Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable and on the basis of a year of 365 days. (2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the fees are payable. (3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may be, the rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may be, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or such other period that is less than a calendar year), as the case may be, (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields. (4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal Code) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and 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. (5) To the extent permitted by Applicable Law, the provisions of the Judgment Interest Act (Alberta) will not apply to the Credit Documents and are hereby expressly waived by each of the Credit Parties.
Appears in 2 contracts
Sources: Credit Agreement (Acreage Holdings, Inc.), Credit Agreement
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to Section 3.05, and (i) if based on the ABR Rate, a year of 365 days or 366 days, as the case may be; or (ii) if based on the Eurodollar Rate, on the basis of a year of 365 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit a Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and (2) 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 CodeCode (Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by that section of the Criminal Code (Canada), the Loan Party paying the amount shall be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to any Borrower or Guarantor. Any amount or rate of interest referred to in this Section 2.11(4) shall be determined in accordance with generally accepted actuarial practices and principles and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent shall be conclusive for the purposes of such determination.
(5) To the extent permitted by Applicable Law, the provisions Each of the Judgment Interest Act (Alberta) will Loan Parties confirms that it fully understands and is able to calculate the rate of interest applicable to each of the Facilities based on the methodology for calculating per annum rates provided for in this Section 2.11. The relevant Administrative Agent agrees that if requested in writing by the Borrowers it shall calculate the nominal and effective per annum rate of interest on any Accommodations Outstanding at any time and provide such information to the Borrowers promptly following such request; provided that any error in any such calculation, or any failure to provide such information on request, shall not apply relieve the Borrowers or any other Loan Party of any of its obligations under this Agreement or any other Credit Document, nor result in any liability to the Administrative Agent or any Lender. Each Loan Party hereby irrevocably agrees not to plead or assert, whether by way of defence or otherwise, in any proceeding relating to the Credit Documents, that the interest payable under the Credit Documents and are hereby expressly waived by each the calculations thereof has not been adequately disclosed to the Loan Parties, whether pursuant to section 4 of the Credit Parties.Interest Act (Canada) or any other applicable law or legal principle
Appears in 2 contracts
Sources: Credit Agreement (Open Text Corp), Credit Agreement (Open Text Corp)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest is payable and (i) if based on the Canadian Prime Rate on the basis of a year of 365 or 366 days, as the case may be; or (ii) if based on the Eurodollar Rate or the Base Rate (Canada), on the basis of a year of 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year of 360 days or 365 days (or such other period that is less than a calendar year)days, as the case may be, the such rate determined used pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 360 days or 365 days (or such other period that is less than a calendar year)days, as the case may be, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (360 or such other period that is less than a calendar year)365, as the case may be, (ii) the . The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If In the event that any provision of this Agreement or of any of the other Credit Documents Document would obligate any Credit Party oblige the Borrower or a Guarantor to make any payment of interest or any other amount payable payment which is construed by a court of competent jurisdiction to any Lender be interest in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such the Lender of interest at a criminal rate (as such terms are construed under the Criminal Code) thenCode (Canada), then notwithstanding such provisionsprovision, such amount or rate shall be deemed to have been adjusted with retroactive effect nunc pro tunc to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by such the Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, necessary as follows: :
(a) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and thereafter, this Agreement; and
(b) thereafter by reducing any fees, commissions, premiums and other amounts required to be paid to such Lender which would constitute “interest” interest for the purposes of Section 347 of the Criminal CodeCode (Canada).
(5) To the extent permitted by Applicable LawIf, notwithstanding the provisions of Section 2.10(4) and after giving effect to all adjustments contemplated thereby, the Judgment Interest Act (Alberta) will not apply Lender shall have received an amount in excess of the maximum permitted by such clause, then such excess shall be applied by the Administrative Agent to the Credit Documents and are hereby expressly waived by each rateable reduction of the Credit Partiesprincipal balance of Accommodations Outstanding and not to the payment of interest, or if such excessive interest exceeds such principal balance, such excess shall be refunded to the Borrower.
