The District shall pay to members of the Association, interest on any retroactive pay which may be paid to such members, on condition that the interest shall be paid for the period of time between the dates the parties applied to the Minister of Education for arbitration and the date on which any payment is subsequently paid and, in addition, will be paid only on such amounts as would have been outstanding from time to time until such time as payment is finally made. The interest shall be paid on the net pay due each teacher and not the gross pay. Such interest shall be computed at the prevailing Bank of Canada rate at the date of the signing of the Agreement. (Waived for the 2014/2018 Collective Bargaining Agreement)