COMPUTING INTEREST. Interest will be calculated on the basis of a year of 360 days for the actual number of days elapsed in each interest period and will be payable in arrears.
Appears in 3 contracts
Samples: Term Loan and Security Agreement (Merrimac Industries Inc), Credit and Security Agreement (Merrimac Industries Inc), Term Loan and Security Agreement (Merrimac Industries Inc)
COMPUTING INTEREST. Interest will be calculated on the basis of a year of 360 days 365 or 366-days, as the case may be, for the actual number of days elapsed in each interest period elapsed, and will be payable in arrears.
Appears in 1 contract
Samples: Loan Agreement (Vastera Inc)