Common use of Interest and Fee Basis Clause in Contracts

Interest and Fee Basis. (a) Commitment Fee and, whenever it is calculated on the basis of the Prime Rate, interest on Base Rate Loans shall be calculated on the basis of a 365-day (or 366-day, as the case may be) year for the actual days elapsed; otherwise, interest shall be calculated on the basis of a 360-day year for the actual days elapsed. Agent shall as soon as practicable notify Borrower of each determination of LIBOR. Any change in the interest rate on a Loan resulting from a change in the Base Rate shall become effective as of the opening of business on the day on which such change in the Base Rate is announced. Each determination of an interest rate by the Agent pursuant to any provision of this Agreement shall be conclusive and binding on Borrower and Lenders in the absence of manifest error. (b) Interest shall be payable for the day a Loan is made but not for the day of any repayment thereof on the amount repaid if payment is received prior to 12:00 noon. If any principal of or interest on a Loan shall become due on a day that is not a Business Day, such due date shall be extended to the next succeeding Business Day and, in the case of principal, such extension of time shall be included in computing interest payable on such principal. For purposes of the Interest Act (Canada), the annual rate of interest or fees charged to Borrower to which the rate calculated in accordance with this Agreement is equivalent is the rate so calculated multiplied by a fraction, the numerator of which is the actual number of days in the calendar year in which such calculation is made and the denominator of which is the number of days comprising the basis on which such interest is calculated.

Interest and Fee Basis. (a) Commitment Fee and, whenever it is calculated on the basis of the Prime Rate, interest on Base Rate Loans shall be calculated on the basis of a 365-day (or 366-day, as the case may be) year for the actual days elapsed; otherwise, interest shall be calculated on the basis of a 360-day year for the actual days elapsed. Agent Lender shall as soon as practicable notify Borrower of each determination of LIBOR. Any change in the interest rate on a Loan resulting from a change in the Base Rate shall become effective as of the opening of business on the day on which such change in the Base Rate is announced. Lender shall as soon as practicable notify Borrower of the effective date and the amount of each such change in interest rate, but failure to give such notice shall not limit or otherwise affect Lender’s entitlement to receive interest on the Loans, and on other amounts payable hereunder, at the rate and on the dates specified herein. Each determination of an interest rate by the Agent Lender pursuant to any provision of this Agreement shall be conclusive and binding on Borrower and Lenders in the absence of manifest error. (b) Interest shall be payable for the day a Loan is made but not for the day of any repayment thereof on the amount repaid if payment is received prior to 12:00 noon. If any principal of or interest on a Loan shall become due on a day that is not a Business Day, such due date shall be extended to the next succeeding Business Day and, in the case of principal, such extension of time shall be included in computing interest payable on such principal. For purposes of the Interest Act (Canada), the annual rate of interest or fees charged to Borrower to which the rate calculated in accordance with this Agreement is equivalent is the rate so calculated multiplied by a fraction, the numerator of which is the actual number of days in the calendar year in which such calculation is made and the denominator of which is the number of days comprising the basis on which such interest is calculated.

Interest and Fee Basis. (a) Commitment Fee Facility fees and, whenever it is calculated on the basis of the Prime Rate, interest on Base Rate Loans shall be calculated on the basis of a 365-day (or 366-day, as the case may be) year for the actual days elapsed; otherwise, interest shall be calculated on the basis of a 360-day year for the actual days elapsed. Agent Lender shall as soon as practicable notify Borrower of each determination of LIBOR. Any change in the interest rate on a Loan resulting from a change in the Base Rate shall become effective as of the opening of business on the day on which such change in the Base Rate is announced. Lender shall as soon as practicable notify Borrower of the effective date and the amount of each such change in interest rate. Each determination of an interest rate by the Agent Lender pursuant to any provision of this Agreement shall be conclusive and binding on Borrower and Lenders in the absence of manifest error. Lender shall, at Borrower’s request, deliver to Borrower a statement showing the quotations used by Lender in determining any interest rate pursuant to Section 2.08(a). (b) Interest shall be payable for the day a Loan is made but not for the day of any repayment payment thereof on the amount repaid paid if payment is received prior to 12:00 noon. If any payment of principal of or interest on a Loan shall become due on a day that is not a Business Day, such due date payment shall be extended to made on the next succeeding Business Day and, in the case of principal, a principal payment such extension of time shall be included in computing interest payable on in connection with such principalpayment. For purposes of the Interest Act (Canada), the annual rate rates of interest or fees charged to Borrower to which the rate rates calculated in accordance with this Agreement is equivalent is are equivalent, are the rate rates so calculated multiplied by a fraction, the numerator of which is the actual number of days in the calendar year in which such calculation is made and the denominator of which is the number of days comprising the basis on which such interest is calculateddivided by 365.