Criminal Interest Rate. (i) If any provision of this Promissory Note would obligate the Borrower to make any payment of interest or other amount payable to the Lender hereunder in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by the Lender of interest at a criminal rate (as construed under the Criminal Code (Canada)), then notwithstanding that provision, that amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or result in a receipt by the Lender of interest at a criminal rate, the adjustment to be effected, to the extent necessary, (A) first, by reducing the amount or rate of interest required to be paid to the Lender under this Section 2 and (B) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to the Lender which would constitute interest for purposes of Section 347 of the Criminal Code (Canada).
Criminal Interest Rate. If any interest (including any fees, bonus, additional consideration or otherwise) stipulated herein, would, except for this clause, be or effectively be a criminal rate under the Criminal Code (Canada), or void for uncertainty, or unenforceable for any other reason, then the interest chargeable hereunder shall be one per cent less that the rate which would be a criminal rate (or a void of unenforceable rate), calculated in accordance with generally accepted actuarial practices and principles.
Criminal Interest Rate. 54. Section 347(1) of the Criminal Code of Canada, RSC, 1985, c C-46 (the “Criminal Code”) makes it an offence for a party to enter into an agreement or arrangement to receive interest at a criminal rate, or to receive payment (or partial payment) of interest at a criminal rate. Interest under section 347 of the Criminal Code includes any and all payments required in consideration of the granting of the loan of a principal amount. A “criminal rate” means an effective annual rate of interest that exceeds 60% of the credit advanced.
Criminal Interest Rate. Notwithstanding any other provision of this Agreement, in no event shall aggregate “interest” (as that term is defined in Section 347 of the Criminal Code (Canada)) exceed the effective annual rate of interest on the “credit advanced” (as defined therein) lawfully permitted under Section 347 of the Criminal Code (Canada). The effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term of Tranche C and, in the event of a dispute regarding compliance with Section 347 of the Criminal Code (Canada), a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Administrative Agent will be conclusive for the purposes of such determination.
Criminal Interest Rate. (i) If any provision of this Promissory Note would obligate the Borrower to make any payment of interest or other amount payable to the Lender hereunder in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by the Lender of interest at a criminal rate (as construed under the Criminal Code (Canada)), then notwithstanding that provision, that amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or result in a receipt by the Lender of interest at a criminal rate, the adjustment to be effected, to the extent necessary, (A) first, by reducing the amount or rate of interest required to be paid to the Lender under this Section 2 and (B) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to the Lender which would constitute interest for purposes of Section 347 of the Criminal Code (Canada). (ii) Notwithstanding clause (c)(i), and after giving effect to all adjustments contemplated thereby, if the Lender shall have received an amount in excess of the maximum permitted by the Criminal Code (Canada), then the Borrower, shall be entitled, by notice in writing to the Lender, to obtain reimbursement from the Lender in an amount equal to the excess, and pending reimbursement, the amount of the excess shall be deemed to be an amount payable by the Lender to the Borrower. (iii) Any amount or rate of interest referred to in this Section 2 shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term of this Promissory Note on the assumption that any charges, fees or expenses that fall within the meaning of interest (as defined in the Criminal Code (Canada)) shall be pro-rated over that period of time and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Authorized Pari Passu Collateral Agent (or following the Discharge of Pari Passu Secured Obligations, the Revolving Credit Administrative Agent) shall be conclusive for the purposes of that determination.]24 3.
Criminal Interest Rate. Notwithstanding any other provision of this Financing Agreement, in no event shall aggregate “interest” (as that term is defined in Section 347 of the Criminal Code (Canada)) payable by the Canadian Borrower exceeds the effective annual rate of interest on the
