Common use of Canadian Advances Clause in Contracts

Canadian Advances. Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Canadian Revolving Lender agrees (severally, not jointly or jointly and severally) to make revolving loans (“Canadian Advances”) denominated in Canadian Dollars, U.S. Dollars or any other freely transferable currency approved by the Canadian Revolving Lenders, the Administrative Agent and, in respect of Letters of Credit, the Canadian Issuing Banks in accordance with Section 1.5, at the election of the Canadian Borrowers, to the Canadian Borrowers in an amount at any one time outstanding, but subject to Section 1.7(e) not to exceed the lesser of: (i) such Canadian Revolving Lender’s Canadian Revolving Commitment, and (ii) such Canadian Revolving Lender’s Pro Rata Share of an amount equal to: (A) the Canadian Loan Cap, less (B) the Canadian Letter of Credit Usage at such time, less (C) the principal amount of Canadian Swingline Loans outstanding at such time.