Examples of Interest Act (Canada) in a sentence
For the purpose of disclosure pursuant to the Interest Act (Canada), the yearly rate of interest to which any rate of interest payable under this Agreement that is to be calculated on any basis other than a full calendar year is equivalent may be determined by multiplying such rate by a fraction the numerator of which is the actual number of days in the calendar year in which such yearly rate of interest is to be ascertained and the denominator of which is the number of days comprising such other basis.
The equivalent rate table is for disclosure purposes of the Interest Act (Canada) and does not affect the calculation of interest under a Variable Rate Mortgage.
For purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or fee to be paid hereunder or in connection herewith is to be calculated on the basis of any period of time that is less than a calendar year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 365 or 366, as applicable.
For the purposes of the Interest Act (Canada), if a rate of interest is or is to be calculated on the basis of a period which is less than a full calendar year, the yearly rate of interest to which such rate is equivalent is such rate multiplied by the actual number of days in the calendar year for which such calculation is made and divided by the number of days in such period.
To the extent permitted by applicable law, the covenant of the Borrower to pay interest at the rates provided herein shall not merge in any judgment relating to any obligation of the Borrower to the Lender and any provision of the Interest Act (Canada) or Judgment Interest Act (Alberta) which restricts any rate of interest set forth herein shall be inapplicable to this Agreement and is hereby waived by the Borrower.
Where the calendar year of calculation contains 366 days, each rate of interest herein shall be expressed as a yearly rate for purposes of the Interest Act (Canada) as such rate multiplied by 366 and divided by 365.
The Issuer hereby irrevocably agrees not to plead or assert, whether by way of defence or otherwise, in any proceeding relating to the Covered Bonds or any transaction document, that the interest payable under the Covered Bonds and the calculation thereof has not been adequately disclosed to the Issuer, whether pursuant to Section 4 of the Interest Act (Canada) or any other applicable law or legal principle.
For the purposes of disclosure pursuant to the Interest Act (Canada), the yearly rate of interest to which any rate of interest payable under this Agreement (which is to be calculated on any basis other than a full calendar year) is equivalent may be determined by multiplying such rate by a fraction, where the numerator is the actual number of days in the calendar year during the period the yearly rate of interest is to be ascertained and the denominator is the number of days interest is to be paid.
This table is provided in order to satisfy any requirement under the Interest Act (Canada) to provide equivalent interest rates calculated semi-annually not in advance per annum.
For the purposes of Section 10 of the Interest Act (Canada), the date of the Mortgage will be the date the mortgage renewal, amendment or extension takes effect.