Common use of Applicable Interest Clause in Contracts

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 such court determines the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the Lenders shall apply and set off such excess interest received by the Lenders against other Obligations due or to become due and such rate shall automatically be reduced to the maximum rate permitted by such law.