Common use of Minimum Interest Rate Clause in Contracts

Minimum Interest Rate. If a Tax Deduction is required by law in respect of any interest payable by Borrower and should it be unlawful for Borrower to comply with paragraph (a) of Clause 15.1 (Tax Gross-Up) for any reason, where this would otherwise be required by the terms of paragraph (a) of Clause 15.1 (Tax Gross-Up), then (i) the applicable interest rate in relation to that payment shall be the rate which would have applied to that payment as provided for by Clause 9.1 (Interest Rates) divided by one minus the rate at which the relevant Tax Deduction is required to be made under Swiss domestic tax law and/or applicable double taxation treaties (where the rate at which the relevant Tax Deduction is required to be made is for this purpose expressed as a fraction of one); and (ii) Borrower shall (A) pay the relevant interest at the adjusted rate in accordance with paragraph (i) above and (B) make the Tax Deduction on the interest so recalculated, and all references to an interest rate under this Agreement shall be construed accordingly. To the extent that an interest payable by Borrower becomes subject to Swiss Withholding Tax, the Loan Parties shall promptly cooperate in completing any procedural formalities (including submitting forms and documents required by the appropriate Tax authority) to the extent possible and necessary for Borrower to obtain authorization to make interest payments without being subject to Swiss Withholding Tax and/or for Lender to get a partial or full refund of Swiss Withholding Tax.

Minimum Interest Rate. If a Tax Deduction is required by law in respect of any interest payable by Borrower the Company and should it be unlawful for Borrower the Company to comply with paragraph (a) of Clause 15.1 (Tax Gross-UpSection 16.1(a) for any reason, where this would otherwise be required by the terms of paragraph (a) of Clause 15.1 (Tax Gross-UpSection 16.1(a), then (i) the applicable interest rate in relation to that payment shall be the rate which would have applied to that payment as provided for by Clause 9.1 (Interest Rates) Section 9 divided by one minus the rate at which the relevant Tax Deduction is required to be made under Swiss domestic tax law and/or applicable double taxation treaties (where the rate at which the relevant Tax Deduction is required to be made is for this purpose expressed as a fraction of one); and (ii) Borrower the Company shall (A) pay the relevant interest at the adjusted rate in accordance with paragraph (i) above and (B) make the Tax Deduction on the interest so recalculated, and all references to an interest rate under this Agreement shall be construed accordingly. To the extent that an interest payable by Borrower the Company becomes subject to Swiss Withholding Tax, the Loan Parties shall promptly cooperate in completing any procedural formalities (including submitting forms and documents required by the appropriate Tax authority) to the extent possible and necessary for Borrower the Company to obtain authorization to make interest payments without being subject to Swiss Withholding Tax and/or for Lender to get a partial or full refund of Swiss Withholding Tax.