and through the date of such acceleration or prepayment; and (4) if any such excess interest has been received by the Mortgagee, it shall be refunded by Mortgagee to Mortgagor. Mortgagor shall never be required to pay unearned interest under applicable Law the Mortgage Notes and which wouldthis Mortgage, apart from this provisionor to pay interest under any or all of the Loan Documents, be in each case in an amount in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced allowed by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandapplicable law, and the Lenders do not intend to charge or receive provisions of this Section 43 shall control over all other provisions of any unearned interest Loan Document which may be in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Lawapparent conflict herewith.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Assignment of Rents (Urban Shopping Centers Inc)
Usury. It is expressly stipulated and agreed to be the intent of HCC, the Lenders Agent and the Borrower Banks at all times to conform to and contract comply with the applicable law governing the maximum rate or amount of interest payable on or in strict compliance connection with applicable usury Law from time to time in effect. All agreements between the Lenders Notes and the Borrower are hereby limited by Loans. If the provisions applicable law is ever judicially interpreted so as to render usurious any amount or compensation called for under this Agreement or any of this subsection which shall override and control all such agreementsthe Notes or any of the other Loan Documents, whether now existing or hereafter arising and whether written contracted for, charged, taken, reserved or oral. In no wayreceived with respect to any of the Loans, nor in any event or contingency (including but not limited to prepayment or if acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents Notes, any prepayment by HCC, or any other documentcircumstance whatsoever, results in the Banks, or any of them, having been paid any interest would otherwise be payable in excess of that permitted by applicable law, then it is the maximum nonusurious amountexpress intent of HCC, any such construction shall the Agent and the Banks that all excess amounts theretofore collected by the Banks be subject credited on the principal balances of the Notes (or, if the Notes have been or would thereby be paid in full, refunded to HCC), and the provisions of this subsection such Note or Notes and such documents shall the other applicable Loan Documents immediately be automatically reduced to deemed reformed and the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under applicable Law and which wouldlaw, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans otherwise called for hereunder and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansthereunder. The right to demand payment accelerate the maturity of any or all of the Loans or any other Indebtedness evidenced by any of the Loan Documents Notes does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandacceleration, and the Lenders Banks do not intend to charge or receive collect any unearned interest in the event of such demandacceleration. All interest sums or other compensation paid or agreed to be paid to the Lenders with respect to Banks for the Loans use, forbearance or detention of the indebtedness evidenced hereby or by the Notes shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread with respect to all of the Notes throughout the full stated term (including any renewal or extension) of the Loans such indebtedness until payment in full of all such indebtedness so that the rate or amount of interest on account of such indebtedness under all of the Loans Notes does not exceed the Maximum Lawful Rate or maximum nonusurious amount of interest permitted under applicable law. The term "Maximum Lawful Rate" as used herein as to any Bank means the maximum non-usurious rate of interest which may be lawfully contracted for, charged, taken, reserved, or received by such Bank from HCC in connection with the Loans evidenced hereby under applicable Law.law. The provisions of this Section 12.15 shall control all agreements between HCC and the Banks. 95 90
Appears in 1 contract
Usury. It is the intent The parties intend that no provision of the Lenders Note or the Loan Documents be interpreted, construed, applied, or enforced so as to permit or require the payment or collection of interest in excess of the Maximum Permitted Rate. In this regard, the Borrower and the Borrower Lender each stipulate and agree that it is their common and overriding intent to conform to and contract in strict compliance with applicable usury Law from time to time in effectlaws. All agreements between Accordingly, none of the Lenders and the Borrower are hereby limited by the provisions terms of this subsection which shall override and control all such agreementsDeed of Trust, whether now existing the Note or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the other Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or any other documentdetention of money, interest would otherwise be payable at a rate in excess of the maximum nonusurious amountMaximum Permitted Rate, any such construction and the Borrower shall never be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as liable for interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amountMaximum Permitted Rate. Therefore, an amount equal to (a) in the amount which would have been excessive interest shall, without penalty, be applied to event that the reduction Indebtedness and Obligations are prepaid or the maturity of the principal amount owing on Indebtedness and Obligations is accelerated by reason of an election by the Loans and not to the payment of interestLender, or unearned interest shall be canceled and, if theretofore paid, shall either be refunded to the Borrower or credited on the Indebtedness, as the Lender may elect; (b) the aggregate of all interest and other charges constituting interest under applicable laws and contracted for, chargeable or receivable under the Note and the other payor thereof Loan Documents or otherwise in connection with the transaction contemplated thereby shall never exceed the maximum amount of interest, nor produce a rate in excess of the Maximum Permitted Rate; and (c) if any excess interest is provided for or received, it shall be deemed a mistake, and the same shall, at the option of the Lender, either be refunded to the extent Borrower or credited on the unpaid principal amount (if any), and the Indebtedness shall be automatically reformed so as to permit only the collection of the interest at the Maximum Permitted Rate. Furthermore, if any provision of the Note or any of the other Loan Documents is interpreted, construed, applied, or enforced, in such a manner as to provide for interest in excess of the Maximum Permitted Rate, then the parties intend that such provision automatically shall be deemed reformed retroactively so as to require payment only of interest at the Maximum Permitted Rate. If, for any reason whatsoever, interest paid or received during the full term of the applicable Indebtedness produces a rate which exceeds the Maximum Permitted Rate, then the amount which would have been excessive exceeds of such unpaid excess shall be deemed credited retroactively in reduction of the then outstanding principal amount of the LoansIndebtedness, together with interest at such Maximum Permitted Rate. The right to demand payment of Lender shall credit against the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date principal of such demandIndebtedness (or, and if such Indebtedness shall have been paid in full, shall refund to the Lenders do not intend to charge or receive any unearned interest in the event payor of such demandinterest) such portion of said interest as shall be necessary to cause the interest paid to produce a rate equal to the Maximum Permitted Rate. All interest sums paid or agreed to be paid to the Lenders with respect to Lender for the Loans use, forbearance or detention of money shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread in equal parts throughout the full stated term (including any renewal or extension) of the Loans applicable Indebtedness, so that the amount interest rate is uniform throughout the full term of interest on account such Indebtedness. In connection with all calculations to determine the Maximum Permitted Rate, the parties intend that all charges be excluded to the extent they are properly excludable under applicable usury laws, as they from time to time are determined to apply to this transaction. The provisions of this Section shall control all agreements, whether now or hereafter existing and whether written or oral, between the Loans does not exceed Borrower and the maximum nonusurious amount permitted by applicable LawLender.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing
Usury. It is expressly stipulated and agreed to be the intent ----- of Holdings, HCC, the Administrative Agent and the Lenders at all times to comply with the applicable law governing the maximum rate or amount of interest payable on or in connection with the Loans. If the applicable law is ever judicially interpreted so as to render usurious any amount or compensation called for under this Agreement or any of the Lenders and other Loan Documents, or contracted for, charged, taken, reserved or received with respect to any of the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreementsLoans, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or if acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents Loans, any prepayment by HCC, or any other documentcircumstance whatsoever, results in the Lenders, or any of them, having been paid any interest would otherwise be payable in excess of that permitted by applicable law, then it is the maximum nonusurious amountexpress intent of HCC, any such construction shall the Administrative Agent and the Lenders that all excess amounts theretofore collected by the Lenders be subject credited on the principal balances of the Loans (or, if the Loans have been or would thereby be paid in full, refunded to HCC), and the provisions of this subsection other applicable Loan Documents immediately be deemed reformed and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under applicable Law and which wouldlaw, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans otherwise called for hereunder and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansthereunder. The right to demand payment accelerate the maturity of any or all of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandacceleration, and the Lenders do not intend to charge or receive collect any unearned interest in the event of such demandacceleration. All interest sums or other compensation paid or agreed to be paid to the Lenders with respect to for the Loans use, forbearance or detention of the indebtedness evidenced hereby shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread with respect to all of the Loans throughout the full stated term (including any renewal or extension) of the Loans such indebtedness until payment in full of all such indebtedness so that the rate or amount of interest on account of such indebtedness under all of the Loans does not exceed the Maximum Lawful Rate or maximum nonusurious amount of interest permitted by under applicable Law.law. The
Appears in 1 contract
Usury. It This Note is the intent hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of maturity of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are loan evidenced hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation)otherwise, shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders Holder hereunder for the loan, use, forbearance or detention of money exceed that permissible under applicable law. If at any time the performance of any provision of this Note or of any other agreement or instrument entered into in connection with respect this Note involves a payment exceeding the limit of the interest that may be validly charged for the loan, use, forbearance or detention of money under applicable law, then automatically and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the Loans shallspecific intent of the Borrower and the Holder that all payments under this Note are to be credited first to interest as permitted by law, to but not in excess of (a) the agreed rate of interest set forth herein or therein or (b) that permitted by law, whichever is the lesser, and the balance toward the reduction of the outstanding Face Amount. The provision of this Section 7 shall never be superseded or waived and shall control every other provision of this Note and all other agreements and instruments between the Borrower and the Holder entered into in connection with this Note. To the extent permitted by applicable Lawlaw, be amortizedthe Borrower waives any right to assert the defense of usury. Furthermore, proratedfor the avoidance of doubt, allocatedthe Borrower covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Borrower from paying all or any portion of the Face Amount or interest on this Note as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Note, and spread throughout the full stated term Borrower (including to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any renewal such law, and covenants that it will not, by resort to any such law, hinder, delay or extension) impede the execution of any power herein granted to the Loans so that Holder, but will suffer and permit the amount execution of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Lawevery such power as though no such law has been enacted.
Appears in 1 contract
Usury. It To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any action or proceeding that may be brought by the Buyer in order to enforce any right or remedy under this Agreement, the Note, and any document, agreement or instrument contemplated thereby. Notwithstanding any provision to the contrary contained in this Agreement, the Note, and any document, agreement or instrument contemplated thereby, it is expressly agreed and provided that the intent total liability of the Lenders and Company under this Agreement, the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, chargedNote, or received any document, agreement or instrument contemplated thereby for payments which under this Loan Agreement, under applicable law are in the Notes or otherwise, nature of interest shall not exceed the maximum nonusurious amount permissible lawful rate authorized under applicable Lawlaw (the “Maximum Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums which under applicable law in the nature of interest that the Company may be obligated to pay under this Agreement, the Note, and any document, agreement or instrument contemplated thereby exceed such Maximum Rate. IfIt is agreed that if the maximum contract rate of interest allowed by law applicable to this Agreement, from the Note, and any possible construction of any of the Loan Documents document, agreement or instrument contemplated thereby is increased or decreased by statute or any other official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to this Agreement, the Note, and any document, agreement or instrument contemplated thereby from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest would otherwise be payable in excess of the maximum nonusurious amountMaximum Rate is paid by the Company to the Buyer with respect to indebtedness evidenced by this Agreement, the Note, and any document, agreement or instrument contemplated thereby, such excess shall be applied by the Buyer to the unpaid principal balance of any such construction shall indebtedness or be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or Company, the other payor thereof if and to the extent manner of handling such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed excess to be paid to at the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable LawBuyer’s election.
