Interest on Assumed Obligations. (a) From and after the date hereof, but prior to the occurrence of an Event of Default, interest shall accrue on the principal portion of the Assumed Indebtedness at a rate per annum equal to the Contract Rate, based on a 360-day year for actual days elapsed. After the occurrence of an Event of Default, interest shall accrue on the principal portion of all obligations. owing by Accentia to McKesson (or to any affiliate of McKesson) at a rate equal to the Default Rate, based on a 360-day year for actual days elapsed. In the absence of acceleration after an Event of Default, accrued interest shall be payable to McKesson (or the applicable affiliate, if any) monthly in arrears on the first business day of each calendar month for the previous month ending commencing with December 1, 2003.
Appears in 7 contracts
Samples: Debt and Security Agreement, Assumption of Debt and Security Agreement (Accentia Biopharmaceuticals Inc), Assumption of Debt and Security Agreement (Accentia Biopharmaceuticals Inc)