Appears in 1 contract
Sources: Credit Agreement (Marsulex Inc)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to Section 3.05, and (i) if based on the ABR Rate, a year of 365 days or 366 days, as the case may be; or (ii) if based on the LIBOR Rate, on the basis of a year of 365 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit a Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and (2) 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.
Code (5) To Canada). Notwithstanding the extent foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by Applicable Lawthat section of the Criminal Code (Canada), the provisions Loan Party paying the amount shall be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to any Borrower, Domestic Guarantor or Foreign Guarantor, as the case may be. Any amount or rate of interest referred to in this Section 2.11(4) shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Accommodations Outstanding remain outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the date of this Agreement to the Relevant Repayment Date and, in the event of a dispute, a certificate of a Fellow of the Judgment Interest Act (Alberta) will not apply to Canadian Institute of Actuaries appointed by the Credit Documents and are hereby expressly waived by each Administrative Agent shall be conclusive for the purposes of the Credit Partiessuch determination.
Appears in 1 contract
Sources: Credit Agreement (Open Text Corp)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to Section 3.05, and (i) if based on the Canadian Prime Rate, or the U.S. Base Rate, a year of 365 days or 366 days, as the case may be; or (ii) if based on Term SOFR, on the basis of a year of 365 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit a Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and (2) 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 CodeCode (Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by that section of the Criminal Code (Canada), the Loan Party paying the amount shall be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to the Loan Party. Any amount or rate of interest referred to in this Section 2.10(4) shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Accommodations Outstanding remain outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the date of this Agreement to the Maturity Date and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent shall be conclusive for the purposes of such determination.
(5) To The interest rate on an Accommodation may be derived from an interest rate benchmark that may be discontinued or is, or may in the extent permitted by Applicable Lawfuture become, the provisions subject of regulatory reform. Upon the Judgment Interest Act occurrence of a Benchmark Transition Event or Canadian Benchmark Transition Event, as applicable, Section 3.07 and Section 3.08, respectively, provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, (Albertaa) the continuation of, the administration of, submission of, calculation of, performance of or any other matter related to any interest rate used in this Agreement (including, without limitation, the U.S. Base Rate, Canadian Prime Rate, Daily Simple SOFR, SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, or CDOR) or any component definition thereof or rates referred to in the definition thereof, or with respect to any alternative or successor rate thereto, or replacement rate thereof (including any Benchmark Replacement or Canadian Benchmark Replacement), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will not apply be similar to, or produce the same value or economic equivalence of, or have the same value or economic equivalence of as the existing interest rate (or any component thereof) being replaced or have the same volume or liquidity as did any existing interest rate (or any component thereof) prior to its discontinuance or unavailability or (b) the effect, implementation or composition of any Conforming Changes or Canadian Benchmark Replacement Conforming Changes. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate (or component thereof) used in this Agreement or any alternative, successor or replacement rate (including any Benchmark Replacement or Canadian Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Credit Documents Borrowers. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and are hereby expressly waived shall have no liability to the Borrowers, or any other Person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by each of the Credit Partiesany such information source or service.
Appears in 1 contract
Sources: Credit Agreement (Vail Resorts Inc)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable and on the basis of a year of 365 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may be, the rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may be, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or such other period that is less than a calendar year), as the case may be, (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate the Borrower or any other Credit Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and 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 CodeCode (Canada).
(5) To the extent permitted by Applicable Law, the provisions of the Judgment Interest Act (Alberta) will not apply to the Credit Documents and are hereby expressly waived by each of the Credit PartiesParty.
Appears in 1 contract
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to Section 3.05, and (i) if based on the Canadian Prime Rate, or the U.S. Base Rate, a year of 365 days or 366 days, as the case may be; or (ii) if based on the LIBOR Rate, on the basis of a year of 365 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit a Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and (2) 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.
