Common use of Unlawful Interest Clause in Contracts

Unlawful Interest. In no event shall the amount of interest due or payable hereunder or under the Notes or Applications exceed the maximum rate of interest allowed by applicable law in any jurisdiction, and if any such payment is inadvertently made to any Bank by any Borrower or inadvertently received by any Bank, then such excess sum shall be credited as a payment of principal, unless such Borrower shall notify such Bank in writing that it elects to have such excess sum returned. It is the express intent of the parties hereto that the Borrowers not pay and the Banks not receive, directly or indirectly in any manner whatsoever, interest in excess of that which may legally be paid by any Borrower under applicable law in any jurisdiction.