Common use of Recalculation of Interest Clause in Contracts

Recalculation of Interest. Subject to the Holder’s and each other Purchaser’s compliance with Section 4.2 of the Purchase Agreement and the Non-Bank Rules, if any Tax must be deducted by Swiss law from any amounts payable or paid by the Company in respect of any interest payable by it under this Note, the applicable interest rate in relation to that interest payment shall be (i) the interest rate which would have applied to that interest payment (as provided for in the Applicable Interest Rate) divided by (ii) 1 minus the rate at which the relevant Tax deduction is required to be made (where the rate at which the relevant Tax deduction is required to be made is for this purpose expressed as a fraction of 1 rather than as a percentage) and (a) the Company shall be obliged to pay the relevant interest at the adjusted rate in accordance with this clause and (b) all references to a rate of interest under this Note shall be construed accordingly.