Common use of Commission Rate Clause in Contracts

Commission Rate. The relevant Borrower shall pay to the Bank commission at a rate equal to the then current Applicable Margin (to be varied and restated from time to time in accordance with the provisions of the Multicurrency Agreement such that the Applicable Margin shall always be equivalent to any margin payable by APW or any of its affiliates under the Multicurrency Agreement) on the outstanding amount of the Bank's liability (both actual and contingent) under each Bond on each date when such commission is payable. Such commission shall accrue from day to day and shall be calculated on the basis of a 365 day year (in the case of Sterling) or a 360 or 365 day year in accordance with normal banking practice for the relevant Optional Currency (in the case of an Optional Currency) and shall be payable in advance on the Date of Drawing and at 3 monthly intervals thereafter until the Bank determines that its liability under such Bond has been reduced to zero in accordance with Clause 7.