Common use of Rate and Payment Clause in Contracts

Rate and Payment. The rate of interest payable on a Tranche B Loan Advance for each Interest Period shall be the rate per annum determined by the Facility Agent to be the aggregate of: (a) LIBOR; and (b) the Margin. Interest payable under this clause 11.6 shall be calculated on the basis of actual days elapsed (not counting within an Interest Period the last day of that Interest Period) and a year of 360 (three hundred and sixty) days, or otherwise as market convention dictates, and shall be paid on each Tranche B Loan Advance by the Borrower to the Tranche B Lenders in arrears on each Interest Payment Date in the currency applicable to that Tranche B Loan Advance.

Rate and Payment. The rate of interest payable on a Tranche B Loan A Advance for each Interest Period shall be the rate per annum determined by the Facility Agent to be the aggregate of: (a) LIBOR; and (b) the Margin. Interest payable under this clause 11.6 shall be calculated on the basis of actual days elapsed (not counting within an Interest Period the last day of that Interest Period) and a year of 360 (three hundred and sixty) days, or otherwise as market convention dictates, and shall be paid on each Tranche B Loan A Advance by the Borrower to for the account of the Tranche B A Lenders in arrears on each Interest Payment Date in the currency applicable to that Tranche B Loan A Advance.