General Interest Provisions. The following provisions shall apply in respect of interest payable under this Agreement:
(a) in the event of any dispute, disagreement or adjudication involving or pertaining to the determination of Prime Rate, Base Rate or Libor in effect at any time, the certificate of the Administration Agent as to such rate shall be accepted, in the absence of manifest error, as prima facie evidence thereof for all purposes of this Agreement;
(b) each determination by the Administration Agent of the amount of interest, stamping fees or other amounts due from the Borrowers hereunder shall, in the absence of manifest error, be prima facie evidence of the accuracy of such determination;
(c) all interest and other amounts payable shall accrue daily, be computed as described herein, and be payable both before and after demand, maturity, default and judgment;
(d) to the maximum extent permitted by law, the covenant of the Borrowers to pay interest at rates provided herein shall not merge in any judgment relating to any obligation of the Borrowers to the Lenders or the Administration Agent;
(e) in no event shall any interest, fees or other amounts payable hereunder exceed the maximum permitted by law; in the event any such interest or fee exceeds such maximum rate, such interest or fee shall be reduced to the maximum rate recoverable under law and the Lenders and the Borrowers shall be deemed to have agreed to such amount by contract;
(f) for the purposes of the Interest Act (Canada):
(i) the annual rate of interest which is equivalent to the interest rate determined by reference to Libor shall be the determined rate multiplied by a fraction, the numerator of which is the total number of days in such year and the denominator of which is 360;
(ii) unless otherwise stated, the rates of interest specified in this Agreement are to be calculated on the basis of a year of 365 days and the annual rate of interest which is equivalent to the interest rate determined by reference to such 365 day period hereunder shall be the determined rate multiplied by a fraction, the numerator of which is the total number of days in such year and the denominator of which is 365;
(iii) the principle of deemed reinvestment of interest shall not apply to any interest calculation under this Agreement; and
(iv) the rates of interest specified in this Agreement are intended to be nominal rates and not effective rates.
General Interest Provisions. (a) In the event of any dispute, disagreement or adjudication involving or pertaining to the determination of the Prime Rate, USBR, LIBOR or CDOR Rate in effect at any time, the certificate of the Agent as to such rate shall be accepted as prima facie evidence thereof for all purposes of this Agreement.
(b) Each determination by the Agent of the amount of interest, fees or other amounts due from the Borrower hereunder shall be prima facie evidence of the accuracy of such determination.
(c) All interest, fees and other amounts payable by the Borrower hereunder shall accrue daily, be computed as described herein, and be payable both before and after demand, maturity, default and judgment.
(d) To the maximum extent permitted by law, (i) the covenant of the Borrower to pay interest at the rates provided herein shall not merge in any judgment relating to any obligation of the Borrower to the Lenders and (ii) the provisions of the Judgment Interest Act (Alberta) shall not apply to the Loan Documents and are hereby expressly waived by the Borrower.
(e) Notwithstanding any provision herein to the contrary, in no event shall the aggregate "interest" (as defined in Section 347 of the Criminal Code (Canada)) payable under the Loan Documents exceed the maximum effective annual rate of interest on the "credit advanced" (as defined in that section) 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 Borrower and the Lenders and the amount of such payment or collection shall be refunded to the Borrower.
General Interest Provisions. (i) Borrowers shall pay interest to Agent on the aggregate outstanding Revolving Credit Loans in each case from time to time outstanding, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rate: with respect to the Revolving Credit Loans either (i) a floating rate equal to the Chase Manhattan Bank Rate plus one quarter of one percent (0.25%) (the "Prime Option") or (b) a fixed rate for interest periods of one-, two-, three- or six whole months (each, a "LIBOR Period") equal to the reserve adjusted LIBOR for the specified period plus two and one quarter percent (2.25%) (the "LIBOR Option"). The LIBOR Option may be exercised by the Borrowers for all, or any portion, of the outstanding amounts under the Revolving Credit Facility at any time upon three (3) Business Day's prior written notice pursuant to Section 2.2 hereof. Upon such exercise, the LIBOR Option shall remain in effect until the expiration of the LIBOR Option Period selected, at which time, unless an additional LIBOR Option shall have been timely exercised, the rate hereunder upon expiration shall be the Prime Option. The Borrowers shall not be entitled to select a LIBOR Option under the Revolving Credit Facility if a Default or Event of Default exists hereunder. In the event of any change in the Chase Manhattan Bank Rate, the rate of the Prime Option shall change as of the first day of the first month following such change.
(ii) The LIBOR elections must be for $500,000 or whole multiples thereof and in no event may the Borrowers have in the aggregate more than four (4) LIBOR Loans outstanding at one time. If a LIBOR election is not timely made or cannot be made, or if LIBOR cannot be determined, then the Agent shall use the Prime Option to compute interest. In the event that the Borrowers request a LIBOR Loan, the Borrower shall pay to the Agent a $500 LIBOR processing fee, due and payable upon the effective date of each such LIBOR Loan. In addition, the Borrowers shall pay to the Agent for the benefit of the Lenders, upon the request of the Agent such amount or amounts as shall compensate the Agent and/or the Lenders for any loss, costs or expenses incurred by the Agent and/or the Lenders (as reasonably determined by the Agent and the Lenders) as a result of: (i) any payment or prepayment on a date other than the last day of a LIBOR Period for such LIBOR Loan, or (ii) any failure...
