Fixed Interest. Fixed interest shall accrue on the principal balance outstanding hereunder at the rate of 8.5% per annum during the period from and including the date hereof through and including the payment in full of the principal balance of the Note (the "FIXED INTEREST"). Fixed Interest shall be payable in arrears on the last day of each March, June, September and December commencing on June 30, 1997. Fixed Interest shall be computed on the basis of a 360-day year of twelve 30-day months. Each Maker acknowledges that the Fixed Interest shall be calculated on an aggregate basis and that each Maker shall be jointly and severally liable for the payment of the entire amount of Fixed Interest.
Appears in 3 contracts
Sources: Mortgage, Pledge and Security Agreement (Westfield America Inc), Pledge and Security Agreement (Westfield America Inc), Mortgage, Pledge and Security Agreement (Westfield America Inc)