Common use of Interest on Payments in Arrears Clause in Contracts

Interest on Payments in Arrears. (a) Notwithstanding any other provision of this Agreement, interest shall be paid by the Parties as follows as between the Agent and the Lenders only, on amounts which: (i) the Agent or a Lender has actively incurred as an out-of-pocket expense for which another Party has an obligation under this Agreement to reimburse the Agent or the Lender; or (ii) the Agent receives from the Borrower which are payable to the Lenders by the Agent; at the then applicable interbank rate for Canadian Dollars or U.S. Dollars, as the case may be, from and including the day on which the payment was due, but excluding the day on which the payment is made. (b) All interest referred to in this Section 13.17 shall be simple interest calculated daily on the basis of a 365 day Year (or in the case of a leap Year, a 366 day Year).

Interest on Payments in Arrears. (a) Notwithstanding any other provision of this Agreement, interest shall be paid by the Parties as follows as between the Agent and the Lenders only, on amounts which: (i) the Agent or a Lender has actively incurred as an out-of-pocket expense for which another Party has an obligation under this Agreement to reimburse the Agent or the Lender; or (ii) the Agent receives from the Borrower which are payable to the Lenders by the Agent; at the then applicable interbank rate for Canadian Dollars or U.S. Dollars, as the case may be, from and including the day on which the payment was due, but excluding the day on which the payment is made. (b) All interest referred to in this Section 13.17 13.18 shall be simple interest calculated daily on the basis of a 365 day Year (or in the case of a leap Year, a 366 day Year).

Interest on Payments in Arrears. (a) Notwithstanding any other provision of this Agreement, interest shall be paid by the Parties as follows as between the Agent and the Lenders only, on amounts which: (i) the Agent or a Lender has actively incurred as an out-of-pocket expense for which another Party has an obligation under this Agreement to reimburse the Agent or the Lender; or (ii) the Agent receives from the Borrower which are payable to the Lenders by the Agent; at the then applicable interbank rate for Canadian Dollars or U.S. Dollars, as the case may be, from and including the day on which the payment was due, but excluding the day on which the payment is made. (b) All interest referred to in this Section 13.17 14.17 shall be simple interest calculated daily on the basis of a 365 365-day Year (or in the case of a leap Year, a 366 366-day Year).