Common use of Interest Act Provision Clause in Contracts

Interest Act Provision. (a) For the purposes of the Interest Act (Canada), whenever interest payable pursuant to this Agreement is calculated with respect to any monetary Obligation relating to the Canadian Facility on the basis of a period other than a calendar year (the "Calculation Period"), each rate of interest determined pursuant to such calculation expressed as an annual rate is equivalent to such rate as so determined, multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by the number of days in the Calculation Period. (b) The principle of deemed reinvestment of interest with respect to any monetary Obligation relating to the Canadian Facility shall not apply to any interest calculation under this Agreement. (c) The rates of interest with respect to any monetary Obligation relating to the Canadian Facility stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.

Interest Act Provision. (a) For the purposes of the Interest Act (Canada), whenever interest payable pursuant to this Agreement is calculated with respect to any monetary Obligation relating to the Canadian Facility Loans on the basis of a period other than a calendar year (the "“Calculation Period"”), each rate of interest determined pursuant to such calculation expressed as an annual rate is equivalent to such rate as so determined, multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by the number of days in the Calculation Period. (b) The principle of deemed reinvestment of interest with respect to any monetary Obligation relating to the Canadian Facility Loans shall not apply to any interest calculation under this Agreement. (c) The rates of interest with respect to any monetary Obligation relating to the Canadian Facility Loans stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.