Common use of Basis of calculation Clause in Contracts

Basis of calculation. Interest shall accrue from day to day and shall be calculated in the case of sterling on the basis of a year of 365 days (or, in the case of dollars or euros, 360 days or, in any case where market practice differs, in accordance with market practice) and the actual number of days elapsed (not counting within any Interest Period the last day of that Interest Period). If the basis of accrual of interest or any other amount expressed in this Agreement in respect of sterling shall be inconsistent with any convention or practice in the London Interbank Market for the basis of accrual of interest or any other amount in respect of euro, such expressed basis shall be replaced by such convention or practice with effect from the date (if any) of conversion of sterling into euro in accordance with EMU legislation.