Common use of Day Count Basis Clause in Contracts

Day Count Basis. Interest and fees shall be calculated on the basis of a 360-day year for the actual number of days elapsed (which results in more interest or fees, as the case may be, being paid than if calculated on the basis of a 365-day year); provided that interest with respect to Base Rate Loans incurring interest based on the Prime Rate shall be calculated on the basis of a 365/366 day year. The date of funding or conversion of a Term SOFR Rate Loan, Daily Simple SOFR Rate Loan or Quoted Rate Loan to a Base Rate Loan, and the first day of an Interest Period or Quoted Rate Period shall be included in the calculation of interest. The date of payment of the ​ Term Loan and the last day of an Interest Period or Quoted Rate Period shall be excluded from the calculation of interest; provided, if the Term Loan is repaid on the same day that it is made, one (1) day’s interest shall be charged.

Day Count Basis. Interest and fees shall be calculated on the basis of a 360-day year for the actual number of days elapsed (which results in more interest or fees, as the case may be, being paid than if calculated on the basis of a 365-day year); provided that interest with respect to Base Rate Loans incurring interest based on the Prime Rate shall be calculated on the basis of a 365/366 day year. The date of funding or conversion of a Term SOFR Rate Loan, Daily Simple SOFR Rate Loan or Quoted Rate Loan to a Base Rate Loan, and the first day of an Interest Period or Quoted Rate Period shall be included in the calculation of interest. The date of payment of the ​ Term any Loan and the last day of an Interest Period or Quoted Rate Period shall be excluded from the calculation of interest; provided, if the Term any Loan is repaid on the same day that it is made, one (1) day’s interest shall be charged.

Day Count Basis. Interest and fees shall be calculated on the basis of a 360-day year for the actual number of days elapsed (which results in more interest or fees, as the case may be, being paid than if calculated on the basis of a 365-day year); provided provided, however, that interest with respect and fees determined by reference to Base Rate Loans incurring interest based on the Prime Rate shall be calculated on the basis of a 365/366 day yearyear of 365 or 366 days, as the case may be, for the actual number of days elapsed. The date of funding or conversion of a Term SOFR Rate Loan, Daily Simple SOFR Rate Loan or Quoted Rate Loan to a Base Rate Loan, and the first day of an Interest Period or Quoted Rate Period Period, as applicable, shall be included in the calculation of interest. The date of payment of the ​ Term any Loan and the last day of an Interest Period or Quoted Rate Period shall be excluded from the calculation of interest; provided, if the Term a Loan is repaid on the same day that it is made, one (1) day’s interest shall be charged.