Canadian Form Question

Mark asked me to get your input regarding a Canadian form question. We have
the following language in the Canadian ISDA Agreements:

Limitation of Rate. Notwithstanding any provision to the contrary contained
in this Agreement, in no event shall the Default Rate, Non-default Rate, or
Termination Rate exceed the maximum non-usurious interest rate, if any, that
at any time or from time to time may be contracted for, taken, reserved,
charged, or received on the subject indebtedness under the law applicable to
such party. For the purpose of disclosure pursuant to the Interest Act
(Canada), the yearly rate of interest to which any rate of interest payable
under this Agreement that is calculated on any basis other than a full
calendar year is equivalent may be determined by multiplying such rate by a
fraction the numerator of which is the actual number of days in the calendar
year in which such yearly rate of interest is to be ascertained and the
denominator of which is the number of days comprising such other basis.

Do we need to have the highlighted language exactly as it is, or can we have
a general statement to the effect that the interest rate shall not exceed the
maximun non-usurious rate and interest shall be paid on the actual number of
days elapsed, based on a 365/366 day year? Is there some special magic to
the above highlighted language?

Thanks for your help.