Common use of Equivalency Clause in Contracts

Equivalency. 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, 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, the numerator of which is the actual number of days in the relevant calendar year of calculation and the denominator of which is the number of days of such other basis.