Day Count Convention definition

Day Count Convention. Fixed rate period: 30/360. Floating rate period: 360-day year and the number of days actually elapsed.

Day Count Convention. The convention for calculation of payment of interest; a) If Fixed Rate, the interest shall be calculated on the basis of a 360- day year comprised of twelve months of 30 days each and, in case of an incomplete month, the actual number of days elapsed (30/360- days basis), unless: (i) the last day in the relevant Interest Period is the 31st calendar day but the first day of that Interest Period is a day other than the 30th or the 31st day of a month, in which case the month that includes that last day shall not be shortened to a 30–day month; or (ii) the last day of the relevant Interest Period is the last calendar day in February, in which case February shall not be lengthened to a 30-day month. b) If FRN, the interest shall be calculated on the basis of the actual number of days in the Interest Period in respect of which payment is being made divided by 360 (actual/360-days basis). Events of Default: See Clause 5 (Events of Default) Exchange: Shall have the meaning ascribed to such term in Clause 1 (Main terms of the Bonds), setting out the exchange or other recognized marketplace for securities, on which the Issuer has, or has applied for, listing of the Bonds.

Day Count Convention means that if an Interest Payment Date (other than in the case of the Stated Maturity of, or a Redemption Date for, the Notes) falls on a day that is not a Business Day, that Interest Payment Date will be postponed to the next succeeding Business Day unless that Business Day is in the next succeeding calendar month, in which case the Interest Payment Date will be the immediately preceding Business Day.

Examples of Day Count Convention in a sentence

• Payment of the Interest Rate is calculated on basis of the Day Count Convention (b).

• Payment of the the Interest Rate is calculated on basis of the Day Count Convention (a).

• Unless otherwise specified as the Day Count Convention on the face hereof, the interest factor for each such date shall be computed by dividing the interest rate applicable to such day by 360 if the CD Rate, the Commercial Paper Rate, the Eleventh District Cost of Funds Rate, the Federal Funds Rate, LIBOR or the Prime Rate is an applicable Interest Rate Basis or by the actual number of days in the year if the CMT Rate or the Treasury Rate is an applicable Interest Rate Basis.

• Unless otherwise specified as the Day Count Convention on the face hereof, the interest factor for this Note, if the interest rate is calculated with reference to two or more Interest Rate Bases, shall be calculated in each period in the same manner as if only the Applicable Interest Rate Basis specified on the face hereof applied.

• Payment timing on the fixed leg is based on the Payment Frequency, Day Count Convention, Business Day Convention, and Roll Day.

More Definitions of Day Count Convention

Day Count Convention means Actual/Actual, Actual/360, 30/360 or such other methodology set forth in a Term Sheet for the purpose of calculating accrued interest or other amounts.

Day Count Convention means, when determining an amount for a certain determination period, the counting basis stated in the General Terms.

Day Count Convention means, in respect of the calculation of an amount of Interest for any Interest Period, the Day Count Convention specified for purposes of this Contract in Schedule A and defined herein. (i) Actual/365 or Actual/Actual means the actual number of days in the Interest Period divided by 365 (or, if any portion of the Interest Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Interest Period falling in a leap year divided by 366 and (B) the actual number of days in that portion of the Interest Period falling in a non-leap year divided by 365). (ii) Actual/365 (FIXED) means the actual number of days in the Interest Period divided by 365.

Day Count Convention means, in respect of the calculation of an amount of interest under a Loan, that:

Day Count Convention means, when calculating an amount for a certain reference period, the stated basis of calculation and which:

Day Count Convention means, in respect of the calculation of an amount for any period of time (“Calculation Period”), such Day Count Convention as may be specified in the Pricing Supplement and:

Day Count Convention. Actual/360 Amortizing Funding Agreement: [ ] Yes [X] No. If Yes, Amortizing Schedule: Additional/Other Terms: