Common use of Interest Act (Canada) Clause in Contracts

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 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.

Interest Act (Canada). Whenever a rate of (a) For the purposes hereof, whenever interest hereunder is calculated on the basis of a period other than a calendar year (the “deemed yearRelevant Period”) which contains fewer days than the actual number of days in the calendar year of calculation), such each rate of interest shall be determined pursuant to such calculation expressed as a yearly an annual rate for the purposes of the Interest Act (Canada) by multiplying is equivalent to such rate of interest as so determined multiplied by the actual number of days in the calendar year of calculation in which the same is to be ascertained and dividing it divided by the number of days in the deemed yearRelevant Period.

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.

Interest Act (Canada). Whenever For purposes of disclosure under the Interest Act (Canada), where interest is calculated pursuant to this Agreement at a rate of interest hereunder is calculated on the basis based upon a year consisting of a year (the “deemed year”) which contains fewer number of days less than the actual number of days in such year (the calendar year of calculation“First Rate”), such the rate or percentage of interest shall be expressed as on a yearly rate for purposes of the Interest Act (Canada) by multiplying basis is equivalent to such rate of interest First Rate multiplied by the actual number of days in the calendar year of calculation and dividing it divided by the number of days in which such year is, for the purposes of interest calculations under this Agreement, deemed yearto consist of.

Interest Act (Canada). Whenever a rate of interest hereunder is calculated on For 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 ), in any case in which an interest or fee rate is stated in this Agreement to be calculated on the basis of a number of days that is other than the number in a calendar year, the yearly rate to which such interest or fee rate of is equivalent is equal to such interest or fee rate multiplied by the actual number of days in the calendar year of calculation in which the relevant interest or fee payment accrues and dividing it divided by the number of days in used as the deemed yearbasis for such calculation.

Interest Act (Canada). Whenever a rate of interest hereunder is calculated on For 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 ), in any case in which an interest or fee rate is stated in this Agreement to be calculated on the basis of a number of days that is other than the number in a calendar year, the yearly rate, to which such interest or fee rate of is equivalent, is equal to such interest or fee rate multiplied by the actual number of days in the calendar year of calculation in which the relevant interest or fee payment accrues and dividing it divided by the number of days in used as the deemed yearbasis for such calculation.

Interest Act (Canada). Whenever a rate For the purposes of this Agreement, whenever interest hereunder is calculated on the basis of a year (the “deemed year”) period which contains fewer days is less than the actual number of days in the a calendar year of calculationyear, such each rate of interest shall be expressed as a yearly rate determined pursuant to such calculation is, for the purposes of the Interest Act (Canada) by multiplying ), equivalent to such rate of interest multiplied by the actual number of days in the calendar year of calculation in which such rate is to be ascertained and dividing it divided by the number of days in used as the deemed yearbasis of such calculation.

Interest Act (Canada). (i) Whenever a rate of interest or other rate per annum 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.

Interest Act (Canada). (1) 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.

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.

Interest Act (Canada). (a) 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.

Interest Act (Canada). Whenever a Each interest rate of interest hereunder which is calculated under this Note on the any basis of other than a full calendar year (the “deemed yearinterest period”) which contains fewer days than is, for the purposes of the Interest Act (Canada), equivalent to a yearly rate calculated by dividing such interest rate by the actual number of days in the calendar year of calculationdeemed interest period, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by then multiplying such rate of interest result by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year(365 or 366).

Interest Act (Canada). Whenever With respect to Advances made to a Canadian Borrower, 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.

Interest Act (Canada). Whenever a rate For purposes of disclosure under the Interest Act (Canada), whenever interest hereunder is calculated under a note 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 an annual rate for purposes of the Interest Act (Canada) by multiplying such rate of interest by a fraction, the numerator of which is the actual number of days in such calendar year, and the calendar year denominator of calculation and dividing it by which is the number of days in the deemed year.

Interest Act (Canada). Whenever With respect to Advances made to Bowater 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 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.

Interest Act (Canada). Whenever Except as otherwise provided in this agreement, where in any Loan Document a rate of interest hereunder is calculated on the basis of a year (the “deemed year”) which that contains fewer days than the actual number of days in the calendar year of calculation, such that rate of interest shall will be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying such that 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.

Interest Act (Canada). Whenever a Each interest rate of interest hereunder which is calculated under this Promissory Note on the any basis of other than a full calendar year (the “"deemed year”interest period") which contains fewer days than is, for the purposes of the Interest Act (Canada), equivalent to a yearly rate calculated by dividing such interest rate by the actual number of days in the calendar year of calculationdeemed interest period, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by then multiplying such rate of interest result by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year(365 or 366).

