Acceptance Commitments. (a) Subject to the terms and conditions hereof, each Canadian Lender severally agrees to create Acceptances for the Canadian Borrower on any Business Day during the Revolving Credit Commitment Period by accepting Drafts drawn by the Canadian Borrower so long as after giving effect to such acceptance, (i) the Available Canadian Revolving Credit Commitment of such Canadian Lender would be greater than or equal to zero and (ii) the Aggregate Total Outstandings of all Lenders do not exceed the Aggregate U.S. Revolving Credit Commitments.
(b) The Canadian Borrower may utilize the Canadian Revolving Credit Commitments in the manner contemplated by this Section 6 by authorizing each Canadian Lender in the manner provided for in subsection 6.2(b) to draw Drafts on such Canadian Lender and having such Drafts accepted pursuant to subsection 6.2, paying its obligations with respect thereto pursuant to subsection 6.5, and again, from time to time, authorizing Drafts to be drawn on the Canadian Lenders and having them presented for acceptance, all in accordance with the terms and conditions of this Section 6.
(c) For the purposes of this Agreement, all Acceptances shall be considered a utilization of the Canadian Revolving Credit Commitments in an amount equal to the undiscounted face amount of such Acceptance.
Acceptance Commitments. 41 5.2 Creation of Acceptances.......................................................................... 41 5.3
Acceptance Commitments. (a) Pursuant to the Existing Credit Agreement, the Canadian Lenders (as defined under the Existing Credit Agreement, the "Existing Acceptance Lenders") have created (i) the Acceptances described on Schedule 1.1D (the "Existing Acceptances"), which from and after the Closing Date shall continue to be "Acceptances" hereunder and (ii) the Acceptances described on Schedule 1.1E (the "Specified Acceptances"), which will be repaid in full on the Closing Date . As of the Closing Date, The Toronto-Dominion Bank, as a Canadian Lender, shall have entered into an indemnity agreement with the Existing Acceptance Lenders with respect to amounts to be paid to the Existing Acceptance Lenders in respect of the Existing Acceptances and, as of the Closing Date, The Toronto-Dominion Bank shall be deemed to have created all of the Existing Acceptances. In the event that any Acceptances are outstanding on the date on which any Canadian Lender other than The Toronto-Dominion Bank becomes a party to this Agreement, such Canadian Lender shall enter into an indemnity agreement with The Toronto-Dominion Bank with respect to such Existing Acceptances, in form and substance satisfactory to such Canadian Lender and The Toronto-Dominion Bank.
(b) Subject to the terms and conditions hereof, each Canadian Lender severally agrees during the Canadian Facility Commitment Period to convert Canadian Term Loans made by such Canadian Lender to Acceptances in an aggregate face amount not to exceed the aggregate principal amount of such Canadian Term Loans; provided, that no such conversion shall occur if, (i) after giving effect to such conversion and to the repayment of any portion of maturing Acceptances not being so converted, the Total Aggregate Canadian Term Loan Outstandings would exceed the Canadian Facility Maximum Amount at such time or (ii) prior to the maturity of such Acceptances a Canadian Facility Amortization Date will occur and, after giving effect to the reduction in the Canadian Facility Maximum Amount on such date, the Total Aggregate Canadian Term Loan Outstandings will exceed the Canadian Facility Maximum Amount. Notwithstanding the foregoing, during the period prior to completion of the Syndication of the Facilities, the Canadian Borrower will consult with the Canadian Administrative Agent with respect to any request for Acceptances, and during such period no Acceptance will be created having a maturity later than the date on which the syndication of the Facilities is expec...
Acceptance Commitments. 20 SECTION 3.2 Creation of Acceptances ................................. 21 SECTION 3.3 Discount of Acceptances ................................. 22 SECTION 3.4
Acceptance Commitments. (a) Subject to the terms and conditions hereof, each Lender agrees to create Acceptances for the Borrower on any Business Day during the Commitment Period by accepting Drafts drawn by the Borrower; provided that no Lender shall be obligated to accept any Draft if, after giving effect to such acceptance, (i) the Available Commitment of such Lender would not be greater than or equal to zero or (ii) the Aggregate Available Commitments of all Lenders would not be greater than or equal to zero.
(b) The Borrower may utilize the Commitments in the manner contemplated by this Article 3 by authorizing each Lender in the manner provided for in subsection 3.2(b) to draw Drafts on such Lender and having such Drafts accepted pursuant to Section 3.2, paying its obligations with respect thereto pursuant to Section 3.2, and again authorizing Drafts to be drawn on the Lenders and having them presented for acceptance, all in accordance with the terms and conditions of this Article 3.
