Basis for Computation. All interest hereunder shall be computed on the basis of a year of 360 days, and shall be payable for the actual number of days elapsed. Subject to the last sentence of Section 2.1, Interest on the unpaid principal of each Loan shall accrue from the date such Loan is made to the date such Loan is paid in full.
Appears in 2 contracts
Samples: Loan and Security Agreement (1847 Goedeker Inc.), Loan and Security Agreement (1847 Holdings LLC)
Basis for Computation. All interest hereunder shall be computed on the basis of a year of 360 days, and shall be payable for the actual number of days elapsed. Subject to the last sentence of Section 2.1, Interest on the unpaid principal of each Loan shall accrue from the date such Loan is made to the date such Loan is paid in full. If the LIBOR Rate becomes unavailable during the term of this Agreement, Lender may designate a comparable substitute rate upon notice to Borrower.
Appears in 2 contracts
Samples: Loan and Security Agreement (1847 Goedeker Inc.), Loan and Security Agreement (1847 Holdings LLC)
Basis for Computation. All interest hereunder shall be computed on the basis of a year of 360 days, and shall be payable for the actual number of days elapsed. Subject to the last sentence of Section 2.1, Interest on the unpaid principal of each Loan shall accrue from the date such Loan is made to the date such Loan is paid in full.
Appears in 1 contract
