Common use of Minimum Interest Rates and Payments Clause in Contracts

Minimum Interest Rates and Payments. (i) For purposes of the Revolving Facility, the various rates of interest provided for in this Agreement are minimum interest rates. (ii) Each party hereto assumes that the interest rates set forth in this Agreement are not and will not become subject to Swiss Withholding Tax. Notwithstanding the foregoing, the parties hereto agree that, in the event that Swiss Withholding Tax is imposed on interest payments (the “Relevant Amount”) by a Swiss Obligor, any payment of interest due by such Swiss Obligor shall, subject to the provisions of this Agreement, be increased to an amount which (after making any deduction of the Non-refundable Portion of Swiss Withholding Tax) results in a payment to each Lender entitled to such payment of an amount equal to the payment which would have been due had no deduction of the Non-refundable Portion of Swiss Withholding Tax been required. (iii) For the purposes of this Section 2.09(h), “Non-refundable Portion of Swiss Withholding Tax” means an amount equal to the product of the Relevant Amount and the Swiss Withholding Tax at standard rate (being, as at the date of this Agreement, 35%) unless the Swiss Federal Tax Administration confirms to the relevant Swiss Obligor in writing that, in relation to a specific Lender based on an applicable double tax treaty, the applicable Swiss Withholding Tax rate is a specified lower rate in which case such lower rate shall be applied in relation to such Lender.

Minimum Interest Rates and Payments. (i) For purposes of the Revolving Facility, the 11.5.1 The various rates of interest provided for in this Agreement (including, without limitation, under this Clause 11) are minimum interest rates. (ii) Each party 11.5.2 When entering into this Agreement, the parties hereto assumes have assumed that the interest at the rates set forth out in this Agreement are is not and will not become subject to Swiss Withholding Tax. Notwithstanding the foregoing, that the parties hereto do not anticipate that any payment of interest will be subject to Swiss Withholding Tax, they agree that, in the event that Swiss Withholding Tax is should be imposed on interest payments (the “Relevant Amount”) by a any Swiss ObligorBorrower, any payment of interest due by such Swiss Obligor shall, subject to the provisions of this Agreement, Borrower shall be increased to an amount which (after making any deduction of the Non-refundable Portion of Swiss Withholding TaxTax as defined below) results in a payment to each Lender entitled to such payment of an amount equal to the payment which would have been due had no deduction of the Non-refundable Portion of Swiss Withholding Tax been required. For this purpose, the Swiss Withholding Tax shall be calculated on the full grossed-up interest amount. (iii) 11.5.3 For the purposes of this Section 2.09(h)Clause 11.5, “Non-refundable Portion of Swiss Withholding Tax” means an amount equal to the product of the Relevant Amount and the shall mean Swiss Withholding Tax at standard rate (being, as at the date of this Agreementhereof, 35%35 per cent.) unless the Swiss Federal Tax Administration confirms according to the relevant Swiss Obligor in writing that, in relation to a specific Lender based on an applicable double tax treaty, the applicable Non-refundable Portion of Swiss Withholding Tax rate is a specified lower rate in which case such lower rate shall be applied in relation to such Lender. 11.5.4 Each Swiss Borrower shall provide to the Agent those documents which are required by law and applicable double taxation treaties to be provided by the payer of such tax, for each relevant Lender to prepare a claim for refund of Swiss Withholding Tax.