Common use of Borrowing Options Clause in Contracts

Borrowing Options. Subject to the provisions of this Agreement, the Borrowers may, at their option, utilize the Credit Facilities by way of: (a) Prime Rate Advances, Base Rate Advances or Libor Advances pursuant to Article 3 hereof; and (b) Bankers’ Acceptances for terms of one month to six months (or, subject to availability, shorter or longer terms) in Canadian Dollars pursuant to Article 4 hereof. In addition, the Operating Borrower may, at its option and subject to the provisions of this agreement, utilize the Operating Facility by way of Letters of Credit or Guarantee Letters issued by the Issuing Lender in Canadian Dollars or US Dollars pursuant to Article 5 hereof.

Borrowing Options. Subject to the provisions of this Agreement, the Borrowers may, at their option, utilize the Credit Facilities by way of: (a) Prime Rate Advances, Base Rate Advances or Libor Advances pursuant to Article 3 hereof; and (b) Bankers’ Acceptances for terms of one month to six months (or, subject to availability, shorter or longer terms) in Canadian Dollars pursuant to Article 4 hereof. In addition, the Operating Borrower Borrowers may, at its their option and subject to the provisions of this agreement, utilize the Operating Facility by way of Letters of Credit or Guarantee Letters issued by the Issuing Lender in Canadian Dollars or US Dollars pursuant to Article 5 hereof.