Maximum Lawful Rate of Interest. In no contingency or event whatsoever shall the interest rate charged pursuant to the terms of this Agreement or the Note 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 a court determines that Lender has received interest herein in excess of the highest applicable rate, such ex- cess interest shall be first applied to any unpaid principal balance owed by Borrower, and if the then remaining excess interest is greater than any unpaid principal balance, Lender shall promptly refund such excess interest to Borrower.
Appears in 2 contracts
Sources: Loan and Security Agreement (Pluma Inc), Credit Agreement (Pluma Inc)