Common use of Interest Act Clause in Contracts

Interest Act. 4.9.1 Each rate of interest which is calculated with reference to a period (the “deemed interest period”) that is less than the actual number of days in the calendar year of calculation is, for the purposes of the Interest Act (Canada), equivalent to a rate based on a calendar year calculated by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing by the number of days in the deemed interest period.

Interest Act. 4.9.1 Each rate of interest which is calculated with reference to a period (the “"deemed interest period”") that is less than the actual number of days in the calendar year of calculation is, for the purposes of the Interest Act (Canada), equivalent to a rate based on a calendar year calculated by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing by the number of days in the deemed interest period.

Interest Act. 4.9.1 Each rate of interest which is calculated with reference to a period (the “deemed interest period”) that is less than the actual number of days in the calendar year of calculation is, for the purposes of the Interest Act (Canada), equivalent to a rate based on a calendar year calculated by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing by the number of days in the deemed interest period.

Interest Act. 4.9.1 Each interest rate of interest which is calculated with reference to a period (the “deemed interest period”) that is less under this Agreement on any basis other than the actual number of days in the a calendar year of calculation (the ‘‘deemed interest period”) is, for the purposes of the Interest Act (Canada), equivalent to a yearly rate based on a calendar year calculated by dividing such interest rate by the number of days in the deemed interest period, then multiplying such rate of interest result by the actual number of days in the calendar year of calculation and dividing by the number of days in the deemed interest period(365 or 366).