Term Interest Rate. The aggregate outstanding principal balance of the Term Loan shall bear interest at a fixed rate of interest of Nine Percent (9%) per annum. All interest on the Term Loan shall be calculated on the basis of a 360 day year for the actual number of days elapsed in each period.
Appears in 2 contracts
Sources: Loan and Security Agreement (Refac Optical Group), Loan and Security Agreement (U S Vision Inc)