Common use of Calculation of Broken Interest Clause in Contracts

Calculation of Broken Interest. When interest is required to be calculated in respect of a period ending other than on an Interest Payment Date, it shall be calculated on the basis of a 360-day year consisting of 12 months of 30 days each and, in the case of an incomplete month, the number of days elapsed on the basis of a month of 30 days.

Calculation of Broken Interest. When interest is required to be calculated in respect of a period ending other of less than on an Interest Payment Datea full six-month interest period, it shall be calculated on the basis of a 360-360 day year consisting of 12 months of 30 days each and, in the case of an incomplete month, the number of days elapsed on the basis of a month of 30 days.

Calculation of Broken Interest. When interest is required to be calculated in respect of a period ending other of less than on an a full Interest Payment DatePeriod, it shall be calculated on the basis of a 360-day year consisting of 12 months of 30 days each and, in the case of an incomplete month, the number of days elapsed on the basis of a month of 30 days.

Calculation of Broken Interest. When interest is required to be calculated in respect of a period ending other of less than on an Interest Payment Datea full six month interest period, it shall be calculated on the basis of a 360-day year consisting of 12 months of 30 days each and, in the case of an incomplete month, the number of days elapsed on the basis of a month of 30 days.