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 Debentures shall be detached therefrom and cancelled before delivery, unless such Debenture is being issued in exchange or in substitution for another Debenture (whether in interim or definitive form) other than pursuant to Section 2.10, whereupon such matured coupons shall represent unpaid interest to which the holder of such exchanged or substituted Debenture is entitled. (b) All fully registered Debentures issued hereunder, whether originally or upon exchange or in substitution for previously issued Debentures, shall bear interest from their date or from the last interest payment date to which interest shall have been paid or made available for payment on the outstanding Debentures of the same series and date of maturity, whichever shall be the later, or in respect of Medium Term Notes or other Debentures 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 Debentures, whichever shall be the later. (c) Except as otherwise specified or contemplated in a Debenture, interest for any period of less than one year shall be calculated on the basis of a year of 365 or 366 days as applicable. For the purposes of disclosure under the Interest Act (Canada) any Debenture on which interest is computed on a basis of a year of other than 365 or 366 days shall state the equivalent yearly interest rate as if such interest was computed on the basis of a year of 365 or 366 days.

Commencement of Interest. ‌ (a) Coupon Debentures shall bear interest from their date of issuance. The coupons, if any, matured at the date of delivery by the Indenture Trustee of any coupon Debentures shall be detached therefrom and cancelled before delivery, unless such Debenture is being issued in exchange or in substitution for another Debenture (whether in interim or definitive form) other than pursuant to Section 2.10, whereupon and such matured coupons shall represent unpaid interest to which the holder of such exchanged or substituted Debenture is entitled. (b) All fully registered other Debentures issued hereunder, whether originally or upon exchange or in substitution for previously issued Debentures, shall bear interest from their date or from the last interest payment date Interest Payment Date to which interest shall have been paid or made available for payment on the outstanding Debentures of the same series and date of maturity, whichever shall be the later, or or, in respect of Medium Term Notes or other Debentures subject to a Periodic Offering, from their date or from the last interest payment date Interest Payment Date to which interest shall have been paid or made available for payment on such Debentures, whichever shall be the later. (c) Except as Unless otherwise specified or contemplated specifically provided in a Debenturethe terms of the Debentures of any series, interest for any period of less than one year shall be calculated computed on the basis of a year of 365 or 366 days as applicabledays. For the purposes With respect to any series of disclosure under the Interest Act (Canada) any Debenture on which Debentures, whenever interest is computed on a basis of a year (the "deemed year") which contains fewer days than the actual number of other than 365 or 366 days shall state in the equivalent yearly interest rate as if such interest was computed on the basis of a calendar year of 365 or 366 dayscalculation, such rate of interest shall be expressed as a yearly rate for 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.