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.
Appears in 2 contracts
Sources: Credit Agreement (Southwest Gas Corp), Revolving Credit Agreement (Southwest Gas Corp)