Common use of Interest Act Clause in Contracts

Interest Act. For purposes of the Interest Act (Canada), where in this Agreement a rate of interest is to be calculated on the basis of a year of 365 days, the yearly rate of interest to which the rate is equivalent is the rate multiplied by the number of days in the year for which the calculation is made and divided by 365.

Interest Act. For purposes of the Interest Act (Canada), where in this Agreement a rate of interest is to be calculated on the basis of a year of 365 360, 365, or 366 days, the yearly rate of interest to which the rate is equivalent is the that rate multiplied by the number of days in the calendar year for which the calculation is made and divided by 360, 365, or 366, as applicable.

Interest Act. For purposes of the Interest Act (Canada)Where, where in this Agreement Agreement, a rate of interest or fees is to be calculated on the basis of a year 360-day year, such rate is, for the purpose of 365 daysthe Interest Act (Canada), equivalent to the yearly said rate of interest to which the rate is equivalent is the rate (i) multiplied by the actual number of days in the one year for which period beginning on the first day of the period of calculation is made and (ii) divided by 365360.

Interest Act. For purposes of the Interest Act (Canada), where in this Agreement a rate of interest is to be calculated on the basis of a year of 360 or 365 days, the yearly rate of interest to which the rate is equivalent is the rate multiplied by the number of days in the year for which the calculation is made and divided by 360 or 365, as applicable.

Interest Act. For (Canada). Whenever interest is calculated on the basis of a year of 360 or 365 days, for the purposes of the Interest Act (Canada), where in this Agreement a rate of interest is to be calculated on the basis of a year of 365 days, the yearly rate of interest which is equivalent to which the rate is equivalent payable hereunder is the rate payable multiplied by the actual number of days in the year for which the calculation is made and divided by 360 or 365, as the case may be. All interest will be calculated using the nominal rate method and not the effective rate method and the deemed reinvestment principle shall not apply to such calculations.

Interest Act. For purposes of the Interest Act (Canada), where in this Agreement any Credit Document (i) a rate of interest is to be calculated on the basis of a year of 365 360 days, the yearly rate of interest to which the 360 day rate is equivalent is the such rate multiplied by the number of days in the year for which the such calculation is made and divided by 360, or (ii) an annual rate of interest is to be calculated during a leap year, the yearly rate of interest to which such rate is equivalent is such rate multiplied by 366 and divided by 365.

Interest Act. For the purposes of the Interest Act (Canada), where in this Agreement a rate of interest is to be calculated on the basis of a year of 360 or 365 days, as applicable (the "first rate"), the yearly rate of interest to which the first rate is equivalent is the first rate multiplied by the actual number of days in the year for which the such calculation is made and divided by 365360 or 365 (as applicable).

Interest Act. For purposes of the Interest Act (Canada), where in this Agreement any Loan Document (i) a rate of interest is to be calculated on the basis of a year of 365 360 days, the yearly rate of interest to which the 360 day rate is equivalent is the such rate multiplied by the number of days in the year for which the such calculation is made and divided by 360, or (ii) an annual rate of interest is to be calculated during a leap year, the yearly rate of interest to which such rate is equivalent is such rate multiplied by 366 and divided by 365.

Interest Act. For purposes of the Interest Act (Canada), where in this Agreement a rate of interest is to be calculated on the basis of a year of 360 or 365 days, the yearly rate of interest to which the rate is equivalent is the rate multiplied by the actual number of days in the year for which the calculation is made and divided by 360 or 365, as applicable.

Interest Act. For purposes of the Interest Act (Canada), where in this Agreement a rate of interest is to be calculated on the basis of a year of 360, 365 or 366 days, the yearly rate of interest to which the rate is equivalent is the rate multiplied by the number of days in the year for which the calculation is made and divided by 365360, 365 or 366, as applicable. The rates of interest under this Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement.

Interest Act. For (Canada). Solely for the purposes of disclosure pursuant to the Interest Act (Canada)) and without affecting any calculation of interest required by this Indenture or the Convertible Notes, where in whenever any interest payable under this Agreement Indenture or the Convertible Notes is calculated using a rate of interest is to be calculated based on the basis of a year of 365 360 days, the yearly rate of interest to which the rate such rate, when expressed as an annual rate, is equivalent is the to such rate multiplied by the number of days in the calendar year for in which the calculation interest is made and paid divided by 365360.

Interest Act. (Canada). For purposes of the Interest Act (Canada), where in this Financing Agreement a rate of interest is to be calculated on the basis of a year of 360 or 365 days, the yearly rate of interest to which the rate is equivalent is the rate multiplied by the number of days in the year for which the calculation is made and divided by 360 or 365, as applicable.

Interest Act. For purposes of the Interest Act (Canada)Where, where in this Agreement Agreement, a rate of interest or fees is to be calculated on the basis of a year 360-day year, such per annum rate is, for the purpose of 365 daysthe Interest Act (Canada), equivalent to the yearly said rate of interest to which the rate is equivalent is the rate (i) multiplied by the actual number of days in the one year for which period beginning on the first day of the period of calculation is made and (ii) divided by 365360.

Interest Act. For (Canada) Each interest rate which is calculated under this Note on any basis other than a full calendar year (the “deemed interest period”) is, for the purposes of the Interest Act (Canada), where in this Agreement equivalent to a rate of interest is to be calculated on the basis of a year of 365 days, the yearly rate of calculated by dividing such interest to which the rate is equivalent is the rate multiplied by the actual number of days in the deemed interest period, then multiplying such result by the actual number of days in the calendar year for which the calculation is made and divided by 365(365 or 366).