Common use of Computations of Interest and Fees Clause in Contracts

Computations of Interest and Fees. (a) All interest and fees hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the ABR at times when the ABR is based on the prime rate of the Administrative Agent shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable ABR or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 19 contracts

Samples: Term Loan Credit Agreement (ITC Holdings Corp.), Amendment and Restatement Agreement (ITC Holdings Corp.), Amendment and Restatement Agreement (ITC Holdings Corp.)

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Computations of Interest and Fees. (a) All interest and fees hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the ABR at times when the ABR is based on the prime rate of the Administrative Agent shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable ABR or LIBO Rate LIBOR rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 15 contracts

Samples: Term Loan Credit Agreement (ITC Holdings Corp.), Term Loan Credit Agreement (ITC Holdings Corp.), Term Loan Credit Agreement (ITC Holdings Corp.)

Computations of Interest and Fees. (a) All interest and fees hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the ABR Base Rate at times when the ABR Base Rate is based on the prime rate of the Administrative Agent shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable ABR Base Rate or LIBO Rate Adjusted Term SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 1 contract

Samples: Credit Agreement (ITC Holdings Corp.)

Computations of Interest and Fees. (a) All interest and fees hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the ABR at times when the ABR is based on the prime rate of the Administrative Agent shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable ABR or LIBO Rate LIBOR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 1 contract

Samples: Term Loan Credit Agreement (ITC Holdings Corp.)

Computations of Interest and Fees. (a) All interest and fees hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the ABR at times when the ABR is based on the prime rate of the Administrative Agent Lender shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable ABR or LIBO Rate LIBOR rate shall be determined by the Administrative AgentLender, and such determination shall be conclusive absent manifest error.

Appears in 1 contract

Samples: Term Loan Agreement (ITC Holdings Corp.)

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Computations of Interest and Fees. (a) All interest and fees hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the ABR at times when the ABR is based on the prime rate of the Administrative Agent shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable ABR or LIBO Rate Adjusted LIBOR rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 1 contract

Samples: Revolving Credit Agreement (ITC Holdings Corp.)

Computations of Interest and Fees. (a) All interest and fees hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the ABR at times when the ABR is based on the prime rate of the Administrative Agent Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable ABR ABR, Adjusted LIBOR Rate or LIBO LIBOR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 1 contract

Samples: Possession Credit Agreement (California Resources Corp)

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