Common use of Applicable Interest Limitations Clause in Contracts

Applicable Interest Limitations. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder and charged and collected pursuant to the terms of the Agreement exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such court determines Lender has charged or received interest hereunder in excess of the highest applicable rate, Lender shall promptly refund such excess interest to the Borrowers and such rate shall automatically be reduced to the maximum rate permitted by law.

Applicable Interest Limitations. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder and charged and or collected pursuant to the terms of the this Agreement exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable heretolaw. In the event that such any court of competent jurisdiction determines Lender LENDER has charged or received interest hereunder in excess of the highest applicable rate, Lender shall promptly refund LENDER may, in its sole discretion, apply and set off such excess interest received by LENDER against other Obligations due or to the Borrowers become due and such rate shall automatically be reduced to the maximum rate permitted by such law.

Applicable Interest Limitations. In no contingency or event whatsoever shall the aggregate of all amounts amounts, deemed interest hereunder and charged and collected pursuant to the terms of the Agreement exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such court determines Lender has charged or received interest hereunder in excess of the highest applicable rate, Lender shall promptly refund such excess interest to the Borrowers and such rate shall automatically be reduced to the maximum rate permitted by law.