Common use of Prohibited Rates of Interest Clause in Contracts

Prohibited Rates of Interest. Notwithstanding any other provisions of this Agreement or any other Credit Documents or any related document, the Canadian Credit Parties shall not be obliged to make any payment of interest or other amounts payable to the Administrative Agents or Lenders in an amount or at a rate that would be prohibited by law or would result in the receipt of interest at a criminal rate, as the terms "interest" and "criminal rate" are defined under the Criminal Code (Canada), or that would contravene any local usury laws which may be applicable to any obligations of the Canadian Credit Parties under or in connection with this Agreement. In any such case, any payment, collection or demand for interest in excess of the maximum permitted rate shall be deemed to have been made by mutual mistake, any excess payment shall be refunded to the applicable Canadian Credit Party and the amount or rate otherwise payable under the terms of any Credit Document or related document shall be reduced to the maximum amount or rate payable in accordance with applicable law. For the purposes of this Agreement, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles and in the event of any dispute, a certificate of a Fellow of the Canadian Institute of Actuaries of Canada appointed by the Canadian Administrative Agent shall be conclusive for the purpose of such determination.

Prohibited Rates of Interest. Notwithstanding any other provisions of this Agreement or any other Credit Documents or any related documentDocument, the Canadian Credit Parties Borrower shall not be obliged to make any payment of interest or other amounts payable to the Administrative Agents Lenders or Lenders the Agent under this Agreement or under any other Credit Document in an amount or at a rate that would be prohibited by law or would result in the receipt by the Lenders or the Agent of interest at a criminal rate, as the terms "interest" and "criminal rate" are defined under the Criminal Code (Canada), or that would contravene any local usury laws which may be applicable to any obligations of the Canadian Credit Parties Borrower to the Lenders or the Agent under or in connection with this Agreement. In any such case, any payment, collection or demand for interest in excess of the maximum permitted rate shall be deemed to have been made by mutual mistakemistake of the Borrower, Agent and Lenders, any excess payment shall be refunded to the applicable Canadian Credit Party Borrower and the amount or rate otherwise payable under the terms of any Credit Document or related document shall be reduced to the maximum amount or rate payable in accordance with applicable law. For the purposes of this Agreement, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles and in the event of any dispute, a certificate of a Fellow of the Canadian Institute of Actuaries of Canada appointed by the Canadian Administrative Agent shall be conclusive for the purpose of such determination.