Common use of Maximum Rate Permitted by Law Clause in Contracts

Maximum Rate Permitted by Law. Notwithstanding any other provisions of this agreement, if the amount of any interest, premium, fees or other monies or any rate of interest stipulated for, taken, reserved or extracted under this agreement or the Security would otherwise contravene the provisions of section 347 of the Criminal Code (Canada), section 8 of the Interest Act (Canada) or any successor or similar legislation, or would exceed the amounts which the Agent or any Lender is legally entitled to charge and receive under any law to which such compensation is subject, then such amount or rate of interest shall be reduced to such maximum amount as would not contravene such provision; and to the extent that any excess has been charged or received, the Agent or such Lender shall apply such excess against the outstanding extensions of credit hereunder and refund any further excess amount.

Maximum Rate Permitted by Law. Notwithstanding any other provisions of this agreementAgreement, if the amount of any interest, premium, fees or other monies or any rate of interest stipulated for, taken, reserved or extracted under this agreement or the Security Finance Documents would otherwise contravene the provisions of section Section 347 of the Criminal Code (Canada), section Section 8 of the Interest Act (Canada) or any successor or similar legislation, or would exceed the amounts which the Agent or any Lender is legally entitled to charge and receive under any law to which such compensation is subject, then such amount or rate of interest shall be reduced to such maximum amount as would not contravene such provision; and to the extent that any excess has been charged or received, received the Agent or such Lender shall apply such excess against the outstanding extensions of credit hereunder Loans and refund any further excess amount.