Interest Act (Canada); Conversion of 360 Day Rates. (1) Whenever a rate of interest hereunder is calculated on the basis of a year (the “deemed year”) which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.
Appears in 9 contracts
Samples: Credit Agreement, Credit Agreement, Credit Agreement
Interest Act (Canada); Conversion of 360 Day Rates. (1) Whenever a rate of interest or other rate per annum hereunder is calculated on the basis of a year (the “deemed year”) which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.
Appears in 7 contracts
Samples: Credit Agreement (Baytex Energy Corp.), Credit Agreement (Baytex Energy Corp.), Credit Agreement (Greenfire Resources Ltd.)
Interest Act (Canada); Conversion of 360 Day Rates. (1) Whenever a rate of interest or other rate per annum hereunder is calculated on the basis of a year (the “"deemed year”") which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.
Appears in 3 contracts
Samples: Credit Agreement (Baytex Energy Corp.), Credit Agreement (Baytex Energy Corp.), Credit Agreement
Interest Act (Canada); Conversion of 360 Day Rates. (1) Whenever a rate of interest or other rate per annum hereunder is expressed or calculated on the basis of a year (the “deemed year”) which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.
Appears in 2 contracts
Interest Act (Canada); Conversion of 360 Day Rates. (1) Whenever a rate of interest or other rate per annum hereunder is expressed or calculated on the basis of a year (the “deemed year”) which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or other rate shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying such rate of interest or other rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.
Appears in 1 contract
Samples: Credit Agreement (Nexen Inc)
