Common use of General Interest Rules Clause in Contracts

General Interest Rules. (a) For the purposes hereof, whenever interest is calculated on the basis of a year of 360 or 365 days, each rate of interest or fee determined pursuant to such calculation expressed as an annual rate for the purposes of the Interest Act (Canada) is equivalent to such rate as so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 or 365 days, respectively. The Borrower shall not plead or assert, whether by way of defense or otherwise, in any proceeding relating to this agreement and the other Credit Documents, that the interest payable under this agreement and the calculation thereof has not been adequately disclosed to it, whether pursuant to section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle. (b) Interest on each Loan and on overdue interest thereon shall be payable in the currency in which such Loan is denominated during the relevant period. (c) If the Borrower fails to pay any fee or other amount (other than principal or interest) of any nature payable by it to the Administrative Agent or the Lenders hereunder or under any document, instrument or agreement delivered pursuant hereto on the due date therefor, the Borrower shall pay to the Administrative Agent or the Lenders, as the case may be, interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well before and after judgment) at the rate per annum, calculated and compounded monthly, which is equal to, (i) in the case of a Term Benchmark Loan, Term SOFR Rate for the Interest Period applicable thereto plus the Applicable Rate then in effect at all times that an Event of Default has occurred and is continuing and (ii) in the case of a Base Rate Loan, the Base Rate plus the Applicable Rate then in effect at all times that an Event of Default has occurred and is continuing. Such interest on overdue amounts shall become due and be paid on demand made by the Administrative Agent. (d) No interest or fee to be paid hereunder shall be paid at a rate exceeding the maximum rate permitted by Applicable Law. In the event that such interest or fee exceeds such maximum rate, such interest or fees shall be reduced or refunded, as the case may be, so as to be payable at the highest rate recoverable under Applicable Law.

General Interest Rules. (a) For the purposes hereof, whenever interest is calculated on the basis of a year of 360 360, 365 or 365 366 days, each rate of interest or fee determined pursuant to such calculation expressed as an annual rate for the purposes of the Interest Act (Canada) is equivalent to such rate as so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 360, 365 or 365 days366, respectively. The Borrower confirms that it fully understands and is able to calculate the rates of interest and fees applicable to advances based on the methodology for calculating per annum rates provided for in this Agreement. The Agent agrees that if requested in writing by the Borrower it will calculate the nominal and effective per annum rate of interest or fees on any advance outstanding at the time of such request and provide such information to the Borrower promptly following such request; provided that any error in any such calculation, or any failure to provide such information on request, shall not relieve the Borrower of any of its obligations under this Agreement or any other Loan Document, nor result in any liability to the Agent or any Lender. To the extent permitted by law, the Borrower hereby irrevocably agrees not to plead or assert, whether by way of defense defence or otherwise, in any proceeding relating to this agreement and the other Credit Documentsany Loan Document, that the interest or fees payable under this agreement any Loan Document and the calculation thereof has not been adequately disclosed to itthe Borrower, whether pursuant to section 4 of the Interest Act (Canada) or any other Applicable Law applicable law or legal principle. (b) Interest on each Loan and on overdue interest thereon shall be payable in the currency in which such Loan is denominated during the relevant period. (c) If the Borrower fails to pay any principal, interest, interest equivalent, fee or other material amount (other than principal or interest) of any nature payable by it to the Administrative Agent or the Lenders hereunder or under any document, instrument or agreement delivered pursuant hereto on the due date therefor, the Borrower shall pay to the Administrative Agent or the Lenders, as the case may be, Lenders interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well after as before and after judgment) at the rate per annum, calculated and compounded monthly, which is equal to, : (i) the Alternate Base Rate Canada plus 2% per annum in the case of a Term Benchmark Loan, Term SOFR Rate for the Interest Period applicable thereto plus the Applicable Rate then overdue amounts denominated in effect at all times that an Event of Default has occurred and is continuing and U.S. dollars; and (ii) the Prime Rate plus 2% per annum in the case of a Base Rate Loan, the Base Rate plus the Applicable Rate then in effect at all times that an Event of Default has occurred and is continuingother overdue amounts. Such interest on overdue amounts shall become due and be paid on demand made by the Administrative Agent. (d) No interest or fee to be paid hereunder shall be paid at a rate exceeding the maximum rate permitted by Applicable Law. In the event that such interest or fee exceeds such maximum rate, such interest or fees shall be reduced or refunded, as the case may be, so as to be payable at the highest rate recoverable under Applicable Law.

