Interest Act Equivalency. For purposes of disclosure pursuant to the Interest Act (Canada), the yearly rate of interest to which any rate of interest other than the Canadian Prime Rate is equivalent, may be determined by multiplying the applicable rate by a fraction, the numerator of which is the number of days in the calendar year in which the period for which such interest payable occurs and the denominator of which is 360.
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Samples: Agreement (Nortel Networks Corp), Agreement (Nortel Networks LTD), Credit Agreement (Nortel Networks Corp)
Interest Act Equivalency. For purposes of disclosure pursuant to the Interest Act (Canada), the yearly rate of interest to which any rate of interest is equivalent (other than the Canadian interest rate on Base Rate Loans determined by reference to the Prime Rate is equivalentRate), may be determined by multiplying the applicable rate by a fraction, the numerator of which is the number of days in the calendar year in which the period for which such interest payable occurs and the denominator of which is 360.
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