Common use of Criminal Rate of Interest Clause in Contracts

Criminal Rate of Interest. Notwithstanding any other provisions of this Agreement or any other Loan Document, in no event shall any Loan Document require the payment or permit the collection of interest or other amounts in an amount or at a rate in excess of the amount or rate that is permitted by law or in an amount or at a rate that would result in the receipt by the Lenders or the Agents of interest at a criminal rate, as the terms “interest” and “criminal rate” are defined under the Criminal Code (Canada). Where more than one such law is applicable to any Loan Party, such Loan Party shall not be obliged to make payment in an amount or at a rate higher than the lowest amount or rate permitted by such laws. If from any circumstances whatever, fulfillment or any provision of this Agreement or any other Loan Document shall involve transcending the limit of validity prescribed by any applicable law for the collection or charging of interest, the obligation to be fulfilled shall be reduced to the limit of such validity, and if from any such circumstances the Canadian Funding Agent or the Canadian Lenders shall ever receive anything of value as interest or deemed interest under this Agreement or any Loan Document in an amount that would exceed the highest lawful rate of interest permitted by any applicable law, such amount that would be excessive interest shall be applied to the reduction of the principal amount of the relevant Commitment, and not to the payment of interest, or if such excessive interests exceeds the unpaid principal balance of the relevant Commitment, the amount exceeding the unpaid balance shall be refunded to the applicable Loan Party. In determining whether or not the interest paid or payable under any specified contingency exceeds the highest lawful rate, the Loan Parties, the Canadian Funding Agent or the Canadian Lenders shall, to the maximum extent permitted by applicable law (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, (c) amortize, prorate, allocate and spread the total amount of interest throughout the term of such indebtedness so that interest thereon does not exceed the maximum amount permitted by applicable law, or (d) allocate interest between portions of such indebtedness to the extent that no such portion shall bear interest at a rate greater than that permitted by applicable law.

Criminal Rate of Interest. Notwithstanding any other provisions of this Agreement or any other Loan Document, in In no event shall any Loan Document require the payment or permit the collection of interest or other amounts in an amount or at a rate in excess of the amount or rate that is permitted by law or in an amount or at a rate that would result in the receipt by the Lenders or the Agents of interest at a criminal rate, as the terms aggregate “interest” and (as defined in Section 347 (the “criminal rate” are defined under Criminal Code Section”) of the Criminal Code (Canada). Where more than one such law is applicable ), payable to any the Intercompany Loan Party, such Loan Party shall not be obliged to make payment in an amount or at a rate higher than the lowest amount or rate permitted by such laws. If from any circumstances whatever, fulfillment or any provision of Provider under this Agreement or any other Loan Transaction Document shall involve transcending exceed the limit effective annual rate of validity prescribed by any applicable law for interest lawfully permitted under the collection or charging of interest, Criminal Code Section on the obligation to be fulfilled shall be reduced to the limit of “credit advanced” (as defined in such validity, and if from any such circumstances the Canadian Funding Agent or the Canadian Lenders shall ever receive anything of value as interest or deemed interest section) under this Agreement or any other Transaction Document. Further, if any payment, collection or demand pursuant to this Agreement or any other Transaction Document in respect of such “interest” is determined to be contrary to the provisions of the Criminal Code Section, such payment, collection, or demand shall be deemed to have been made by mutual mistake of the Intercompany Loan Document Provider and the Guarantor and such “interest” 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 the Criminal Code Section so result in a receipt by the Intercompany Loan Provider of interest at a rate not in contravention of the Criminal Code Section, such adjustment to be effected, to the extent necessary, as follows: (a) firstly, by reducing the amounts or rates of interest required to be paid to the Intercompany Loan Provider; and (b) then, by reducing any fees, charges, expenses and other amounts required to be paid to the Intercompany Loan Provider which would constitute “interest”. Notwithstanding the above, and after giving effect to all such adjustments, if the Intercompany Loan Provider shall have received an amount in excess of the maximum permitted by the Criminal Code Section, then the Guarantor shall be entitled, by notice in writing to the Intercompany Loan Provider, to obtain reimbursement from the Intercompany Loan Provider in an amount that would exceed the highest lawful rate of interest permitted by any applicable lawequal to such excess. For greater certainty, such amount that would be excessive interest shall be applied to the reduction of the principal amount of the