Appears in 1 contract
Samples: Securities Purchase Agreement (SIMPLICITY ESPORTS & GAMING Co)
Usury. It is the intent The parties intend that no provision of the Lenders Note or the Loan Documents be interpreted, construed, applied, or enforced so as to permit or require the payment or collection of interest in excess of the Maximum Permitted Rate. In this regard, the Borrower and the Borrower Lender each stipulate and agree that it is their common and overriding intent to conform to and contract in strict compliance with applicable usury Law from time to time in effectlaws. All agreements between Accordingly, none of the Lenders and the Borrower are hereby limited by the provisions terms of this subsection which shall override and control all such agreementsMortgage, whether now existing the Note or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the other Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or any other documentdetention of money, interest would otherwise be payable at a rate in excess of the maximum nonusurious amountMaximum Permitted Rate, any such construction and the Borrower shall never be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as liable for interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amountMaximum Permitted Rate. Therefore, an amount equal to (a) in the amount which would have been excessive interest shall, without penalty, be applied to event that the reduction Indebtedness and Obligations are prepaid or the maturity of the principal amount owing on Indebtedness and Obligations is accelerated by reason of an election by the Loans and not to the payment of interestLender, or unearned interest shall be canceled and, if theretofore paid, shall either be refunded to the Borrower or credited on the Indebtedness, as the Lender may elect; (b) the aggregate of all interest and other charges constituting interest under applicable laws and contracted for, chargeable or receivable under the Open-End Mortgage, Security Agreement & Fixture Filing GTJ Portfolio, Shelton, Connecticut AEGON Loan No. 10520105 Note and the other payor thereof Loan Documents or otherwise in connection with the transaction contemplated thereby shall never exceed the maximum amount of interest, nor produce a rate in excess of the Maximum Permitted Rate; and (c) if any excess interest is provided for or received, it shall be deemed a mistake, and the same shall, at the option of the Lender, either be refunded to the extent Borrower or credited on the unpaid principal amount (if any), and the Indebtedness shall be automatically reformed so as to permit only the collection of the interest at the Maximum Permitted Rate. Furthermore, if any provision of the Note or any of the other Loan Documents is interpreted, construed, applied, or enforced, in such a manner as to provide for interest in excess of the Maximum Permitted Rate, then the parties intend that such provision automatically shall be deemed reformed retroactively so as to require payment only of interest at the Maximum Permitted Rate. If, for any reason whatsoever, interest paid or received during the full term of the applicable Indebtedness produces a rate which exceeds the Maximum Permitted Rate, then the amount which would have been excessive exceeds of such unpaid excess shall be deemed credited retroactively in reduction of the then outstanding principal amount of the LoansIndebtedness, together with interest at such Maximum Permitted Rate. The right to demand payment of Lender shall credit against the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date principal of such demandIndebtedness (or, and if such Indebtedness shall have been paid in full, shall refund to the Lenders do not intend to charge or receive any unearned interest in the event payor of such demandinterest) such portion of said interest as shall be necessary to cause the interest paid to produce a rate equal to the Maximum Permitted Rate. All interest sums paid or agreed to be paid to the Lenders with respect to Lender for the Loans use, forbearance or detention of money shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread in equal parts throughout the full stated term (including any renewal or extension) of the Loans applicable Indebtedness, so that the amount interest rate is uniform throughout the full term of interest on account such Indebtedness. In connection with all calculations to determine the Maximum Permitted Rate, the parties intend that all charges be excluded to the extent they are properly excludable under applicable usury laws, as they from time to time are determined to apply to this transaction. The provisions of this Section shall control all agreements, whether now or hereafter existing and whether written or oral, between the Loans does not exceed Borrower and the maximum nonusurious amount permitted by applicable LawLender.
Appears in 1 contract
Samples: Open End Mortgage Deed, Security Agreement and Fixture Filing (GTJ Reit, Inc.)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Law.
Appears in 1 contract
Samples: Delayed Draw Term Loan Agreement (Public Service Co of New Mexico)
Usury. The loan evidenced by the Note is being made solely for the purpose of carrying on or acquiring a business or commercial enterprise. It is the intent of Grantor and Beneficiary and all other parties to the Lenders and the Borrower Loan Documents to conform to and contract in strict compliance with applicable usury Law law from time to time in effect. All agreements between Beneficiary and Grantor (or any other party liable with respect to any indebtedness under the Lenders and the Borrower Loan Documents) are hereby limited by the provisions of this subsection Section which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oralarising. In no way, nor in any event or contingency (including but not limited to prepayment prepayment, default, demand for payment, or acceleration of the maturity of any Borrower Obligationobligation), shall the interest taken, reserved, contracted for, charged, chargeable, or received under this Deed of Trust, the Note or any other Loan Agreement, under the Notes Document or otherwise, exceed the maximum nonusurious amount permissible under permitted by applicable Lawlaw (the "Maximum Amount"). If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amountMaximum Amount, any such construction shall be subject to the provisions of this subsection Section and such documents document shall ipso facto be automatically reformed and the interest payable shall be automatically reduced to the maximum nonusurious amount permitted under applicable LawMaximum Amount, without the necessity of execution of any amendment or new document. If any Lender Beneficiary shall ever receive anything of value which is characterized as interest on the Loans under applicable Law law and which would, would apart from this provision, provision be in excess of the maximum nonusurious amountMaximum Amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans Indebtedness in the inverse order of its maturity and not to the payment of interest, or refunded to the Borrower Grantor or the other payor payer thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansprincipal. The right to demand payment accelerate maturity of the Loans Note or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandacceleration, and the Lenders do Beneficiary does not intend to charge or receive any unearned interest in the event of such demandacceleration. All interest paid or agreed to be paid to the Lenders with respect to the Loans Beneficiary shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread throughout the full stated term (including any renewal or extension) of the Loans such indebtedness so that the amount of interest on account of the Loans such indebtedness does not exceed the maximum nonusurious amount permitted by Maximum Amount. As used in this Section, the term "applicable Lawlaw" shall mean the laws of the State of Texas or the federal laws of the United States applicable to this transaction, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any the Borrower ObligationObligations), shall the interest taken, reserved, contracted for, charged, or received under this Loan Credit Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Term Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Term Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Term Loans. The right to demand payment of the Term Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Term Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Term Loans so that the amount of interest on account of the Term Loans does not exceed the maximum nonusurious amount permitted by applicable Law.
Appears in 1 contract
Usury. It is expressly stipulated and agreed to be the intent of all of the Lenders parties hereto at all times to comply with the applicable law governing the maximum rate or amount of interest payable on or in connection with the Note and the Borrower Loan (or applicable United States federal law to conform the extent that it permits Noteholder to and contract for, charge, take, reserve or receive a greater amount of interest payable on or in strict compliance connection with applicable usury Law from time to time in effect. All agreements between the Lenders Note and the Borrower are hereby limited by Loan than under applicable law). If the provisions of applicable law is ever judicially interpreted so as to render usurious any amount called for under the Note or under the Security Instrument, this subsection which shall override and control all such agreementsAgreement or any other Loan Document, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, taken, reserved or received under this Loan Agreementwith respect to the Loan, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from if any possible construction of Borrower has paid any of the Loan Documents or any other document, interest would otherwise be payable in excess of that permitted by law, then it is the maximum nonusurious amountexpress intent of all of the parties that all excess amounts theretofore collected by Noteholder or Lender be credited to the then outstanding principal balance of the Note (or, if the Note has been or would thereby be paid in full, any surplus refunded to such construction shall be subject to Borrower), and the provisions of the Note, this subsection Agreement, the Security Instrument and such documents shall the other Loan Documents immediately be automatically reduced to deemed reformed and the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized documents, so as interest on to comply with such applicable law but so as to permit the Loans under applicable Law and which would, apart from this provision, be in excess recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans otherwise called for hereunder and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansthereunder. The right to demand payment accelerate the maturity of the Loans or any other Indebtedness evidenced by any of the Loan Documents Note does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandacceleration, and the Lenders do Noteholder does not intend to charge or receive collect any unearned interest in the event of such demandacceleration. All interest sums paid or agreed to be paid to Lender or Noteholder for the Lenders with respect to use, forbearance or detention of the Loans indebtedness evidenced by the Note or other Loan Documents shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread throughout through the full stated term (including any renewal or extension) of the Loans such indebtedness until payment in full so that the rate or amount of interest on account of the Loans such indebtedness does not exceed the applicable usury ceiling. Notwithstanding any provision contained in the Note, the Security Instrument, this Agreement or in any of the other Loan Documents, as amended herein, that permits the compounding of interest including, without limitation, any provision by which any of the accrued interest is added to the principal amount of the Note, the total amount of interest that Borrowers are obligated to pay and Noteholder is entitled to receive with respect to the Loan shall not exceed the amount calculated on a simple (i.e., non-compounded) interest basis at the maximum nonusurious rate allowed by applicable law on principal amounts actually advanced to or for the account of Borrowers, including all current and prior advances and any advances made pursuant to the Security Instrument, this Agreement or the other Loan Documents, as amended herein (including, but not limited to, the payment of taxes, insurance premiums and the like). The provisions of the Note and the other Loan Documents limiting the amount of interest which may be contracted for, charged or received on the indebtedness evidenced thereby and dealing with the rights and duties of the parties with respect to the charging or receiving of interest in excess of the maximum rate, are hereby incorporated in this Agreement by reference as though fully set forth herein. To the extent permitted by applicable Lawlaw, Borrowers, Original Borrower Principal and New Borrower Principal hereby waive and release all claims and defenses based upon usury in connection with the execution and delivery of the Note and the other Loan Documents and the borrowing of the funds represented by the Loan.
Appears in 1 contract
Samples: Consent, Ratification, Assumption and Release Agreement (Education Realty Trust, Inc.)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the The provisions of this subsection which Section shall override govern and control all such agreements, whether now existing over any irreconcilably inconsistent provision contained in this Note or hereafter arising and whether written or oral. In no way, nor in any event other document evidencing or contingency securing the indebtedness evidenced hereby. Lender shall never be entitled to receive, collect, or apply as interest hereon (including but not limited for purposes of this Section the word "interest" shall be deemed to prepayment or acceleration include any sums treated as interest under applicable law governing matters of the maturity of any Borrower Obligationusury and unlawful interest), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious any amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amountHighest Lawful Rate (hereinafter defined) and, in the event Lender ever receives, collects, or applies as interest any such excess, such amount which would be excessive interest shall be deemed a partial prepayment of principal and shall be treated hereunder as such; and, if the principal of this Note is paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate, Borrower and Lender shall, to the maximum extent permitted under applicable law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest; (b) exclude voluntary prepayments and the effects thereof; and (c) spread the total amount of interest throughout the entire contemplated term of this Note, provided, that if this Note is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence hereof exceeds the Highest Lawful Rate, Lender shall refund to Borrower the amount of such construction excess and, in such event, Lender shall not be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawany penalties provided by any laws for contracting for, without the necessity of execution of any amendment charging or new document. If any Lender shall ever receive anything of value which is characterized as receiving interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the Highest Lawful Rate. "Highest Lawful Rate" shall mean the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction rate of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandLender is allowed to contract for, and the Lenders do not intend to charge charge, take, reserve or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shallunder applicable law after taking into account, to the extent permitted required by applicable Lawlaw, be amortized, prorated, allocated, any and spread throughout the full stated term (including any renewal all relevant payments or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Lawcharges hereunder.
Appears in 1 contract
Usury. It is If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable laws governing usury, the intent applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. Maker covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive Maker from paying all or any portion of the Lenders and principal of or interest on this Note as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between covenants or the Lenders and the Borrower are hereby limited by the provisions performance of this subsection which shall override Note, and control Maker (to the extent it may lawfully do so) hereby expressly waives all such agreements, whether now existing benefits or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity advantage of any Borrower Obligation)such law, shall and covenants that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to Holder, but will suffer and permit the execution of every such as though no such law has been enacted.
(a) the aggregate of all consideration which constitutes interest under law applicable to Holder that is contracted for, taken, reserved, contracted for, charged, charged or received under this Loan Agreement, Note or under the Notes any of such other agreements or otherwise, otherwise in connection with this Note shall under no circumstances exceed the maximum nonusurious amount permissible under allowed by such applicable Law. Iflaw, from and any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest credited by Holder on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interestthis Note (or, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid that the principal amount of this Note has been or would thereby be paid in full, refunded by Holder to Maker); and (b) if the Loans. The right to demand payment maturity of this Note is accelerated by reason of an election of Holder resulting from any Event of Default under this Note, or in the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment event of any required or permitted prepayment, then such consideration that constitutes interest which has not otherwise accrued on under law applicable to Holder may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Note shall be cancelled automatically as of the date of such demandacceleration or prepayment and, and if theretofore paid, shall be credited by Holder on the Lenders do not intend to charge or receive any unearned interest in the event principal amount of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shallthis Note (or, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the principal amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted this Note has been or would thereby be paid in full, refunded by applicable LawHolder to Maker).
