Interest on Canadian Prime Rate Loans, U.S. Base Rate Loans and LIBOR Loans Sample Clauses

Interest on Canadian Prime Rate Loans, U.S. Base Rate Loans and LIBOR Loans. (a) The Borrower will pay interest on each Canadian Prime Rate Loan owing by it during each Interest Period applicable thereto in Canadian Dollars at a rate per annum equal to the Prime Rate in effect from time to time during such Interest Period plus the Applicable Margin. Each determination by the Administrative Agent of the Prime Rate applicable from time to time during an Interest Period will, in the absence of manifest error, be prima facie evidence thereof. Such interest will accrue daily and will be payable in arrears on each Interest Payment Date for such Loan for the period from and including the Drawdown Date or the preceding Conversion Date or Interest Payment Date, as the case may be, for such Loan to and including the day preceding such Interest Payment Date and will be calculated on the principal amount of the Canadian Prime Rate Loan outstanding during such period and on the basis of the actual number of days elapsed in a year of 365 days or 366 days, as the case may be. Changes in the Prime Rate will cause an immediate adjustment of the interest rate applicable to such Loans without the necessity of any notice to the Borrower.