Common use of LIBOR Based Loans Clause in Contracts

LIBOR Based Loans. Interest on LIBOR based loans shall accrue and be calculated daily and be payable at the end of each applicable LIBOR period, provided that, where the LIBOR period exceeds 90 days, interest shall be calculated and payable every 90 days during the term of the LIBOR period and on the last day of the applicable LIBOR period. Interest on LIBOR based loans shall be calculated on the basis of the actual number of days in each LIBOR period divided by 360. For the purposes of the Interest Act (Canada) and other applicable laws, the annual rates of interest applicable to LIBOR based loans are the rates as determined hereunder multiplied by the actual number of days in a period of one year commencing on the first day of the period for which such interest is payable and divided by 360.

LIBOR Based Loans. Interest on LIBOR based loans shall Based Loans will accrue and be calculated daily and be payable at the end of each applicable LIBOR periodPeriod, provided that, where the LIBOR period Period exceeds 90 days, interest shall will be calculated and payable every 90 days during the term of the LIBOR period Period and on the last day of the applicable LIBOR periodPeriod. Interest on LIBOR based loans shall Based Loans will be calculated on the basis of the actual number of days in each LIBOR period Period divided by 360. For the purposes of the Interest Act (Canada) and other applicable laws), the annual rates of interest applicable to LIBOR based loans Based Loans are the rates as determined hereunder multiplied by the actual number of days in a period of one year commencing on the first day of the period for which such interest is payable and divided by 360.