Day Counts Clause Samples
The "Day Counts" clause defines how days are calculated and counted for the purposes of deadlines, notice periods, or other time-sensitive obligations within a contract. Typically, this clause specifies whether days refer to calendar days or business days, and may clarify how to handle weekends, public holidays, or the day of the event itself. By establishing a clear method for counting days, the clause ensures all parties have a mutual understanding of timeframes, reducing the risk of disputes or missed deadlines due to differing interpretations.
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Day Counts. Interest on Loans shall be calculated on the basis of (a) a 365- or, if applicable, a 366-day year for the actual number of days elapsed.
Day Counts. Interest on ABR Loans shall be calculated on the basis of (a) a 365- or, if applicable, a 366-day year for the actual number of days elapsed for so long as interest is determined pursuant to clause (i) of the definition of “Alternate Base Rate” and (b) a 360-day year for the actual number of days elapsed for so long as interest is determined based on clause (ii) or clause (iii) of the definition of “Alternate Base Rate”. Interest on all other Loans, and all fees shall be calculated on the basis of a 360-day year for the actual number of days elapsed.
Day Counts. 24 Section 3.06 Maximum Interest Rate .................................... 25 Section 3.07 Fees. .................................................... 25 ARTICLE IV
Day Counts. Interest on Base Rate Loans (including Base Rate Loans determined by reference to Term SOFR) shall be calculated on the basis of (a) a 365- or, if applicable, a 366-day year for the actual number of days elapsed. Interest on all other Loans, and all fees shall be calculated on the basis of a 360-day year for the actual number of days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided, that, any Loan that is repaid on the same day on which it is made shall, subject to Section 4.02, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Day Counts. Interest computed by reference to SOFR and the Alternate Base Rate hereunder shall be computed on the basis of a year of 360 days. Interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year). In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. A determination of the Alternate Base Rate, Adjusted Term SOFR, Term SOFR, Adjusted Daily Simple SOFR or Daily Simple SOFR, as applicable, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Day Counts. 18 Section 3.06. MAXIMUM INTEREST RATE.....................................19 Section 3.07. FEES......................................................19 (a) FACILITY FEE...................................................19 (b) COMMITMENT FEES................................................19 (c) LETTER OF CREDIT FEES..........................................19 ARTICLE IV
Day Counts. Except with respect to the calculation of the Commitment Fee pursuant to Section 3.05(a), interest on all Borrowings, and all fees, shall be calculated on the basis of a 360-day year for the actual number of days elapsed.
Day Counts. Interest on ABR Loans shall be calculated on the basis of (a) a 365- or, if applicable, a 366-day year for the actual number of days elapsed for so long as interest is determined pursuant to clause (1) of the definition of "Alternate Base Rate" and (b) a 360-day year for the actual number of days elapsed otherwise. Interest on all other Loans, and all fees shall be calculated on the basis of a 360-day year for the actual number of days elapsed.