(In thousands of dollars except as noted and per share amounts) Notes to CoNsolidated FiNaNCial statemeNts 9.  FINANCIAL INSTRUMENTS (CONTINUED):  (d)   Interest rate swap agreement:  In order to fix the interest rate on a substantial portion of the expected drawdown of the revolving credit  facility, the Company entered into a new 5-year interest rate swap agreement effective June 28, 2013 at a rate  of 2.09% for a value of $50.0 million, decreasing to $40.0 million on June 29, 2015 and to $30.0 million on June 28, 2016. The Company’s previous 5-year interest rate swap agreement of $70.0 million at a rate of  4.005% expired on June 28, 2013. The counterparties to this swap arrangement are major Canadian financial  institutions.The Company does not anticipate any material adverse effect on its financial position resulting from  its involvement in this type of swap arrangement, nor does it anticipate non-performance by the counterparties.  As at September 28, 2013, the fair value of the swap was a liability of $0.2 million (September 29, 2012 – liability  of $1.9 million.)  The Company, through its financial assets and liabilities, is exposed to various risks.The following analysis provides a  measurement of risks at year-end.  Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails  to meet its contractual obligation.The Company believes it has limited credit risk other than those explained in  note 7 - Trade and other receivables and note 9 - Financial instruments. (a)  Credit risk: Risks 65 Annual Report 2013 September 29, 2012 Original Original Current contracts contracts contract Fair value value value value gain/(loss) (US$) (CA$) (CA$) (CA$) Purchases U.S. dollars: Less than 1 year  122,296  122,838  120,722  (2,116) 1 to 2 years  17,427  17,700  17,341  (359) 139,723 140,538 138,063 (2,475) Sales U.S. dollars: Less than 1 year  (100,163)  (99,552)  (98,697)  855 1 to 2 years  (11,896)  (11,951)  (11,835)  116 (112,059) (111,503) (110,532) 971 27,664 29,035 27,531 (1,504) Derivative financial instruments (continued): (c)  Foreign exchange contracts (continued):