Interest on U. S. Government securities held in any Pledge Account will be credited by Bank in Federal funds to the Fund's custody account (but not to the Pledge Account) on the date that such funds are received. Amounts due on U.S. Government securities which mature or are redeemed will be credited to the Pledge Account in Federal funds on the date funds are received.
Interest on U. S. PRIME RATE LOANS
(a) The U.S. Borrowers shall pay to the U.S. Agent for the account of the U.S. Lenders in U.S. Dollars, interest on each U.S. Prime Rate Loan as evidenced by the Accounts at a rate per annum equal to the sum of:
(i) the U.S. Prime Rate Margin; and
(ii) the U.S. Prime Rate.
(b) The U.S. Borrowers shall pay to the U.S. Swingline Lender in U.S. Dollars interest on each U.S. Prime Rate Loan as evidenced by the Accounts of the U.S. Swingline Lender at a rate per annum equal to the sum of:
(i) the U.S. Prime Rate Margin; and
(ii) the U.S. Prime Rate.
(c) Each change in the fluctuating rate for a U.S. Prime Rate Loan will take place simultaneously with a corresponding change in the U.S. Prime Rate.
(d) The yearly rate of interest to which the rate determined in accordance with the foregoing provisions of this Section 4.4 is equivalent, is the rate so determined multiplied by the actual number of days in that year and divided by 360.
(e) This interest is payable quarterly in arrears on each Interest Payment Date for the period up to and including the last day of the previous Quarter and shall be calculated daily on the basis of the number of days elapsed divided by 360.
Interest on U. S. Prime Rate Advances shall be calculated and payable in arrears (i) on the first Business Day of each month, and (ii) when the Advance becomes due and payable in full, is repaid, or is converted to a Libor Rate Advance or Accommodation. Interest on Libor Rate Advances shall be calculated and payable (ii) on the last day of the third month of the Libor Interest Period, if the Libor Interest Period is six months, and (iv) on the last day of the Libor Interest Period. ---------------------------------- 26 -21-
Interest on U. K. Revolving Loans. Subject to the provisions of Section 2.10, U.K. Revolving Loans shall bear interest at a per annum rate equal to the LIBOR Rate plus the Applicable Percentage.
Interest on U. S. Base Rate Loans
Interest on U. S. Base Rate Loans
(a) The Canadian Borrower shall pay to the Canadian Agent for the account of the Canadian Lenders in U.S. Dollars, interest on each U.S. Base Rate Loan made under the Canadian Revolving Facility as evidenced by the Accounts of the Canadian Agent at a rate per annum equal to the sum of:
(i) the U.S. Base Rate Margin; and
(ii) the U.S. Base Rate.
(b) The Canadian Borrower shall pay to the Canadian Swingline Lender in U.S. Dollars, interest on each U.S. Base Rate Loan made under the Canadian Swingline Facility as evidenced by the Accounts of the Canadian Swingline Lender at a rate per annum equal to the sum of:
(i) the U.S. Base Rate Margin; and
(ii) the U.S. Base Rate.
(c) Each change in the fluctuating rate for U.S. Base Rate Loan will take place simultaneously with a corresponding change in the U.S. Base Rate.
(d) The yearly rate of interest to which the rate determined in accordance with the foregoing provisions of this Section 4.2 is equivalent, is the rate so determined multiplied by the actual number of days in that year and divided by 360.
(e) This interest is payable quarterly in arrears on each Interest Payment Date for the period up to and including the last day of the previous Quarter.
Interest on U. S. Base Rate Loans The Borrower shall pay interest on each U.S. Base Rate Loan during each Interest Period applicable thereto in United States Dollars at a rate per annum, calculated on the basis of a 365 day year, equal to the U.S. Base Rate in effect from time to time during such Interest Period plus the Applicable USBR Margin and (in respect of U.S. Base Rate Loans which are outstanding on and after the date (in this Section 5.2, the "Termout Premium Effective Date") that is the later of (i) the Term Date in respect of the Commitments pursuant to which those U.S. Base Rate Loans were made, and (ii) December 31, 2002) the Termout Premium. Such interest shall accrue daily and shall be payable in arrears on each Interest Payment Date for such Loan for the period from and including (i) in the case of the U.S. Base Rate and the Applicable USBR Margin, the Drawdown Date or the preceding Conversion Date or Interest Payment Date, as the case may be, for such Loan, and (ii) in the case of the Termout Premium, the date that is the later of the Termout Premium Effective Date and the Drawdown Date or the preceding Conversion Date or Interest Payment Date, as the case may be, for such Loan; in all cases to and including the day preceding such Interest Payment Date and shall be calculated on the principal amount of the U.S. Base Rate Loan outstanding during such period and on the basis of the actual number of days elapsed in a year of 365 days. Changes in the U.S. Base Rate or the Applicable USBR Margin, or the commencement of the application of the Termout Premium, shall cause an immediate adjustment of the interest rate applicable to such Loan without the necessity of any notice to the Borrower.
Interest on U. S. Base Rate Loans The Borrower shall pay interest on each U.S. Base Rate Loan during each Interest Period applicable thereto in United States Dollars at a rate per annum, calculated on the basis of a 365 day year, equal to the U.S. Base Rate in effect from time to time during such Interest Period plus the Applicable USBR Margin. Such interest shall accrue daily and shall be payable in arrears on each Interest Payment Date for such Loan for the period from and including the Drawdown Date or the preceding Conversion Date or Interest Payment Date, as the case may be, for such Loan to and including the day preceding such Interest Payment Date and shall be calculated on the principal amount of the U.S. Base Rate Loan outstanding during such period and on the basis of the actual number of days elapsed in a year of 365 days. Changes in the U.S. Base Rate or the Applicable USBR Margin shall cause an immediate adjustment of the interest rate applicable to such Loan without the necessity of any notice to the Borrower.
Interest on U. S. Libor Advances and Sterling Libor Advances shall be calculated and payable at the end of the applicable Interest Period except where the Interest Period exceeds three months in duration, in which case such interest shall be calculated and payable at the end of each successive three month portion thereof (determined with reference to the commencement of the Interest Period) and, finally, at the end of such Interest Period. Interest on Canadian Prime Rate Advances and U.S. Prime Rate Advances shall be calculated on the daily balance up to and including the last day of each month, and shall be payable by the Borrowers monthly in arrears.
Interest on U. S. Swing Loans. Each U.S. Swing Loan shall bear interest until maturity (whether by acceleration or otherwise) at a rate per annum equal to (i) the sum of the Base Rate plus the Applicable Margin for Base Rate Loans under the U.S. Revolving Credit as from time to time in effect (computed on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days elapsed) or (ii) the Administrative Agent's Quoted Rate (computed on the basis of a year of 360 days for the actual number of days elapsed). Interest on each U.S. Swing Loan shall be due and payable prior to such maturity on the last day of each Interest Period applicable thereto.