Code (5) To Canada). Notwithstanding the extent foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by Applicable Lawthat section of the Criminal Code (Canada), the provisions Loan Party paying the amount shall be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to the Loan Party. Any amount or rate of interest referred to in this Section 2.10(4) shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Accommodations Outstanding remain outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the date of this Agreement to the Maturity Date and, in the event of a dispute, a certificate of a Fellow of the Judgment Interest Act (Alberta) will not apply to Canadian Institute of Actuaries appointed by the Credit Documents and are hereby expressly waived by each Administrative Agent shall be conclusive for the purposes of the Credit Partiessuch determination.
Appears in 1 contract
Sources: Credit Agreement (Vail Resorts Inc)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to Section 3.05, and (i) if based on the Base Rate, a year of 365 days or 366 days, as the case may be; or (ii) if based on the Term SOFR Reference Rate, on the basis of a year of 365 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit a Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and (2) 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.
Code (5) To Canada). Notwithstanding the extent foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by Applicable Lawthat section of the Criminal Code (Canada), the provisions Loan Party paying the amount shall be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to the Borrower or Guarantor. Any amount or rate of interest referred to in this Section 2.10(4) shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Accommodations Outstanding remain outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the date of this Agreement to the Term Loan Repayment Date and, in the event of a dispute, a certificate of a Fellow of the Judgment Interest Act (Alberta) will not apply to Canadian Institute of Actuaries appointed by the Credit Documents and are hereby expressly waived by each Administrative Agent shall be conclusive for the purposes of the Credit Partiessuch determination.
Appears in 1 contract
Sources: Credit Agreement (Open Text Corp)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to Section 3.05, and (i) if based on the ABR Rate, a year of 365 days or 366 days, as the case may be; or (ii) if based on the EurodollarTerm SOFR Reference Rate, on the basis of a year of 365 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit a Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and (2) 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 CodeCode (Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by that section of the Criminal Code (Canada), the Loan Party paying the amount shall be entitled, by notice in writing to such Lender, to obtain reimbursement - 61 - 1808964.02A-NYCSR03A - MSWLEGAL_1:80104430.16 from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to any Borrower or Guarantor. Any amount or rate of interest referred to in this Section 2.11(4) shall be determined in accordance with generally accepted actuarial practices and principles and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent shall be conclusive for the purposes of such determination.
(5) To the extent permitted by Applicable Law, the provisions Each of the Judgment Interest Act (Alberta) will Loan Parties confirms that it fully understands and is able to calculate the rate of interest applicable to each of the Facilities based on the methodology for calculating per annum rates provided for in this Section 2.11. The relevant Administrative Agent agrees that if requested in writing by the Borrowers it shall calculate the nominal and effective per annum rate of interest on any Accommodations Outstanding at any time and provide such information to the Borrowers promptly following such request; provided that any error in any such calculation, or any failure to provide such information on request, shall not apply relieve the Borrowers or any other Loan Party of any of its obligations under this Agreement or any other Credit Document, nor result in any liability to the Administrative Agent or any Lender. Each Loan Party hereby irrevocably agrees not to plead or assert, whether by way of defence or otherwise, in any proceeding relating to the Credit Documents, that the interest payable under the Credit Documents and are hereby expressly waived by each the calculations thereof has not been adequately disclosed to the Loan Parties, whether pursuant to section 4 of the Interest Act (Canada) or any other applicable law or legal principle Section 2.12 Security (1) In each case, subject to Permitted Exceptions, by the applicable dates specified below, the Borrowers shall provide, or cause to be provided by the Guarantors, in each case, to the Administrative Agent, for and on behalf of the Lenders, as continuing collateral security for the present and future indebtedness and liability of the Borrowers and the obligations of the Guarantors under