Common use of The Rates Clause in Contracts

The Rates. The Loans (other than Swing Loans) shall bear interest at Company's option (subject to the limitation and conditions set forth in this Section) at the Base Rate plus the Applicable Margin or at the Adjusted LIBOR plus the Applicable Margin. Interest accruing at the Base Rate plus the Applicable Margin shall be payable quarterly on each Quarterly Payment Date, commencing with the first Quarterly Payment Date after the Effective Date. Interest accruing at Adjusted LIBOR plus the Applicable Margin shall be payable on the last day of each Interest Period, provided that if the Interest Period is six (6) Months or longer, interest shall be payable on the ninetieth (90th) day of the Interest Period, every ninetieth (90th) day thereafter until the end of the Interest Period and on the last day of the Interest Period. Interest calculated at the Base Rate plus the Applicable Margin shall be computed on the basis of a 365/6 day year and interest calculated at the Adjusted LIBOR plus the Applicable Margin shall be computed on the basis of a 360 day year.

The Rates. The Loans (other than Swing Loans) shall bear interest at Company's option (subject to the limitation and conditions set forth in this Section) at the Base Rate plus the Applicable Margin or at the Adjusted LIBOR plus the Applicable Margin. Interest accruing at the Base Rate plus the Applicable Margin shall be payable quarterly on each Quarterly Payment Date, commencing with the first Quarterly Payment Date after the Effective Closing Date. Interest accruing at Adjusted LIBOR plus the Applicable Margin shall be payable on the last day of each Interest Period, provided that if the Interest Period is six (6) Months or longer, interest shall be payable on the ninetieth (90th) day of the Interest Period, every ninetieth (90th) day thereafter until the end of the Interest Period and on the last day of the Interest Period. Interest calculated at the Base Rate plus the Applicable Margin shall be computed on the basis of a 365/6 day year and interest calculated at the Adjusted LIBOR plus the Applicable Margin shall be computed on the basis of a 360 day year.