Common use of Definitions Clause in Contracts

Definitions. For the purposes of this Condition 7: "Actual/360" means the actual number of days in the Interest Period divided by 360; "Actual/365" or "Actual/Actual (ICMA)" means the actual number of days in the Interest Period divided by 365 (or, if any portion of that Interest Period falls in a leap year, the sum of (i) the actual number of days in that portion of the Interest Period falling in a leap year divided by 366; and (ii) the actual number of days in that portion of the Interest Period falling in a non- leap year divided by 365);