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LP5024: max current specification - ILIM vs IMAX

Part Number: LP5024

My understanding of the datasheet is that IMAX is adjustable with a single resistor (RIREF) and the maximum value is either 25.5mA for full Vcc range or 35mA for Vcc greater than 3.3V. ILIM on the other hand, is the current limit when no resistor is used and IREF can be either left floating or grounded. If floating, the output current is limited to zero? if grounded, the current limit could vary from 35 to 80mA with option zero and 40mA to 120mA with option 1. Does that mean that potentially the device could be drawing 120mA times 24 channels, for a total of 2.88A ? Where in the datasheet we consult the maximum current for all channels combined? Is my understanding correct about ILIM and IMAX? 

Thank you!