Common use of General Interest Rules Clause in Contracts

General Interest Rules. (a) For the purposes hereof, whenever interest or Gold Funding Fees is calculated on the basis of a year of 360 or 365 days, each rate of interest or Gold Funding Fees determined pursuant to such calculation expressed as an annual rate for the purposes of the INTEREST ACT (Canada) is equivalent to such rate as so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 or 365 days, respectively. (b) Interest on each Loan (other than a Gold Loan) and on overdue interest thereon shall be payable in the currency in which such Loan (other than a Gold Loan) is denominated during the relevant period. Gold Funding Fees on each Gold Loan and on overdue Gold Funding Fees thereon shall be payable in U.S. dollars or Gold, as selected by the relevant Borrower in the applicable Drawdown Notice, Rollover Notice or Conversion Notice. (c) If a Borrower fails to pay any fee or other amount of any nature payable by it to the Administrative Agent or the Lenders hereunder (other than principal, interest or Gold Funding Fees) or under any document, instrument or agreement delivered pursuant hereto on the due date therefor, such Borrower shall pay to the Administrative Agent or the relevant Lenders, as the case may be, interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well after as before judgment) at the rate per annum, calculated and compounded monthly, which is equal to: (i) the Alternate Base Rate Canada plus 3% in the case of overdue amounts denominated in U.S. dollars; and (ii) the Prime Rate plus 3% in the case of all other overdue amounts. Such interest on overdue amounts shall become due and be paid on demand made by the Administrative Agent.

General Interest Rules. (a) For the purposes hereof, whenever interest or Gold Funding Fees is calculated on the basis of a year of 360 or 365 days, each rate of interest or Gold Funding Fees determined pursuant to such calculation expressed as an annual rate for the purposes of the INTEREST ACT (Canada) is equivalent to such rate as so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 or 365 days365, respectively. (b) Interest on each Loan (other than a Gold Loan) and on the overdue interest thereon shall be payable in the currency in which such Loan (other than a Gold Loan) is denominated during the relevant period. Gold Funding Fees on each Gold Loan and on overdue Gold Funding Fees thereon shall be payable in U.S. dollars or Gold, as selected by the relevant Borrower in the applicable Drawdown Notice, Rollover Notice or Conversion Notice. (c) If a Borrower fails the Borrowers fail to pay any fee or other amount of any nature payable by it them to the Administrative Agent or the Lenders hereunder (other than principal, interest principal or Gold Funding Feesinterest) on the due date therefor or under any document, instrument or agreement delivered pursuant hereto on the due date therefor, such Borrower the Borrowers shall pay to the Administrative Agent or the relevant Lenders, as the case may bemaybe, interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well after as before judgment) at the rate per annum, calculated and compounded monthly, which is equal to: (i) the Alternate Base Rate Canada ABRCAN plus 3% per annum in the case of overdue amounts denominated in U.S. dollars; and and (ii) the Prime Rate plus 3% per annum in the case of all other overdue amounts. Such interest on overdue amounts shall become due and be paid on demand made by the Administrative Agent. (d) The principle of deemed reinvestment of interest shall not apply to any interest calculation under this Agreement; all interest payments to be made hereunder shall be paid without allowance or deduction for deemed reinvestment or otherwise, before and after maturity, default and judgment. The rates of interest specified in this Agreement are intended to be nominal rates and not effective rates. Interest calculated hereunder shall be calculated using the nominal rate method and not the effective rate method of calculation.

