For the life of this collective agreement (July 1, 2018 to June 30, 2022) the following language will be waived:
The interest shall be computed at the lesser of 10% per annum or the average rate at which the Division borrows funds during the twelve (12) month period, preceding the calculation date.
If the Division has not borrowed funds during the preceding twelve (12) month period, then interest shall be calculated at the rate paid by the Chartered Banks of Canada in Portage la Prairie on their premium rate saving account.