Common use of 360 Days Clause in Contracts

360 Days. All interest on any Loan and on all other Obligations, together with any fees chargeable hereunder or under any other Loan Documents at a per annum rate, shall be calculated on the presumed basis of a year of 360 days, for the actual number of days elapsed.

360 Days. All interest on any Loan and on all other Obligations, together with any fees chargeable hereunder or under any other Loan Documents at a per annum rate, shall be calculated on the presumed basis of a year of 360 days, for the actual number of days elapsed, unless such calculation would result in a usurious rate, in which case interest shall be computed instead on the basis of a 365/366 day year, as applicable, for the actual days elapsed.