Common use of LOAN TRANCHE INTEREST PERIODS Clause in Contracts

LOAN TRANCHE INTEREST PERIODS. (a) The first Loan Tranche Interest Period in respect of a Loan Tranche will commence on (and include) the Loan Tranche Interest Commencement Date relating to that Loan Tranche and end on (but exclude) the first Funding 2 Interest Payment Date falling thereafter. Each subsequent Loan Tranche Interest Period shall commence on (and include) a Funding 2 Interest Payment Date and end on (but exclude) the next following Funding 2 Interest Payment Date. (b) Whenever it is necessary to compute an amount of interest in respect of a Loan Tranche for any period (including any Loan Tranche Interest Period), such interest shall be calculated on the basis of actual days elapsed in a 365 day year.

LOAN TRANCHE INTEREST PERIODS. (a) The first Loan Tranche Interest Period in respect of a Loan Tranche will commence on (and include) the Loan Tranche Interest Commencement Date relating to that Loan Tranche and end on (but exclude) the first Funding 2 Interest Loan Payment Date falling thereafter. Each subsequent Loan Tranche Interest Period shall commence on (and include) a Funding 2 Interest Loan Payment Date and end on (but exclude) the next following Funding 2 Interest Loan Payment Date. (b) Whenever it is necessary to compute an amount of interest in respect of a Loan Tranche for any period (including any Loan Tranche Interest Period), such interest shall be calculated on the basis of actual days elapsed in a 365 day year.