Interest Calculation Method. Interest on the Loan is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. This calculation method results in a higher effective interest rate than the numeric interest rate stated in the Confirmed Loan Terms letter. All interest under the Loan is computed using this method.
Appears in 2 contracts
Sources: Credit Agreement, Credit Agreement