Common use of Interest Act Disclosure Clause in Contracts

Interest Act Disclosure. For the purposes of the Interest Act (Canada) and disclosure under such act, whenever interest to be paid under this Agreement is to be calculated on the basis of a year of 365 days or 360 days or any other period of time that is less than a calendar year, the yearly rate of interest to which the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by either 365, 360 or such other period of time, as the case may be.

Interest Act Disclosure. For the purposes of the Interest Act (Canada) and disclosure under such act, whenever interest to be paid under this Agreement is to be calculated on the basis of a year of 365 days or 360 366 days or any other period of time that is less than a calendar year, the yearly rate of interest to which the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by either 365, 360 365 or 366 or such other period of time, as the case may be.

Interest Act Disclosure. For the purposes of the Interest Act (Canada) and disclosure under such act, whenever it is hereby agreed that where interest is calculated pursuant to be paid under this Agreement is to be calculated agreement at a rate or percentage based on the basis of a year of 365 days or 360 days or any other period of time that is less than a calendar yeardays, the yearly rate or percentage of interest to which the such interest rate determined pursuant to such calculation is equivalent equivalent, is the rate so determined multiplied obtained by multiplying such rate by the actual number of days in the calendar relevant year in which the same is to be ascertained and divided dividing by either 365, 360 or such other period of time, as the case may be360.