Common use of Interest Act (Canada) Clause in Contracts

Interest Act (Canada). Whenever interest is calculated on the basis of a year of 360 or 365 days, for the purposes of the Interest Act (Canada), the yearly rate of interest which is equivalent to the rate payable hereunder is the rate payable multiplied by the actual number of days in the year and divided by 360 or 365, as the case may be. All interest will be calculated using the nominal rate method and not the effective rate method and the deemed reinvestment principle shall not apply to such calculations.

Interest Act (Canada). Whenever interest is calculated on the basis of a year of 360 or 365 days, Solely for the purposes of disclosure pursuant to the Interest Act (Canada), the yearly rate ) and without affecting any calculation of interest which required by this Indenture or the Notes, whenever any interest payable under this Indenture or the Notes is calculated using a rate based on a year of 360 days, such rate, when expressed as an annual rate, is equivalent to the such rate payable hereunder is the rate payable multiplied by the actual number of days in the calendar year and in which interest is paid divided by 360 or 365, as the case may be. All interest will be calculated using the nominal rate method and not the effective rate method and the deemed reinvestment principle shall not apply to such calculations360.

Interest Act (Canada). Whenever interest is calculated on For the basis of a year of 360 or 365 days, for the purposes purpose of the Interest Act (Canada), the yearly rate of interest to which interest calculated on the basis of a year of 360, 365 or 366 days, as the case may be, is equivalent to the rate payable hereunder is the rate payable of interest determined as herein provided multiplied by the actual number of days in the such year and divided by 360 360, 365 or 365366, as the case may be. All Further, subject to subsection (f) below, in this Agreement all interest will shall be calculated using the nominal rate method and not the effective rate method and the “deemed reinvestment principle re-investment principle” shall not apply to such calculations.

Interest Act (Canada). Whenever For the purpose of the Interest Act (Canada), where in this Agreement a rate of interest is to be calculated on the basis of a year of 360 360, 365 or 365 366 days, for the purposes of the Interest Act (Canada), the yearly rate of interest to which the rate is equivalent to the rate payable hereunder is the rate payable multiplied by the actual number of days in the year for which the calculation is made and divided by 360 360, 365 or 365366, as the case may beapplicable. All Further, in this Agreement all interest will shall be calculated using the nominal rate method and not the effective rate method and the “deemed reinvestment principle re investment principle” shall not apply to such calculations.

Interest Act (Canada). Whenever interest is calculated on For the basis of a year of 360 or 365 days, for the purposes purpose of the Interest Act (Canada), the yearly rate of interest to which interest calculated on the basis of a year of three hundred and sixty (360) or three hundred and sixty-five (365) days is equivalent to the rate payable hereunder is the rate payable of interest as so determined multiplied by the actual number of days in the such year and divided by 360 three hundred and sixty (360) or three hundred and sixty-five (365), as the case may be. All interest will be calculated using the nominal rate method and not the effective rate method and the deemed reinvestment principle shall not apply to such calculationsrespectively.

Interest Act (Canada). Whenever interest is calculated on For the basis of a year of 360 or 365 days, for the purposes purpose of the Interest Act (Canada), the yearly rate of interest to which interest calculated on the basis of a year of 360 or 365 days is equivalent to the rate payable hereunder is the rate payable of interest as so determined multiplied by the actual number of days in the such year and divided by 360 or 365, as the case may be. All interest will be calculated using the nominal rate method and not the effective rate method and the deemed reinvestment principle shall not apply to such calculationsrespectively.

Interest Act (Canada). Whenever For purposes of the Interest Act (Canada), where in this Agreement a rate of interest is to be calculated on the basis of a year of 360 or 365 days, for the purposes of the Interest Act (Canada), the yearly rate of interest to which the rate is equivalent to the rate payable hereunder is the rate payable multiplied by the actual number of days in the year for which the calculation is made and divided by 360 or 365, as the case may be. All interest will be calculated using the nominal rate method and not the effective rate method and the deemed reinvestment principle shall not apply to such calculationsapplicable.

Interest Act (Canada). Whenever For the purposes solely of disclosure under the Interest Act (Canada) and without affecting the amount of interest payable on any Notes, whenever interest to be paid hereunder is to be calculated on the basis of a year of 360 or 365 days, for the purposes days consisting of the Interest Act (Canada)twelve 30-day months, the yearly rate of interest to which the rate used in such calculation is equivalent to the rate payable hereunder during any particular period is the rate payable so used multiplied by the actual number a fraction of days in the year and divided by 360 or 365, as the case may be. All interest will be calculated using the nominal rate method and not the effective rate method and the deemed reinvestment principle shall not apply to such calculations.which:

Interest Act (Canada). Whenever interest is calculated on the basis of a year of 360 or 365 days, for the For purposes of the Interest Act (Canada), (i) whenever any interest or fee under this Debenture is calculated using a rate based on a year of 365 days, the yearly rate of interest which determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate payable hereunder is the rate payable multiplied by the actual number based on a year of days in the year and divided by 360 or 365, as the case may be. All interest will be calculated using the nominal rate method and not the effective rate method and the deemed reinvestment principle shall not apply to such calculations.365 days,

Interest Act (Canada). Whenever interest is calculated on the basis of a year of 360 or 365 days, or any other period less than a calendar year, for the purposes of the Interest Act (Canada), the yearly rate of interest which is equivalent to the rate payable hereunder is the rate payable multiplied by the actual number of days in the year and divided by 360 or 365, or such other period, as the case may be. All interest will be calculated using the nominal rate method and not the effective rate method and the deemed reinvestment principle shall not apply to such calculations.

Interest Act (Canada). Whenever For purposes of the Interest Act (Canada), where in any Loan Document (i) a rate of interest is to be calculated on the basis of a year of 360 or 365 days, for the purposes of the Interest Act (Canada), the yearly rate of interest to which the 360 day rate is equivalent to the is such rate payable hereunder is the rate payable multiplied by the actual number of days in the year for which such calculation is made and divided by 360 360, or 365, as the case may be. All (ii) an annual rate of interest will is to be calculated using during a leap year, the nominal yearly rate method of interest to which such rate is equivalent is such rate multiplied by 366 and not the effective rate method and the deemed reinvestment principle shall not apply to such calculationsdivided by 365.

Interest Act (Canada). Whenever interest is calculated on For the basis of a year of 360 or 365 days, for the purposes purpose of the Interest Act (Canada), the yearly rate of interest to which interest calculated on the basis of a year of 360, 365 or 366 days, as the case may be, is equivalent to the rate payable hereunder is the rate payable of interest determined as herein provided multiplied by the actual number of days in the such year and divided by 360 360, 365 or 365366, as the case may be. All Further, subject to subsection (h) below, in this Agreement all interest will shall be calculated using the nominal rate method and not the effective rate method and the “deemed reinvestment principle re-investment principle” shall not apply to such calculations.

Interest Act (Canada). Whenever interest is calculated on the basis of a year of 360 or 365 days, for For the purposes of the Interest Act (Canada)) only, the yearly annual rate of interest which equivalent to a rate calculated under this Agreement on the basis of a 365-day year or a 360-day year is equivalent equal to the rate payable hereunder is the rate payable so calculated multiplied by the actual number of days included in the applicable year and divided by 365 days or 360 or 365, days (as the case may be. All interest will be calculated using the nominal rate method and not the effective rate method and the deemed reinvestment principle shall not apply to such calculationsapplicable).

Interest Act (Canada). Whenever For the purpose of the Interest Act (Canada), where in this Agreement a rate of interest is to be calculated on the basis of a year of 360 or 365 days, for the purposes of the Interest Act (Canada), the yearly rate of interest to which the rate is equivalent to the rate payable hereunder is the rate payable multiplied by the actual number of days in the year for which the calculation is made and divided by 360 or 365, as the case may be. All interest will be calculated using the nominal rate method and not the effective rate method and the deemed reinvestment principle shall not apply to such calculations360.