Common use of Basis of calculation Clause in Contracts

Basis of calculation. All computations of fees and interest calculated on a per annum basis shall be made by the Lender on the basis of a 360 day year for the actual number of days elapsed.

Basis of calculation. All computations of interest and fees payable shall accrue from day to day and interest calculated on a per annum basis shall be made by the Lender calculated on the basis of a year of 360 day year for days and the actual number of days elapsed.