Common use of Applicable Rate Adjustment Clause in Contracts

Applicable Rate Adjustment. On the third Banking Day following each date the Borrower delivers a Compliance Certificate to the Administrative Agent pursuant to Section 11.1(a)(iii) which discloses a Net Leverage Ratio at a Level which differs from the Level then in effect, the Applicable Rate shall change to reflect that new Level. The Applicable Rate applicable to all Loans and Letters outstanding on the date any such change takes effect and the Standby Fees (as set out in Schedule I) will be adjusted immediately, but without retroactive effect. There will be no adjustments made with respect to outstanding Bankers’ Acceptances. Notwithstanding the foregoing: (i) if the Borrower fails to deliver a Compliance Certificate to the Administrative Agent by the date required to do so under Section 11.1(a)(iii), the Net Leverage Ratio shall be deemed as from such date to be at Level V until such failure is cured, at which time the Applicable Rate shall be determined in accordance with the table set forth in Schedule I, but without any adjustments having retroactive effect, and (ii) if an Event of Default has occurred and is continuing, the Applicable Rate applicable to all Levels shall, to the extent permitted by Applicable Law, be increased by 2% per annum, but without duplication of the rate specified in Section 7.3(c) as being applicable on overdue amounts.

Applicable Rate Adjustment. On the third Banking Day following each date the Borrower delivers a Compliance Certificate to the Administrative Agent pursuant to Section 11.1(a)(iii) which discloses a Net Leverage Ratio at a Level which differs from the Level then in effect, the Applicable Rate shall change to reflect that new Level. The Applicable Rate applicable to all Loans and Letters outstanding on the date any such change takes effect and the Standby Fees (as set out in Schedule I) will be adjusted immediately, but without retroactive effect. There will be no adjustments made with respect to outstanding Bankers’ Acceptances. Notwithstanding the foregoing: (i) if the Borrower fails to deliver a Compliance Certificate to the Administrative Agent by the date required to do so under Section 11.1(a)(iii), the Net Leverage Ratio shall be deemed as from such date to be at Level V until such failure is cured, at which time the Applicable Rate shall be determined in accordance with the table set forth in Schedule I, but without any adjustments having retroactive effect, and (ii) if an Event of Default has occurred and is continuing, the Applicable Rate applicable to all Levels shall, to the extent permitted by Applicable Law, be increased by 2% per annum, but without duplication of the rate specified in Section 7.3(c) as being applicable on overdue amounts.. Credit Agreement - New Gold Inc.

Applicable Rate Adjustment. On the third Banking Day following each date the Borrower delivers a Compliance Certificate to the Administrative Agent pursuant to Section 11.1(a)(iii) which discloses a Net Leverage Ratio at a Level which differs from the Level then in effect, the Applicable Rate shall change to reflect that new Level. The Applicable Rate applicable to all Loans and Letters outstanding on the date any such change takes effect and the Standby Fees (as set out in Schedule I) will be adjusted immediately, but without retroactive effect. There will be no adjustments made with respect to outstanding Bankers’ Acceptances. Notwithstanding the foregoing: (i) if the Borrower fails to deliver a Compliance Certificate to the Administrative Agent by the date required to do so under Section 11.1(a)(iii), the Net Leverage Ratio shall be deemed as from such date to be at Level V until such failure is cured, at which time the Applicable Rate shall be determined in accordance with the table set forth in Schedule I, but without any adjustments having retroactive effect, and (ii) if an Event of Default has occurred and is continuing, the Applicable Rate applicable to all Levels shall, to the extent permitted by Applicable Law, be increased by 2% per annum, but without duplication of the rate specified in Section 7.3(c) as being applicable on overdue amounts.. Amended and Restated Credit Agreement