Common use of Interest Act of Canada Clause in Contracts

Interest Act of Canada. For the purpose of the Interest Act of Canada, the yearly rate of interest to which interest calculated on the basis of a year of 360 or 365 days is equivalent, is the rate of interest determined as herein provided multiplied by the number of days in such year divided by 360 or 365, as the case may be.

Interest Act of Canada. For the purpose purposes of the Interest Act of (Canada) and disclosure thereunder, the yearly rate of whenever interest to which interest be paid hereunder or in connection herewith is to be calculated on the basis of a year of 360 or 365 days consisting of twelve 30-day months, the yearly rate of interest to which the rate used in such calculation is equivalent, equivalent during any particular period is the rate of interest determined as herein provided so used multiplied by the number a fraction of days in such year divided by 360 or 365, as the case may be.which: