Interest Act (Canada). The Canadian Guarantors acknowledge that certain of the rates of interest applicable to their obligations may be computed on the basis of a year of 360 days or 365 days, as the case may be, and be paid for the actual number of days elapsed. For purposes of the Interest Act (Canada), whenever any interest is calculated using a rate based on a year of 360 days or 365 days, as the case may be, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (i) the applicable rate based on a year of 360 days or 365 days, as the case may be, (ii) multiplied by the actual number of days in the calendar year in respect of which such interest is payable, and (iii) divided by 360 or 365, as the case may be.
Appears in 7 contracts
Samples: Indenture (Skyterra Communications Inc), Indenture (Skyterra Communications Inc), Mobile Satellite (Skyterra Communications Inc)
Interest Act (Canada). The Canadian Each of the Guarantors acknowledge acknowledges that certain of the rates of interest applicable to their obligations the Note Obligations may be computed on the basis of a year of 360 days or 365 days, as the case may be, be and be paid for the actual number of days elapsed. For purposes of the Interest Act (Canada), whenever any interest is calculated using a rate based on a year of 360 days or 365 days, as the case may be, such rate determined pursuant to such calculation, when expressed as an annual rate, rate is equivalent to (i) the applicable rate based on a year of 360 days or 365 days, as the case may be, (ii) multiplied by the actual number of days in the calendar year in respect of which the period for such interest is payablepayable (or compounded) ends, and (iii) divided by 360 or 365, as the case may be.
Appears in 4 contracts
Samples: Johnstone Tank Trucking Ltd., Johnstone Tank Trucking Ltd., Johnstone Tank Trucking Ltd.
Interest Act (Canada). The Canadian Guarantors acknowledge Guarantor acknowledges that certain of the rates of interest applicable to their obligations the Guaranteed Obligations may be computed on the basis of a year of 360 days or 365 days, as the case may be, be and be paid for the actual number of days elapsed. For purposes of the Interest Act (Canada), whenever any interest is calculated using a rate based on a year of 360 days or 365 days, as the case may be, such rate determined pursuant to such calculation, when expressed as an annual rate, rate is equivalent to (ia) the applicable rate based on a year of 360 days or 365 days, as the case may be, (iib) multiplied by the actual number of days in the calendar year in respect of which the period for such interest is payablepayable (or compounded) ends, and (iiic) divided by 360 or 365, as the case may be.
Appears in 3 contracts
Samples: Guarantee (E-World Usa Holding,inc), Guarantee (E-World Usa Holding,inc), Guarantee (E-World Usa Holding,inc)
Interest Act (Canada). The Canadian Guarantors acknowledge Guarantor acknowledges that certain of the rates of interest applicable to their obligations the Note Obligations may be computed on the basis of a year of 360 days or 365 days, as the case may be, be and be paid for the actual number of days elapsed. For purposes of the Interest Act (Canada), whenever any interest is calculated using a rate based on a year of 360 days or 365 days, as the case may be, such rate determined pursuant to such calculation, when expressed as an annual rate, rate is equivalent to (i) the applicable rate based on a year of 360 days or 365 days, as the case may be, (ii) multiplied by the actual number of days in the calendar year in respect of which the period for such interest is payablepayable (or compounded) ends, and (iii) divided by 360 or 365, as the case may be.
Appears in 2 contracts
Samples: Johnstone Tank Trucking Ltd., Johnstone Tank Trucking Ltd.
Interest Act (Canada). The Canadian Guarantors acknowledge Guarantor acknowledges that certain of the rates of interest applicable to their obligations the Guaranteed Obligations may be computed on the basis of a year of 360 days or 365 days, as the case may be, be and be paid for the actual number of days elapsed. For purposes of the Interest Act (Canada), whenever any interest is calculated using a rate based on a year of 360 days or 365 days, as the case may be, such rate determined pursuant to such calculation, when expressed as an annual rate, rate is equivalent to (i) the applicable rate based on a year of 360 days or 365 days, as the case may be, (ii) multiplied by the actual number of days in the calendar year in respect of which the period for such interest is payablepayable (or compounded) ends, and (iii) divided by 360 or 365, as the case may be.
Appears in 2 contracts
Samples: Security Agreement (United Rentals North America Inc), Security Agreement (United Rentals North America Inc)
Interest Act (Canada). The Canadian Each of the Guarantors acknowledge acknowledges that certain of the rates of interest applicable to their obligations the Obligations may be computed on the basis of a year of 360 days or 365 days, as the case may be, be and be paid for the actual number of days elapsed. For purposes of the Interest Act (Canada), whenever any interest is calculated using a rate based on a year of 360 days or 365 days, as the case may be, such rate determined pursuant to such calculation, when expressed as an annual rate, rate is equivalent to (i) the applicable rate based on a year of 360 days or 365 days, as the case may be, (ii) multiplied by the actual number of days in the calendar year in respect of which the period for such interest is payablepayable (or compounded) ends, and (iii) divided by 360 or 365, as the case may be.
Appears in 2 contracts
Samples: Security Agreement (Novelis Inc.), Security Agreement (Novelis Inc.)
Interest Act (Canada). The Canadian Guarantors acknowledge Guarantor acknowledges that certain of the rates of interest applicable to their obligations the Obligations may be computed on the basis of a year of 360 days or 365 days, as the case may be, be and be paid for the actual number of days elapsed. For purposes of the Interest Act (Canada), whenever any interest is calculated using a rate based on a year of 360 days or 365 days, as the case may be, such rate determined pursuant to such calculation, when expressed as an annual rate, rate is equivalent to (i) the applicable rate based on a year of 360 days or 365 days, as the case may be, (ii) multiplied by the actual number of days in the calendar year in respect of which the period for such interest is payablepayable (or compounded) ends, and (iii) divided by 360 or 365, as the case may be.
Appears in 1 contract
Samples: Guarantee and Support Agreement (Battle Mountain Gold Exploration Corp.)
Interest Act (Canada). The Canadian Guarantors acknowledge Guarantor acknowledges that certain of the rates of interest applicable to their obligations the Borrower Obligations of the Canadian Borrowers may be computed on the basis of a year of 360 days or 365 days, as the case may be, be and be paid for the actual number of days elapsed. For purposes of the Interest Act (Canada), whenever any interest is calculated using a rate based on a year of 360 days or 365 days, as the case may be, such rate determined pursuant to such calculation, when expressed as an annual rate, rate is equivalent to (i) the applicable rate based on a year of 360 days or 365 days, as the case may be, (ii) multiplied by the actual number of days in the calendar year in respect of which the period for such interest is payablepayable (or compounded) ends, and (iii) divided by 360 or 365, as the case may be.
Appears in 1 contract