Interest Act (Canada). Whenever a Each interest rate of interest hereunder which is calculated under this Agreement on the any basis of a year (the “deemed year”) which contains fewer days other than the actual number of days in the a calendar year of calculation(the “deemed interest period”) is, such rate of interest shall be expressed as a yearly rate for the purposes of the Interest Act (Canada) ), equivalent to a yearly rate calculated by dividing such interest rate by the number of days in the deemed interest period, then multiplying such rate of interest result by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.(365 or 366). 35

Interest Act (Canada). (a) 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.

Interest Act (Canada). Whenever a rate of interest hereunder The Interest Rate which is calculated under this Promissory Note on the any basis of other than a full calendar year (the “deemed yearinterest period”) which contains fewer days than is, for the purposes of the Interest Act (Canada), equivalent to a yearly rate calculated by dividing such interest rate by the actual number of days in the calendar year of calculationdeemed interest period, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by then multiplying such rate of interest result by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year(365 or 366).

Interest Act (Canada). Whenever a rate of interest hereunder or under any other Document 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.

Interest Act (Canada). Whenever a rate of interest hereunder is calculated calculated, pursuant to any provision in this Agreement and the other Loan Documents, on the basis of a year period of time less than a calendar year, the annual rate of interest to which such rate of interest as determined by such calculation is equivalent, for the purposes of the Interest Act (Canada), is such rate as so calculated multiplied by a fraction, the “deemed year”) numerator of which contains fewer days than is the actual number of days in the applicable calendar year in respect of calculationwhich the calculation is made, such rate and the denominator 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 which is the number of days used in the deemed yearcalculation.

Interest Act (Canada). Whenever a rate of interest hereunder is calculated on the basis of a period of time other than a calendar year (the “deemed year”) which contains fewer days than ), the actual number of days in the calendar year of calculation, such annual rate of interest shall be expressed as a yearly to which each rate of interest determined pursuant to such calculation is equivalent for purposes of the Interest Act (Canada) is such rate as so determined 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.

Interest Act (Canada). Whenever With respect to Advances made to Nova Scotia Company, 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.

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 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.

Interest Act (Canada). Whenever With respect to Loans made to a Canadian Borrower, whenever a rate of interest hereunder is calculated on the basis of a period of time other than a calendar year (the “deemed year”) which contains fewer days than ), the actual number of days in the calendar year of calculation, such annual rate of interest shall be expressed as a yearly to which each rate of interest determined pursuant to such calculation is equivalent for purposes of the Interest Act (Canada) is such rate as so determined 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.

Interest Act (Canada). Whenever a For the purposes of the Interest Act (Canada), the yearly rate of interest hereunder to which any rate of interest payable under this Debenture, which is to be calculated on any basis other than a full calendar year, is equivalent may be determined by multiplying the basis rate by a fraction, the numerator of a year (which is the “deemed year”) which contains fewer days than the actual number of days in the calendar year of calculation, in which the period for which interest at such rate is payable and the denominator 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 which is the number of days in the deemed yearcomprising such other basis.

Interest Act (Canada). Whenever For purposes of disclosure under the Interest Act (Canada), where interest is calculated pursuant to this Agreement at a rate of interest hereunder is calculated on the basis based upon a year consisting of a year (the “deemed year”) which contains fewer number of days less than the actual number of days in such year (the calendar year of calculation"First Rate"), such the rate or percentage of interest shall be expressed as on a yearly rate for purposes of the Interest Act (Canada) by multiplying basis is equivalent to such rate of interest First Rate multiplied by the actual number of days in the calendar year of calculation and dividing it divided by the number of days in which such year is, for the purposes of interest calculations under this Agreement, deemed yearto consist of.

Interest Act (Canada). Whenever a Each interest rate of interest hereunder which is calculated under this Bond on the any basis of other than a full calendar year (the “deemed yearinterest period”) which contains fewer days than is, for the purposes of the Interest Act (Canada), equivalent to a yearly rate calculated by dividing such interest rate by the actual number of days in the calendar year of calculationdeemed interest period, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by then multiplying such rate of interest result by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year(365 or 366).

Interest Act (Canada). Whenever a rate interest is calculated, pursuant to any provision of interest hereunder is calculated this Indenture, on the basis of a year (period other than a calendar year, the “deemed year”) annual rate of interest to 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 determined by such calculation is equivalent, for purposes of the Interest Act (Canada) by multiplying ), is such rate as so calculated multiplied by a fraction, the numerator of interest by which is the actual number of days in the particular calendar year in respect of which the calculation is made, and dividing it by the denominator of which is the number of days used in the deemed yearcalculation.