Applicable Interest Limitations. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder and charged or collected pursuant to the terms of this 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 any court determines Lender has charged or received interest hereunder in excess of the highest applicable rate, such rate shall automatically be reduced to the maximum rate permitted by such law and the amount of any excess previously received by Lender determined to be refundable shall be offset and applied against other Obligations due or to become due as Lender may determine.
Appears in 2 contracts
Sources: Loan and Security Agreement (Response Usa Inc), Loan and Security Agreement (Response Usa Inc)