Common use of Yearly Rate of Interest Clause in Contracts

Yearly Rate of Interest. (a) For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid under any Loan Document is to be calculated on the basis of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used 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, as applicable. The rates of interest under this Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement. (b) The Borrower acknowledges and confirms that: (i) clause (a) above satisfies the requirements of Section 4 of the Interest Act (Canada) to the extent it applies to the expression or statement of any interest payable under any Loan Document; and (ii) each Obligor is able to calculate the yearly rate or percentage of interest payable under any Loan Document based upon the methodology set out in clause (a) above. (c) The Borrower agrees not to, and to cause each Obligor not to, plead or assert, whether by way of defence or otherwise, in any proceeding relating to the Loan Documents, that the interest payable thereunder and the calculation thereof has not been adequately disclosed to any Obligor, whether pursuant to Section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle. Notwithstanding anything to the contrary contained in this Agreement, if the amount of interest payable under any Loan Document is reduced by virtue of the application of Section 4 of the Interest Act (Canada), then the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, if an Event of Default pursuant to Sections 7.1(g), (h) or (i) shall have occurred and be continuing, automatically and without further action by the Administrative Agent), an amount equal to the amount of such reduction.

Yearly Rate of Interest. (ai) For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid under any Loan Document hereunder or in connection herewith is to be calculated on the basis of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used 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, as applicable. The rates of interest under this Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement. (bii) The Borrower acknowledges and confirms that: (i1) clause (ai) above satisfies the requirements of Section 4 of the Interest Act (Canada) to the extent it applies to the expression or statement of any interest payable under any Loan Document; and (ii2) each Obligor Borrower is able to calculate the yearly rate or percentage of interest payable under any Loan Document based upon the methodology set out in clause (ai) above. (ciii) The Borrower Xxxxxxxx agrees not to, and to cause each Obligor not to, plead or assert, whether by way of defence defense or otherwise, in any proceeding relating to the Loan Documents, that the interest payable thereunder and the calculation thereof has not been adequately disclosed to any ObligorCredit Party, whether pursuant to Section 4 of the Interest Act (Canada) or any other Applicable Law applicable law or legal principle. . (iv) Notwithstanding anything to the contrary contained in this Agreement, if the amount of interest payable under any Loan Document is reduced by virtue of the application of Section 4 of the Interest Act (Canada), then the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable LendersBank, promptly on demand by the Administrative Agent Bank (or, if an Event of Default pursuant to Sections 7.1(g), (h) or (i) Section 8 shall have occurred and be continuing, automatically and without further action by the Administrative AgentBank), an amount equal to the amount of such reduction.

Yearly Rate of Interest. (ai) For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid under any Loan Document hereunder or in connection herewith is to be calculated on the basis of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used 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, as applicable. The rates of interest under this Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement. (bii) The Borrower acknowledges and confirms that: (i1) clause (ai) above satisfies the requirements of Section 4 of the Interest Act (Canada) to the extent it applies to the expression or statement of any interest payable under any Loan Document; and (ii2) each Obligor Borrower is able to calculate the yearly rate or percentage of interest payable under any Loan Document based upon the methodology set out in clause (ai) above. (ciii) The Borrower agrees not to, and to cause each Obligor not to, plead or assert, whether by way of defence defense or otherwise, in any proceeding relating to the Loan Documents, that the interest payable thereunder and the calculation thereof has not been adequately disclosed to any ObligorCredit Party, whether pursuant to Section 4 of the Interest Act (Canada) or any other Applicable Law applicable law or legal principle. . (iv) Notwithstanding anything to the contrary contained in this Agreement, if the amount of interest payable under any Loan Document is reduced by virtue of the application of Section 4 of the Interest Act (Canada), then the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable LendersBank, promptly on demand by the Administrative Agent Bank (or, if an Event of Default pursuant to Sections 7.1(g), (h) or (i) Section 8 shall have occurred and be continuing, automatically and without further action by the Administrative AgentBank), an amount equal to the amount of such reduction.

Yearly Rate of Interest. This Section 1.2(f) relates only to interest payable by the Canadian Borrower (a) which, for the purposes of this Section 1.2(f), shall include any other present or future entity constituted under the laws of, or domiciled in, Canada which becomes a party hereunder or under any Loan Document). a. For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid under any Loan Document hereunder or in connection herewith is to be calculated on the basis of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used 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, as applicable. The rates of interest under this Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement. (b) The b. Borrower acknowledges and confirms that: : (i1) clause (ai) above satisfies the requirements of Section 4 of the Interest Act (Canada) to the extent it applies to the expression or statement of any interest payable under any Loan Document; and and (ii2) each Obligor Borrower is able to calculate the yearly rate or percentage of interest payable under any Loan Document based upon the methodology set out in clause (ai) above. (c) The c. Borrower agrees not to, and to cause each Obligor not to, plead or assert, whether by way of defence defense or otherwise, in any proceeding relating to the Loan Documents, that the interest payable thereunder and the calculation thereof has not been adequately disclosed to any ObligorCredit Party, whether pursuant to Section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle. . d. Notwithstanding anything to the contrary contained in this Agreement, if the amount of interest payable under any Loan Document is reduced by virtue of the application of Section 4 of the Interest Act (Canada), then the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by Agent or the Administrative Agent Lenders (or, if an Event of Default pursuant to Sections 7.1(g), (h) or (i) Section 7 shall have occurred and be continuing, automatically and without further action by the Administrative AgentAgent or any Lender), an amount equal to the amount of such reduction. e. Any provision of this Agreement that would oblige the Borrower to pay any fine, penalty or rate of interest on any arrears of principal or interest secured by a mortgage on real property or hypothec on immovables that has the effect of increasing the charge on arrears beyond the rate of interest payable on principal money not in arrears shall not apply to the Borrower, which shall be required to pay interest on money in arrears at the same rate of interest payable on principal money not in arrears.