Appears in 1 contract
Usury. It is expressly stipulated and agreed to be the intent of Borrower and Lenders at all times to comply strictly with the applicable Texas law governing the maximum rate or amount of interest payable on the Notes or the Related Indebtedness (or applicable United States federal law to the extent that it permits Lenders and the Borrower to conform to and contract in strict compliance with applicable usury for, charge, take, reserve or receive a greater amount of interest than under Texas law). Accordingly, if Applicable Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing (or hereafter arising and whether written or oral. In no way, nor in any event or contingency judicial interpretation thereof) renders usurious any amount (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, i) contracted for, charged, taken, reserved or received under this Loan Agreementpursuant to the Notes, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the other Loan Documents or any other documentcommunication or writing by or between Borrower and Lenders related to the transaction or transactions that are the subject matter of the Loan Documents, interest would otherwise be payable (ii) contracted for, charged or received by reason of Lenders’ exercise of the option to accelerate the maturity of the Notes and/or the Related Indebtedness, or (iii) Borrower will have paid or Lenders will have received by reason of any voluntary prepayment by Borrower of the Notes and/or the Related Indebtedness, then it is Borrower’s and Lenders’ express intent that all amounts charged in excess of the maximum nonusurious amount, any such construction Maximum Lawful Rate shall be subject automatically cancelled, ab initio, and all amounts in excess of the Maximum Lawful Rate theretofore collected by Lenders shall be credited on the principal balance of the Notes and/or the Related Indebtedness (or, if the Notes and all Related Indebtedness have been or would thereby be paid in full, refunded to Borrower), and, to the fullest extent permitted under Applicable Law, the provisions of this subsection the Notes and such documents shall the other Loan Documents immediately be automatically reduced to deemed reformed and the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under applicable Law and which wouldApplicable Law, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amountfullest amount otherwise called for hereunder and thereunder; provided, an amount equal to however, if the amount which would Notes have been excessive interest shall, without penalty, be applied to paid in full before the reduction end of the principal amount stated term of the Notes, then Borrower and Lenders agree that Lenders shall either refund such excess interest to Borrower and/or credit such excess interest against the Notes and/or any Related Indebtedness then owing on by Borrower to Lenders. To the Loans fullest extent permitted under Applicable Law, Borrower hereby agrees that as a condition precedent to any claim seeking usury penalties against Lenders, Borrower will provide written notice to Lenders, advising Lenders in reasonable detail of the nature and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansviolation, and Lenders shall have sixty (60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess interest to Borrower or crediting such excess interest against the Notes and/or the Related Indebtedness then owing by Borrower to Lenders. The right to demand payment All sums contracted for, charged or received by Lenders for the use, forbearance or detention of the Loans or any other Indebtedness debt evidenced by any of the Loan Documents does not include Notes and/or the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans Related Indebtedness shall, to the extent permitted by applicable Applicable Law, be amortizedamortized or spread, proratedusing the actuarial method, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans Notes and/or the Related Indebtedness until payment in full so that the rate or amount of interest on account of the Loans Notes and/or the Related Indebtedness does not exceed the maximum nonusurious Maximum Lawful Rate from time to time in effect and applicable to the Notes and/or the Related Indebtedness for so long as debt is outstanding. In no event shall the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving triparty accounts) apply to the Notes and/or the Related Indebtedness. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is not the intention of Lenders to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. To the fullest extent permitted under Applicable Law, Borrower and Lenders hereby agree that any and all suits alleging the contracting for, charging or receiving of usurious interest shall lie in Dallas County, Texas, and each irrevocably waive the right to venue in any other county. To the extent that Lenders are relying on Chapter 303 of the Texas Finance Code to determine the Maximum Lawful Rate payable on the Notes and/or the Related Indebtedness, Lenders will utilize the weekly ceiling from time to time in effect as provided in such Chapter 303, as amended. To the extent United States federal law permits Lenders to contract for, charge, take, receive or reserve a greater amount of interest than under Texas law, Lenders will rely on United States federal law instead of such Chapter 303 for the purpose of determining the Maximum Lawful Rate. Additionally, to the extent permitted by applicable LawApplicable Law now or hereafter in effect, Lenders may, at its option and from time to time, utilize any other method of establishing the Maximum Lawful Rate under such Chapter 303 or under other Applicable Law by giving notice, if required, to Borrower as provided by Applicable Law now or hereafter in effect.
Appears in 1 contract
Samples: Loan Agreement (Howard Hughes Corp)
Usury. It Notwithstanding any other provision herein contained to the contrary, no provision of this Guaranty shall require or permit, or be deemed to require or permit, the reserving, charging or collection from Guarantor of interest in excess of the maximum rate or amount that Guarantor may be required or permitted to pay to Landlord pursuant to applicable law and as to which Guarantor could successfully assert the claim or defense of usury. To be clear, it is the intent express intention of the Lenders Landlord and the Borrower Guarantor to conform to and contract in strict compliance comply strictly with all applicable usury Law from time to time in effect. All laws; accordingly, all agreements between the Lenders or among Landlord and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreementsGuarantor, whether now existing or hereafter arising arising, and whether written or oral. In , are hereby limited so that in no way, nor in any event or contingency (including but not limited to prepayment contingency, whether by reason of demand, acceleration or acceleration of the maturity of any Borrower Obligation)otherwise, shall the any interest taken, reserved, contracted for, charged, received, paid or received under this Loan Agreement, under the Notes agreed to be paid to Landlord by or otherwise, on behalf of Guarantor exceed the maximum nonusurious amount permissible under applicable Lawlaw. If, from any possible construction of any of the Loan Documents or any other documentcircumstance whatsoever, interest would otherwise be payable to Landlord in excess of the maximum nonusurious lawful amount, any such construction the interest payable to Landlord shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawlaw; and, without the necessity of execution of if from any amendment or new document. If any Lender circumstance Landlord shall ever receive anything of value which is characterized as deemed interest on the Loans under by applicable Law and which would, apart from this provision, be law in excess of the maximum nonusurious lawful amount, an amount equal to the amount which would have been any excessive interest shall, without penalty, shall be applied to the reduction of the underlying principal amount owing on of the Loans obligation and not to the payment of interest, or or, if such excessive interest exceeds the unpaid balance of the underlying principal of the obligation, such excess shall be refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandGuarantor. All interest paid or agreed to be paid to the Lenders with respect to the Loans Guarantor shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread throughout the full stated term (including any renewal or extension) period until payment in full of the Loans underlying principal obligation so that the amount of interest on account of the Loans does any indebtedness for which Guarantor is liable for such full period shall not exceed the maximum nonusurious amount permitted by applicable Lawlaw. This provision controls over any other provision of this Guaranty which could be construed otherwise.
Appears in 1 contract
Samples: Office Lease (Hippo Holdings Inc.)
Usury. It is the intent of the Lenders and the Borrower Credit Parties to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower Credit Parties are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Credit Party Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Credit Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Law.
Appears in 1 contract
Samples: Credit Agreement (Orthodontic Centers of America Inc /De/)
Usury. It This Note is the intent hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of maturity of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are loan evidenced hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation)otherwise, shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders Holder hereunder for the loan, use, forbearance or detention of money exceed that permissible under applicable law. If at any time the performance of any provision of this Note or of any other agreement or instrument entered into in connection with respect this Note involves a payment exceeding the limit of the interest that may be validly charged for the loan, use, forbearance or detention of money under applicable law, then automatically and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the Loans shallspecific intent of the Borrower and the Holder that all payments under this Note are to be credited first to interest as permitted by law, to but not in excess of (i) the agreed rate of interest set forth herein or therein or (ii) that permitted by law, whichever is the lesser, and the balance toward the reduction of principal. The provision of this Section 7 shall never be superseded or waived and shall control every other provision of this Note and all other agreements and instruments between the Borrower and the Holder entered into in connection with this Note. To the extent permitted by applicable Lawlaw, be amortizedBorrower waives any right to assert the defense of usury. Furthermore, proratedfor the avoidance of doubt, allocatedthe Borrower covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Borrower from paying all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Note, and spread throughout the full stated term Company (including to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any renewal such law, and covenants that it will not, by resort to any such law, hinder, delay or extension) impede the execution of any power herein granted to the Loans so that Holder, but will suffer and permit the amount execution of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Lawevery such as though no such law has been enacted.
Appears in 1 contract
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the No provisions of this subsection which shall override and control all such agreements, whether now existing Agreement or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents shall require the payment or any other documentpermit the collection, application or receipt of interest would otherwise be payable in excess of the maximum nonusurious amount, permitted by applicable state or federal law. If any excess of interest in such respect is herein or in any such construction other instrument provided for, or shall be subject adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection paragraph shall govern, and such documents neither Borrower nor any endorsers of the Note nor their respective successors, assigns or personal representatives shall be automatically reduced obligated to pay the amount of such interest to the maximum nonusurious extent it is in excess of the amount permitted under by applicable Lawlaw. It is expressly stipulated and agreed to be the intent of Borrower and Lender to at all times comply with the usury and other laws relating to the Loan Documents and any subsequent revisions, repeals or judicial interpretations thereof, to the extent applicable thereto. In the event Lender or other holder of the Note ever receives, collects or applies as interest any such excess, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of the Note and, if upon such application the principal balance of the Note is paid in full, any remaining excess shall be forthwith paid to Borrower and the provisions of the Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under then applicable Law and which wouldlaw, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to otherwise called for thereunder. In determining whether or not the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed payable under any specific contingency exceeds the maximum interest allowed to be paid to the Lenders with respect to the Loans charged by applicable law, Borrower and Lender or other holder hereof shall, to the maximum extent permitted by under applicable Lawlaw, be amortizedamortize, proratedprorate, allocated, allocate and spread the total amount of interest throughout the full stated entire term (including any renewal or extension) of the Loans Note so that the amount or rate of interest on account charged for any and all periods of time during the term of the Loans does not exceed Note is to the greatest extent possible less than the maximum nonusurious amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in the Note to "applicable Law.law" for purposes of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. RENEWAL AND EXTENSION AGREEMENT
Appears in 1 contract
Samples: Renewal and Extension Agreement (Craftmade International Inc)
Usury. It is expressly stipulated and agreed to be the intent of Borrower and Lenders at all times to comply strictly with the applicable New York law governing the maximum rate or amount of interest payable on the Notes or the Loan (or applicable United States federal law to the extent that it permits Lenders and the Borrower to conform to and contract in strict compliance with for, charge, take, reserve or receive a greater amount of interest than under New York law). Accordingly, if applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing law (or hereafter arising and whether written or oral. In no way, nor in any event or contingency judicial interpretation thereof) renders usurious any amount (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, i) contracted for, charged, taken, reserved or received under this Loan Agreementpursuant to the Notes, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the other Loan Documents or any other documentcommunication or writing by or between Borrower, interest would otherwise be payable Administrative Agent and Lenders related to the transaction or transactions that are the subject matter of the Loan Documents, (ii) contracted for, charged or received by reason of Lenders’ exercise of the option to accelerate the maturity of the Notes and/or the Loan, or (iii) Borrower will have paid or Lenders will have received by reason of any voluntary prepayment by Borrower of the Notes and/or the Loan, then it is Borrower’s and Lenders’ express intent that all amounts charged in excess of the maximum nonusurious amount, any such construction amount calculated at the Maximum Lawful Rate shall be subject automatically cancelled, ab initio, and all amounts in excess of the amount calculated at the Maximum Lawful Rate theretofore collected by Lenders shall be credited on the principal balance of the Notes and/or the Loan (or, if the Notes and the Loan have been or would thereby be paid in full, refunded to Borrower), and, to the fullest extent permitted under applicable law, the provisions of this subsection the Notes and such documents shall the other Loan Documents immediately be automatically reduced to deemed reformed and the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything , so as to comply with the applicable law, but so as to permit the recovery of value which is characterized as the fullest amount otherwise called for hereunder and thereunder; provided, however, if the Notes have been paid in full before the end of the stated term of the Notes, then Borrower and Lenders agree that Lenders shall, with reasonable promptness after Administrative Agent or Lenders discover or are advised by Borrower that interest on the Loans under applicable Law and which would, apart from this provision, be was received in an amount in excess of the maximum nonusurious amountMaximum Lawful Rate, an amount equal either refund such excess interest to Borrower and/or credit such excess interest against the amount which would have been excessive interest shallNotes and/or the Loan. To the fullest extent permitted under applicable law, without penaltyBorrower hereby agrees that as a condition precedent to any claim seeking usury penalties against Lenders, be applied Borrower will provide written notice to the reduction Administrative Agent and Lenders, advising Lenders in reasonable detail of the principal amount owing on the Loans nature and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansviolation, and Lenders shall have sixty (60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess interest to Borrower or crediting such excess interest against the Notes and/or the Loan then owing by Borrower to Lenders. The right to demand payment All sums contracted for, charged or received by any Lender for the use, forbearance or detention of the Loans or any other Indebtedness debt evidenced by any of the Notes and/or the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Lawlaw, be amortizedamortized or spread, proratedusing the actuarial method, allocated, and spread throughout the full stated term of the Notes and/or the Loan (including any and all renewal or extensionand extension periods) of the Loans until payment in full so that the rate or amount of interest on account of the Loans Notes and/or the Loan does not exceed the maximum nonusurious Maximum Lawful Rate, or the amount calculated at the Maximum Lawful Rate, from time to time in effect and applicable to the Notes and/or the Loan for so long as debt is outstanding. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is not the intention of Lenders to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. To the fullest extent permitted by under applicable Lawlaw, Borrower and Lenders hereby agree that any and all suits alleging the contracting for, charging or receiving of usurious interest shall lie in New York County, New York, and each irrevocably waive the right to venue in any other county.
