Common use of Interest on Loans Generally Clause in Contracts

Interest on Loans Generally. Where no specific provision for interest on any amount outstanding and payable by the Borrower is made in this Agreement, interest thereon shall be computed and payable on a US Base Rate Basis if the amount outstanding is denominated in US Dollars.

Interest on Loans Generally. Where no specific provision for interest on any amount outstanding and payable by the Borrower Borrowers is made in this Agreement, interest thereon shall be computed and payable on a Prime Rate Basis if the amount outstanding is denominated in Canadian Dollars or on a US Base Rate Basis if the amount outstanding is denominated in US Dollars.