Rate and Calculation. The rate of interest applicable to the Loan or the relevant part thereof for each Interest Period shall be the rate per annum determined by the Lender to be the aggregate of LIBOR for that Interest Period and the Margin. Interest shall accrue from day to day, shall in the case of an Interest Period of less than twelve (12) months be calculated on the basis of the actual number of days elapsed and a 360 day year, including the first day of the period during which it accrues but excluding the last, and shall be paid in arrear on the Repayment Date. For the avoidance of doubt, interest shall be calculated on a simple and not compound basis.
Appears in 2 contracts
Sources: Loan Agreement (Sina Com), Loan Agreement (Sina Com)