Xxxxxxxx xxx Xxxxxx. X. Xxxxxxx Xxxxxxx, represents Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya Arab, Jamahiriya, Maldives, Oman, Qatar, Syrian Arab Republic, United Arab Emirates, Yemen, Republic of.
Xxxxxxxx xxx Xxxxxx. (x) Xxx xxxited purposes for which the Company is organized are to engage in the following activities, all in accordance with the terms of this Agreement:
Xxxxxxxx xxx Xxxxxx. For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest or fees to which the rates of interest or fees provided for in this Agreement and the other Credit Documents (and stated herein or therein, as applicable, to be computed on the basis of a 360 day year or any other period of time less than a calendar year) are equivalent are the rates so provided for multiplied by the actual number of days in the applicable calendar year and divided by 360 or the actual number of days in such other period of time, respectively.
Xxxxxxxx xxx Xxxxxx. (x) Xxx xxxposes of the Company are:
Xxxxxxxx xxx Xxxxxx. Xxx xxxxose of the Trust is to engage in the following activities:
Xxxxxxxx xxx Xxxxxx. For the purposes of disclosure under the Interest Act (Canada), whenever interest to be paid hereunder is to be calculated on the basis of a year of 360 days, the yearly rate of interest to which the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by a fraction of which the numerator is the actual number of days in the calendar year in which the same is to be ascertained and the denominator is 360.
Xxxxxxxx xxx Xxxxxx. For the purposes of the Interest Act (Canada), the annual rate of interest equivalent to a rate otherwise calculated under this Agreement and the Subordinated Note is equal to the rate so calculated multiplied by the actual number of days included in a given year and divided by 365 or 366 days, as the case may be.
Xxxxxxxx xxx Xxxxxx. For purposes only of disclosure under the Interest Act (Canada), any rate of interest which is calculated with reference to a period (the “Deemed Interest Period”) that is less than the actual number of days in the calendar year of calculation is, for the purposes of the Interest Act (Canada), equivalent to an annual rate based on a calendar year calculated by multiplying such rate by the actual number of days in the calendar year in which the Deemed Interest Period ends and dividing by the number of days in the Deemed Interest Period.
Xxxxxxxx xxx Xxxxxx. 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.
Xxxxxxxx xxx Xxxxxx. If and to the extent that the laws of Canada are applicable to any amounts payable by the Guarantor under this Indenture that are characterized as interest by any applicable authority, for purposes of disclosure under the Interest Act (Canada), the yearly rate of interest for any period less than one year to which interest at a stated rate computed on the basis of a year of 360 days consisting of twelve 30-day months is equivalent is the stated rate multiplied by a fraction of which (a) the numerator is the product of (i) the actual number of days in the calendar year in which the first day of the relevant period falls and (ii) the sum of (A) the product of (x) 30 and (y) the number of complete months elapsed in the relevant period and (B) the actual number of days elapsed in any incomplete month in the relevant period, and (b) the denominator is the product of (i) 360 and (ii) the actual number of days in the relevant period.
