360-Day Year Sample Clauses
The 360-day-year clause defines how interest or other time-based calculations are made by treating each year as having 360 days, typically by assuming 12 months of 30 days each. In practice, this method is often used in financial agreements, such as loan or bond contracts, to standardize interest accruals and simplify calculations, regardless of the actual number of days in a year. The core function of this clause is to provide a consistent and predictable basis for calculating payments, reducing complexity and potential disputes over interest computations.
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360-Day Year. Interest shall be computed on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days.
360-Day Year. Interest shall be computed on the basis of a 360-day year for the actual number of days elapsed.
360-Day Year. Interest payable under each Term Loan shall be computed on the basis of a year of 360 days and the actual number of days elapsed.
360-Day Year. Interest payable under this Tranche B Term Loan Note shall be computed on the basis of a year of 360 days and the actual number of days elapsed.
360-Day Year. All interest payable under the Notes shall be calculated on the basis of a 360-day year by multiplying the outstanding principal amount by the applicable per annum rate, multiplying the product thereof by the actual number of days elapsed, and dividing the product so obtained by 360.
360-Day Year. Interest shall be computed on the basis of a three hundred sixty (360) day year, and the actual number of days elapsed.”
360-Day Year. All interest and fees due under this Agreement will be calculated on the basis of actual days elapsed in a 360 day year.
360-Day Year. All interest on Unreimbursed L/C Obligations and all fees due under this Agreement will be calculated based on the actual days elapsed in a 360-day year.
360-Day Year. All interest payable hereunder shall be calculated on the basis of a 360-day year, counting the actual number of days elapsed.
360-Day Year. Unless otherwise noted, interest is payable monthly on the first calendar day of each month and shall be computed on the basis of a 360-day year for the actual number of days elapsed.