Common use of Interest Act Clause in Contracts

Interest Act. For purposes of the Interest Act (Canada), whenever any interest or fee under this Agreement is calculated using a rate based on a number of days less than a full year, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable ends, and (z) divided by the number of days based on which such rate is calculated. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement. The rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.

Interest Act. For purposes of the Interest Act (Canada), whenever any interest or fee payable by the Borrower under this Agreement is calculated using a rate based on a number year of days less than a full year360 days, such rate determined used pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable raterate based on a year of 360 days, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by the number of days based on which such rate is calculated360. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement. The Agreement with respect to the Borrower, and the rates of interest stipulated in this Agreement payable by the Borrower are intended to be nominal rates and not effective rates or yields.

Interest Act. For purposes of the Interest Act (Canada), . (a) whenever any interest or fee under this Agreement Note is calculated using a rate based on a number of days less than a full year, such the rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable raterate based on a year of 360 days, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 360; (b) the number of days based on which such rate is calculated. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement. The Note; and (c) the rates of interest stipulated in this Agreement Note are intended to be nominal rates and not effective rates or yields.

Interest Act. For purposes of the Interest Act (Canada), ): (i) whenever any interest or fee under this Agreement is calculated using a rate based on a number year of days less than a full year360 or 365 days, as applicable, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable such calculated rate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable calculated ends, and (z) divided by 360 or 365, as applicable, (ii) the number of days based on which such rate is calculated. The principle of deemed reinvestment of interest does shall not apply to any interest calculation under this Agreement. The ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.

Interest Act. For purposes of the Interest Act (Canada), whenever any interest or fee under this Agreement payable by the Issuers on the Notes is calculated using a rate based on a number year of days less than a full year360 days, such rate determined used pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable raterate based on a year of 360 days, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by the number of days based on which such rate is calculated360. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement. The on the Notes with respect to the Issuers, and the rates of interest stipulated in this Agreement the Notes payable by the Issuers are intended to be nominal rates and not effective rates or yields.

Interest Act. For purposes of the Interest Act (Canada), . whenever any interest or fee under this Agreement Note is calculated using a rate based on a number of days less than a full year, such the rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable raterate based on a year of 360 days, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 360; the number of days based on which such rate is calculated. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement. The Note; and the rates of interest stipulated in this Agreement Note are intended to be nominal rates and not effective rates or yields.