(c) For the purposes of this Agreement, all Acceptances shall be considered a utilization of the Commitments in an amount equal to the undiscounted face amount of such Acceptance.
Acceptance Commitments. (a) Subject to the terms and conditions ---------------------- hereof, each Lender agrees to create Acceptances for the Borrower on any Business Day during the Commitment Period by accepting Drafts drawn by the Borrower; provided that no Lender shall be obligated to accept any Draft if, -------- after giving effect to such acceptance, (i) the Available Commitment of such Lender would be less than zero or (ii) the Aggregate Outstandings of all Lenders would exceed the lesser of (A) the Borrowing Base then in effect and (B) the aggregate Commitments of all Lenders.
(b) The Borrower may utilize the Commitments in the manner contemplated by this Section 3 by authorizing each Lender in the manner provided for in subsection 3.2(b) to draw Drafts on such Lender and having such Drafts accepted pursuant to subsection 3.2, paying its obligations with respect thereto pursuant to subsection 3.5, and again authorizing Drafts to be drawn on the Lenders and having them presented for acceptance, all in accordance with the terms and conditions of this Section 3.
(c) For the purposes of this Agreement, all Acceptances shall be considered a utilization of the Commitments in an amount equal to the undiscounted face amount of such Acceptance.
Acceptance Commitments. Section 2.1.3 of the Credit Agreement is hereby amended by deleting the further proviso set forth therein in its entirety and substituting the following therefor: provided further that the Issuer will have no obligation to create any Acceptances if, after giving effect to such creation, (i) the Acceptance Obligations would exceed the Acceptance Commitment Amount or (ii) the aggregate outstanding Revolving Extensions of Credit of all Lenders would exceed (x) prior to the Borrowing Base Commencement Date, the Revolving Loan Commitment Amount as then in effect and (y) from and after Borrowing Base Commencement Date, in the sole discretion of the Administrative Agent and upon notice to the Borrower, the lesser of (A) the Borrowing Base Amount and (B) the Revolving Loan Commitment Amount as then in effect or (iii) the aggregate outstanding Revolving Extensions of Credit of all Lenders would exceed the Aggregate Available Revolving Commitment of all Lenders.
Acceptance Commitments. 55 ----------------------
Acceptance Commitments. The Issuer and each L/C Participant confirm that the Issuer's issuance of Sight Draft Letters of Credit and each L/C Participant's acquisition of interests therein constitutes an agreement by the Issuer and the L/C Participants to extend credit by the Issuer's accepting drafts ("Drafts") for the account of the Borrower that are presented for honor under Sight Draft Letters of Credit in compliance with the terms thereof (each such presentment, an "Acceptance Request", and each such accepted Draft, the "Acceptance") and each L/C Participant's acquiring its Acceptance Participating Interest in such Acceptance created by the Issuer, from time to time during the Revolving Commitment Period; provided that each Draft will be denominated in Dollars and will be stated to mature on a Business Day which shall not be less than 30 days or greater than 180 days after the date thereof, at the option of the Borrower; provided further that the Issuer will have no obligation to create any Acceptances if, after giving effect to such creation, (i) the Acceptance Obligations would exceed the Acceptance Commitment Amount or (ii) the aggregate outstanding Revolving Extensions of Credit of all Lenders would exceed the sum of (x) the Revolving Loan Commitment Amount as then in effect less (y) the amount of the Parent Note Obligations at such time or (iii) the aggregate outstanding Revolving Extensions of Credit of all Lenders would exceed the Aggregate Available Revolving Commitment of all Lenders. Furthermore, the Issuer will not at any time be obligated to create any Acceptances hereunder if such issuance would conflict with, or cause the Issuer or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. Each Acceptance will be denominated in Dollars.
Acceptance Commitments. Subject to the terms and conditions hereof, each Canadian Lender severally agrees to convert Canadian Term Loans made by such Canadian Lender to Acceptances in an aggregate face amount not to exceed the aggregate principal amount of such Canadian Term Loans; provided, that no such conversion shall occur if, (i) after giving effect to such conversion and to the repayment of any portion of maturing Acceptances not being so converted, the Total Aggregate Canadian Term Loan Outstandings would exceed the Canadian Facility Maximum Amount at such time or (ii) prior to the maturity of such Acceptances a Canadian Facility Amortization Date will occur and, after giving effect to the reduction in the Canadian Facility Maximum Amount on such date, the Total Aggregate Canadian Term Loan Outstandings will exceed the Canadian Facility Maximum Amount.
