Common use of INTEREST CLAUSE Clause in Contracts

INTEREST CLAUSE. In the event that any amount owed to TBWBH/P&M is not paid when due, such amount will bear interest from the due date until paid at the rate of 1.5% per month, calculated on the basis of a 30 day month, or the maximum amount permitted by applicable law, whichever is lower.

INTEREST CLAUSE. In the event that any amount owed to TBWBH/P&M is not paid when due, such amount will bear interest from the due date until paid at the rate of 1.51.0% per month, calculated on the basis of a 30 day month, or the maximum amount permitted by applicable law, whichever is lower.