General Interest Rules. (a) For the purposes hereof, whenever interest or Gold Funding Fees is calculated on the basis of a year of 360 or 365 days, each rate of interest or fee Gold Funding Fees determined pursuant to such calculation expressed as an annual rate for the purposes of the Interest Act INTEREST ACT (Canada) is equivalent to such rate as so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 or 365 days, respectively. The Borrower shall not plead or assert, whether by way of defense or otherwise, in any proceeding relating to this agreement and the other Credit Documents, that the interest payable under this agreement and the calculation thereof has not been adequately disclosed to it, whether pursuant to section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle. (b) Interest on each Loan (other than a Gold Loan) and on overdue interest thereon shall be payable in the currency in which such Loan (other than a Gold Loan) is denominated during the relevant period. Gold Funding Fees on each Gold Loan and on overdue Gold Funding Fees thereon shall be payable in U.S. dollars or Gold, as selected by the relevant Borrower in the applicable Drawdown Notice, Rollover Notice or Conversion Notice. (c) If the a Borrower fails to pay any fee or other amount (other than principal or interest) of any nature payable by it to the Administrative Agent or the Lenders hereunder (other than principal, interest or Gold Funding Fees) or under any document, instrument or agreement delivered pursuant hereto on the due date therefor, the such Borrower shall pay to the Administrative Agent or the relevant Lenders, as the case may be, interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well after as before and after judgment) at the rate per annum, calculated and compounded monthly, which is equal to, : (i) the Alternate Base Rate Canada plus 3% in the case of a Term Benchmark Loan, Term SOFR Rate for the Interest Period applicable thereto plus the Applicable Rate then overdue amounts denominated in effect at all times that an Event of Default has occurred and is continuing U.S. dollars; and (ii) the Prime Rate plus 3% in the case of a Base Rate Loan, the Base Rate plus the Applicable Rate then in effect at all times that an Event of Default has occurred and is continuingother overdue amounts. Such interest on overdue amounts shall become due and be paid on demand made by the Administrative Agent. (d) No interest or fee to be paid hereunder shall be paid at a rate exceeding the maximum rate permitted by Applicable Law. In the event that such interest or fee exceeds such maximum rate, such interest or fees shall be reduced or refunded, as the case may be, so as to be payable at the highest rate recoverable under Applicable Law.

General Interest Rules. (a) For the purposes hereof, whenever interest is calculated on the basis of a year of 360 or 365 days, each rate of interest or fee determined pursuant to such calculation expressed as an annual rate for the purposes of the Interest Act (Canada) is equivalent to such rate as so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 or 365 days, respectively. The Borrower Borrowers shall not plead or assert, whether by way of defense or otherwise, in any proceeding relating to this agreement and the other Credit Documents, that the interest payable under this agreement and the calculation thereof has not been adequately disclosed to it, whether pursuant to section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle. (b) Interest on each Loan and on overdue interest thereon shall be payable in the currency in which such Loan is denominated during the relevant period. (c) If the Borrower fails Borrowers fail to pay any fee or other amount (other than principal or interest) of any nature payable by it to the Administrative Agent or the Lenders hereunder or under any document, instrument or agreement delivered pursuant hereto on the due date therefor, the Borrower Borrowers shall pay to the Administrative Agent or the Lenders, as the case may be, interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well before and after judgment) at the rate per annum, calculated and compounded monthly, which is equal to, (i) in the case of a Term Benchmark Loan, Term SOFR Rate for the Interest Period applicable thereto plus the Applicable Rate then in effect at all times that an Event of Default has occurred and is continuing and (ii) in the case of a Base Rate Loan, the Base Rate plus the Applicable Rate then in effect at all times that an Event of Default has occurred and is continuing. Such interest on overdue amounts shall become due and be paid on demand made by the Administrative Agent. (d) No interest or fee to be paid hereunder shall be paid at a rate exceeding the maximum rate permitted by Applicable Law. In the event that such interest or fee exceeds such maximum rate, such interest or fees shall be reduced or refunded, as the case may be, so as to be payable at the highest rate recoverable under Applicable Law.