Appears in 1 contract
Samples: Loan Agreement (Ryman Hospitality Properties, Inc.)
Usury. It is the intent intention of the Lenders parties hereto to conform strictly to applicable usury laws. Accordingly, all agreements between Borrower and the Borrower Lenders with respect to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower Loan are hereby expressly limited by the provisions of this subsection which shall override and control all such agreementsso that in no event, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or by reason of acceleration of the maturity of any Borrower Obligation)or otherwise, shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect or charged by the Lenders for the use, forbearance or detention of the money to be lent hereunder or otherwise, exceed the maximum amount allowed by law. If the Loan would be usurious under applicable law, then, notwithstanding anything to the Loans shallcontrary in the Loan Documents: (1) the aggregate of all consideration which constitutes interest under applicable law that is contracted for, taken, reserved, charged or received under the Loan Documents shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited on any Term Loan hereunder by the obligee thereof (or, if any Term Loan hereunder has been paid in full, refunded to Borrower); and (2) if maturity is accelerated by reason of an election by the Lenders, or in the event of any prepayment, then any consideration which constitutes interest may never include more than the maximum amount allowed by applicable law. In such case, excess interest, if any, provided for in the Loan Documents or otherwise, to the extent permitted by applicable Lawlaw, shall be amortized, prorated, allocated, allocated and spread throughout from the date of advance until payment in full stated term (including any renewal or extension) of the Loans so that the amount actual rate of interest on account is uniform through the term hereof. If such amortization, proration, allocation and spreading is not permitted under applicable law, then such excess interest shall be canceled automatically as of the Loans does not exceed date of such acceleration or prepayment and, if theretofore paid, shall be credited on any Term Loan hereunder (or, if any Term Loan hereunder has been paid in full, refunded to Borrower). The terms and provisions of this Section 8.3 shall control and supersede every other provision of the maximum nonusurious amount permitted Loan Documents. If at any time the laws of the United States of America permit the Lenders to contract for, take, reserve, charge or receive a higher rate of interest than is allowed by applicable Lawstate law (whether such federal laws directly so provide or refer to the law of any state), then such federal laws shall to such extent govern as to the rate of interest which the Lenders may contract for, take, reserve, charge or receive under the Loan Documents.
Appears in 1 contract
Usury. It is the intent intention of the Lenders and the Borrower parties hereto to conform strictly to and contract in strict compliance with applicable usury Law from time to time in effectlaws. All Accordingly, all agreements between Borrower and Lender with respect to the Lenders and the Borrower Loan are hereby expressly limited by the provisions of this subsection which shall override and control all such agreementsso that in no event, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or by reason of acceleration of the maturity of any Borrower Obligation)or otherwise, shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to Lender or charged by Lender for the Lenders with respect use, forbearance or detention of the money to be lent hereunder or otherwise, exceed the maximum amount allowed by law. If the Loan would be usurious under applicable law, then, notwithstanding anything to the Loans shallcontrary in the Loan Documents: (1) the aggregate of all consideration which constitutes interest under applicable law that is contracted for, taken, reserved, charged or received under the Loan Documents shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited on any Note hereunder by the holder thereof (or, if any Note hereunder has been paid in full, refunded to Borrower); and (2) if maturity is accelerated by reason of an election by Lender, or in the event of any prepayment, then any consideration which constitutes interest may never include more than the maximum amount allowed by applicable law. In such case, excess interest, if any, provided for in the Loan Documents or otherwise, to the extent permitted by applicable Lawlaw, shall be amortized, prorated, allocated, allocated and spread throughout from the date of advance until payment in full stated term (including any renewal or extension) of the Loans so that the amount actual rate of interest on account is uniform through the term hereof. If such amortization, proration, allocation and spreading is not permitted under applicable law, then such excess interest shall be canceled automatically as of the Loans does not exceed date of such acceleration or prepayment and, if theretofore paid, shall be credited on any Note hereunder (or, if any Note hereunder has been paid in full, refunded to Borrower). The terms and provisions of this Section 9.3 shall control and supersede every other provision of the maximum nonusurious amount permitted Loan Documents. If at any time the laws of the United States of America permit Lender to contract for, take, reserve, charge or receive a higher rate of interest than is allowed by applicable Lawstate law (whether such federal laws directly so provide or refer to the law of any state), then such federal laws shall to such extent govern as to the rate of interest which Lender may contract for, take, reserve, charge or receive under the Loan Documents.
Appears in 1 contract
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Reimbursement Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans its Pro Rata Share of any Unreimbursed Amount under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of any Unreimbursed Amount, any fees or other amounts owing to the principal amount owing on Administrative Agent or the Loans L/C Issuer by the Borrower and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the LoansUnreimbursed Amount, fees or other amounts owed by the Borrower. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Law.
Appears in 1 contract
Usury. It is expressly stipulated and agreed to be the intent of the Lenders Country Club Loan Parties and Lender at all times to comply with the Borrower applicable state law governing the maximum rate or amount of interest payable on the Note (or applicable United States Federal law to conform the extent that it permits Lender to and contract in strict compliance with for, charge, take, reserve or receive a greater amount of interest than under such state law). If the applicable usury Law from time law is ever judicially interpreted so as to time in effect. All agreements between render usurious any amount called for under the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing Note or hereafter arising and whether written or oral. In no way, nor in under any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation)other Loan Documents, shall the interest taken, reserved, or contracted for, charged, taken, reserved or received under this Loan Agreementwith respect to the Indebtedness, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any if Lender's exercise of the Loan Documents option to accelerate the maturity of the Note, or any other document, prepayment by any Country Club Loan Party results in such Country Club Loan Party having paid or Lender having received any interest would otherwise be payable in excess of that permitted under the maximum nonusurious amountMaximum Lawful Rate, any such construction shall then it is the express intent of Lender and each of the Country Club Loan Parties that all excess amounts theretofore collected by Lender be subject credited on the principal balance of the Note (or, if the Note has been or would thereby be paid in full, refunded to the Country Club Loan Parties), and the provisions of this subsection the Note and such documents shall the other Loan Documents immediately be automatically reduced to deemed reformed and the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any , so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder; provided, however, if the Note has been paid in full before the end of the stated term of the Note, then the Country Club Loan Parties and Lender shall ever receive anything of value which agree that Lender shall, with reasonable promptness after Lender discovers or is characterized as advised by a Country Club Loan Party that interest on the Loans under applicable Law and which would, apart from this provision, be was received in an amount in excess of the maximum nonusurious amountMaximum Lawful Rate, an amount equal either refund such excess interest to the amount which would have been excessive Country Club Loan Party entitled thereto or credit such excess interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or against any other Indebtedness evidenced then owing to Lender under the Loan Documents. All sums contracted for, charged or received by any Lender for the use, forbearance or detention of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Country Club Loans shall, to the extent permitted by applicable Lawlaw, be amortizedamortized or spread, proratedusing the actuarial method, allocated, and spread throughout the full stated term (including any renewal or extension) of the Country Club Loans until payment in full so that the rate or amount of interest on account of the Loans Indebtedness does not exceed the Maximum Lawful Rate from time to time in effect and applicable to the Country Club Loans for so long as debt is outstanding. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is not the intention of Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. As used herein, the term "Maximum Lawful Rate" shall mean the maximum nonusurious lawful rate of interest which may be contracted for, charged, taken, received or reserved by Lender in accordance with the applicable state laws (or applicable United States Federal law to the extent that it permits Lender to contract for, charge, take, receive or reserve a greater amount permitted of interest than under such applicable state law), taking into account all Charges (as herein deemed) made in connection with the transaction evidenced by applicable Law.the Note and the other Loan Documents. As
Appears in 1 contract
Samples: Loan Agreement (Clubcorp Inc)
Usury. It is Notwithstanding anything to the intent contrary contained in this Lease or any of the Lenders other Operative Documents, to the extent the transactions contemplated by this Lease and the Borrower other Operative Documents are deemed to be a financing rather than a lease, the amounts which the Lessee is obliged to pay pursuant to this Lease and the other Operative Documents, and the amounts which the Lessor is entitled to receive pursuant to this Lease and the other Operative Documents shall conform strictly to and contract in strict compliance with applicable usury Law from time laws. Accordingly, if the transactions contemplated hereby would be usurious as to time in effect. All agreements between the Lenders Participants under Applicable Laws (including the laws of the United States of America and the Borrower state where their respective main offices are hereby limited by located or any other jurisdiction whose laws may be mandatorily applicable to the Participants notwithstanding the other provisions of this subsection which shall override and control all such agreementsLease), whether now existing then, in that event, notwithstanding anything to the contrary in this Lease or hereafter arising and whether written or oral. In no way, nor in any event or contingency other Operative Document, it is agreed as follows:
(including but not limited i) the aggregate of all consideration which constitutes interest under law applicable to prepayment or acceleration of the maturity of any Borrower Obligation)Participants that is contracted for, shall the interest taken, reserved, contracted for, charged, charged or received by the Participants under this Loan Agreement, Lease or under any of the Notes other aforesaid Operative Documents or otherwise, other agreements or otherwise in connection with this Lease shall under no circumstances exceed the maximum nonusurious amount permissible under applicable allowed by such Applicable Law. If, from and any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection cancelled automatically and such documents if theretofore paid shall be automatically reduced to credited by the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest Participants on the Loans under applicable Law and which wouldamounts paid by the Lessee, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would that the obligations with respect thereto shall have been excessive exceeds such unpaid principal amount or would thereby be paid in full, refunded by the Participants to the Lessee, and (ii) in the event that any amounts hereunder become due and payable prior to the regularly scheduled maturity date (whether by reason of the Loans. The right to demand payment occurrence of an Event of Default or otherwise), or in the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment event of any required or permitted prepayment, then such consideration that constitutes interest which has not under Applicable Law may never include more than the maximum amount allowed by such Applicable Law, and excess interest, if any, provided for in this Lease or otherwise accrued on shall be cancelled automatically by the Participants as of the date of such demandprepayment and, and if theretofore paid, shall be credited by the Lenders do not intend Participants on the amounts payable hereunder (or, to charge the extent that the amounts payable hereunder shall have been or receive any unearned interest would thereby be paid in full, refunded by the event of such demandParticipants to the Lessee). All interest sums paid or agreed to be paid to the Lenders with respect to Participants for the Loans use, forbearance or detention of sums due hereunder shall, to the extent permitted by law applicable Lawto the Participants, be amortized, prorated, allocated, allocated and spread in equal parts throughout the full stated term (including any renewal or extension) of the Loans this Lease until payment in full so that the rate or amount of interest on account of the Loans any amounts payable hereunder does not exceed the maximum nonusurious amount permitted allowed by applicable such Applicable Law.
Appears in 1 contract
Samples: Lease Agreement (Weirton Steel Corp)
Usury. It To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any action or proceeding that may be brought by the Buyer in order to enforce any right or remedy under this Agreement, the Note, and any document, agreement or instrument contemplated thereby. Notwithstanding any provision to the contrary contained in this Agreement, the Note, and any document, agreement or instrument contemplated thereby, it is expressly agreed and provided that the intent total liability of the Lenders and Company under this Agreement, the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, chargedNote, or received any document, agreement or instrument contemplated thereby for payments which under this Loan Agreement, under applicable law are in the Notes or otherwise, nature of interest shall not exceed the maximum nonusurious amount permissible lawful rate authorized under applicable Lawlaw (the “Maximum Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums which under applicable law in the nature of interest that the Company may be obligated to pay under this Agreement, the Note, and any document, agreement or instrument contemplated thereby exceed such Maximum Rate. IfIt is agreed that if the maximum contract rate of interest allowed by law applicable to this Agreement, from the Note, and any possible construction of any of the Loan Documents document, agreement or instrument contemplated thereby is increased or decreased by statute or any other official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to this Agreement, the Note and any document, agreement or instrument contemplated thereby from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest would otherwise be payable in excess of the maximum nonusurious amountMaximum Rate is paid by the Company to the Buyer with respect to indebtedness evidenced by this Agreement, the Note, and any document, agreement or instrument contemplated thereby, such excess shall be applied by the Buyer to the unpaid principal balance of any such construction shall indebtedness or be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or Company, the other payor thereof if and to the extent manner of handling such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed excess to be paid to at the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable LawBuyer’s election.
Appears in 1 contract
Samples: Securities Purchase Agreement (Blue Star Foods Corp.)
