Common use of Recalculation of Interest Clause in Contracts

Recalculation of Interest. If a Tax Deduction is required by Swiss law to be made by a Swiss Obligor in respect of any interest payable by it under this Agreement and should paragraph (c) of Clause 16.2 (Tax gross-up) be unenforceable for any reason (other than as a result of the application of one of the exclusions in paragraph (d) of Clause 16.2 (Tax gross up)), the applicable interest rate in relation to that interest payment will be calculated by the Company or the Swiss Obligor and shall be (i) the interest rate which would have applied to that interest payment (as provided for in Clause 12.1 (Calculation of Interest)) in the absence of this Clause 12.5 divided by (ii) 1 minus the rate at which the relevant Tax Deduction is required to be made (where the rate at which the relevant Tax Deduction is required to be made is for this purpose expressed as a fraction of 1 rather than as a percentage) and (a) that the Swiss Obligor shall be obliged to pay the relevant interest at the adjusted rate in accordance with this Clause 12.5 and (b) all references to a rate of interest in Clause 12.1 (Calculation of Interest) shall be construed accordingly.

Recalculation of Interest. If a Tax Deduction is required by Swiss law to be made by a Swiss Obligor in respect of any interest payable by it under this Agreement and should paragraph (c) of Clause 16.2 (Tax gross-up) be unenforceable for any reason (other than as a result of the application of one of the exclusions in paragraph (d) of Clause 16.2 (Tax gross up)), the applicable interest rate in relation to that interest payment will be calculated by the Company or the Swiss Obligor and shall be (i) the interest rate which would have applied to that interest payment (as provided for in Clause 12.1 (Calculation of Interest)) in the absence of this Clause 12.5 divided by (ii) 1 minus the rate at which the relevant Tax Deduction is required to be made (where the rate at which the relevant Tax Deduction is required to be made is for this purpose expressed as a fraction of 1 rather than as a percentage) and (a) that the Swiss Obligor shall be obliged to pay the relevant interest at the adjusted rate in accordance with this Clause 12.5 and (b) all references to a rate of interest in Clause 12.1 (Calculation of Interest) shall be construed accordingly.

Recalculation of Interest. If (A) When entering into this Agreement, the Parties assumed that interest at the rates set out in this Agreement is not and will not become subject to Swiss Withholding Tax. If, contrary to such assumption, a deduction for Swiss Withholding Tax Deduction is required by Swiss law to be made by a Swiss Obligor the Borrower in respect of any interest payable by it under this Agreement and should paragraph (c) of Clause 16.2 (Tax gross-up) Section 2.10 be unenforceable for any reason (other than as a result of the application of one of the exclusions in paragraph (d) of Clause 16.2 (Tax gross up))reason, the applicable interest rate in relation to that interest payment will be calculated by the Company or the Swiss Obligor and shall be (i) the interest rate which would have applied to that interest payment (as provided for in Clause 12.1 (Calculation of Interest)Section 2.7) in the absence of this Clause 12.5 Section 2.9 divided by (ii) 1 one minus the rate at which the relevant Tax Deduction deduction is required to be made pursuant to the Swiss Withholding Tax Act or any applicable tax treaty (where the rate at which the relevant Tax Deduction deduction is required to be made is for this purpose expressed as a fraction of 1 one rather than as a percentage) and (a) that the Swiss Obligor shall be Borrower is obliged to pay the relevant interest at the adjusted rate in accordance with this Clause 12.5 Section 2.9, (b) the Borrower shall make the deduction or withholding on the interest so recalculated and (bc) all references to a rate of interest in Clause 12.1 (Calculation of Interest) shall Section 2.7 will be construed accordingly.

Recalculation of Interest. a) If a Tax Deduction is should be required by Swiss law to be made by a Swiss Obligor the Borrower in respect of any interest payable by it under this Agreement and should paragraph (cb) of Clause 16.2 14.1 (Tax gross-up) be unenforceable for any reason (other than as a result of the application of one of the exclusions in paragraph (df) of Clause 16.2 14.1 (Tax gross gross-up)), the applicable interest rate in relation to that interest payment will be calculated by the Company or the Swiss Obligor and shall be (i) the interest rate which would have applied to that interest payment (as provided for in Clause 12.1 10.1 (Calculation of Interestinterest)) in the absence of this Clause 12.5 10.5 divided by (ii) 1 minus the rate at which the relevant Tax Deduction is required to be made (where the rate at which the relevant Tax Deduction is required to be made is for this purpose expressed as a fraction of 1 rather than as a percentage) and (a) that the Swiss Obligor Borrower shall be obliged to pay the relevant interest at the adjusted rate in accordance with this Clause 12.5 10.5 and (b) all references to a rate of interest in Clause 12.1 10.1 (Calculation of Interestinterest) shall be construed accordingly.