Common use of Canadian Prime Rate Loans Clause in Contracts

Canadian Prime Rate Loans. Each Canadian Prime Rate Loan made or maintained by a Canadian Lender shall bear interest (computed on the basis of a year of 365 or 366 days, as the case may be, and the actual days elapsed) in Canadian Dollars on the unpaid principal amount thereof, both before and after maturity, default and judgment, from the date such Loan is advanced or created by conversion, but excluding the date of repayment thereof, at a rate per annum equal to the sum of the Applicable Margin plus the Canadian Prime Rate from time to time in effect, payable in arrears on the last Business Day of each month and at maturity (whether by acceleration or otherwise).