Actual/360 Basis definition

Actual/360 Basis. The accrual of interest on the basis of the actual number of days elapsed during any relevant accrual period in a year assumed to consist of 360 days.

Actual/360 Basis means on the basis of a 360-day year and charged on the basis of actual days elapsed for any whole or partial month in which interest is being calculated.

Actual/360 Basis means, for purposes of calculating the rate of Distributions, such rate calculated on the basis of a 360-day year and the number of days actually elapsed.

Examples of Actual/360 Basis in a sentence

• Such Mortgage Loan accrues interest on an Actual/360 Basis, an Actual/Actual Basis or a 30/360 Basis; and such Mortgage Loan accrues interest (payable monthly in arrears) at a fixed rate of interest throughout the remaining term thereof (except if such Mortgage Loan is an ARD Mortgage Loan, in which case the accrual rate for interest will increase after its Anticipated Repayment Date, and except in connection with the occurrence of a default and the accrual of default interest).

• Borrower acknowledges that interest calculated on an Actual/360 Basis exceeds interest calculated on a 30/360 Basis and, therefore: (a) a greater portion of each monthly installment of principal and interest will be applied to interest using the Actual/360 Basis than would be the case if interest accrued on a 30/360 Basis; and (b) the unpaid principal balance of this Note on the Maturity Date will be greater using the Actual/360 Basis than would be the case if interest accrued on a 30/360 Basis.

• Interest on the outstanding principal balance of this Note shall accrue from the Disbursement Date at the Note Rate calculated on an Actual/360 Basis.

• Interest on the outstanding principal balance of the Loan shall accrue at the Interest Rate calculated on an Actual/360 Basis.

• Borrower acknowledges that the applicable Monthly Payment Amount is determined on an Actual/360 Basis.

More Definitions of Actual/360 Basis

Actual/360 Basis. Interest accrual on the basis of the actual number of days in a month assuming a 360-day year.

Actual/360 Basis means a method of computing interest or other charges hereunder on the basis of an assumed year of 360 days for the actual number of days elapsed, meaning that interest or other charges accrued for each day will be computed by multiplying the rate applicable on that day by the unpaid principal balance (or other relevant sum) on that day and dividing the result by 360.

Actual/360 Basis means the accrual of interest calculated on the basis of the actual number of days elapsed during any interest accrual period in a year assumed to consist of 360 days. "Actual/360 Equivalent of the Related Outside Servicing Fee Rate" shall mean, in the case of an Outside Servicing Fee that is calculated on a 30/360 Basis, for any Interest Accrual Period, a rate per annum equal to the product of (a) the applicable Outside Servicing Fee Rate, multiplied by (b) a fraction, expressed as a percentage, the numerator of which is 30 and the denominator of which is the number of days in such Interest Accrual Period.

Actual/360 Basis means on the basis of a 360-day year and charged on the basis of actual days elapsed for any period for which interest is calculated.

Actual/360 Basis. As defined in clause (iii) of the definition of "Mortgage Loan Schedule".

Actual/360 Basis means that the annualized distribution rate, interest rate or dividend rate, as the case may be, accrues or is calculated from and including the prior payment date (or December 10, 2004, in the case of the first payment date) to but excluding the current payment date, and is computed on the basis of actual days elapsed and a 360-day year.

Actual/360 Basis. ’ means the actual number of days in the Distribution Period divided by 360;