Common use of Calculation and Payment of Interest Clause in Contracts

Calculation and Payment of Interest. (a) Interest on the outstanding principal amount from time to time of each Term Benchmark Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 360. (b) Interest on the outstanding principal amount from time to time of each Base Rate Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 365 or, in the case of a leap year, 366. Where the Base Rate is being computed, to the extent the Federal Funds Effective Rate applies and is calculated on the basis of a year that contains fewer days than the actual number of days in the calendar year of calculation (such as a deemed year of 360 days), the provisions of Section 7.3(a) shall be applicable so that, in the result, all computations of interest for Base Rate Loans shall be made on the basis of a year of 360 days and actual days elapsed. (c) Accrued interest shall be paid, (i) in the case of interest on Base Rate Loans, monthly in arrears on the last day of each calendar month; and (ii) in the case of interest on Term Benchmark Loans, in arrears on the last day of the applicable Interest Period but, in any event, at least every 3 months.

Calculation and Payment of Interest. (a) Interest on the outstanding principal amount from time to time Advance shall be calculated daily and payable monthly in arrears on the last day of each Term Benchmark Loan and on overdue calendar month (or, if an Event of Default as described in Section 13.01(a), Section 13.01(f) or Section 13.01(g) is in existence, the last day of each calendar month) to occur while such Advance is outstanding. (b) All interest thereon payments to be made under this Agreement shall accrue from day to day from and including the date on which credit is obtained by way of such Loan be paid without allowance or on which such overdue interest is duededuction for deemed re-investment or otherwise, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and before and after default and/or judgment) , if any, until payment, and interest shall be calculated accrue on the basis of the actual number of days elapsed divided by 360overdue interest. (bc) Interest on the outstanding principal amount from time to time of each Base Rate Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 365 or, in the case of a leap year, 366. Where the Base Rate is being computed, to the extent the Federal Funds Effective Rate applies and is calculated on the basis of a year that contains fewer days than the actual number of days in the calendar year of calculation (such as a deemed year of 360 days), the provisions of Section 7.3(a) shall be applicable so that, in the result, all All computations of interest or other amounts "per annum" for Base Rate Loans the Advance shall be made on the basis of a year of 360 days and 365 or 366 days, as the case may be, using the actual number of days elapsed, and the nominal rate method of calculation, and will not be calculated using the effective rate method of calculation or on any other basis that gives effect to the principle of deemed re-investment of interest. (cd) Accrued interest shall be paid,For the purposes of the Interest Act (Canada) and disclosure under such Act: (i) wherever any interest to be paid under this Agreement is to be calculated on the basis of any period of time that is less than a calendar year (a "deemed year"), such rate of interest shall be expressed as a yearly rate by multiplying such rate of interest for the deemed year by the actual number of days in the case calendar year in which the rate is to be ascertained and dividing it by the number of interest on Base Rate Loans, monthly days in arrears on the last day of each calendar monthdeemed year; and (ii) Each of the Loan Parties confirms that it fully understands and is able to calculate the rate of interest applicable to the Credit Facility based on the methodology for calculating per annum rates provided for in this Agreement. The Agent agrees that if requested in writing by the case Borrower it shall calculate the nominal and effective per annum rate of interest on Term Benchmark Loansany Advance outstanding at any time and provide such information to the Borrower promptly following such request; provided that any error in any such calculation, or any failure to provide such information on request, shall not relieve the Borrower or any other Loan Party of any of its obligations under this Agreement or any other Loan Document, nor result in arrears on any liability to the last day Agent or any Lender. Each Loan Party hereby irrevocably agrees not to plead or assert, whether by way of the applicable Interest Period butdefence or otherwise, in any eventproceeding relating to the Loan Documents, at least every 3 monthsthat the interest payable under the Loan Documents and the calculation thereof has not been adequately disclosed to the Loan Parties, whether pursuant to Section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle. (e) Each determination by the Agent of an interest rate or other amount payable hereunder shall be conclusive and binding for all purposes, absent manifest mathematical error in calculating such amount.

