Common use of Interest Act Clause in Contracts

Interest Act. For the purposes of the Interest Act (Canada), whenever any interest on any amount payable hereunder is calculated on the basis of a period of time other than a calendar year, the annual rate of interest to which each rate of interest determined pursuant to such calculation is equivalent is 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 used in the basis for such determination.

Interest Act. For the purposes of the Interest Act (Canada), whenever any interest on or fee under this Agreement or any amount payable hereunder other Document is calculated using a rate based on the basis a number of a period of time other days less than a calendar full year, the annual such rate of interest to which each rate of interest determined pursuant to such calculation calculation, when expressed as an annual rate, is equivalent is such rate as so determined to (x) the applicable rate, (y) multiplied by the actual number of days in the calendar year in which the same period for which such interest or fee is to be ascertained and divided by the number of days used in the basis for such determination.payable (or compounded) ends, and

Interest Act. (Canada). For the purposes of disclosure under the Interest Act (Canada), if and to the extent applicable, whenever any interest on any amount payable is to be paid hereunder and such interest is to be calculated on the basis of a period of time other less than a calendar year, the annual yearly rate of interest to which each the rate of interest determined pursuant to such calculation is equivalent is such the 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 used in the basis for such determinationperiod.

Interest Act. For the purposes of the Interest Act (Canada), whenever any interest on any amount payable hereunder is calculated on the a basis of a period of time other than a calendar year, the annual rate of interest to which each rate of interest determined pursuant to such calculation expressed as an annual rate is equivalent is to such rate as so determined multiplied by the actual number of days in the calendar year in with respect to which the same is to be ascertained and divided by the number of days used in the basis for such determinationperiod.