Nominal Rate of Interest. The parties acknowledge and agree that all calculations of interest under the Loan Documents are to be made on the basis of the nominal interest rate described herein and not on the basis of effective yearly rates or on any other basis which gives effect to the principle of deemed reinvestment of interest. The parties acknowledge that there is a material difference between the stated nominal interest rates and the effective yearly rates of interest and that they are capable of making the calculations required to determine such effective yearly rates of interest.
Appears in 8 contracts
Samples: Credit Agreement (Celestica Inc), Designated Subsidiary Agreement (Celestica Inc), Revolving Term Credit Agreement (Celestica Inc)
Nominal Rate of Interest. The parties acknowledge and agree that all calculations of interest under the Loan Documents this Agreement are to be made on the basis of the nominal interest rate described herein and not on the basis of effective yearly rates or on any other basis which gives effect to the principle of deemed reinvestment of interest. The parties acknowledge that there is a material difference between the stated nominal interest rates and the effective yearly rates of interest and that they are capable of making the calculations required to determine such effective yearly rates of interest.
Appears in 5 contracts
Samples: Loan Agreement (Draxis Health Inc /Cn/), Senior Secured Credit Agreement (Primus Telecommunications Group Inc), Credit Agreement (Mitel Networks Corp)
Nominal Rate of Interest. The parties acknowledge and agree that all calculations of interest under this Agreement and the Loan Documents documents related thereto are to be made on the basis of the nominal interest rate described herein and not on the basis of effective yearly rates or on any other basis which gives effect to the principle of deemed reinvestment of interest. The parties acknowledge that there is a material difference between the stated nominal interest rates and the effective yearly rates of interest and that they are capable of making the calculations required to determine such effective yearly rates of interest.
Appears in 2 contracts
