Common use of Accrual and Payment of Interest Clause in Contracts

Accrual and Payment of Interest. During the Facility Period, interest shall accrue from day to day, shall be calculated on the basis of a 360 day year (or, for any period when the Facility is denominated in Sterling on the basis of a 365 day year) and the actual number of days elapsed (or, in any circumstance where market practice differs, in accordance with the prevailing market practice) and shall be paid by the Borrower to the Agent on behalf of the Banks on the last day of each Interest Period and additionally, during any Interest Period exceeding six months, on the last day of each successive six month period after the beginning of that Interest Period.