Common use of Fixed Rate Interest Clause in Contracts

Fixed Rate Interest. Maker agrees that fixed interest earned by and payable to Payee hereunder (“Interest”) shall be equal to ____ percent (__%) per year of the outstanding principal amount disbursed beginning on the date of disbursement of funds by Xxxxx. Interest shall be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest payments than if a 365-day were used.

Fixed Rate Interest. Maker agrees that fixed interest earned by and payable to Payee hereunder (“Interest”) shall be equal to _________ percent (___%) per year of the outstanding principal amount sum disbursed beginning on the date of disbursement of funds by Xxxxx. Interest shall be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest payments than if a 365-day were used.

Fixed Rate Interest. Maker agrees that fixed interest earned by and payable to Payee hereunder (“Interest”) shall be equal to _______ percent (_____%) per year of the outstanding principal amount sum disbursed beginning on the date of disbursement of funds by Xxxxx. Interest shall be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest payments than if a 365-day were used.