Common use of COMPUTING INTEREST Clause in Contracts

COMPUTING INTEREST. Interest will be calculated on the basis of a year of 360 days for the actual number of days elapsed in each interest period and will be payable in arrears.

COMPUTING INTEREST. Interest will be calculated on the basis of a year of 360 days 365 or 366-days, as the case may be, for the actual number of days elapsed in each interest period elapsed, and will be payable in arrears.