Canadian Letters of Credit Sample Clauses
Canadian Letters of Credit. (i) Subject to the terms and conditions of this Agreement, upon the request of Canadian Borrower made in accordance herewith, the Canadian Issuing Lender agrees to issue, or to cause a Canadian Underlying Issuer (including, as Canadian Issuing Lender’s agent) to issue, a requested standby Canadian Letter of Credit or a sight commercial Canadian Letter of Credit for the account of Canadian Borrower. If Canadian Issuing Lender, at its option, elects to cause a Canadian Underlying Issuer to issue a requested Canadian Letter of Credit, then Canadian Issuing Lender agrees that it will enter into arrangements relative to the reimbursement of such Canadian Underlying Issuer (which may include, among, other means, by becoming an applicant with respect to such Canadian Letter of Credit or entering into undertakings which provide for reimbursements of such Canadian Underlying Issuer with respect to such Canadian Letter of Credit; each such obligation or undertaking, irrespective of whether in writing, a “Canadian Reimbursement Undertaking”) with respect to Canadian Letters of Credit issued by such Canadian Underlying Issuer. By submitting a request to Canadian Issuing Lender for the issuance of a Canadian Letter of Credit, Canadian Borrower shall be deemed to have requested that Canadian Issuing Lender issue or that a Canadian Underlying Issuer issue the requested Canadian Letter of Credit and to have requested Canadian Issuing Lender to issue a Canadian Reimbursement Undertaking with respect to such requested Canadian Letter of Credit if it is to be issued by a Canadian Underlying Issuer (it being expressly acknowledged and agreed by Canadian Borrower that Canadian Borrower is and shall be deemed to be an applicant (within the meaning of Section 5-102(a)(2) of the Code) with respect to each Canadian Underlying Letter of Credit). Each request for the issuance of a Canadian Letter of Credit, or the amendment, renewal, or extension of any outstanding Canadian Letter of Credit, shall be made in writing by an Authorized Person and delivered to the Canadian Issuing Lender and Agent via hand delivery, telefacsimile, or other electronic method of transmission reasonably in advance of the requested date of issuance, amendment, renewal, or extension. Each such request shall be in form and substance reasonably satisfactory to the Agent and the Canadian Issuing Lender in its Permitted Discretion and shall specify
(A) the amount of such Canadian Letter of Credit, (B) the date o...
Canadian Letters of Credit. Subject to the terms and conditions of this Agreement, Canadian Issuing Lender may, but shall not be required to, through the Canadian Issuing Office, at any time and from time to time from and after the date hereof until thirty (30) days prior to the Canadian Revolving Credit Maturity Date, upon the written request of the Canadian Borrower accompanied by a duly executed Canadian Letter of Credit Agreement and such other documentation related to the requested Canadian Letter of Credit as the Canadian Issuing Lender may require, issue Canadian Letters of Credit in US Dollars or Canadian Dollars, as elected by Canadian Borrower, for the account of the Canadian Borrowers, in an aggregate amount for all Canadian Letters of Credit issued hereunder at any one time outstanding not to exceed the Canadian Letter of Credit Maximum Amount. Each Canadian Letter of Credit shall be in a minimum face amount of One Hundred Thousand US Dollars (US$100,000), or the Equivalent Amount in Canadian Dollars (or such lesser amount as may be agreed to by Canadian Issuing Lender) and each Canadian Letter of Credit (including any renewal thereof) shall expire not later than the first to occur of (i) twelve (12) months after the date of issuance thereof and (ii) ten (10) Business Days prior to the Canadian Revolving Credit Maturity Date in effect on the date of issuance thereof; provided, however, that the expiry date of a Canadian Letter of Credit may, in Canadian Issuing Lender’s discretion, be up to ninety (90) days later than the tenth Business Day prior to the Canadian Revolving Credit Maturity Date. Canadian Borrower agrees, on or before the tenth Business Day prior to the Canadian Revolving Credit Maturity Date, to deposit cash collateral in the Collateral Account on terms satisfactory to the Canadian Issuing Lender in an amount equal to 105% of the amount available for drawing under all Canadian Letters of Credit expiring after the Canadian Revolving Credit Maturity Date, which cash collateral shall remain in the Collateral Account until (i) all original Canadian Letters of Credit are either fully drawn upon or returned undrawn to the Canadian Issuing Lender, (ii) Canadian Issuing Lender has been reimbursed in full for all drawings on all Canadian Letters of Credit, and (iii) all fees and costs of Canadian Issuing Lender have been paid in full. The submission of all applications in respect of and the issuance of each Canadian Letter of Credit hereunder shall be subject in all...
