Common use of Day count convention and interest calculation Clause in Contracts

Day count convention and interest calculation. (a) Any interest, commission or fee accruing under a Finance Document will accrue from day to day and the amount of any such interest, commission or fee is calculated: (i) on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice; and (ii) subject to paragraph (c) below, without rounding. (b) The Facility Agent shall provide the Borrowers with its calculations in relation to any amount referred to in paragraph (a) above, if the Borrowers request this in writing to the Facility Agent. (c) The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable by an Obligor under a Finance Document shall be rounded to two decimal places.