Calendar Basis Clause Samples
The Calendar Basis clause defines how dates and time periods are calculated and interpreted within a contract. It typically specifies whether references to days mean calendar days or business days, and may clarify how to handle deadlines that fall on weekends or public holidays. This clause ensures that all parties have a shared understanding of timeframes, reducing ambiguity and preventing disputes over the timing of obligations or rights under the agreement.
Calendar Basis the interest computation calendar method stated at the time of the original Loan sale into the secondary market or as approved by the Registered Holder through a servicing action submitted by the Lender to the FTA. Acceptable computation methods for secondary market loans are 30/360 and Actual days/365;