Canadian Letters of Credit. Subject to and upon the terms and conditions herein set forth, Canadian Borrower may request, on behalf of itself, that the Canadian Facing Agent issue, at any time and from time to time on and after the Fourth Amendment Effective Date, and prior to the 30th Business Day preceding the Canadian Revolver Termination Date, for the account of such Borrower and for the benefit of any holder (or any trustee, agent or other similar representative for any such holder) of LC Supportable Indebtedness of Canadian Borrower or any of its Subsidiaries, an irrevocable standby letter of credit or letter of guarantee in Canadian Dollars, in a form customarily used by such Facing Agent, or in such other form as has been approved by such Facing Agent (each such standby letter of credit and letter of guarantee, collectively, a “Canadian Letter of Credit”), in support of LC Supportable Indebtedness; provided, however, no Canadian Letter of Credit shall be issued the Dollar Equivalent of the Stated Amount of which, when added to the Effective Amount of all Canadian LC Obligations (exclusive of Unpaid Drawings relating to Canadian Letters of Credit which are repaid on or prior to the date of, and prior to the issuance of, the respective Canadian Letter of Credit at such time), would exceed either (i) $10,000,000 or (ii) when added to the Dollar Equivalent of the aggregate principal amount of all Canadian Revolving Loans and Canadian LC Obligations then outstanding with respect to Canadian Borrower, the Total Canadian Revolving Commitment at such time.
Canadian Letters of Credit. The Canadian Tranche A Loan Commitment may, in addition to Canadian Tranche A Revolving Credit Advances, be utilized (subject to the limitations imposed by Section 1.1(a)), upon the request of Canadian Borrower Representative on behalf of the applicable Canadian Borrower, for the issuance of Canadian Letters of Credit for the benefit of such Canadian Borrower. Immediately upon the issuance by a Canadian L/C Issuer of a Canadian Letter of Credit, and without further action on the part of Canadian Agent or any of the Canadian Tranche A Lenders, each Canadian Tranche A Lender shall be deemed to have purchased from such Canadian L/C Issuer a participation in such Canadian Letter of Credit (or in its obligation under a risk participation agreement with respect thereto) equal to such Canadian Tranche A Lender’s Pro Rata Share of the aggregate amount available to be drawn under such Canadian Letter of Credit.
Canadian Letters of Credit. (1) The Canadian Borrowers shall jointly and severally pay to the applicable Issuing Bank, with respect to any issuance, amendment, transfer, or cancellation prior to expiration of any Canadian Letter of Credit and for each drawing made thereunder, documentary and processing charges in accordance with such Issuing Bank's standard schedule for such charges in effect at the time of, and payable at the time of, such issuance, amendment, transfer, cancellation or drawing, as the case may be, as well as a fronting fee in an amount to be agreed from time to time between the Canadian Borrowers and the applicable Issuing Bank. All fees payable pursuant to this Section 2.13(d)(1) shall be retained by the applicable Issuing Bank.
(2) The Canadian Borrowers will jointly and severally pay to the Canadian Administrative Agent for the account of and pro rata distribution to each Canadian Revolving Lender a fee on the daily average amount available for drawings under each Canadian Letter of Credit, in each case for the period from and including the date of issuance of such Canadian Letter of Credit to and excluding the date of expiration or termination thereof computed at a per annum rate for each day equal to the Applicable Margin for B/A Loans. Such fees shall be payable in arrears on the first Business Day of each month.
