Common use of Canadian Dollar Provisions Clause in Contracts

Canadian Dollar Provisions. (a) If any payment due hereunder or under any other Operative Document is not made in the currency due under this Agreement (the “Contractual Currency”) or if any court or tribunal shall render a judgment or order for the payment of amounts due hereunder or under the Operative Documents and such judgment is expressed in a currency other than the Contractual Currency, the Sponsor shall indemnify and hold the Servicer and each Participant harmless against any deficiency incurred by the Servicer or such Participant with respect to the amount received by the Servicer or such Participant to the extent the rate of exchange at which the Contractual Currency is convertible into the currency actually received or the currency in which the judgment is expressed (the “Received Currency”) is not the reciprocal of the rate of exchange at which the Servicer would be able to purchase the Contractual Currency with the Received Currency, in each case on the Business Day following receipt of the Received Currency in accordance with normal banking procedures. If the court or tribunal has fixed the date on which the rate of exchange is determined for the conversion of the judgment currency into the Contractual Currency (the “Conversion Date”) and if there is a change in the rate of exchange prevailing between the Conversion Date and the date of receipt by the Servicer and the relevant Participant, then the Sponsor will, notwithstanding such judgment or order, pay such additional amount (if any) as may be necessary to ensure that the amount paid in the Received Currency when converted at the rate of exchange prevailing on the date of receipt will produce the amount then due to the Servicer and the relevant Participant from the Sponsor hereunder in the Contractual Currency.

Canadian Dollar Provisions. (a) If any payment due hereunder or under any other Operative Document is not made in the currency due under this Agreement (the “Contractual Currency”) or if any court or tribunal shall render a judgment or order for the payment of amounts due hereunder or under the Operative Documents and such judgment is expressed in a currency other than the Contractual Currency, the Sponsor shall indemnify and hold the Servicer and each Participant harmless against any deficiency incurred by the Servicer or such Participant with respect to the amount received by the Servicer or such Participant to the extent the rate of exchange at which the Contractual Currency is convertible into the currency actually received or the currency in which the judgment is expressed (the “Received Currency”) is not the reciprocal of the rate of exchange at which the Servicer would be able to purchase the Contractual Currency with the Received Currency, in each case on the Business Day following receipt of the Received Currency in accordance with normal banking procedures. If the court or tribunal has fixed the date on which the rate of exchange is determined for the conversion of the judgment currency into the Contractual Currency (the “Conversion Date”) and if there is a change in the rate of exchange prevailing between the Conversion Date and the date of receipt by the Servicer and the relevant Participant, then the Sponsor will, notwithstanding such judgment or order, pay such additional amount (if any) as may be necessary to ensure that the amount paid in the Received Currency when converted at the rate of exchange prevailing on the date of receipt will produce the amount then due to the Servicer and the relevant Participant from the Sponsor hereunder in the Contractual Currency. If a Credit Event of the type described in Sections 9.7, 9.8 or 9.9 occurs: (i) any amounts owing to the Servicer and the Participants under the Operative Documents, (ii) any damages owing to the Servicer or the Participants, as the case may be, in respect of a breach of any of the terms of the Operative Documents, or (iii) any judgment or order rendered in respect of such amounts or damages, the Sponsor shall indemnify and hold the Servicer and the Participants harmless against any deficiency with respect to the Contractual Currency in the amounts received by the Servicer and the Participants with respect to any of the amounts described in clause (i), (ii) or (iii) above arising or resulting from any variation as between: (i) the rate of exchange at which the Contractual Currency is converted into another currency (the “Liquidation Currency”) for purposes of such winding-up, liquidation, dissolution or bankruptcy with regard to the amount in the Contractual Currency due or contingently due under the Operative Documents or under any judgment or order to which the relevant obligations under the Operative Documents shall have been merged and (ii) the rate of exchange at which the Servicer would, in accordance with normal banking procedures, be able to purchase the Contractual Currency with the Liquidation Currency at the earlier of (A) the date of payment of such amounts or damages and (B) the final date or dates for the filing of proofs of a claim in a winding-up, liquidation, dissolution or bankruptcy. As used in the preceding sentence, the “final date” or dates for the filing of proofs of a claim in a winding-up, liquidation, dissolution or bankruptcy shall be the date fixed by the liquidator under the applicable law as being the last practicable date as of which the liabilities of the Borrowers or the Sponsor, as the case may be, may be ascertained for such winding-up, liquidation, dissolution or bankruptcy before payment by the liquidator or other appropriate Person in respect thereof.