relevant Commitment, and not to the payment of interest, or if such excessive interests exceeds the unpaid principal balance of the relevant Commitment, the amount exceeding the unpaid balance shall be refunded to the applicable Loan Party. In determining whether or not the interest paid or payable under any specified contingency exceeds the highest lawful rate, the Loan Parties, the Canadian Funding Agent or the Canadian Lenders shall, to the maximum extent permitted by applicable law (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, (c) amortize, prorate, allocate and spread the total amount of interest throughout the term of such indebtedness so that interest thereon does not exceed the maximum amount permitted by applicable law, or (d) allocate interest between portions of such indebtedness to the extent that no any charges, fees or expenses are held to be within such portion meaning of “interest”, such amounts shall bear interest at a rate greater than that permitted by applicable lawbe pro-rated over (i) the period of time to which they relate or (ii) otherwise over the period from the initial Drawdown Date to the date on which all of the Covered Bonds are irrevocably repaid.

Criminal Rate of Interest. Notwithstanding any other provisions of this Agreement or any other Loan Document, in In no event shall any Loan Document require will the payment or permit the collection of interest or other amounts in an amount or at a rate in excess of the amount or rate that is permitted by law or in an amount or at a rate that would result in the receipt by the Lenders or the Agents of interest at a criminal rate, as the terms aggregate “interest” and (as defined in Section 347 (the “criminal rate” are defined under Criminal Code Section”) of the Criminal Code (Canada). Where more than one such law is applicable ), payable to any the Intercompany Loan Party, such Loan Party shall not be obliged to make payment in an amount or at a rate higher than the lowest amount or rate permitted by such laws. If from any circumstances whatever, fulfillment or any provision of Provider under this Agreement or any other Loan Transaction Document shall involve transcending exceed the limit effective annual rate of validity prescribed by any applicable law for interest lawfully permitted under the collection or charging of interest, Criminal Code Section on the obligation to be fulfilled shall be reduced to the limit of “credit advanced” (as defined in such validity, and if from any such circumstances the Canadian Funding Agent or the Canadian Lenders shall ever receive anything of value as interest or deemed interest section) under this Agreement or any other Transaction Document. Further, if any payment, collection or demand pursuant to this Agreement or any other Transaction Document in respect of such “interest” is determined to be contrary to the provisions of the Criminal Code Section, such payment, collection, or demand will be deemed to have been made by mutual mistake of the Intercompany Loan Document Provider and the Guarantor and such “interest” will 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 the Criminal Code Section so result in a receipt by the Intercompany Loan Provider of interest at a rate not in contravention of the Criminal Code Section, such adjustment to be effected, to the extent necessary, as follows: (a) firstly, by reducing the amounts or rates of interest required to be paid to the Intercompany Loan Provider; and (b) then, by reducing any fees, charges, expenses and other amounts required to be paid to the Intercompany Loan Provider which would constitute “interest”. Notwithstanding the above, and after giving effect to all such adjustments, if the Intercompany Loan Provider will have received an amount in excess of the maximum permitted by the Criminal Code Section, then the Guarantor will be entitled, by notice in writing to the Intercompany Loan Provider, to obtain reimbursement from the Intercompany Loan Provider in an amount that would exceed the highest lawful rate of interest permitted by any applicable lawequal to such excess. For greater certainty, such amount that would be excessive interest shall be applied to the reduction of the principal amount of the relevant Commitment, and not to the payment of interest, or if such excessive interests exceeds the unpaid principal balance of the relevant Commitment, the amount exceeding the unpaid balance shall be refunded to the applicable Loan Party. In determining whether or not the interest paid or payable under any specified contingency exceeds the highest lawful rate, the Loan Parties, the Canadian Funding Agent or the Canadian Lenders shall, to the maximum extent permitted by applicable law (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, (c) amortize, prorate, allocate and spread the total amount of interest throughout the term of such indebtedness so that interest thereon does not exceed the maximum amount permitted by applicable law, or (d) allocate interest between portions of such indebtedness to the extent that no any charges, fees or expenses are held to be within such portion shall bear interest at a rate greater than that permitted by applicable lawmeaning of “interest”, such amounts will be pro-rated over (i) the period of time to which they relate or (ii) otherwise over the period from the initial Drawdown Date to the date on which all of the Covered Bonds are irrevocably repaid.

