Common use of Adjustment of Interest Clause in Contracts

Adjustment of Interest. Notwithstanding any provision to the contrary contained in this Debenture, in no event will the aggregate "interest" (as defined in Section 347 of the Criminal Code (Canada)) payable under this Debenture exceed the effective annual rate of interest on the "credit advanced" (as defined in that Section) under this Debenture lawfully permitted under that Section and, if any payment, collection or demand pursuant to this Debenture in respect of "interest" (as defined in that Section) is determined to be contrary to the provision of that Section, such payment, collection or demand will be deemed to have been made by mutual mistake of the Company and the Holder and the amount of such payment or collection will be refunded to the Company; for purposes of this Debenture the effective annual rate of interest will be determined in accordance with generally accepted actuarial practices and principles over the term of this Debenture on the basis of annual compounding of the lawfully permitted rate of interest and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Holder shall be conclusive for the purposes of such determination, in the absence of evidence to the contrary.