Usury. It is Notwithstanding any provision to the intent contrary herein contained, Lender shall not collect a rate of the Lenders and interest on any obligation owing by the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable Lender in excess of the maximum nonusurious amountrate of interest permitted by applicable law. The Borrower understands and believes that the lending transaction which is the subject of this Agreement complies with all applicable usury laws; however, if any interest or other charges in connection with such construction lending transaction is ever determined to exceed the maximum amount permitted by law, then the Borrower agrees that (a) the amount of interest or charges payable pursuant to this Agreement and the Note shall be subject reduced to the maximum amount permitted by law, and (b) any excess amount previously collected from the Borrower in connection with this Agreement or Note that exceeds the maximum amount permitted by law shall be credited against the principal amount of the Loan then outstanding. If the outstanding principal balance of the Loan has been paid in full, the excess amount paid shall be refunded to the Borrower. The "contracted for rate of interest" of the Commitment to be advanced pursuant to the terms hereof includes, without limitation, the following: (i) the Interest Rate, calculated and applied to the principal balance of the Loan in accordance with the provisions of this subsection Agreement and such documents shall be automatically reduced the Note; (ii) the Overdue Interest Rate to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shallprincipal balance of the Loan outstanding in accordance with the provisions of Section 12.3 hereof; (iii) the amounts referred to in Section 14 hereof, and (iv) all fees, charges, goods, things in action or any sum or things of value ("Additional Sums") paid or payable by the Borrower whether pursuant to this Agreement or any other Loan Document. If any such Additional Sums may, under applicable law, be deemed to be interest with respect to the extent permitted by lending transaction which is the subject of this Agreement, then, for the purpose of any applicable Law, be amortized, prorated, allocated, and spread throughout law that may limit the full stated term (including any renewal or extension) of the Loans so that the maximum amount of interest on account to be charged with respect to the lending transaction which is the subject of this Agreement, such Additional Sums shall be payable by the Loans does not exceed Borrower as, and shall be deemed to be, additional interest, and for such purposes only, the maximum nonusurious amount permitted agreed upon and "contracted for rate of interest" of this transaction shall be deemed to be increased by applicable Lawthe rate of interest resulting from the Additional Sums.
Appears in 1 contract
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders Borrower and the Borrower are hereby limited by Noteholders on behalf of the provisions of this subsection which shall override and control all such agreementsNoteholders, whether now existing or hereafter arising and whether written or oral. In , are hereby limited so that in no waycontingency, nor in any event or contingency (including but not limited to prepayment whether by reason of demand or acceleration of the maturity of any Borrower Obligation)Date, as that term is defined in the Notes, or otherwise, shall the interest taken, reserved, contracted for, charged, received, paid or received under this Loan Agreement, under agreed to be paid to the Notes or otherwise, Noteholders exceed the maximum nonusurious amount permissible under applicable the laws of the State of New York (hereinafter the "Applicable Law"). If, from any possible construction of any of the Loan Documents or any other documentcircumstance whatsoever, interest would otherwise be payable to Noteholders in excess of the maximum nonusurious amountamount permissible under the Applicable Law, any such construction the interest payable to Noteholders shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted permissible under applicable the Applicable Law, without the necessity of execution of and if from any amendment or new document. If any Lender circumstance Noteholders shall ever receive anything of value which is characterized as deemed interest on by the Loans under applicable Applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amountamount permissible under the Applicable Law, an amount equal to the amount which would have been excessive interest shall, without penalty, shall be applied to the reduction of the principal amount owing on of the Loans Notes and not to the payment of interest, or if such excessive amount of interest exceeds the unpaid balance of principal of the Notes, such excess shall be refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandBorrower. All interest paid or agreed to be paid to the Lenders with respect to the Loans Noteholders shall, to the extent permitted by applicable the Applicable Law, be amortized, proratedpro-rated, allocated, allocated and spread throughout the full stated term period (including any renewal or extension) until payment in full of the Loans principal so that the amount of interest on account of the Loans does Notes for such full period shall not exceed the maximum nonusurious amount permitted by applicable permissible under the Applicable Law. The Noteholders expressly disavow any intent to contract for, charge or receive interest in an amount which exceeds the maximum amount permissible under the Applicable Law. This paragraph as well as a similar paragraph as set forth in the Notes shall control all agreements between Borrower and the Noteholders. All protection afforded the Noteholders shall be afforded the Collateral Agent.
Appears in 1 contract
Samples: Pledge and Security Agreement (Altiva Financial Corp)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the No provisions of this subsection which shall override and control all such agreements, whether now existing Agreement or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents shall require the payment or any other documentpermit the collection, application or receipt of interest would otherwise be payable in excess of the maximum nonusurious amount, permitted by applicable state or federal law. If any excess of interest in such respect is herein or in any such construction other instrument provided for, or shall be subject adjudicated to be so provided for herein or in any such instrument, the provisions of this subsection paragraph shall govern, and such documents neither Borrower nor any endorsers of the Note nor their respective successors, assigns or personal representatives shall be automatically reduced obligated to pay the amount of such interest to the maximum nonusurious extent it is in excess of the amount permitted under by applicable Lawlaw. It is expressly stipulated and agreed to be the intent of Borrower and Lender to at all times comply with the usury and other laws relating to the Loan Documents and any subsequent revisions, repeals or judicial interpretations thereof, to the extent applicable thereto. In the event Lender or other holder of the Note ever receives, collects or applies as interest any such excess, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of the Note and, if upon such application the principal balance of the Note is paid in full, any remaining excess shall be forthwith paid to Borrower and the provisions of the Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under then applicable Law and which wouldlaw, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to otherwise called for thereunder. In determining whether or not the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed payable under any specific contingency exceeds the maximum interest allowed to be paid to the Lenders with respect to the Loans charged by applicable law, Borrower and Lender or other holder hereof shall, to the maximum extent permitted by under applicable Lawlaw, be amortizedamortize, proratedprorate, allocated, allocate and spread the total amount of interest throughout the full stated entire term (including any renewal or extension) of the Loans Note so that the amount or rate of interest on account charged for any and all periods of time during the term of the Loans does not exceed Note is to the greatest extent possible less than the maximum nonusurious amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in the Note to "applicable Lawlaw," for purposes of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest.
Appears in 1 contract
Usury. It Notwithstanding any provision in this Agreement to the contrary, it is expressly provided that in no case or event should the aggregate amounts, which by applicable law are deemed to be interest with respect to this Agreement, the Note or any document securing, evidencing or relating to the Note ever exceed the “Maximum Nonusurious Rate”(as defined in the Note). In this connection, it is expressly stipulated and agreed that it is the intent intention of the Lenders Noteholder and the Borrower Maker to conform to and contract in strict compliance with applicable usury Law laws of the State of Illinois and/or of the United States from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of Nothing in this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents Note or any other documentdocument securing, evidencing or relating to the Note shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest would otherwise be payable at a rate in excess of the maximum nonusurious amountMaximum Nonusurious Rate. If under any circumstances the aggregate amounts contracted for, charged or paid with respect to the Note which by applicable law are deemed to be interest, would produce an interest rate greater than the Maximum Nonusurious Rate, the Maker and any other person obligated to pay the Note, stipulates that the amounts will be deemed to have been paid, charged or contracted for as a result of an error on the part of Maker, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to other person obligated for the payment of interest, the Note and the Noteholder and upon discovery of the error or refunded to upon notice thereof from the Borrower Maker or the other payor thereof if and to party making such payment, the extent Noteholder or the party receiving such amount which would have been excessive exceeds such unpaid principal excess payment shall, at its option, refund the amount of such excess payment or credit the Loans. The right to demand excess payment of the Loans or against any other Indebtedness evidenced by any of amount due under the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandNote. In addition, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest all sums paid or agreed to be paid to the Lenders with respect to holder of the Loans shallNote for the use, forbearance or detention of monies shall be, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread throughout through the full stated term (including any renewal or extension) of the Loans so that Note. At all times, if any, under the amount of interest on account of Illinois Interest Act (815 ILCS 205/ et seq.) (the Loans does not exceed “Interest Act”) shall establish the maximum nonusurious amount rate, the “Maximum Nonusurious Rate” shall be the highest permitted rate under the Interest Act from time to time in effect. If the Maximum Nonusurious Rate is increased or removed by statute or other governmental action subsequent to the date of the Note, then the new Maximum Nonusurious Rate, if any, will be applicable Lawto the Note from the effective date of the new Maximum Nonusurious Rate, unless such application is precluded by the statute or governmental action or by the general law of the jurisdiction governing the Note.
Appears in 1 contract
Samples: Mortgage, Security Agreement, and Financing Statement (TNP Strategic Retail Trust, Inc.)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions In no event shall any provision of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents Agreement or any other document, Credit Document ever obligate either Borrower to pay or allow any Lender to collect interest would otherwise be payable in excess on any Loan or any other Obligation of either Borrower hereunder at a rate greater than the maximum nonusurious amount, any such construction shall be subject non-usurious rate permitted by applicable law (herein referred to as the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest"highest lawful rate"), or refunded obligate either Borrower to the Borrower pay any taxes, assessments, charges, insurance premiums or the other payor thereof if and amounts to the extent that such amount which would have been excessive exceeds such unpaid principal amount of payments, when added to the Loans. The right to demand payment of interest payable on the Loans or any other Indebtedness evidenced Obligations, would be held to constitute the payment by either Borrower of interest at a rate greater than the highest lawful rate. This provision shall control over any provision to the contrary. Without limiting the generality of the Loan Documents does not include foregoing, in the right event the maturity of all or any part of the principal amount of the Obligations of either Borrower shall be accelerated for any reason, then such principal amount so accelerated shall be credited with any interest theretofore paid thereon in advance and remaining unearned at the time of such acceleration. If, pursuant to accelerate the terms of this Agreement, any funds are applied to the payment of any part of the principal amount of the Obligations of either Borrower prior to the maturity thereof, then (a) any interest which has not would otherwise accrued thereafter accrue on the principal amount so paid by such application shall be canceled, and (b) the Obligations of either Borrower remaining unpaid after such application shall be credited with the amount of all interest, if any, theretofore collected on the principal amount so paid by such application and remaining unearned at the date of said application; and if the funds so applied shall be sufficient to pay in full all the Obligations of such demandBorrower, and then the Lenders do not intend shall refund to charge such Borrower all interest theretofore paid thereon in advance and remaining unearned at the time of such acceleration. Regardless of any other provision in this Agreement or receive any other Credit Document, neither Borrower shall be required to pay any unearned interest on any Obligations or any portion thereof, or be required to pay interest thereon at a rate in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) excess of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted highest lawful rate construed by applicable Lawcourts having competent jurisdiction thereof.
Appears in 1 contract
Usury. It is Notwithstanding any provision to the intent contrary herein contained, Lender shall not collect a rate of the Lenders and the interest on any obligation owing by Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable Lender in excess of the maximum nonusurious amountrate of interest permitted by applicable law. Borrower understands and believes that the lending transaction which is the subject of this Agreement complies with all applicable usury laws; however, if any interest or other charges in connection with such construction lending transaction is ever determined to exceed the maximum amount permitted by law, then Borrower agrees that (a) the amount of interest or charges payable pursuant to this Agreement and the Note shall be subject reduced to the maximum amount permitted by law, and (b) any excess amount previously collected from Borrower in connection with this Agreement or Note that exceeds the maximum amount permitted by law shall be credited against the principal amount of the Loan then outstanding. If the outstanding principal balance of the Loan has been paid in full, the excess amount paid shall be refunded to Borrower. The "contracted for rate of interest" of the Commitment to be advanced pursuant to the terms hereof includes, without limitation, the following: (i) the Interest Rate, calculated and applied to the principal balance of the Loan in accordance with the provisions of this subsection Agreement and such documents shall be automatically reduced the Note; (ii) the Overdue Rate of Interest to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shallprincipal balance of the Loan outstanding in accordance with the provisions of Paragraph 12.3 hereof; (iii) the amounts referred to in Paragraph 14 hereof, and (iv) all fees, charges, goods, things in action or any sum or things of value ("Additional Sums") paid or payable by Borrower whether pursuant to this Agreement or any other Loan Document. If any such Additional Sums may, under applicable law, be deemed to be interest with respect to the extent permitted by lending transaction which is the subject of this Agreement, then, for the purpose of any applicable Law, be amortized, prorated, allocated, and spread throughout law that may limit the full stated term (including any renewal or extension) of the Loans so that the maximum amount of interest on account to be charged with respect to the lending transaction which is the subject of this Agreement, such Additional Sums shall be payable by Borrower as, and shall be deemed to be, additional interest, and for such purposes only, the Loans does not exceed agreed upon and "contracted for rate of interest" of this transaction shall be deemed to be increased by the maximum nonusurious amount permitted by applicable Lawrate of interest resulting from the Additional Sums.
