RATE AND CALCULATION ADVANCES Sample Clauses

RATE AND CALCULATION ADVANCES. The interest rate applicable, per annum, to each Advance under the Facilities will be the London Interbank Offered Rate ([LIBOR]), for the relevant term and currency, plus a Margin as defined in Clause 3.3.. [LIBOR] is defined, in respect of any Advance or unpaid sum, as the annual percentage rate displayed on Telerate page 3750 or 3740 at or about 11 a.m. (London time) two Business Days prior to any drawdown or renewal of such Advances, or, if unavailable, the rate determined by the Bank to be the rate which would have been offered to the Bank by prime banks in the London interbank market on the quotation date for deposits of a comparable amount to that Advance -------------------------------------------------------------------------------- Credit Agreement between ▇▇▇▇▇▇▇▇▇ ▇▇ and Credit Suisse Page 6 or other sum, in the same currency and for a period comparable to its term, rounded to the next 1/16 of a percent. Any and all interest and fees shall accrue from day to day and shall be calculated on the basis of a year of 360 days and the actual number of days. For any Advance with a maturity in excess of twelve months, LIBOR shall be replaced by the Swap Rate. The [Swap Rate] is defined, in respect of any Advance or unpaid sum, as the annual percentage rate determined by the Bank on the date such term starts to be the rate which would have been offered to the Bank by prime banks on the quotation date for deposits of a comparable amount to that Advance or other sum, in the same currency and for a period comparable to its term. For Advances with a maturity of up to six months, the Borrower shall pay interest accrued on each Advance on the date of maturity of such Advance. For Advances with a maturity in excess of six months, the Borrower shall pay interest at the end of each calendar quarter and on the date of maturity of such Advance.