Common use of General Interest Rules Clause in Contracts

General Interest Rules. (a) For the purposes hereof, whenever interest is calculated on the basis of a year of 360, 365 or 366 days, each rate of interest determined pursuant to such calculation expressed as an annual rate for the purposes of the Interest Act (Canada) is equivalent to such rate as so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360, 365 or 366, respectively. (b) Interest on each Loan shall be payable in the currency in which such Loan is denominated during the relevant period. (c) If the Borrower fails to pay any principal, interest, interest equivalent, fee or other material amount of any nature payable by it hereunder on the due date therefor, the Borrower shall pay to the Lenders interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well after as before judgment) at the rate per annum, calculated and compounded monthly, which is equal to: (i) the Alternate Base Rate Canada plus 2% per annum in the case of overdue amounts denominated in U.S. dollars; and (ii) the Prime Rate plus 2% per annum in the case of all other overdue amounts. Such interest on overdue amounts shall become due and be paid on demand by the Agent.