Common use of Calculation and Payment of Interest Clause in Contracts

Calculation and Payment of Interest. (a) Interest on the outstanding principal amount from time to time of each Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and as well after as before judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 360, in the case of a LIBOR Loan, or 365 days (or 366, in the case of a leap year) in the case of a Base Rate Loan. (b) Accrued interest shall be paid: (i) in the case of interest on Base Rate Loans, monthly in arrears on the last day of each month; and (ii) in the case of interest on LIBOR Loans, on the last day of the applicable Interest Period and the Maturity Date; provided that, in the case of Interest Periods of a duration longer than three months, accrued interest shall be paid no less frequently than every three months from the first day of such Interest Period during the term of such Interest Period and on the date on which such LIBOR Loans are otherwise required to be repaid, including, for greater certainty, the Maturity Date.

Calculation and Payment of Interest. (a) Interest on the outstanding principal amount from time to time of each LIBOR Loan and Base Rate Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and as well after as before judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 360, in the case of a LIBOR Loan, or 360, 365 days (or 366366 days, in the case of a leap year) in the case of a Base Rate Loan. (b) Accrued interest shall be paid:, (i) in the case of interest on Base Rate Loans, monthly in arrears on the last 22nd day of each month; and (ii) in the case of interest on LIBOR Loans, on the last day of the applicable Interest Period and the Maturity DatePeriod; provided that, in the case of Interest Periods of a duration longer than three months, accrued interest shall be paid no less frequently than every three months from the first day of such Interest Period during the term of such Interest Period and on the date on which such LIBOR Loans are otherwise required to be repaid, including, for greater certainty, the Maturity Date.