Common use of Interest on Advances Clause in Contracts

Interest on Advances. 3.1 Each Advance shall bear interest at a rate per annum equal to the relevant Interest Rate, with interest calculated on the basis of a year of 360 days, calculated daily on the outstanding balance of the Advance.

Interest on Advances. 3.1 Each Advance shall bear interest at a rate per annum equal to the relevant Interest Rate, with interest calculated on the basis of a year of 360 days365 or 366 day year, as applicable, calculated daily on the outstanding balance of the Advance.

Interest on Advances. 3.1 Each Advance shall bear interest at a rate per annum equal to the relevant Interest Rate, with interest calculated on the basis of a year of 360 daysa 365 or 366 day year, as applicable, calculated daily on the outstanding balance of the Advance.