Appears in 1 contract
Samples: Secured Loan Agreement (Evergreen International Aviation Inc)
Usury. It is the intent The parties intend that no provision of the Lenders Note or the Loan Documents be interpreted, construed, applied, or enforced so as to permit or require the payment or collection of interest in excess of the Maximum Permitted Rate. In this regard, the Borrower and the Borrower Lender each stipulate and agree that it is their common and overriding intent to conform to and contract in strict compliance with applicable usury Law from time to time in effectlaws. All agreements between Accordingly, none of the Lenders and the Borrower are hereby limited by the provisions terms of this subsection which shall override and control all such agreementsDeed of Trust, whether now existing the Note or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the other Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or any other documentdetention of money, interest would otherwise be payable at a rate in excess of the maximum nonusurious amountMaximum Permitted Rate, any such construction and the Borrower shall never be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as liable for interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amountMaximum Permitted Rate. Therefore, an amount equal to (a) in the amount which would have been excessive interest shallevent that the Indebtedness Deed of Trust, without penaltySecurity Agreement and Fixture Filing 46 Wallingford Plaza, be applied to Seattle, Washington AEGON Loan No. 10518230 99068637.3 0027988-00963 and Obligations are prepaid or the reduction maturity of the principal amount owing on Indebtedness and Obligations is accelerated by reason of an election by the Loans and not to the payment of interestLender, or unearned interest shall be canceled and, if theretofore paid, shall either be refunded to the Borrower or credited on the Indebtedness, as the Lender may elect; (b) the aggregate of all interest and other charges constituting interest under applicable laws and contracted for, chargeable or receivable under the Note and the other payor thereof Loan Documents or otherwise in connection with the transaction contemplated thereby shall never exceed the maximum amount of interest, nor produce a rate in excess of the Maximum Permitted Rate; and (c) if any excess interest is provided for or received, it shall be deemed a mistake, and the same shall, at the option of the Lender, either be refunded to the extent Borrower or credited on the unpaid principal amount (if any), and the Indebtedness shall be automatically reformed so as to permit only the collection of the interest at the Maximum Permitted Rate. Furthermore, if any provision of the Note or any of the other Loan Documents is interpreted, construed, applied, or enforced, in such a manner as to provide for interest in excess of the Maximum Permitted Rate, then the parties intend that such provision automatically shall be deemed reformed retroactively so as to require payment only of interest at the Maximum Permitted Rate. If, for any reason whatsoever, interest paid or received during the full term of the applicable Indebtedness produces a rate which exceeds the Maximum Permitted Rate, then the amount which would have been excessive exceeds of such unpaid excess shall be deemed credited retroactively in reduction of the then outstanding principal amount of the LoansIndebtedness, together with interest at such Maximum Permitted Rate. The right to demand payment of Lender shall credit against the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date principal of such demandIndebtedness (or, and if such Indebtedness shall have been paid in full, shall refund to the Lenders do not intend to charge or receive any unearned interest in the event payor of such demandinterest) such portion of said interest as shall be necessary to cause the interest paid to produce a rate equal to the Maximum Permitted Rate. All interest sums paid or agreed to be paid to the Lenders with respect to Lender for the Loans use, forbearance or detention of money shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread in equal parts throughout the full stated term (including any renewal or extension) of the Loans applicable Indebtedness, so that the amount interest rate is uniform throughout the full term of interest on account such Indebtedness. In connection with all calculations to determine the Maximum Permitted Rate, the parties intend that all charges be excluded to the extent they are properly excludable under applicable usury laws, as they from time to time are determined to apply to this transaction. The provisions of this Section shall control all agreements, whether now or hereafter existing and whether written or oral, between the Loans does not exceed Borrower and the maximum nonusurious amount permitted by applicable LawLender.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (RREEF Property Trust, Inc.)
Usury. It is the intent of the Lenders and the Borrower Borrowers to conform to and contract in strict compliance with applicable usury Law law from time to time in effect. All agreements between the Lenders and the Borrower Borrowers are hereby limited by the provisions of this subsection Section 2.14, which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including including, but not limited to to, prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Revolving Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection Section 2.14 and such documents interest shall be automatically reduced to the maximum nonusurious amount permitted under applicable Applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law Applicable law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower Borrowers or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents Obligations does not include the right to accelerate the payment of receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans such indebtedness does not exceed the maximum nonusurious amount permitted by applicable Applicable Law.
Appears in 1 contract
Usury. It is If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable laws governing usury, the intent applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. Maker covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive Maker from paying all or any portion of the Lenders and principal of or interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between covenants or the Lenders and the Borrower are hereby limited by the provisions performance of this subsection which shall override Debenture, and control Maker (to the extent it may lawfully do so) hereby expressly waives all such agreements, whether now existing benefits or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity advantage of any Borrower Obligation)such law, shall and covenants that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to Holder, but will suffer and permit the execution of every such as though no such law has been enacted.
(a) the aggregate of all consideration which constitutes interest under law applicable to Holder that is contracted for, taken, reserved, contracted for, charged, charged or received under this Loan AgreementDebenture or under any of such other agreements or otherwise in connection with this Debenture shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess shall be credited by Holder on the principal amount of this Debenture (or, to the extent that the principal amount of this Debenture has been or would thereby be paid in full, refunded by Holder to Maker); and (b) if the maturity of this Debenture is accelerated by reason of an election of Secured Party resulting from any Event of Default under this Debenture, the Notes Mortgage or otherwise, exceed or in the event of any required or permitted prepayment, then such consideration that constitutes interest under law applicable to Holder may never include more than the maximum nonusurious amount permissible under allowed by such applicable Law. Iflaw, from any possible construction of any of and excess interest, if any, provided for in this Debenture, the Loan Documents Mortgage or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions cancelled automatically as of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandacceleration or prepayment and, and if theretofore paid, shall be credited by Holder on the Lenders do not intend to charge or receive any unearned interest in the event principal amount of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shallthis Debenture (or, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the principal amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted this Debenture has been or would thereby be paid in full, refunded by applicable LawHolder to Maker).
Appears in 1 contract
Samples: Securities Purchase Agreement (Micro Imaging Technology, Inc.)
Usury. This Deed of Trust has been executed under, and shall be construed and enforced in accordance with, the laws of the State of Texas, except as such laws are preempted by federal law. This Deed of Trust and all of the other Loan Documents are intended to be performed in accordance with, and only to the extent permitted by, all applicable usury laws. If any provision hereof or of any of the other Loan Documents or the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, neither the application of such provision to any other person or circumstance nor the remainder of the instrument in which such provision is contained shall be affected thereby and shall be enforced to the greatest extent permitted by Applicable Laws. It is expressly stipulated and agreed to be the intent of the Lenders Grantor and the Borrower Collateral Agent to conform to at all times comply with the usury and contract in strict compliance with other applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether laws now existing or hereafter arising and whether written governing the interest payable on the Indebtedness. If the applicable law is ever revised, repealed or oral. In no way, nor in judicially interpreted so as to render usurious any event amount called for under the Notes or contingency (including but not limited to prepayment or acceleration under any of the maturity of any Borrower Obligation)other Loan Documents, shall the interest taken, reserved, or contracted for, charged, taken, reserved or received under this Loan Agreementwith respect to the Indebtedness, under or if the Notes Collateral Agent’s exercise of the option to accelerate the maturity of the Indebtedness, or otherwise, exceed if any prepayment of the maximum nonusurious amount permissible under applicable Law. If, from any possible construction Indebtedness results in the payment of any of the Loan Documents or any other document, interest would otherwise be payable in excess of that permitted by law, then it is the maximum nonusurious amountexpress intent of Grantor and the Collateral Agent that all excess amounts theretofore collected by the Collateral Agent be credited on the principal balance of the Notes (or, any if the Notes and all of such construction shall be subject to other Indebtedness have been paid in full, refunded), and the provisions of this subsection the Notes and such documents shall the other Loan Documents immediately be automatically reduced to deemed reformed and the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectable hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under applicable Law and which wouldthen Applicable Laws, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, otherwise called for hereunder or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandthereunder. All interest paid sums paid, or agreed to be paid to paid, for the Lenders with respect to use, forbearance , detention, taking, charging, receiving or reserving on the Loans Indebtedness shall, to the extent permitted by applicable LawApplicable Laws, be amortized, prorated, allocated, allocated and spread throughout the full stated term (including any renewal or extension) of the Loans such Indebtedness until payment in full so that the rate or amount of interest on account of the Loans such Indebtedness does not exceed the usury ceiling from time to time in effect and applicable thereto for so long as debt is outstanding under the Indebtedness. To the extent that the Collateral Agent is relying on Chapter 303 of the Texas Finance Code to determine the maximum nonusurious rate (“Maximum Rate”) payable on the Indebtedness, the Collateral Agent will utilize the weekly ceiling from time to time in effect as provided in such Chapter. To the extent the law governing the Notes or federal law permits the Collateral Agent to contract for, charge or receive a greater amount of interest, the Collateral Agent will rely on the law governing the Notes or federal law instead of such Chapter, as amended, for the purpose of determining the Maximum Rate. Additionally, to the extent permitted by applicable Lawlaw now in effect, the Collateral Agent may, at its option and from time to time, implement any other method of computing the Maximum Rate under such article, as amended, or under other applicable law by giving notice, if required, to Grantor as provided by applicable law now or hereafter in effect. In no event shall the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving triparty accounts) apply to the Indebtedness. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is not the intention of the Collateral Agent to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration.
Appears in 1 contract
Samples: Term Loan and Revolving Credit Facility Agreement (Stolt Nielsen S A)
Usury. Notwithstanding any provision herein or in any other instrument now or hereafter securing this Note, the total liability for payment of interest shall not exceed the limits now imposed by the applicable usury laws. In the event of an acceleration of this Note, the total charges for Interest and in the nature of interest shall not exceed the maximum amount allowed by law and any excess portion of such charges that may have been paid shall be refunded to Maker. It is the intent of the Lenders Maker and the Borrower Holder to conform to and contract in strict compliance strictly comply with all applicable usury Law laws from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment prepayment, default, demand f or payment, or acceleration of the maturity of any Borrower Obligationobligation, or the recharacterization of any application fees or any other fees required hereunder or under the Loan Agreement, or any other agreement by and between Maker and Holder as interest), shall the interest taken, reserved, contracted for, charged, charged or received under this Loan Agreementthe Note, under the Notes or otherwise, exceed the maximum nonusurious amount permissible permitted under applicable Lawlaw. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to this provision and any such document shall be automatically reformed and the provisions of this subsection and such documents interest payable shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawlaw, without the necessity of execution of any amendment or new document. If any Lender Holder shall ever receive anything of value which that is characterized as interest on the Loans under applicable Law and which law that would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which that would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount Principal Balance owing on the Loans indebtedness evidenced thereby in the inverse order of its maturity and not to the payment of interest, or refunded to the Borrower Maker or the other payor thereof if and to the extent such amount amount, which would have been excessive exceeds excessive, exceeded such unpaid principal amount of the LoansPrincipal Balance. The right to demand payment accelerate the maturity of the Loans this, or any other Indebtedness evidenced by any of the Loan Documents indebtedness, does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Law.that
Appears in 1 contract
Samples: Loan Agreement (Lifecell Corp)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders Company and the Borrower are hereby limited by the provisions Holder or any other holder of this subsection which shall override and control all such agreementsNote, whether now existing or hereafter arising and whether written or oral. In , are expressly limited so that in no waycontingency or event whatsoever, nor in any event or contingency (including but not limited to prepayment or whether by acceleration of the maturity of any Borrower Obligation)this Note or otherwise, shall the interest taken, reserved, contracted for, chargedamount paid, or received under this Loan Agreementagreed to be paid, under to the Notes Holder or any other holder hereof, for the use, forbearance or detention of the money to be loaned hereunder or otherwise, exceed the maximum nonusurious amount permissible under applicable Lawlaw. If, If from any possible construction circumstances whatsoever fulfillment of any provision of this Note or of any other document evidencing, securing or pertaining to the Loan Documents indebtedness evidenced hereby, at the time performance of such provision shall be due, shall involve transcending the limit of validity prescribed by law, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if from any such circumstances the Holder or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions holder of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender Note shall ever receive anything of value which is characterized as interest on under this Note or any other document evidencing, securing or pertaining to the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, indebtedness evidenced hereby or otherwise an amount equal to that would exceed the highest lawful rate, such amount which that would have been be excessive interest shall, without penalty, shall be applied to the reduction of the principal amount owing under this Note or on account of any other indebtedness of the Loans Company to the Holder or such holder hereof relating to this Note, and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal of this Note and such other indebtedness, such excess shall be refunded to the Borrower Company. In determining whether or not the other payor thereof if and interest paid or payable with respect to any indebtedness of the Company to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans Holder or any other Indebtedness evidenced by holder hereof, under any of specific contingency, exceeds the Loan Documents does not include highest lawful rate, the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, Company and the Lenders do not intend to charge Holder or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans other holder hereof shall, to the maximum extent permitted by applicable Lawlaw: (
a) characterize any nonprincipal payment as an expense, be amortizedfee or premium rather than as interest; (b) exclude voluntary prepayments and the effects thereof; (c) amortize, proratedprorate, allocated, allocate and spread the total amount of interest throughout the full stated term (including any renewal or extension) of the Loans such indebtedness so that the amount actual rate of interest on account of such indebtedness is uniform throughout the Loans does not exceed term thereof; and/or (d) allocate interest between portions of such indebtedness, to the maximum nonusurious amount end that no such portion shall bear interest at a rate greater than that permitted by applicable Lawlaw. The terms and provisions of this paragraph shall control and supersede every other conflicting provision of all agreements between the Company and the Holder or any other holder hereof.
