Common use of Canadian Advances Clause in Contracts

Canadian Advances. (A) A rate per annum equal at all times to the sum of (1) the Canadian Prime Rate in effect from time to time plus (2) the Applicable Margin for Canadian Advances in effect from time to time, payable in arrears quarterly on the last Business Day of each March, June, September and December during such periods, on the date such Canadian Advance shall be Converted, on the date of any repayment thereof pursuant to Section 2.04, on the date of any prepayment thereof to the extent required under Section 2.06 and on the Termination Date. (B) For purposes of the Interest Act (Canada), (1) whenever any interest or fee under this Agreement is calculated using a rate based on a year different from the calendar year, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on such year, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is calculated ends, and (z) divided by the number of days in such year; (2) the principle of deemed reinvestment of interest shall not apply to any interest calculation under this Agreement; and (3) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields. (C) Notwithstanding any provision to the contrary contained in this Agreement, in no event shall the aggregate "interest" (as defined in Section 347 of the Criminal Code, Revised Statutes of Canada, 1985, c.46 as the same may be amended, replaced or re-enacted from time to time) payable under this Agreement exceed the maximum amount of interest on the "credit advanced" (as defined in that section) under this Agreement lawfully permitted under that section and, if any payment, collection or demand pursuant to this Agreement in respect of "interest" (as defined in that section) is determined to be contrary to the provisions of that section, such payment, collection or demand shall be deemed to have been made by mutual mistake of the Borrowers and the Agents and the Lenders and the amount of such payment or collection shall be refunded to the Borrowers. For purposes of this Agreement, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term the Facility is outstanding on the basis of annual compounding of the lawfully permitted rate of interest and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent will be conclusive for the purposes of such determination.

Canadian Advances. (A) A rate per annum equal at all times to the sum of (1) the Canadian Prime Rate in effect from time to time plus (2) the Applicable Margin for Canadian Advances in effect from time to time, payable in arrears quarterly on the last Business Day of each March, June, September and December during such periods, on the date such Canadian Advance shall be Converted, on the date of any repayment thereof pursuant to Section 2.04, on the date of any prepayment thereof to the extent required under Section 2.06 and on the Termination Date. (B) For purposes of the Interest Act (Canada), (1) whenever any interest or fee under this Agreement is calculated using a rate based on a year different from the calendar year, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on such year, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is calculated ends, and (z) divided by the number of days in such year; (2) the principle of deemed reinvestment of interest shall not apply to any interest calculation under this Agreement; and (3) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields. (C) Notwithstanding any provision to the contrary contained in this Agreement, in no event shall the aggregate "“interest" ” (as defined in Section 347 of the Criminal Code, Revised Statutes of Canada, 1985, c.46 as the same may be amended, replaced or re-enacted from time to time) payable under this Agreement exceed the maximum amount of interest on the "“credit advanced" ” (as defined in that section) under this Agreement lawfully permitted under that section and, if any payment, collection or demand pursuant to this Agreement in respect of "“interest" ” (as defined in that section) is determined to be contrary to the provisions of that section, such payment, collection or demand shall be deemed to have been made by mutual mistake of the Borrowers and the Agents and the Lenders and the amount of such payment or collection shall be refunded to the Borrowers. For purposes of this Agreement, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term the Facility is outstanding on the basis of annual compounding of the lawfully permitted rate of interest and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent will be conclusive for the purposes of such determination.

Canadian Advances. (Aa) A rate per annum equal at all times Subject to the sum terms and conditions of this Agreement, and during the term of this Agreement, each Canadian Lender agrees to make revolving loans (1“Canadian Advances”) to any Canadian Borrower in an amount at any one time outstanding not to exceed the lesser of: (i) such Canadian Lender’s Canadian Revolver Commitment, or (ii) an amount equal to the Maximum Canadian Revolver Amount less the Canadian Prime Rate Letter of Credit Usage at such time; provided, that the requested Canadian Borrowing would not exceed the Availability on such Funding Date. (b) Amounts borrowed pursuant to this Section 2.2 may be repaid and, subject to the terms and conditions of this Agreement, reborrowed at any time during the term of this Agreement. The outstanding principal amount of the Canadian Advances, together with interest accrued and unpaid thereon, shall be due and payable on the Maturity Date or, if earlier, on the date on which they are declared due and payable pursuant to the terms of this Agreement. (c) Anything to the contrary in effect this Section 2.2 notwithstanding, Canadian Agent shall have the right (but not the obligation) to establish, increase, reduce, eliminate, or otherwise adjust reserves from time to time plus against the Canadian Borrowing Base and the Maximum Canadian Revolver Amount in such amounts, and with respect to such matters, as Canadian Agent in its Permitted Discretion shall deem necessary or appropriate, including (2i) reserves in an amount equal to the Applicable Margin for Canadian Advances Bank Product Reserve Amount, (ii) reserves with respect to (A) sums that Parent or its Subsidiaries are required to pay under this Agreement or any other Loan Document (such as taxes, assessments, insurance premiums, or, in effect from time the case of leased assets, rents or other amounts payable under such leases) and has failed to timepay when due, payable in arrears quarterly on the last Business Day of each March, June, September and December during such periods, on the date such Canadian Advance shall be Converted, on the date of (B) amounts owing by Parent or its Subsidiaries to any repayment thereof pursuant to Section 2.04, on the date of any prepayment thereof Person to the extent required under Section 2.06 and on the Termination Date. (B) For purposes secured by a Lien on, or trust over, any of the Interest Act Canadian Collateral (Canadaother than a Permitted Lien which is a permitted purchase money Lien or the interest of a lessor under a Capital Lease), (1) whenever any interest which Lien or fee under this Agreement is calculated using a rate based on a year different from the calendar year, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on such year, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is calculated ends, and (z) divided by the number of days in such year; (2) the principle of deemed reinvestment of interest shall not apply to any interest calculation under this Agreement; and (3) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields. (C) Notwithstanding any provision to the contrary contained in this Agreement, in no event shall the aggregate "interest" (as defined in Section 347 of the Criminal Code, Revised Statutes of Canada, 1985, c.46 as the same may be amended, replaced or re-enacted from time to time) payable under this Agreement exceed the maximum amount of interest on the "credit advanced" (as defined in that section) under this Agreement lawfully permitted under that section and, if any payment, collection or demand pursuant to this Agreement in respect of "interest" (as defined in that section) is determined to be contrary to the provisions of that section, such payment, collection or demand shall be deemed to have been made by mutual mistake of the Borrowers and the Agents and the Lenders and the amount of such payment or collection shall be refunded to the Borrowers. For purposes of this Agreement, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term the Facility is outstanding on the basis of annual compounding of the lawfully permitted rate of interest andtrust, in the event Permitted Discretion of disputeCanadian Agent likely would have a priority superior to Canadian Agent’s Liens (such as Liens or trusts in favor of landlords, a certificate of a Fellow warehousemen, carriers, mechanics, materialmen, laborers, or suppliers, or Liens or trusts for ad valorem, excise, sales, or other taxes where given priority under applicable law) in and to such item of the Canadian Institute of Actuaries appointed by Collateral and (iii) reserves for any unpaid Statutory Lien Payments specified in Section 4.30 (such reserves described in this Section 2.2(c), the Administrative Agent will be conclusive for “Applicable Canadian Reserves” and together with the purposes of such determinationApplicable U.S. Reserves, the “Applicable Reserves”).