Common use of Commencement of Interest Clause in Contracts

Commencement of Interest. (a) The coupons, if any, matured at the date of delivery by the Trustee of any coupon Debt Securities shall be detached therefrom and cancelled before delivery, unless such Debt Security is being issued in exchange or in substitution for another Debt Security (whether in interim or definitive form) other than pursuant to Section 2.8, whereupon such matured coupons shall represent unpaid interest to which the holder of such exchanged or substituted Debt Security is entitled. (b) Each fully registered Debt Security issued hereunder, whether originally or upon exchange or in substitution for previously issued Debt Securities, shall, unless otherwise provided pursuant to Section 2.2, bear interest from its date of original issue or from the last interest payment date to which interest shall have been paid or made available for payment on such Debt Security, whichever shall be the later; (c) Except as otherwise provided pursuant to Section 2.2, interest on Debt Securities shall be computed on the basis of a 360 day year comprised of 12 30-day months. (d) For the purposes only of the disclosure required by the INTEREST ACT (Canada), and without affecting the amount of interest payable to any holder of a Debt Security or the calculation of interest on any Debt Security, if any rate of interest on any Debt Security is calculated on the basis of a year (the "deemed year") which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for the purposes of the INTEREST ACT (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.

Commencement of Interest. (a) The coupons, if any, matured at the date of delivery by the Trustee of any coupon Debt Securities shall be detached therefrom and cancelled before delivery, unless such Debt Security is being issued in exchange or in substitution for another Debt Security (whether in interim or definitive form) other than pursuant to Section 2.8, whereupon such matured coupons shall represent unpaid interest to which the holder of such exchanged or substituted Debt Security is entitled. (b) Each All fully registered Debt Security Securities issued hereunder, whether originally or upon exchange or in substitution for previously issued Debt Securities, shall, unless otherwise provided pursuant to Section 2.2, shall bear interest from its their date or from the last interest payment date to which interest shall have been paid or made available for payment on the outstanding Debt Securities of the same series and date of original issue maturity, whichever shall be the later, or in respect of Debt Securities subject to a Periodic Offering, from their date or from the last interest payment date to which interest shall have been paid or made available for payment on such Debt SecuritySecurities, whichever shall be the later;. (c) Except as otherwise provided pursuant to Section 2.2, interest on Debt Securities shall be computed on the basis of specified or contemplated in a 360 day year comprised of 12 30-day months. (d) For the purposes only of the disclosure required by the INTEREST ACT (Canada), and without affecting the amount of interest payable to any holder of a Debt Security or the calculation of interest on any Debt Security, if interest for any rate period of interest on any Debt Security is less than one year shall be calculated on the basis of a year (the "deemed year") which contains fewer of 365 or 366 days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for applicable. For the purposes of disclosure under the INTEREST ACT Interest Act (Canada) by multiplying such rate any Debt Security on which interest is computed on a basis of interest by the actual number of days in the calendar a year of calculation and dividing it by other than 365 or 366 days shall state the number equivalent yearly interest rate as if such interest was computed on the basis of days in the deemed yeara year of 365 or 366 days.