Kananaskis Falls and Horseshoe Falls Water Power Regulations — 1
t on account of that inaccuracy; (e) in the event that the Licensee fails to make any of the required rental payments within 30 days after the date mentioned herein, the Licensee shall pay interest on arrears at the rate of one per cent per month, compounded monthly, for the period beginning on the date any amount is due and payable and ending on the date it is paid; (f) the amounts described in paragraph (a) are subject to revision as follows: (i) where, on a revision date, being the 5th, 10th, 15th, 20th or 25th anniversary of the first day of the term of this Licence, the Province of Alberta is charging a rental for other hydroelectric works that exceeds the rate per megawatt hour payable under this Licence for the preceding licence year, the rate payable under paragraph (a) commencing on that revision date shall be increased to the provincial rate and the lump sum payable under paragraph (a) on that date and in respect of subsequent licence years shall be increased by the same proportion, and (ii) where the Minister, on the basis of the rentals payable for other comparable hydroelectric works owned by corporations that are not Crown corporations and regulated by Her Majesty in right of Canada or in right of a province other than Alberta, determines that the rental commencing on a revision date should be more than the amount payable under subparagraph (i) and so notifies the Licensee at least six months before any revision date, the Minister and the Licensee shall attempt to agree on the amount by which the rental shall be increased; (g) if, by the revision date, the Minister and the Licensee fail to reach agreement on the amount by which the rental shall be increased under subparagraph (f)(ii), either may refer the issue for final determination in accordance with the Commercial Arbitration Act , except that (i) the appointment of arbitrators shall be in accordance with article 11(3) of the Commercial Arbitration Code in Schedule 1 to the Commercial Arbitration Act , and (ii) “court” or “competent court” means the Federal Court; and (h) the rental shall be payable to the Government of Canada and to the Province of Alberta in the proportions provided for Her Majesty in right of Canada and the Province of Alberta, respectively, in paragraph 2(e) of the Agreement attached as Schedule I to The Alberta Natural Resources Transfer (Amendment) Act, 1945 , and the Licensee shall accordingly pay to Canada 45/72nds of all rentals, and pay to the Province of Alberta 27/72nds of all rentals; provided that the annual rental of $1,500 payable under the terms of the agreement of May 20, 1914, or under any patent or other grant of land confirming or replacing the agreement shall be considered to be included in the portion of the rental payable to Canada. 5 In the event that the Licensee fails to perform, observe or keep any of the terms, conditions or other provisions of this Licence, including those in the regulations to which it is subject, the Minister may, by notice in writing, set out the particulars of the default and require the Licensee to commence and to diligently proceed to remedy the default, within 30 days or such longer period of time after the date of receipt of the notice as is reasonably required. 6 In the event that the Licensee fails to commence and to diligently proceed to remedy the default within the time prescribed, the Minister may, by notice in writing, suspend or cancel this Licence without compensation. 7 Despite section 6, the Minister shall not suspend or cancel this Licence for any default by the Licensee caused by acts of God, civil disruption, labour disputes, transmission system failure or major breakage of or damage to the works, the occurrence and effect of which are beyond the reasonable control of the Licensee. 8 Except as provided in paragraph 2(a) of the Agreement attached as Schedule I to The Alberta Natural Resources Transfer (Amendment) Act, 1945 , the Licensee shall not assign this Licence or any o