the Guarantees, respectively, to the Administrative Agent and the Lenders hereunder and under the other Credit PartiesDocuments, the following security (the “Security”), in form and substance satisfactory to the Administrative Agent, acting reasonably, together with any relevant reasonably required power of attorney, registrations, filings and other supporting documentation deemed necessary by the Administrative Agent or its counsel to perfect the same or otherwise in respect thereof: (a) a Guarantee, which guarantees shall be reaffirmed as of the Effective Date pursuant to Section 23.01; (b) general security agreements (which, for greater certainty, shall not include a hypothec with respect to moveable property located in the Province of Québec) dated as of the Original Closing Date or thereafter if such Person became a Loan Party thereafter, and reaffirmed as of the Effective Date pursuant to Section 23.01, constituting a security interest in all personal property (or moveable property, as applicable) and assets of the Loan Parties (including all contract rights, inventory, accounts, general intangibles, Equity Securities, deposit accounts, trademarks, trade names, other intellectual property, equipment and proceeds of the foregoing), which security interest shall be of first priority, subject, if and to the extent applicable, to any - 62 - 1808964.02A-NYCSR03A - MSWLEGAL_1:80104430.16 Permitted Encumbrances (each being a “Security Agreement”), and subject to the grace periods specified in each Security Agreement and in connection with deposit accounts, Section 7.01(15)(c), with respect to items of Collateral that cannot be perfected by the filing of a PPSA or UCC financing statement; and (c) within 60 days following the acquisition of any Material Owned Real Property, debentures, mortgages, deeds of trust or deeds to secure debt (or immoveable hypothec, as applicable) constituting a charge on such real property (or immoveable property, as applicable) of the Loan Parties (as determined by the Administrative Agent), which charge shall be a first ranking and exclusive charge, subject, if and to the extent applicable, to any Permitted Encumbrances (each being a “Debenture”).
Appears in 1 contract
Sources: Credit Agreement (Open Text Corp)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to Section 3.05, and (i) if based on the ABR Rate, a year of 365 days or 366 days, as the case may be; or (ii) if based on the Eurodollar Rate, on the basis of a year of 365 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit a Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and (2) 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.
Code (5) To Canada). Notwithstanding the extent foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by Applicable Lawthat section of the Criminal Code (Canada), the provisions Loan Party paying the amount shall be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to any Borrower, Domestic Guarantor or Foreign Guarantor, as the case may be. Any amount or rate of interest referred to in this Section 2.11(4) shall be determined in accordance with generally accepted actuarial practices and principles and, in the event of a dispute, a certificate of a Fellow of the Judgment Interest Act (Alberta) will not apply to Canadian Institute of Actuaries appointed by the Credit Documents and are hereby expressly waived by each Administrative Agent shall be conclusive for the purposes of the Credit Partiessuch determination.
Appears in 1 contract
Sources: Credit Agreement (Open Text Corp)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable payable, and (i) if based on the Base Rate (Canada), a year of 365 days or 366 days, as the case may be; or (ii) if based on the Libor Rate or the Eurolibor Rate, on the basis of a year of 365 360 days.
(2) All computations of Fees shall shall, if applicable, be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any No provision of this Agreement or shall have the effect of any of requiring the other Credit Documents would obligate any Credit Party Borrower to make any payment of pay interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal Code) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result term is defined in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and 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 section 347 of the Criminal Code.
(5Code of Canada) To at a rate in excess of 60% per annum, taking into account all other amounts which must be taken into account for the extent permitted by Applicable Lawpurpose thereof and, to such extent, the provisions of the Judgment Interest Act (Alberta) will not apply Borrower’s obligation to the Credit Documents and are hereby expressly waived by each of the Credit Partiespay interest hereunder shall be so limited.
Appears in 1 contract
Sources: Senior Secured Credit and Guarantee Agreement (Open Text Corp)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent Lender taking into account the actual number of days occurring in the period for which such interest is payable and on the basis of a year of 365 dayspayable.