Calculation and Payment of Interest. (a) Interest on the outstanding principal amount from time to time Advance shall be calculated daily and payable monthly in arrears on the last day of each Term Benchmark Loan and on overdue calendar month (or, if an Event of Default as described in Section 12.01(a), Section 12.01(f) or Section 12.01(g) is in existence, the last day of each calendar month) to occur while such Advance is outstanding. (b) All interest thereon payments to be made under this Agreement shall accrue from day to day from and including the date on which credit is obtained by way of such Loan be paid without allowance or on which such overdue interest is duededuction for deemed re-investment or otherwise, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and before and after default and/or judgment) , if any, until payment, and interest shall be calculated accrue on the basis of the actual number of days elapsed divided by 360overdue interest. (bc) Interest on the outstanding principal amount from time to time of each Base Rate Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 365 or, in the case of a leap year, 366. Where the Base Rate is being computed, to the extent the Federal Funds Effective Rate applies and is calculated on the basis of a year that contains fewer days than the actual number of days in the calendar year of calculation (such as a deemed year of 360 days), the provisions of Section 7.3(a) shall be applicable so that, in the result, all All computations of interest or other amounts "per annum" for Base Rate Loans the Advance shall be made on the basis of a year of 360 days and 365 or 366 days, as the case may be, using the actual number of days elapsed, and the nominal rate method of calculation, and will not be calculated using the effective rate method of calculation or on any other basis that gives effect to the principle of deemed re-investment of interest. (cd) Accrued interest shall be paid,For the purposes of the Interest Act (Canada) and disclosure under such Act: (i) wherever any interest to be paid under this Agreement is to be calculated on the basis of any period of time that is less than a calendar year (a "deemed year"), such rate of interest shall be expressed as a yearly rate by multiplying such rate of interest for the deemed year by the actual number of days in the case calendar year in which the rate is to be ascertained and dividing it by the number of interest on Base Rate Loans, monthly days in arrears on the last day of each calendar monthdeemed year; and (ii) Each of the Loan Parties confirms that it fully understands and is able to calculate the rate of interest applicable to the Credit Facility based on the methodology for calculating per annum rates provided for in this Agreement. The Agent agrees that if requested in writing by the case Borrower it shall calculate the nominal and effective per annum rate of interest on Term Benchmark Loansany Advance outstanding at any time and provide such information to the Borrower promptly following such request; provided that any error in any such calculation, or any failure to provide such information on request, shall not relieve the Borrower or any other Loan Party of any of its obligations under this Agreement or any other Loan Document, nor result in arrears on any liability to the last day Agent or any Lender. Each Loan Party hereby irrevocably agrees not to plead or assert, whether by way of the applicable Interest Period butdefence or otherwise, in any eventproceeding relating to the Loan Documents, at least every 3 monthsthat the interest payable under the Loan Documents and the calculation thereof has not been adequately disclosed to the Loan Parties, whether pursuant to Section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle. (e) Each determination by the Agent of an interest rate or other amount payable hereunder shall be conclusive and binding for all purposes, absent manifest mathematical error in calculating such amount.

Calculation and Payment of Interest. (a) Interest on the outstanding principal amount from time to time of each Term Benchmark LIBOR Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 360. (b) Interest on the outstanding principal amount from time to time of each Prime Rate Loan and Base Rate Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 365 or, in the case of a leap year, 366. Where the Base Rate is being computed, to the extent the Federal Funds Effective Rate applies and is calculated on the basis of a year that contains fewer days than the actual number of days in the calendar year of calculation (such as a deemed year of 360 days), the provisions of Section 7.3(a) shall be applicable so that, in the result, all computations of interest for Base Rate Loans shall be made on the basis of a year of 360 days and actual days elapsed. (c) Accrued interest shall be paid, (i) in the case of interest on Prime Rate Loans and Base Rate Loans, monthly in arrears on the last day of each calendar month; and (ii) in the case of interest on Term Benchmark LIBOR Loans, in arrears on the last day of the applicable Interest Period but, in any event, at least every 3 months.