Appears in 1 contract
Usury. It is (i) If, with respect to any Bank, the intent effective rate of interest contracted for under the Lenders Credit Documents, including the stated rates of interest and fees contracted for hereunder and any other amounts contracted for under the Borrower Credit Documents which are deemed to conform to and contract in strict compliance with applicable usury Law from be interest, at any time to time in effect. All agreements between exceeds the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, maximum lawful rate that may be contracted for, charged, taken, received or received under this Loan Agreementreserved (the “Maximum Rate”) by such Bank in accordance with applicable Legal Requirements, then the outstanding principal amount of the loans made by such Bank hereunder shall bear interest at a rate which would make the effective rate of interest for such Bank under the Notes or otherwise, exceed Credit Documents equal the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of Maximum Rate until the Loan Documents or any other document, interest would otherwise be payable in excess of difference between the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount amounts which would have been excessive interest shalldue at the stated rates and the amounts which were due at the Maximum Rate (the “Lost Interest”) has been recaptured by such Bank.
(ii) If, without penaltywhen the loans made hereunder are repaid in full, be applied the Lost Interest has not been fully recaptured by such Bank pursuant to the reduction preceding clause (i) of the principal amount owing on the Loans and not to the payment of interestthis Section 2.8(d), or refunded to the Borrower or the other payor thereof if and then, to the extent permitted by law, for the loans made hereunder by such amount which would have been excessive exceeds Bank the interest rates charged under Section 2.8 hereunder shall be retroactively increased such unpaid principal that the effective rate of interest under the Credit Documents was at the Maximum Rate since the effectiveness of this Agreement to the extent necessary to recapture the Lost Interest not recaptured pursuant to the preceding sentence and, to the extent allowed by law, the Borrower shall pay to such Bank the amount of the Loans. The right Lost Interest remaining to demand payment of the Loans or any other Indebtedness evidenced be recaptured by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest Bank.
(iii) In calculating all sums paid or agreed to be paid to any Bank by the Lenders with respect to Borrower for the Loans use, forbearance, or detention of money under the Credit Documents, such amounts shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, and spread in equal parts throughout the full stated term (including any renewal or extension) of the Loans so that Credit Documents.
(iv) Notwithstanding the foregoing or any other term in this Agreement and the Credit Documents to the contrary, it is the intention of each Bank and the Borrower to conform strictly to any applicable usury laws. Accordingly, if any Bank contracts for, charges, or receives any consideration which constitutes interest in excess of the Maximum Rate, then (A) the provisions of this Section 2.8 shall control, and (B) any such excess shall be canceled automatically and, if previously paid, shall at such Bank’s option be applied to the outstanding amount of interest on account of the Loans does not exceed loans made hereunder by such Bank or be refunded to the maximum nonusurious amount permitted by applicable LawBorrower.
Appears in 1 contract
Samples: Fifth Amended and Restated Credit Agreement (Stone Energy Corp)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders Borrower and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreementsLender, whether now existing or hereafter arising and whether written or oral. In , are hereby limited so that in no waycontingency, nor in any event or contingency (including but not limited to prepayment whether by reason of demand or acceleration of the maturity of any Borrower Obligation)Final Maturity Date, as that term is defined in the Note, or otherwise, shall the interest taken, reserved, contracted for, charged, received, paid or received under this Loan Agreement, under the Notes or otherwise, agreed to be paid to Lender exceed the maximum nonusurious amount permissible under applicable the Applicable Law. If, from any possible construction of any of the Loan Documents or any other documentcircumstance whatsoever, interest would otherwise be payable to Lender in excess of the maximum nonusurious amountamount permissible under the Applicable Law, any such construction the interest payable to Lender shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted permissible under applicable the Applicable Law, without the necessity of execution of and if from any amendment or new document. If any circumstance Lender shall ever receive anything of value which is characterized as deemed interest on by the Loans under applicable Applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amountamount permissible under the Applicable Law, an amount equal to the amount which would have been excessive interest shall, without penalty, shall be applied to the reduction of the principal amount owing on the Loans hereof and not to the payment of interest, or if such excessive amount of interest exceeds the unpaid balance of principal hereof, such excess shall be refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandBorrower. All interest paid or agreed to be paid to the Lenders with respect to the Loans Lender shall, to the extent permitted by applicable the Applicable Law, be amortized, prorated, allocated, allocated and spread throughout the full stated term period (including any renewal or extension) until payment in full of the Loans principal so that the amount of interest on account of the Loans does hereon for such full period shall not exceed the maximum nonusurious amount permitted by applicable permissible under the Applicable Law. Lender expressly disavows any intent to contract for, charge or receive interest in an amount which exceeds the maximum amount permissible under the Applicable Law. This paragraph as well as similar paragraphs as set forth in the Note shall control all agreements between Borrower and Lender.
Appears in 1 contract
Usury. It is the intent intention of the Lenders Developer and the Borrower Authority to conform strictly to and contract the Interest Law, as defined below, applicable to this loan transaction. Accordingly, it is agreed that notwithstanding any provision to the contrary in strict compliance with applicable usury Law from time to time this Authority Loan Note, or in effect. All agreements between the Lenders and the Borrower are hereby limited by any of the
(a) the provisions of this subsection which paragraph shall override govern and control all control;
(b) neither Developer nor Developer’s heirs, legal representatives, successors or assigns shall be obligated to pay the amount of such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited interest to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable extent that it is in excess of the maximum nonusurious amount, amount of interest allowed by the Interest Law applicable to this loan transaction;
(c) any such construction excess shall be subject deemed canceled automatically and, if theretofore paid, shall be credited on this Authority Loan Note by Authority or, if this Authority Loan Note shall have been paid in full, refunded to Developer; and
(d) the provisions effective rate of this subsection and such documents interest shall be automatically reduced subject to reduction to the maximum nonusurious amount permitted Maximum Legal Rate of Interest (as defined below), allowed under applicable such Interest Law, without the necessity as now or hereafter construed by courts of execution of any amendment or new documentappropriate jurisdiction. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to To the extent such amount which would have been excessive exceeds such unpaid principal amount of permitted by the Loans. The right Interest Law applicable to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandthis loan transaction, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest all sums paid or agreed to be paid to Authority for the Lenders with respect to use, forbearance or detention of the Loans shall, to the extent permitted by applicable Law, indebtedness evidenced hereby shall be amortized, prorated, allocated, allocated and spread throughout the full stated term (including of this Authority Loan Note. For purposes of this Authority Loan Note, ―Interest Law‖ shall mean any renewal present or extension) future law of the Loans so that State of California, the amount United States of America, or any other jurisdiction which has application to the interest and other charges under this Authority Loan Note. The ―Maximum Legal Rate of Interest‖ shall mean the maximum rate of interest on account that Authority may from time to time charge Developer, and under which Developer would have no claim or defense of usury under the Loans does not exceed the maximum nonusurious amount permitted by applicable Interest Law.
Appears in 1 contract
Samples: Affordable Housing Agreement
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the The provisions of this subsection which Section shall override govern and control all such agreements, whether now existing over any ----- irreconcilably inconsistent provision contained in this Agreement or hereafter arising and whether written or oral. In no way, nor in any event other document evidencing or contingency securing the Loan. Lender shall never be entitled to receive, collect, or apply as interest hereon (including but not limited for purposes of this Section, the word "interest" shall be deemed to prepayment or acceleration include any sums treated as interest under applicable law governing matters of the maturity of any Borrower Obligationusury and unlawful interest), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious any amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amountHighest Lawful Rate (hereinafter defined) and, in the event Lender ever receives, collects, or applies as interest any such excess, such amount which would be excessive interest shall be deemed a partial prepayment of principal and shall be treated hereunder as such; and, if the principal of this Agreement is paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the Highest Lawful Rate, Borrower and Lender shall, to the maximum extent permitted under applicable law, (i) characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) spread the total amount of interest throughout the entire contemplated term of this Agreement, provided that if this Agreement is paid and performed in ------------- full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence hereof exceeds the Highest Lawful Rate, Lender shall refund to Borrower the amount of such construction excess and, in such event, Lender shall not be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawany penalties provided by any laws for contracting for, without the necessity of execution of any amendment charging or new document. If any Lender shall ever receive anything of value which is characterized as receiving interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the Highest Lawful Rate. "Highest Lawful Rate" shall mean the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction rate of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandLender is allowed to contract for, and the Lenders do not intend to charge charge, take, reserve or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shallunder applicable law after taking into account, to the extent permitted required by applicable Lawlaw, be amortized, prorated, allocated, any and spread throughout the full stated term (including any renewal all relevant payments or extension) of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted by applicable Lawcharges hereunder.
Appears in 1 contract
Usury. It is the intent of the Lenders Lender and the Borrower Maker to conform to and contract in strict compliance with applicable usury Law law from time to time in effect. All agreements between the Lenders Lender or any other holder hereof and the Borrower Maker (or any other party liable with respect to any indebtedness hereunder) are hereby limited by the provisions of this subsection paragraph which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oralarising. In no way, nor in any event or contingency (including but not limited to prepayment prepayment, default, demand for payment, or acceleration of the maturity of any Borrower Obligationmaturity), shall the interest taken, reserved, contracted for, charged, charged or received under this Loan Agreement, under the Notes Note or otherwise, exceed the maximum nonusurious amount permissible under permitted by applicable Lawlaw (the “Maximum Amount”). If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amountMaximum Amount, any such construction shall be subject to the provisions of this subsection paragraph and such documents document shall be automatically reformed and the interest payable shall be automatically reduced to the maximum nonusurious amount permitted under applicable LawMaximum Amount, without the necessity of execution of any amendment or new document. If any Lender the holder hereof shall ever receive anything of value which is characterized as interest on the Loans under applicable Law law and which would, would apart from this provision, provision be in excess of the maximum nonusurious amountMaximum Amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans indebtedness evidenced hereby in the inverse order of its maturity and not to the payment of interest, or refunded to the Borrower Maker or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loansprincipal. The right to demand payment accelerate maturity of the Loans this Note or any other Indebtedness evidenced by any of the Loan Documents indebtedness does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demandacceleration, and the Lenders do holder hereof does not intend to charge or receive any unearned interest in the event of such demandacceleration. All interest paid or agreed to be paid to the Lenders with respect to the Loans holder hereof shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread throughout the full stated term (including any renewal or extension) of the Loans such indebtedness so that the amount of interest on account of the Loans such indebtedness does not exceed the maximum nonusurious amount permitted by Maximum Amount. As used in this paragraph, the term “applicable Lawlaw” shall mean the laws of the State of Texas or the federal laws of the United States, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.
Appears in 1 contract
Samples: Uncommitted Loan Agreement (Hines Global Reit Ii, Inc.)
