Interest Act. Whenever a rate of interest hereunder is calculated on the basis of a year (the “deemed year”) which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.
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Samples: Credit Agreement (Columbia Pipeline Group, Inc.), Credit Agreement (Transcanada Corp)
Interest Act. (Canada) Whenever a rate of interest hereunder is calculated on the basis of a year (the “"deemed year”") which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for the purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.
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Interest Act. (Canada) Whenever a rate of interest hereunder is calculated on the basis of a year (the “deemed year”) which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for the purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.
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Samples: Full Recourse Guarantee
Interest Act. Whenever a rate of interest or other rate per annum hereunder is expressed or calculated on the basis of a year (the “deemed year”) which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the such deemed year.
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Samples: Revolving Lease and Rental Credit Agreement (Rush Enterprises Inc \Tx\)
Interest Act. Whenever Except as otherwise specifically provided herein, where in any Loan Document a rate of interest hereunder is calculated on the basis of a year (the “"deemed year”") which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation calculation, whether 365 or 366, as the case may be, and dividing it by the number of days in the deemed year.
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