(2) All computations of Fees shall be made by the Administrative Agent Lender on the basis of a year of 365 days taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may be, the rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may be, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or such other period that is less than a calendar year), as the case may be, (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Loan Documents would obligate any Credit Party to make any payment of interest or other amount payable to any the Lender in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such the Lender of interest at a criminal rate (as such terms are construed under the Criminal Code) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by such the Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: firstly, by reducing the amount or rate of interest required to be paid to such the Lender under the applicable Credit Loan Document, and thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to such the Lender which would constitute “interest” for purposes of Section 347 of the Criminal Code.
(5) To the extent permitted by Applicable Law, the provisions of the Judgment Interest Act (Alberta) will not apply to the Credit Loan Documents and are hereby expressly waived by each of the Credit Parties.
Appears in 1 contract
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to Section 3.05, and (i) if based on the ABR Rate, a year of 365 days or 366 days, as the case may be; or (ii) if based on the Term SOFR Reference Rate, on the basis of a year of 365 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit a Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and (2) 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 CodeCode (Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by that section of the Criminal Code (Canada), the Loan Party paying the amount shall be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to any Borrower or Guarantor. Any amount or rate of interest referred to in this Section 2.11(4) shall be determined in accordance with generally accepted actuarial practices and principles and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent shall be conclusive for the purposes of such determination.
(5) To the extent permitted by Applicable Law, the provisions Each of the Judgment Interest Act (Alberta) will Loan Parties confirms that it fully understands and is able to calculate the rate of interest applicable to each of the Facilities based on the methodology for calculating per annum rates provided for in this Section 2.11. The relevant Administrative Agent agrees that if requested in writing by the Borrowers it shall calculate the nominal and effective per annum rate of interest on any Accommodations Outstanding at any time and provide such information to the Borrowers promptly following such request; provided that any error in any such calculation, or any failure to provide such information on request, shall not apply relieve the Borrowers or any other Loan Party of any of its obligations under this Agreement or any other Credit Document, nor result in any liability to the Administrative Agent or any Lender. Each Loan Party hereby irrevocably agrees not to plead or assert, whether by way of defence or otherwise, in any proceeding relating to the Credit Documents, that the interest payable under the Credit Documents and are hereby expressly waived by each the calculations thereof has not been adequately disclosed to the Loan Parties, whether pursuant to section 4 of the Credit Parties.Interest Act (Canada) or any other applicable law or legal principle
Appears in 1 contract
Sources: Credit Agreement (Open Text Corp)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to Section 3.05, and (i) if based on the ABR Rate, a year of 365 days or 366 days, as the case may be; or (ii) if based on the Eurodollar Rate, on the basis of a year of 365 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit a Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and (2) 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 CodeCode (Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by that section of the Criminal Code (Canada), the Loan Party paying the amount shall be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to the Borrower or Guarantor. Any amount or rate of interest referred to in this Section 2.10(4) shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Accommodations Outstanding remain outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the date of this Agreement to the Term Loan Repayment Date and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent shall be conclusive for the purposes of such determination.
(5) To the extent permitted by Applicable Law, the provisions Each of the Judgment Interest Act (Alberta) will Loan Parties confirms that it fully understands and is able to calculate the rate of interest applicable to the Term Loan Facility based on the methodology for calculating per annum rates provided for in this Section 2.10. The relevant Administrative Agent agrees that if requested in writing by the Borrower it shall calculate the nominal and effective per annum rate of interest on any Accommodations Outstanding at any time 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 apply relieve the Borrower or any other Loan Party of any of its obligations under this Agreement or any other Credit Document, nor result in any liability to the Administrative Agent or any Lender. Each Loan Party hereby irrevocably agrees not to plead or assert, whether by way of defence or otherwise, in any proceeding relating to the Credit Documents, that the interest payable under the Credit Documents and are hereby expressly waived by each the calculations thereof has not been adequately disclosed to the Loan Parties, whether pursuant to section 4 of the Credit PartiesInterest Act (Canada) or any other applicable law or legal principle.
