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 principal sum disbursed by ▇▇▇▇▇. 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 sum amount disbursed beginning on the date of disbursement of funds by ▇▇▇▇▇. 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 principal sum disbursed by ▇▇▇▇▇. 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.