Common use of Criminal Code (Canada) Clause in Contracts

Criminal Code (Canada). If any provision of this Agreement would oblige a Canadian Borrower to make any payment of interest or other amount payable to any Secured Party in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by that Secured Party of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, 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 that Secured Party of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: (a) first, by reducing the amount or rate of interest; and (b) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid which would constitute interest for purposes of section 347 of the Criminal Code (Canada).

Criminal Code (Canada). If any provision of this Agreement would oblige a Canadian Borrower Obligor to make any payment of interest or other amount payable to any Secured Finance Party in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by that Secured Finance Party of “"interest” " at a “"criminal rate” " (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, 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 that Secured Finance Party of “interest” at a “"criminal rate”", such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: : (aA) first, by reducing the amount or rate of interest; and and (bB) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid which would constitute interest for purposes of section 347 of the Criminal Code (Canada).

Criminal Code (Canada). If any provision of this Agreement would oblige a any Canadian Borrower Domiciled Loan Party to make any payment of interest or other amount payable to any Secured Party Lender or Issuing Bank in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by that Secured Party such Lender or Issuing Bank of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, 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 that Secured Party such Lender or Issuing Bank of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: (a) first, by reducing the amount or rate of interest; and (b) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid which would constitute interest for purposes of section 347 of the Criminal Code (Canada).

Criminal Code (Canada). If any provision of this Agreement would oblige a any Canadian Borrower Domiciled Loan Party to make any payment of interest or other amount payable to any Secured Loan Party in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by that Secured Loan Party of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, 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 that Secured Loan Party of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: (a) first, by reducing the amount or rate of interest; and (b) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid which would constitute interest for purposes of section 347 of the Criminal Code (Canada).

Criminal Code (Canada). If any provision of this Agreement or of any of the other Note Documents would oblige a Canadian Borrower obligate the Issuer or Subsidiary to make any payment of interest or other amount payable to any Secured Party Holder in an amount or calculated at a rate which would be prohibited by law Law or would result in a receipt by that Secured Party such Holder of “interest” interest at a “criminal rate” rate (as such terms are construed under the Criminal Code (Canada)), ) then, notwithstanding such provisionprovisions, 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 that Secured Party such Holder of “interest” interest at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: (a) first: firstly, by reducing the amount or rate of interest; and (b) interest required to be paid to such Holder under the applicable Note Document, and thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid to such Holder which would constitute interest “interest” for purposes of section Section 347 of the Criminal Code (Canada).

Criminal Code (Canada). If any provision of this Agreement would oblige a Canadian Borrower to make any payment of interest or other amount payable to any Secured Party in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by that Secured Party of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, 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 that Secured Party of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: (ai) first, by reducing the amount or rate of interest; and (bii) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid which would constitute interest for purposes of section 347 of the Criminal Code (Canada).

Criminal Code (Canada). If any provision of this Agreement would oblige a any Canadian Borrower Domiciled Loan Party to make any payment of interest or other amount payable to any Secured Loan Party in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by that Secured Loan Party of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, 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 that Secured Loan Party of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: : (a) first, by reducing the amount or rate of interest; and and (b) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid which would constitute interest for purposes of section 347 of the Criminal Code (Canada).