Interest Payments and Computations. Accrued interest on all outstanding Loans shall be compounded annually. Accrued interest shall be payable at the time of payment of principal amounts in respect of the amount of such principal payment, and all other accrued interest shall be due and payable on the Maturity Date. Interest on each Loan shall be computed on the basis of a 365-day year and shall be assessed for the actual number of days elapsed.
Appears in 2 contracts
Sources: Credit Agreement (Pro Fac Cooperative Inc), Credit Agreement (Agrilink Foods Inc)