Usury. It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions In no event shall any provision of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents Agreement or any other document, Credit Document ever obligate any Borrower to pay or allow any Lender to collect interest would otherwise be payable in excess on any Loan or any other Obligation of a Borrower hereunder at a rate greater than the maximum nonusurious amount, any such construction shall be subject non-usurious rate permitted by applicable law (herein referred to as the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest"highest lawful rate"), or refunded obligate any Borrower to the Borrower pay any taxes, assessments, charges, insurance premiums or the other payor thereof if and amounts to the extent that such amount which would have been excessive exceeds such unpaid principal amount of payments, when added to the Loans. The right to demand payment of interest payable on the Loans or any other Indebtedness evidenced Obligations, would be held to constitute the payment by a Borrower of interest at a rate greater than the highest lawful rate. This provision shall control over any provision to the contrary. Without limiting the generality of the Loan Documents does not include foregoing, in the right event the maturity of all or any part of the principal amount of the Obligations of a Borrower shall be accelerated for any reason, then such principal amount so accelerated shall be credited with any interest theretofore paid thereon in advance and remaining unearned at the time of such acceleration. If, pursuant to accelerate the terms of this Agreement, any funds are applied to the payment of any part of the principal amount of the Obligations of a Borrower prior to the maturity thereof, then (a) any interest which has not would otherwise accrued thereafter accrue on the principal amount so paid by such application shall be canceled and (b) the Obligations of such Borrower remaining unpaid after such application shall be credited with the amount of all interest, if any, theretofore collected on the principal amount so paid by such application and remaining unearned at the date of said application; and if the funds so applied shall be sufficient to pay in full all the Obligations of such demandBorrower, and then the Lenders do not intend shall refund to charge such Borrower all interest theretofore paid thereon in advance and remaining unearned at the time of such acceleration. Regardless of any other provision in this Agreement or receive any other Credit Document, no Borrower shall be required to pay any unearned interest on any Obligations or any portion thereof, or be required to pay interest thereon at a rate in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) excess of the Loans so that the amount of interest on account of the Loans does not exceed the maximum nonusurious amount permitted highest lawful rate construed by applicable Lawcourts having competent jurisdiction thereof.
Appears in 1 contract
Usury. It is the intent of the Lenders Noteholders and the Borrower Credit Parties to conform to and contract in strict compliance with applicable usury Law law from time to time in effect. All agreements between the Lenders Noteholders and the Borrower Credit Parties are hereby limited by the provisions of this subsection Section which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including including, but not limited to to, prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Lawlaw. If, from any possible construction of any of the Loan Transaction Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection paragraph and such documents interest shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawlaw, without the necessity of execution of any amendment or new document. If any Lender Noteholder shall ever receive anything of value which is characterized as interest on the Loans under Obligations pursuant to applicable Law law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans Notes and not to the payment of interest, or refunded to the Borrower Issuer or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the LoansNotes. The right to demand payment of the Loans Notes or any other Indebtedness evidenced by any of the Loan Transaction Documents does not include the right to accelerate the payment of receive any interest which has not otherwise accrued on the date of such demand, and the Lenders Noteholders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders Noteholders with respect to the Loans Obligations shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans Notes so that the amount of interest on account of the Loans such Indebtedness does not exceed the maximum nonusurious amount permitted by applicable Lawlaw.
Appears in 1 contract
Samples: Senior Secured Note Purchase Agreement (Novation Companies, Inc.)
Usury. This Note is intended to be performed in accordance with, and only to the extent permitted by, all applicable usury laws. If any provision hereof or the application hereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, neither the application of such provision to any other person or circumstance nor the remainder of the instrument in which such provision is contained shall be affected thereby and it shall be enforced to the greatest extent permitted by law. It is expressly stipulated and agreed to be the intent of the Lenders holder hereof to at all times comply with the usury and the Borrower to conform to and contract in strict compliance with other applicable usury Law from time to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether laws now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall governing the interest takenpayable on the indebtedness evidenced by this Note. If the applicable law is ever revised, reservedrepealed or judicially interpreted so as to render usurious any amount called for under this Note, or contracted for, charged, taken, reserved or received under with respect to the indebtedness evidenced by this Loan AgreementNote, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any if exercise of the Loan Documents option to accelerate the maturity of this Note, or if any other document, prepayment by Borrower results in Borrower having paid any interest would otherwise be payable in excess of that permitted by law, then it is the maximum nonusurious amountexpress intent of Borrower and the Lender that all excess amounts theretofore collected by the Lender be credited on the principal balance of this Note (or, any such construction shall be subject if this Note and all other indebtedness arising hereunder have been paid in full, refunded to Borrower), and the provisions of this subsection Note immediately be deemed reformed and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawamounts thereafter collectable hereunder and thereunder reduced, without the necessity of the execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized , so as interest on to comply with the Loans under then applicable Law and which wouldlaw, apart from this provision, be in excess but so as to permit the recovery of the maximum nonusurious amount, an fullest amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, otherwise called for hereunder or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demandthereunder. All interest paid sums paid, or agreed to be paid paid, by Borrower for the use, forbearance, detention, taking, charging, receiving or reserving of the indebtedness of Borrower to the Lenders with respect to the Loans Lender under this Note shall, to the maximum extent permitted by applicable Lawlaw, be amortized, prorated, allocated, allocated and spread throughout the full stated term (including any renewal or extension) of the Loans such indebtedness until payment in full so that the rate or amount of interest on account of the Loans such indebtedness does not exceed the usury ceiling from time to time in effect and applicable to such indebtedness for so long as such indebtedness is outstanding. To the extent federal law permits the Lender to contract for, charge or receive a greater amount of interest, the Lender will rely on federal law instead of the Texas Finance Code, as supplemented by Texas Credit Title, for the purpose of determining the Maximum Rate. Additionally, to the maximum nonusurious amount extent permitted by applicable Lawlaw now or hereafter in effect, the Lender may, at its option and from time to time, implement any other method of computing the Maximum Rate under the Texas Finance Code, as supplemented by Texas Credit Title, or under other applicable law, by giving notice, if required, to Borrower as provided by applicable law now or hereafter in effect. Notwithstanding anything to the contrary contained herein, it is not the intention of the Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. In no event shall Chapter 346 of the Texas Finance Code (which regulates certain revolving loan accounts and revolving tri-party accounts) apply to this Note. To the extent that Chapter 303 of the Texas Finance Code, is applicable to this Note, the "weekly ceiling" specified in such Chapter 303 is the applicable ceiling; provided that, if any applicable law permits greater interest, the law permitting the greatest interest shall apply.
Appears in 1 contract
Samples: Senior Subordinated Convertible Unsecured Note (Edge Technology Group Inc)
Usury. It is (i) If, with respect to any Bank and the intent Borrower, the effective rate of interest contracted for by such Bank with the Borrower under the Credit Documents, including the stated rates of interest and fees contracted for hereunder and any other amounts contracted for under the Credit Documents which are deemed to be interest, at any time exceeds the Highest Lawful Rate, then the outstanding principal amount of the Lenders and loans made by such Bank to the Borrower to conform to and contract in strict compliance with applicable usury Law from time to time in effect. All agreements between hereunder shall bear interest at a rate which would make the Lenders and the Borrower are hereby limited by the provisions effective rate of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this subsection and such documents shall be automatically reduced to the maximum nonusurious amount permitted under applicable Law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable Law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal loans made by such Bank to the amount Borrower under the Credit Documents equal the Highest Lawful Rate until the difference between the amounts which would have been excessive interest shalldue by the Borrower to such Bank at the stated rates and the amounts which were due by the Borrower to such Bank at the Highest Lawful Rate (the "Lost Interest") has been recaptured by such Bank. If, without penaltywhen the loans made hereunder are repaid in full, be applied the Lost Interest has not been fully recaptured by such Bank pursuant to the reduction of the principal amount owing on the Loans and not preceding paragraph, then, to the payment of interestextent permitted by law, or refunded the interest rates charged by such Bank to the Borrower or under Sections 2.6 and 6.5 hereunder shall be retroactively increased such that the other payor thereof if and effective rate of interest on the loans made by such Bank to the Borrower under the Credit Documents was at the Highest Lawful Rate since the effectiveness of this Agreement to the extent necessary to recapture the Lost Interest not recaptured pursuant to the preceding sentence and, to the extent allowed by law, the Borrower shall pay to such amount which would have been excessive exceeds such unpaid principal Bank the amount of the Loans. The right Lost Interest remaining to demand payment of the Loans or any other Indebtedness evidenced be recaptured by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest Bank.
(ii) In calculating all sums paid or agreed to be paid to any Bank by the Lenders with respect to Borrower for the Loans use, forbearance, or detention of money under the Credit Documents, such amounts shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, and spread in equal parts throughout the full stated term (including any renewal or extension) of the Loans so that Credit Documents.
(iii) NOTWITHSTANDING THE FOREGOING OR ANY OTHER TERM IN THIS AGREEMENT AND THE CREDIT DOCUMENTS TO THE CONTRARY, it is the intention of each Bank and the Borrower to conform strictly to any applicable usury laws. Accordingly, if any Bank contracts for, charges, or receives any consideration from the Borrower which constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be canceled automatically and, if previously paid, shall at such Bank's option be applied to the outstanding amount of interest on account of the Loans does not exceed loans made hereunder by such Bank to the maximum nonusurious amount permitted by applicable LawBorrower or be refunded to the Borrower.
Appears in 1 contract
Usury. It is Bank Parties, Restricted Persons and any other parties to the intent of the Lenders and the Borrower Loan Documents intend to conform to and contract in strict compliance with applicable usury Law law from time to time in effect. All agreements between the Lenders In furtherance thereof such Persons stipulate and the Borrower are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration agree that none of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Law. If, from any possible construction of any of terms and provisions contained in the Loan Documents shall ever be construed to create a contract to pay, for the use, forbearance or any other documentdetention of money, interest would otherwise be payable in excess of the maximum nonusurious amountamount of interest permitted to be charged by applicable law from time to time in effect. Neither any Restricted Person nor any present or future guarantors, endorsers, or other Persons hereafter becoming liable for payment of any such construction Obligation shall ever be subject liable for unearned interest thereon or shall ever be required to pay interest thereon in excess of the maximum amount that may be lawfully charged under applicable law from time to time in effect, and the provisions of this subsection and such documents section shall control over all other provisions of the Loan Documents which may be automatically reduced in conflict or apparent conflict herewith. Bank Parties expressly disavow any intention to charge or collect excessive unearned interest or finance charges in the maximum nonusurious amount permitted under applicable Law, without event the necessity of execution maturity of any amendment or new documentObligation is accelerated. If If
(a) the maturity of any Lender shall ever receive anything of value which Obligation is characterized accelerated for any reason, (b) any Obligation is prepaid and as a result any amounts held to constitute interest on the Loans under applicable Law and which would, apart from this provision, are determined to be in excess of the maximum nonusurious amountlegal maximum, or (c) any Bank Party or any other holder of any or all of the Obligations shall otherwise collect moneys which are determined to constitute interest which would otherwise increase the interest on any or all of the Obligations to an amount equal in excess of that permitted to the amount which would have been excessive be charged by applicable law then in effect, then all sums determined to constitute interest in excess of such legal limit shall, without penalty, be promptly applied to reduce the reduction then outstanding principal of the principal amount owing on the Loans and not related Obligations or, at such Bank Party's or holder's option, promptly returned to the payment of interest, or refunded to the Borrower or the other payor thereof if and to upon such determination. In determining whether or not the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to accelerate the payment of any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid payable, under any specific circumstance, exceeds the maximum amount permitted under applicable law, Bank Parties and Restricted Persons (and any other payors thereof) shall to the Lenders with respect to the Loans shall, to the greatest extent permitted by under applicable Lawlaw, be amortized(i) characterize any non-principal payment as an expense, proratedfee or premium rather than as interest, allocated(ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the total amount of interest on account throughout the entire contemplated term of the Loans does not exceed instruments evidencing the Obligations in accordance with the amounts outstanding from time to time thereunder and the maximum nonusurious legal rate of interest from time to time in effect under applicable law in order to lawfully charge the maximum amount of interest permitted by under applicable Lawlaw. In the event applicable law provides for an interest ceiling under ss.303 of the Texas Finance Code (the "Texas Finance Code") and Chapter 1D of Title 79, Tex. Rev. Civ.
Appears in 1 contract
Usury. It is the intent of the Lenders and the Borrower Credit Parties to conform to and contract in strict compliance with applicable usury Law law from time to time in effect. All agreements between the Lenders and the Borrower Credit Parties are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor and in any no event or contingency (including including, but not limited to to, prepayment or acceleration of the maturity of any Borrower Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Loan Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable Lawlaw. IfIf a court of competent jurisdiction shall, from any possible construction of any of the Loan Documents or any other documentin a final determination, deem applicable interest would otherwise be payable paid to have been in excess of the maximum nonusurious amount, any then such construction excess amount shall be subject to the provisions of this subsection paragraph and such documents interest shall be automatically reduced to the maximum nonusurious amount permitted under applicable Lawlaw, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans (as determined by a court of competent jurisdiction in a final determination) under applicable Law law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower Borrowers or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Credit Documents does not include the right to accelerate the payment of receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable Lawlaw, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of the Loans such Indebtedness does not exceed the maximum nonusurious amount permitted by applicable Lawlaw.
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