Common use of Normal interest rate Clause in Contracts

Normal interest rate. The Borrower shall pay interest on each Advance or, as the case may be, each Loan in respect of each Interest Period relating thereto on the relevant Interest Payment Date at the rate per annum determined by the Facility Agent to be the aggregate of (a) the applicable Margin, (b) LIBOR for such Interest Period and (c) the applicable Mandatory Cost, if any. The net amount of interest due in respect of a Loan on any Interest Payment Date falling before the Initial Charter Hire Date of the Rig the Advance Bareboat Hire relating to which is financed by that Facility (after deducting therefrom the amount (if any) of any Swap Rebate payable to the Borrower under the Bareboat Charter relating to that Rig) shall, subject to the provisions of clause 4.2, be capitalised and deemed to be paid by virtue of the Interest Advances deemed to be made in respect of that interest pursuant to clause 4.2. Thereafter, the Borrower shall pay interest on each Loan in respect of the Interest Period commencing on the last Interest Payment Date falling prior to the Initial Charter Hire Date of the Rig the Advance Bareboat Hire relating to which is financed by that Facility and ending on the next following Quarter Date falling in a succeeding calendar month to that Initial Charter Hire Date and such interest shall not be capitalised.

Normal interest rate. The Borrower shall pay interest on each Advance or, as the case may be, each Loan in respect of each Interest Period relating thereto on the relevant Interest Payment Date at the rate per annum determined by the Facility Bank Agent to be the aggregate of (a) the applicable Margin, (b) LIBOR for such Interest Period and (c) the applicable Mandatory Cost, if any. The net amount of interest due in respect of a Loan on any Interest Payment Date falling before the Initial Charter Hire Date of Rig A, in the case of the Facility A Loan, or Rig B, in the Advance Bareboat Hire relating case of the Facility B Loan shall, subject to which is financed by that Facility the provisions of clause 4.2 (and after deducting therefrom the amount (if any) of any Swap Rebate payable to the Borrower on that Interest Payment Date under the Bareboat Charter relating to that Rig) shallRig A, subject to in the provisions case of clause 4.2the Facility A Loan, or Rig B, in the case of the Facility B Loan), be capitalised and deemed to be paid by virtue of the Interest Advances deemed to be made in respect of that interest pursuant to clause 4.2. Thereafter, the Borrower shall pay interest on each Loan in respect of the Interest Period commencing on the last Interest Payment Date falling prior to the Initial Charter Hire Date of Rig A, in the case of the Facility A Loan, or Rig B, in the Advance Bareboat Hire relating to which is financed by that case of the Facility B Loan and ending on the next following Quarter Date falling in a succeeding calendar month to that Initial Charter Hire Date and such interest shall not be capitalised.

Normal interest rate. The Borrower shall pay interest on each Advance or, as the case may be, each the Loan in respect of each Interest Period relating thereto on the relevant Interest Payment Date at the rate per annum determined by the Facility Agent to be the aggregate of (a) the applicable Margin, (b) LIBOR for such Interest Period and (c) the applicable Mandatory Cost, if any. The net amount of interest due in respect of a the Loan on any Interest Payment Date falling before the Initial Charter Hire Date of the Rig the Advance Bareboat Hire relating to which is financed by that Facility (after deducting therefrom the amount (if any) of any Swap Rebate Receipts payable to the Borrower under the Bareboat Charter relating to that RigHedging Agreements) shall, subject to the provisions of clause 4.2, be capitalised and deemed to be paid by virtue of the Interest Advances deemed to be made in respect of that interest pursuant to clause 4.2. Thereafter, the Borrower shall pay interest on each the Loan in respect of the Interest Period commencing on the last Interest Payment Date falling prior to the Initial Charter Hire Date of the Rig the Advance Bareboat Hire relating to which is financed by that Facility and ending on the next following Quarter Date falling in a succeeding calendar month to that the Initial Charter Hire Date and such interest shall not be capitalised.