Common use of Interest Rate Calculation Clause in Contracts

Interest Rate Calculation. (a) Interest shall accrue from the date hereof until the Maturity Date on the unpaid principal amount at the rate of nine percent (9%) per annum. Any principal or interest payments not paid when due, whether on the Maturity Date or any Monthly Payment Date, by notice of prepayment, by acceleration or otherwise, shall bear interest at the rate of the lesser of sixteen percent (16%) per annum or the maximum rate permitted by law.