Definition of Daycount:
Convention according to which the number of days included in computing interest is determined. In the 30/360 convention, a month has 30 days and an year 360 days; an actual/360 convention means the actual number of days in a month but 360 days in an year, and an actual/actual convention means actual number of days both in the month and the year. See also exact interest and ordinary interest.
Meaning of Daycount & Daycount Definition