Interest on Canadian Prime Rate Loans. The Borrower shall 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 Canadian Prime Rate in effect from time to time during such Interest Period. Each determination by the Lender of the Canadian Prime Rate applicable from time to time during an Interest Period shall, in the absence of manifest error, be prima facie evidence thereof. Such interest shall accrue daily and shall be payable in arrears on each Interest Payment Date for the Interest Period and shall be calculated on the principal amount of the Canadian Prime Rate Loan outstanding during such Interest Period and on the basis of the actual number of days elapsed in a year of 365 days. Changes in the Canadian Prime Rate shall cause an immediate adjustment of the interest rate applicable to such Canadian Prime Rate Loans without the necessity of any notice to the Borrower.
Appears in 5 contracts
Samples: Credit Agreement, Credit Agreement, Credit Agreement