General Interest Provisions. In the event that any Legal Requirement, any change therein or in the interpretation or application thereof, or compliance by Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority:
(i) does or shall hereafter subject Lender to any tax of any kind whatsoever (other than gross receipts, income, franchise, capital stock or similar taxes) with respect to the Loan, this Agreement, the Notes or any other Loan Document, or change the basis of taxation of payments to Lender of principal, commitment fee, deposit, interest or any other amount payable hereunder or under any other Loan Document (except for changes in the rate of tax on the overall gross receipts, income, franchise or capital stock of Lender) and such incremental increase is actually paid;
(ii) does or shall hereafter impose, modify or apply any reserve, special deposit, compulsory loan or similar requirement against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of Lender;
(iii) does or shall hereafter have the effect of reducing the rate of return on Lender’s capital as a consequence of its obligations hereunder to a level below that which Lender could have achieved but for such adoption, change or compliance (taking into consideration Lender’s policies with respect to capital adequacy) by any amount deemed by Lender to be material; or
(iv) does or shall hereafter impose on Lender any other condition; and the result of any of the foregoing is to increase the cost to Lender of making, renewing or maintaining loans or extensions of credit or to reduce any amount receivable hereunder, then, in any such case, Borrowers shall promptly pay Lender upon demand any additional amounts necessary to compensate Lender for such additional cost or reduced amount receivable in respect of the Loan. If Lender becomes entitled to claim any additional amounts pursuant to this Section 2.15 Lender shall, in reasonable detail, notify Borrowers in writing promptly of the event by reason of which Lender has become so entitled and the additional amount required to fully compensate Lender for such additional cost or reduced amount in respect of the Loan. Such written notice as to any additional costs or amounts payable pursuant to the foregoing sentence submitted by Lender to Borrowers (together with such reasonable detailed...
General Interest Provisions. (a) In the event of any dispute, disagreement or adjudication involving or pertaining to the determination of the Prime Rate, USBR, LIBOR, CDOR Rate or Federal Funds Rate in effect at any time, the certificate of the Agent as to such rate shall be accepted as prima facie evidence thereof for all purposes of this Agreement.
(b) Each determination by the Agent of the amount of interest, fees or other amounts due from the Borrower hereunder shall be prima facie evidence of the accuracy of such determination.
(c) All interest, fees and other amounts payable by the Borrower hereunder shall accrue daily, be computed as described herein, and be payable both before and after demand, maturity, default and judgment.
(d) To the maximum extent permitted by law, the covenant of the Borrower to pay interest at the rates provided herein shall not merge in any judgment relating to any obligation of the Borrower to the Lenders.
(e) In no event shall any interest, fees or other amounts payable hereunder exceed the maximum rate permitted by law. If any such interest or fee exceeds such maximum rate, such interest or fee shall be reduced to the maximum rate recoverable under law assuming that the parties had agreed to such amount by contract.
General Interest Provisions. The Borrowers, jointly and severally, agree to pay interest to Agent, for the ratable benefit of the Lenders, on the Revolving Credit Loans from time to time outstanding from the date of such loan(s) until such principal amount shall be paid in full, at a rate equal to the Chase Bank Rate then in effect, payable in arrears as it accrues on each Interest Payment Date.
General Interest Provisions. (a) Each determination by the Agent of the Prime Rate, US Base Rate, CDOR Rate or LIBO Rate in effect at any time shall be prima facie evidence thereof for all purposes of this Agreement, absent manifest error.
(b) Each determination by the Agent of the amount of interest, fees or other amounts due from the Borrower hereunder shall be prima facie evidence of the accuracy of such determination, absent manifest error.
General Interest Provisions. 79 9. MISCELLANEOUS..............................................................................................81
General Interest Provisions. 40 9. MISCELLANEOUS...................................................................41
General Interest Provisions. (a) Notwithstanding the provisions of this Article Four or any other provision of this Agreement, in no event shall the 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 that section. The effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term of the Credit, and in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Lender will be conclusive for the purposes of such determination.
(b) The rates of interest per annum payable on or in respect of Prime Rate Borrowings and Base Rate Borrowings are expressed on the basis of a 365 day year. The rates of interest per annum payable on or in respect of Bankers' Acceptances are expressed on the basis of a 365 day year. The rates of interest per annum payable on or in respect of LIBOR Borrowings are expressed on the basis of a 360 day year. The yearly rate of interest to which the rate of interest per annum payable on or in respect of Prime Rate Borrowings, Base Rate Borrowings or Bankers' Acceptances is equivalent is such rate multiplied by a fraction the numerator of which is the actual number of days in the relevant year and the denominator of which is 365. The yearly rate of interest to which the rate of interest per annum payable on or in respect of LIBOR Borrowings is equivalent is such rate multiplied by a fraction the numerator of which is the actual number of days in the relevant year and the denominator of which is 360.
(c) A certificate of an authorized signing officer of the Lender as to each amount and/or each rate of interest payable hereunder from time to time shall be prima facie evidence of such amount and of such rate.
(d) For greater certainty, whenever any amount is payable under this Agreement by the Borrower as interest or as a fee which requires the calculation of an amount using a percentage per annum, each party to this Agreement acknowledges and agrees that such amount shall be calculated as of the date payment is due without application of the so-called "deemed reinvestment principle" or the "effective yield method".