Canadian Letters of Credit. Subject to the terms and conditions hereof, Agent shall issue or cause the issuance of standby and/or trade letters of credit in Canadian Dollars (“Canadian Letters of Credit”) for the account of any Canadian Borrower or any of its Subsidiaries; provided, however, that Agent will not be required to issue or cause to be issued any Canadian Letters of Credit to the extent that the issuance thereof would then cause the sum of (i) the outstanding Canadian Revolving Advances (including Canadian Swing Loans), plus (ii) the Maximum Undrawn Amount of all outstanding Canadian Letters of Credit to exceed the lesser of (x) the Maximum Canadian Revolving Advance Amount or (y) the Canadian Formula Amount. The Maximum Undrawn Amount of all outstanding Canadian Letters of Credit shall not exceed in the aggregate at any time the Canadian Letter of Credit Sublimit. All disbursements or payments related to Canadian Letters of Credit shall be deemed to be Canadian Prime Rate Loans consisting of Canadian Revolving Advances and shall bear interest at the Revolving Interest Rate for Canadian Prime Rate Loans. Canadian Letters of Credit that have not been drawn upon shall not bear interest.
Canadian Letters of Credit. Letters of Credit at site or at time (including documentary bankers' acceptances), in form customarily issued by the Canadian Bank as stand by, documentary or commercial letters of credit, issued by the Canadian Bank at the request of the Canadian Borrower and for the account of the Canadian Borrower.
Canadian Letters of Credit. On the terms and conditions set forth herein Bank of America as the L/C Issuer may issue upon request and for the account of the Borrower a standby Canadian L/C. For purposes of determining L/C Obligations, any Canadian L/C shall be recorded in the Administrative Agent’s account in Dollars based on the Dollar Equivalent Amount on the date of issuance of such Canadian L/C; provided, however, that the Administrative Agent shall determine the Dollar Equivalent Amount of any Canadian L/C on the Valuation Date for the purpose of determining L/C Obligations. Any draw on a Canadian L/C shall be repaid in Canadian Dollars in an amount equal to the amount of the draw in Canadian Dollars. If at any time there is a drawing under a Canadian L/C and the Borrower shall not promptly reimburse such drawing as provided in Section 2.3(c), the Borrower shall be obligated to immediately repay to the Administrative Agent for the benefit of the Lenders an amount in Dollars equal to the Dollar Equivalent Amount of the Canadian Dollars paid by Bank of America as the L/C Issuer to the beneficiary of such Canadian L/C on the date of such drawing.
Canadian Letters of Credit. Subject to and upon the terms and conditions contained herein and in the Letter of Credit Documents, at the request of the Administrative Borrower on behalf of a Canadian Borrower, Agent agrees to cause Issuing Bank to issue, and Issuing Bank agrees to issue, for the account of such Canadian Borrower one or more Letters of Credit denominated in Dollars or Canadian Dollars (each a “Canadian Letter of Credit”), for the ratable risk of each Lender according to its Pro Rata Share, containing terms and conditions acceptable to Agent and Issuing Bank.
Canadian Letters of Credit. Each of the Canadian Lenders authorizes and requests each Canadian Letter of Credit Issuer to issue the Canadian Letters of Credit provided for in Section 2.4 and to grant each Canadian Lender a participation in each of such Canadian Letters of Credit in an amount equal to its Percentage Interest in the amount of each such Canadian Letter of Credit. Promptly upon the request of the Canadian Letter of Credit Issuer, each Canadian Lender shall reimburse the Canadian Letter of Credit Issuer in immediately available funds for such Canadian Lender's Percentage Interest in the amount of all obligations to third parties incurred by the Canadian Letter of Credit Issuer in respect of each Canadian Letter of Credit and each draft accepted under a Canadian Letter of Credit to the extent not reimbursed by the Canadian Borrower by 2:00 p.m. (Toronto time) on the Banking Day when due. The Canadian Letter of Credit Issuer will notify each Canadian Lender of the issuance of any Canadian Letter of Credit, the amount and date of payment of any draft drawn or accepted under a Canadian Letter of Credit and whether in connection with the payment of any such draft the amount thereof was added to the Canadian Revolving Loan or was reimbursed by the Canadian Borrower.