Criminal Rate of Interest. Notwithstanding any other provisions of this Agreement or any other Loan Document, in In no event shall any Loan Document require the payment or permit the collection of interest or other amounts in an amount or at a rate in excess of the amount or rate that is permitted by law or in an amount or at a rate that would result in the receipt by the Lenders or the Agents of interest at a criminal rate, as the terms aggregate “interest” and (as defined in Section 347 (the “criminal rate” are defined under Criminal Code Section”) of the Criminal Code (Canada). Where more than one such law is applicable ), payable to any Loan Party, such Loan Party shall not be obliged to make payment in an amount or at a rate higher than the lowest amount or rate permitted by such laws. If from any circumstances whatever, fulfillment or any provision of Lender under this Agreement or any other Loan Credit Document shall involve transcending exceed the limit effective annual rate of validity prescribed by any applicable law for interest lawfully permitted under the collection or charging of interest, Criminal Code Section on the obligation to be fulfilled shall be reduced to the limit of “credit advanced” (as defined in such validity, and if from any such circumstances the Canadian Funding Agent or the Canadian Lenders shall ever receive anything of value as interest or deemed interest section) under this Agreement or any Loan other Credit Document. Further, if any payment, collection or demand pursuant to this Agreement or any other Credit Document in respect of such “interest” is determined to be contrary to the provisions of the Criminal Code Section, such payment, collection, or demand shall be deemed to have been made by mutual mistake of the Parties and such “interest” 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 the Criminal Code Section so as to result in receipt by such Lender of interest at a rate not in contravention of the Criminal Code Section, such adjustment to be effected, to the extent necessary, as follows: (a) firstly, by reducing the amounts or rates of interest required to be paid to that Lender; and (b) then, by reducing any fees, charges, expenses and other amounts required to be paid to the affected Lender which would constitute “interest” for the purposes of the Criminal Code Section. Notwithstanding the above, and after giving effect to all such adjustments, if any Lender shall have received an amount in excess of the maximum permitted by the Criminal Code Section, then the Borrower shall be entitled, by notice in writing to the affected Lender, to obtain reimbursement from that Lender in an amount that would exceed the highest lawful rate of interest permitted by any applicable lawequal to such excess. For greater certainty, such amount that would be excessive interest shall be applied to the reduction of the principal amount of the relevant Commitment, and not to the payment of interest, or if such excessive interests exceeds the unpaid principal balance of the relevant Commitment, the amount exceeding the unpaid balance shall be refunded to the applicable Loan Party. In determining whether or not the interest paid or payable under any specified contingency exceeds the highest lawful rate, the Loan Parties, the Canadian Funding Agent or the Canadian Lenders shall, to the maximum extent permitted by applicable law (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, (c) amortize, prorate, allocate and spread the total amount of interest throughout the term of such indebtedness so that interest thereon does not exceed the maximum amount permitted by applicable law, or (d) allocate interest between portions of such indebtedness to the extent that no any charges, fees or expenses are held to be within such portion meaning of “interest” (as defined in the Criminal Code Section), such amounts shall bear interest at a rate greater than that permitted by applicable lawbe pro- rated over (i) the period of time to which they relate or (ii) otherwise over the period from first Advance Date hereunder to the date on which all of the Obligations are irrevocably repaid.