General Interest Rules. (a) For the purposes hereof, whenever interest is calculated on the basis of a year of 360 days or 365 daysany other period of time that is less than a calendar year, each rate of interest or fee determined pursuant to such calculation expressed as an annual rate for the purposes of the Interest Act (Canada) is equivalent to such rate as so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 days or 365 dayssuch other number of days in such period, respectively. The Borrower shall not plead or assert, whether by way of defense or otherwise, in any proceeding relating to this agreement and as the other Credit Documents, that the interest payable under this agreement and the calculation thereof has not been adequately disclosed to it, whether pursuant to section 4 of the Interest Act (Canada) or any other Applicable Law or legal principlecase may be. (b) Interest on each Loan and on overdue interest thereon shall be payable in the currency in which such Loan is denominated during the relevant period. (c) If the Borrower fails to pay any interest, fee or other amount (other than principal or interest) of any nature payable by it to the Administrative Agent or the Lenders hereunder or under any document, instrument or agreement delivered pursuant hereto on the due date therefor, the Borrower shall pay to the Administrative Agent or the Lenders, as the case may be, interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well after as before and after judgment) at the rate per annum, calculated and compounded monthly, which is equal to, (i) the highest rate of interest then applicable to any outstanding Loan in the case of a Term Benchmark Loan, Term SOFR Rate for the Interest Period applicable thereto plus the Applicable Rate then in effect at all times that an Event of Default has occurred and is continuing and (ii) in the case of a Base Rate Loan, the Base Rate plus the Applicable Rate then in effect at all times that an Event of Default has occurred and is continuingaccordance with Section 6.1. Such interest on overdue amounts shall become due and be paid on demand made by the Administrative Agent. (d) No In no event shall any interest or fee to be paid hereunder shall be paid at a rate exceeding exceed the maximum rate permitted by Applicable LawLaw (including, for certainty, Section 347 of the Criminal Code (Canada)) and the Borrower shall not be obligated to make any payment hereunder in excess of such rate. In the event that any such interest rate or fee exceeds such maximum rate, such interest or fees rate shall be reduced or refunded, as the case may be, so as adjusted downward to be payable at the highest rate recoverable (expressed as a percentage per annum) or fee that the parties could validly have agreed to by contract on the date hereof under Applicable Law.

General Interest Rules. (a) For the purposes hereof, whenever interest is calculated on the basis of a year of 360 360, 365 or 365 366 days, each rate of interest or fee determined pursuant to such calculation expressed as an annual rate for the purposes of the Interest Act (Canada) is equivalent to such rate as so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 360, 365 or 365 366 days, respectively. The Borrower shall not plead or assert, whether by way of defense or otherwise, in any proceeding relating to this agreement and the other Credit Documents, that the interest payable under this agreement and the calculation thereof has not been adequately disclosed to it, whether pursuant to section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle. (b) Interest on each Loan and on overdue interest thereon shall be payable in the currency in which such Loan is denominated during the relevant period. (c) If the Borrower fails to pay any fee or other amount (other than principal or interest) of any nature payable by it to the Administrative Agent or the Lenders hereunder or under any document, instrument or agreement delivered pursuant hereto on the due date therefor, the Borrower shall pay to the Administrative Agent or the Lenders, as the case may be, interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well before and after judgment) at the rate per annum, calculated and compounded monthly, which is equal to, (i) in the case of a Term Benchmark Loan, Term SOFR Rate for the Interest Period applicable thereto plus the Applicable Rate then in effect at all times that an Event of Default has occurred and is continuing and (ii) in the case of a Base Rate Loan, the Base Rate plus the Applicable Rate then in effect at all times that an Event of Default has occurred and is continuing. Such interest on overdue amounts shall become due and be paid on demand made by the Administrative Agent. (d) No interest or fee to be paid hereunder shall be paid at a rate exceeding the maximum rate permitted by Applicable Law. In the event that such interest or fee exceeds such maximum rate, such interest or fees shall be reduced or refunded, as the case may be, so as to be payable at the highest rate recoverable under Applicable Law. (e) The parties agree that all interest in this agreement will be calculated using the nominal rate method and not the effective rate method, and that the deemed re-investment principle shall not apply to such calculations. In addition, the parties acknowledge that there is a material distinction between the nominal and effective rates of interest and that they are capable of making the calculations necessary to compare such rates.