Calculation and Payment of Interest. (a) Interest on the outstanding principal amount from time to time Advance shall be calculated daily and payable monthly in arrears on the last day of each Term Benchmark Loan and on overdue calendar month (or, if an Event of Default as described in Section 13.01(a), Section 13.01(f) or Section 13.01(g) is in existence, the last day of each calendar month) to occur while such Advance is outstanding. (b) All interest thereon payments to be made under this Agreement shall accrue from day to day from and including the date on which credit is obtained by way of such Loan be paid without allowance or on which such overdue interest is duededuction for deemed re-investment or otherwise, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and before and after default and/or judgment) , if any, until payment, and interest shall be calculated accrue on the basis of the actual number of days elapsed divided by 360overdue interest. (bc) Interest on the outstanding principal amount from time to time of each Base Rate Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 365 or, in the case of a leap year, 366. Where the Base Rate is being computed, to the extent the Federal Funds Effective Rate applies and is calculated on the basis of a year that contains fewer days than the actual number of days in the calendar year of calculation (such as a deemed year of 360 days), the provisions of Section 7.3(a) shall be applicable so that, in the result, all All computations of interest or fees “per annum” for Base Rate Loans the Advance shall be made on the basis of a year of 360 days and 365 or 366 days, as the case may be, using the actual number of days elapsed, and the nominal rate method of calculation, and will not be calculated using the effective rate method of calculation or on any other basis that gives effect to the principle of deemed re-investment of interest. (cd) Accrued interest shall be paid,For the purposes of the Interest Act (Canada) and disclosure under such Act: (i) wherever any interest to be paid under this Agreement is to be calculated on the basis of any period of time that is less than a calendar year (a “deemed year”), such rate of interest shall be expressed as a yearly rate by multiplying such rate of interest for the deemed year by the actual number of days in the case calendar year in which the rate is to be ascertained and dividing it by the number of interest on Base Rate Loans, monthly days in arrears on the last day of each calendar monthdeemed year; and (ii) Each of the Loan Parties confirms that it fully understands and is able to calculate the rate of interest applicable to the Credit Facility based on the methodology for calculating per annum rates provided for in this Agreement. The Agent agrees that if requested in writing by the case Borrower it shall calculate the nominal and effective per annum rate of interest on Term Benchmark Loansany Advance outstanding at any time and provide such information to the Borrower promptly following such request; provided that any error in any such calculation, or any failure to provide such information on request, shall not relieve the Borrower or any other Loan Party of any of its obligations under this Agreement or any other Loan Document, nor result in arrears on any liability to the last day Agent or any Lender. Each Loan Party hereby irrevocably agrees not to plead or assert, whether by way of the applicable Interest Period butdefence or otherwise, in any eventproceeding relating to the Loan Documents, at least every 3 monthsthat the interest payable under the Loan Documents and the calculation thereof has not been adequately disclosed to the Loan Parties, whether pursuant to Section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle. (e) Each determination by the Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest mathematical error in calculating such amount.

Calculation and Payment of Interest. (a) Interest on the outstanding principal amount from time to time of each Term Benchmark Prime Rate Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained made available by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and before and after judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 360365 or 366 in the case of a leap year. (b) Interest on the outstanding principal amount from time to time of each LIBOR Loan and Base Rate Canada Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained made available by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and before and after judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 365 or, in the case of a leap year, 366. Where the Base Rate is being computed, to the extent the Federal Funds Effective Rate applies and is calculated on the basis of a year that contains fewer days than the actual number of days in the calendar year of calculation (such as a deemed year of 360 days), the provisions of Section 7.3(a) shall be applicable so that, in the result, all computations of interest for Base Rate Loans shall be made on the basis of a year of 360 days and actual days elapsed360. (c) Accrued interest shall be paid, (i) in the case of interest on Prime Rate Loans and Base Rate Canada Loans, monthly quarterly in arrears on the last day Banking Day of each calendar monthFiscal Quarter, on the date of each scheduled instalment under Section 9.1 and on the termination of the applicable Credit Facility; and (ii) in the case of interest on Term Benchmark LIBOR Loans, in arrears on the last day of the applicable Interest Period butand, in any eventwhere the Interest Period is longer than three months, at least every 3 monthsthree months after the beginning of such Interest Period and on the termination of the applicable Credit Facility.

Calculation and Payment of Interest. (a) Interest on the outstanding principal amount from time to time of each Term Benchmark Prime Rate Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained made available by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and before and after judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 360365 or 366 in the case of a leap year. (b) Interest on the outstanding principal amount from time to time of each LIBOR Loan and Base Rate Canada Loan and on overdue interest thereon shall accrue from day to day from and including the date on which credit is obtained made available by way of such Loan or on which such overdue interest is due, as the case may be, to but excluding the date on which such Loan or overdue interest, as the case may be, is repaid in full (both before and after maturity and before and after judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 365 or, in the case of a leap year, 366. Where the Base Rate is being computed, to the extent the Federal Funds Effective Rate applies and is calculated on the basis of a year that contains fewer days than the actual number of days in the calendar year of calculation (such as a deemed year of 360 days), the provisions of Section 7.3(a) shall be applicable so that, in the result, all computations of interest for Base Rate Loans shall be made on the basis of a year of 360 days and actual days elapsed360. (c) Accrued interest shall be paid, (i) in the case of interest on Prime Rate Loans and Base Rate Canada Loans, monthly quarterly in arrears on the last day Banking Day of each calendar monthFiscal Quarter, on the date of each scheduled instalment under Section 9.01 and on the termination of the applicable Credit Facility; and (ii) in the case of interest on Term Benchmark LIBOR Loans, in arrears on the last day of the applicable Interest Period butand, in any eventwhere the Interest Period is longer than three months, at least every 3 monthsthree months after the beginning of such Interest Period and on the termination of the applicable Credit Facility.