Common use of Interest on the Note Clause in Contracts

Interest on the Note. (i) Borrower agrees to pay interest on the outstanding principal amount of the Note from the date of disbursement of the Loan proceeds until the Maturity Date at the rate of nine percent (9%) per annum. (ii) Borrower agrees to pay interest on any overdue installment payment of principal or interest, from the due date thereof until paid, at the Default Interest Rate. (iii) Interest accrued on the Note through the Maturity Date shall be payable on the first day of each calendar month commencing August 1, 1996. (iv) No provision of this Agreement or the Note shall require the payment or allow the collection of interest in excess of the rate permitted by applicable law.