General Interest Rules. (a) For the purposes hereof, whenever interest or Gold Funding Fees is calculated on the basis of a year of 360 360, 365 or 365 366 days, each rate of interest or Gold Funding Fees determined pursuant to such calculation expressed as an annual rate for the purposes of the INTEREST ACT Interest Act (Canada) is equivalent to such rate as so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 360, 365 or 365 366 days, respectively. (b) Interest on each Loan (other than a Gold Loan) and on overdue interest thereon shall be payable in the currency in which such Loan (other than a Gold Loan) is denominated during the relevant period. Gold Funding Fees on each Gold Loan and on overdue Gold Funding Fees thereon shall be payable in U.S. dollars or Gold, as selected by the relevant Borrower in the applicable Drawdown Notice, Rollover Notice or Conversion Notice. (c) If a the Borrower fails to pay any fee or other amount (other than principal or interest) of any nature payable by it to the Administrative Agent or the Lenders hereunder (other than principal, interest or Gold Funding Fees) or under any document, instrument or agreement delivered pursuant hereto on the due date therefor, such the Borrower shall pay to the Administrative Agent or the relevant Lenders, as the case may be, interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well before and after as before judgment) at the rate per annum, calculated and compounded monthly, which is equal to: , (i) the Alternate Base Rate Canada plus 3% in the case of overdue amounts denominated a Term Benchmark Loan, Term SOFR Rate for the Interest Period applicable thereto plus the Applicable Rate then in U.S. dollars; effect at all times that an Event of Default has occurred and is continuing and (ii) the Prime Rate plus 3% in the case of a Base Rate Loan, the Base Rate plus the Applicable Rate then in effect at all other overdue amountstimes that an Event of Default has occurred and is continuing. Such interest on overdue amounts shall become due and be paid on demand made by the Administrative Agent. (d) No interest or fee to be paid hereunder shall be paid at a rate exceeding the maximum rate permitted by Applicable Law. In the event that such interest or fee exceeds such maximum rate, such interest or fees shall be reduced or refunded, as the case may be, so as to be payable at the highest rate recoverable under Applicable Law. (e) The parties agree that all interest in this agreement will be calculated using the nominal rate method and not the effective rate method, and that the deemed re-investment principle shall not apply to such calculations. In addition, the parties acknowledge that there is a material distinction between the nominal and effective rates of interest and that they are capable of making the calculations necessary to compare such rates.

General Interest Rules. (a) For the purposes hereof, whenever interest or Gold Funding Fees is calculated on the basis of a year of 360 days or 365 daysany other period of time that is less than a calendar year, each rate of interest or Gold Funding Fees determined pursuant to such calculation expressed as an annual rate for the purposes of the INTEREST ACT Interest Act (Canada) is equivalent to such rate as so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 days or 365 dayssuch other number of days in such period, respectivelyas the case may be. (b) Interest on each Loan (other than a Gold Loan) and on overdue interest thereon shall be payable in the currency in which such Loan (other than a Gold Loan) is denominated during the relevant period. Gold Funding Fees on each Gold Loan and on overdue Gold Funding Fees thereon shall be payable in U.S. dollars or Gold, as selected by the relevant Borrower in the applicable Drawdown Notice, Rollover Notice or Conversion Notice. (c) If a the Borrower fails to pay any interest, fee or other amount of any nature payable by it to the Administrative Agent or the Lenders hereunder (other than principal, interest or Gold Funding Fees) or under any document, instrument or agreement delivered pursuant hereto on the due date therefor, such the Borrower shall pay to the Administrative Agent or the relevant Lenders, as the case may be, interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well after as before judgment) at the rate per annum, calculated and compounded monthly, which is equal to: (i) the Alternate Base Rate Canada plus 3% highest rate of interest then applicable to any outstanding Loan in the case of overdue amounts denominated in U.S. dollars; and (ii) the Prime Rate plus 3% in the case of all other overdue amountsaccordance with Section 6.1. Such interest on overdue amounts shall become due and be paid on demand made by the Administrative Agent. (d) In no event shall any interest or fee to be paid hereunder exceed the maximum rate permitted by Applicable Law (including, for certainty, Section 347 of the Criminal Code (Canada)) and the Borrower shall not be obligated to make any payment hereunder in excess of such rate. In the event any such interest rate or fee exceeds such maximum rate, such rate shall be adjusted downward to the highest rate (expressed as a percentage per annum) or fee that the parties could validly have agreed to by contract on the date hereof under Applicable Law.