Common use of General Interest Rules Clause in Contracts

General Interest Rules. Notwithstanding any provisions herein, (i) in no event shall the aggregate "interest" (as that term is defined in Section 347 of the Criminal Code (Canada) paid hereunder result in the receipt by the Holder of interest at a "criminal rate" (as such term is construed under the Criminal Code of Canada"); (ii) unless otherwise specified herein, whenever any amount is payable hereunder as interest or as a fee which requires the calculation of an amount using a percentage per annum, such amount shall be calculated as of the date payment is due without application of the "deemed reinvestment principle" or the "effective yield method"; and (iii) for purposes of disclosure under the Interest Act (Canada) where interest is calculated pursuant thereto at a rate based upon a year of 360, 365 or 366 days, as the case may be (the "First Rate"), the rate or percentage of interest on a yearly basis is equivalent to such First Rate multiplied by the actual number of days in the year divided by 360, 365 or 366 , as the case may be.