General Interest Rules. (a) For the purposes hereof, whenever interest is calculated on the basis of a year of 360 days, 365 days or 365 366 days, each rate of interest or fee determined pursuant to such calculation expressed as an annual rate for the purposes of the Interest Act (Canada) is equivalent to such rate as so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 360, 365 or 365 366 days, respectively. The Borrower shall not plead or assert, whether by way of defense or otherwise, in any proceeding relating to this agreement and as the other Credit Documents, that the interest payable under this agreement and the calculation thereof has not been adequately disclosed to it, whether pursuant to section 4 of the Interest Act (Canada) or any other Applicable Law or legal principlecase may be. (b) Interest on each Loan and on overdue interest thereon shall be payable in the currency in which such Loan is denominated during the relevant period. (c) If the Borrower fails Borrowers fail to pay any fee or other amount (other than principal or interest) of any nature payable by it to the Administrative Agent or the Lenders them hereunder or under any document, instrument or agreement delivered pursuant hereto on the due date therefor, the Borrower shall Borrowers will pay to the Administrative Agent or the Lenders, as the case may be, interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well after as before and after judgment) at the rate per annum, calculated and compounded monthly, which is equal to, (i) in the case of a Term Benchmark Loan, Term SOFR Rate for the Interest Period applicable thereto plus the Applicable Rate then in effect at all times that an Event of Default has occurred and is continuing and (ii) in the case of a Base Rate Loan, to the Base Rate plus the Applicable Rate then in effect at all times that an Event of Default has occurred and is continuingMargin plus 2%. Such interest on overdue amounts shall will become due and be paid on demand made by the Administrative Agent. (c) The Administrative Agent will, at any Borrower’s request, furnish such reasonable information as to prevailing interest rates as is available in order to assist the Borrowers in making any interest rate election, and the Administrative Agent will notify the Borrowers of the rate of interest applicable to each Loan made under the Credit Facility forthwith after such Loan is made; provided however that the failure of the Administrative Agent to so notify a Borrower will not reduce, discharge, or otherwise relieve the obligation of such Borrower to pay interest at the rates, at the times and in the manner specified herein. (d) No Interest rates calculated on the basis of the Base Rate will be adjusted automatically without notice to the Borrowers whenever there is a variation in the Base Rate. Any change in the rate of interest applicable to any Base Rate Loan will be effective as of the opening of business on the day such change takes place. (e) If any provision of this Agreement would oblige a Borrower to pay interest or fee any other amount payable to be paid hereunder shall be paid a Lender in an amount or calculated at a rate exceeding that would be prohibited by law or would result in the Lender receiving “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate will be deemed to have been adjusted with retroactive effect to the maximum amount or rate permitted by Applicable Law. In the event that such interest or fee exceeds such maximum rate, such interest or fees shall be reduced or refundedof interest, as the case may be, as would not be so as prohibited by law or so result in a receipt by such Lender of “interest” at a “criminal rate”, such adjustment to be payable at effected, to the highest extent necessary (but only to the extent necessary), as follows: (i) first, by reducing the amount or rate recoverable of interest required to be paid to such Lender under Applicable LawSection 4.01; and (ii) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to such Lender which would constitute interest for purposes of Section 347 of the Criminal Code (Canada). If, after giving effect to all adjustments contemplated by this Section 4.04(e), such Lender has received an amount in excess of the maximum permitted by the Criminal Code (Canada), then the applicable Borrower will be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to the excess.