Common use of Provisions Applicable to Canadian Loan Parties Clause in Contracts

Provisions Applicable to Canadian Loan Parties. (a) For the purposes of the Interest Act (Canada), to the extent applicable, whenever any interest payable by a Canadian Subsidiary Guarantor is calculated on the basis of a period of time other than a year of 365 or 366 days, as applicable, the annual rate of interest to which each rate of interest utilized pursuant to such calculation is equivalent is such rate so utilized 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 in such calculation.

Provisions Applicable to Canadian Loan Parties. (a) For the purposes of the Interest Act (Canada), and to the extent applicable, whenever any interest payable by a Canadian Subsidiary Guarantor Loan Party is calculated on the basis of a period of time other than a year of 365 or 366 days, as applicable, the annual rate of interest to which each rate of interest utilized pursuant to such calculation is equivalent is such rate so utilized 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 in such calculation.