Appears in 1 contract
Sources: Credit Agreement (Open Text Corp)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to Section 3.05, and (i) if based on the ABR Rate, a year of 365 days or 366 days, as the case may be; or (ii) if based on the Eurodollar Rate, on the basis of a year of 365 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit a Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and (2) 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.
Code (5) To Canada). Notwithstanding the extent foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by Applicable Lawthat section of the Criminal Code (Canada), the provisions Loan Party paying the amount shall be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to the Borrower, Domestic Guarantor or Foreign Guarantor, as the case may be. Any amount or rate of interest referred to in this Section 2.10(4) shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Accommodations Outstanding remain outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the date of this Agreement to the Term Loan Repayment Date and, in the event of a dispute, a certificate of a Fellow of the Judgment Interest Act (Alberta) will not apply to Canadian Institute of Actuaries appointed by the Credit Documents and are hereby expressly waived by each Administrative Agent shall be conclusive for the purposes of the Credit Partiessuch determination.
Appears in 1 contract
Sources: Credit Agreement (Open Text Corp)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to Section 3.05, and (i) if based on the Canadian Prime Rate, the ABR Rate or the U.S. Base Rate, a year of 365 days or 366 days, as the case may be; or (ii) if based on the LIBOR Rate, on the basis of a year of 365 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit a Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and (2) 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.
Code (5) To Canada). Notwithstanding the extent foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by Applicable Lawthat section of the Criminal Code (Canada), the provisions Loan Party paying the amount shall be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to any Borrower, Domestic Guarantor or Foreign Guarantor, as the case may be. Any amount or rate of interest referred to in this Section 2.11(4) shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Accommodations Outstanding remain outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the date of this Agreement to the Relevant Repayment Date and, in the event of a dispute, a certificate of a Fellow of the Judgment Interest Act (Alberta) will not apply to Canadian Institute of Actuaries appointed by the Credit Documents and are hereby expressly waived by each Administrative Agent shall be conclusive for the purposes of the Credit Partiessuch determination.
Appears in 1 contract
Sources: Credit Agreement (Open Text Corp)
Computations of Interest and Fees. (1) All computations of interest shall be made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to Section 3.04(1), and (i) if based on the Base Rate, a year of 365 days or 366 days, as the case may be; or (ii) if based on the Term SOFR Reference Rate, on the basis of a year of 365 360 days.
(2) All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 days or 366 days, as the case may be, taking into account the actual number of days (including the first day but excluding the last day) occurring in the period for which the such fees are payable.
(3) For purposes of the Interest Act (Canada), (i) whenever any interest or Fee under this Agreement is calculated using a rate based on a year number of 365 days (or such other period that is less than a calendar full year), as the case may be, the such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 365 days (or such other period that is less than a calendar year), as the case may berate, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 365 (or the number of days comprising such other period that is less than a calendar year), as the case may be, calculation basis; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, ; and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(4) If any provision of this Agreement or of any of the other Credit Documents would obligate any Credit a Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by such Lender of interest at a criminal rate (as such terms are construed under the Criminal CodeCode (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender under the applicable Credit Document, and (2) 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.
Code (5) To Canada). Notwithstanding the extent foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by Applicable Lawthat section of the Criminal Code (Canada), the provisions Loan Party paying the amount shall be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to the Borrower or Guarantor. Any amount or rate of interest referred to in this Section 2.10(4) shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Loans remain outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the date of this Agreement to the Maturity Date and, in the event of a dispute, a certificate of a Fellow of the Judgment Interest Act (Alberta) will not apply to Canadian Institute of Actuaries appointed by the Credit Documents and are hereby expressly waived by each Administrative Agent shall be conclusive for the purposes of the Credit Partiessuch determination.
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