Appearance
Interest Calculation
Definition
Agreed days per year value to be used by the parties to calculate the interest due under the loan.
Example
(a) Interest rates and fees to which Applicable Margins or Rates apply are annual rates and are calculated daily on the basis of a 365-day year, except for Libor Loans and paragraph (b) of the definition of US Base Rate where rates are calculated on the basis of a 360-day year;