Common use of Criminal Interest Clause in Contracts

Criminal Interest. If any provision of this Agreement would oblige Borrower to make any payment of interest or other amount payable to Bank in an amount or calculated at a rate which would be prohibited by applicable law or would result in a receipt by Bank of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such 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 so result in a receipt by Bank of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: (i) first, by reducing the amount or rate of interest required to be paid to Bank under Section 2.5; and (ii) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid to Bank which would constitute interest for purposes of section 347 of the Criminal Code (Canada).”

Criminal Interest. If any provision of this Agreement would oblige the Borrower to make any payment of interest or other amount payable to Bank any Lender in an amount or calculated at a rate which would be prohibited by applicable law Applicable Law or would result in a receipt by Bank that Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such 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 Applicable Law or so result in a receipt by Bank that Lender of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: (ia) first, by reducing the amount or rate of interest required to be paid to Bank the affected Lender under Section 2.5; and (iib) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid to Bank the affected Lender which would constitute interest for purposes of section 347 of the Criminal Code (Canada).”

Criminal Interest. If any provision of this Agreement would oblige the Borrower to make any payment of interest or other amount payable to Bank any Lender in an amount or calculated at a rate which would be prohibited by applicable law Law or would result in a receipt by Bank that Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such 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 Law or so result in a receipt by Bank that Lender of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: (ia) first, by reducing the amount or rate of interest required to be paid to Bank the affected Lender under Section 2.5; and (iib) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid to Bank the affected Lender which would constitute interest for purposes of section 347 of the Criminal Code (Canada).”

Criminal Interest. If any provision of this Agreement would oblige the Borrower to make any payment of interest or other amount payable to Bank any Lender in an amount or calculated at a rate which would be prohibited by applicable law Law or would result in a receipt by Bank that Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such 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 Law or so result in a receipt by Bank that Lender of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: (ia) first, by reducing the amount or rate of interest required to be paid to Bank the affected Lender under Section 2.5; and (iib) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid to Bank the affected Lender which would constitute interest for purposes of section 347 of the Criminal Code (Canada).”for

Criminal Interest. If any provision of this Agreement would oblige Borrower a Credit Party to make any payment of interest or other amount payable to Bank an Investor in an amount or calculated at a rate which would be prohibited by applicable law Law or would result in a receipt by Bank such Investor of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such 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 Law or so result in a receipt by Bank such Investor of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: : (i) first, by reducing the amount or rate of interest required to be paid to Bank such Investor under Section 2.52.4; and and (ii) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid to Bank such Investor which would constitute interest for purposes of section 347 of the Criminal Code (Canada).”