Canadian Revolving Credit Loans. The following provisions shall apply to the Canadian Revolving Credit Loans and the rights and obligations of the Canadian Funding Bank and the Canadian Risk Participants therein:
(i) CANADIAN RISK PARTICIPATIONS. Notwithstanding anything to the contrary contained herein, all Canadian Revolving Credit Loans shall be made solely by the Canadian Revolving Lenders, including the Canadian Funding Bank. However, each Person that is a Canadian Risk Participant as of the Closing Date, and each Person that becomes a Canadian Risk Participant after the Closing Date in accordance with the provisions of Section 10.7, shall participate in the risk of each Canadian Revolving Credit Loan funded by the Canadian Funding Bank (other than a Canadian Swingline Loan) in an amount equal to such Canadian Risk Participant's Pro Rata Share of all outstanding Canadian Revolving Credit Loans (other than Canadian Swingline Loans) (each such participation, a "CANADIAN RISK PARTICIPATION"). Each such Canadian Risk Participation shall be a risk participation only whereby such Canadian Risk Participant shall not have any ownership right, title or interest, legal or beneficial, to any Canadian Revolving Credit Loan, and shall not be entitled to receive any payments of principal or interest thereon, prior to its purchase of an ownership interest in such Canadian Revolving Credit Loans in accordance with Section 2.8(a)(ii). Each Canadian Risk Participant agrees with the Canadian Funding Bank to share in the Canadian Funding Bank's risk of such Canadian Revolving Credit Loans and in furtherance thereof shall provide the indemnity set forth in Section 2.8(a)(v) and, upon a Canadian Participation Settlement Date, shall purchase an ownership interest in such Canadian Revolving Credit Loans in accordance with Section 2.8(a)(ii). The Canadian Funding Bank and the Canadian Administrative Agent shall record on their books the amount of the Canadian Revolving Credit Loans made by the Canadian Funding Bank and each Canadian Risk Participant's Canadian Risk Participation, all payments in respect thereof and interest accrued thereon, and all payments made by and to each Canadian Risk Participant pursuant to this Section 2.8(a).
Canadian Revolving Credit Loans. Canadian Borrower shall prepay the outstanding principal amount of Canadian Revolving Credit Loans on any date on which the aggregate amount of the Canadian Revolving Credit Exposure of the Canadian Lender would exceed (including, without limitation, solely as a result of fluctuation in exchange rates) the Canadian Borrowing Base then in effect (minus reserves, if any) minus the Dollar Equivalent of the outstanding principal amount of the Canadian Term Loan (minus reserves, if any), in the amount of such excess and in the applicable currency; provided, however, that if such excess is solely as a result of fluctuation in exchange rates, such repayment shall not be required to be made until two Business Days after notice from the Canadian Agent and Canadian Borrower shall not be obligated to pay such amount unless such excess is greater than the Dollar Equivalent of an amount equal to 1% of the Canadian Revolving Credit Sub-Limit then in effect. Any such prepayment shall be applied to repay ratably outstanding principal of Canadian Revolving Credit Loans (but shall not permanently reduce the Canadian Revolving Credit Sub-Limit).
Canadian Revolving Credit Loans. As of the Canadian Effective Date, Canadian Lender agrees, for so long as no Default or Event of Default exists, to make Revolving Credit Loans to Canadian Borrower (each such loan or extension of credit, a “Canadian Revolving Credit Loan”) from time to time during the period from the date hereof to but not including the last day of the Term, as requested by Borrower Representative, on behalf of Canadian Borrower, in the manner set forth in subsection 3.1.1 hereof, up to a maximum principal amount at any time outstanding in Dollar Equivalents equal to the lesser of (i) the Canadian Sublimit minus the Dollar Equivalent of the Canadian LC Obligations and (ii) an amount equal to the Dollar Equivalent of the Canadian Borrowing Base at such time minus the Dollar Equivalent of the Canadian LC Obligations. The Canadian Revolving Credit Loans made by Canadian Lender for the benefit of Canadian Borrower shall be denominated in Canadian Dollars. The Canadian Revolving Credit Loans shall be repayable in accordance with the terms of the Revolving Notes and shall be secured by all of the Canadian Collateral and the U.S. Collateral.
Canadian Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement (including, without limitation, Section 2.3 hereof), each of the Canadian Banks severally agrees to lend to the Canadian Borrower in Canadian Dollars, and the Canadian Borrower may borrow, repay, and reborrow from time to time in Canadian Dollars from the Canadian Facility Effective Date until the Maturity Date, upon notice by the Canadian Borrower to the Canadian Agent given in accordance with this Section 2, such sums in Canadian Dollars as are equal to such Bank's Canadian Commitment Percentage of the Canadian Revolving Credit Loan requested by the Canadian Borrower in such notice; provided that the sum of (a) the Dollar Equivalent of the aggregate principal amount of the Canadian Revolving Credit Loans outstanding, plus (b) the Dollar Equivalent of the aggregate face amount of Bankers' Acceptances then outstanding shall not, at any time and after giving effect to all amounts requested, exceed the Total Canadian Commitment.
Canadian Revolving Credit Loans. Principal on account of Canadian Revolving Credit Loans shall be payable by Canadian Borrower to Canadian Agent for the ratable benefit of the Canadian Lender and the Canadian Participating Lenders, in addition to the circumstances described in Section 3.3.3, immediately upon the earliest of (i) the receipt by Canadian Borrower of any proceeds of any of the Collateral (except as otherwise provided herein), including without limitation pursuant to Sections 3.3.1, 3.3.2(b) and 6.2.4, to the extent of such proceeds, subject to Canadian Borrower’s right to reborrow such amounts in compliance with Section 1.1.2 hereof, (ii) the occurrence of an Event of Default in consequence of which Administrative Agent or Majority Lenders elect to accelerate the maturity and payment of the Obligations, or (iii) termination of this Agreement pursuant to Section 4 hereof.
Canadian Revolving Credit Loans. Subject to the terms and conditions set forth herein, each Canadian Revolving Credit Lender agrees to make Canadian Revolving Credit Loans to BCFPI from time to time during the Canadian Revolving Credit Availability Period in an aggregate principal amount that will not result in (i) such Lender's Canadian Revolving Credit Exposure exceeding such Lender's Canadian Revolving Commitment or (ii) the sum of the total Canadian Revolving Credit Exposures exceeding the total Canadian Revolving Commitments. Canadian Revolving Credit Loans may be made in U.S. Dollars as U.S. Base Rate Loans or Eurodollar Loans, in Canadian Dollars as Canadian Prime Rate Loans, or by means of the creation and discount of Bankers' Acceptances on the terms and conditions provided for herein and in Schedule VII hereto (or, alternatively, by means of BA Equivalent Loans as provided in said Schedule VII), all as more particularly described herein. Within the foregoing limits and subject to the terms and conditions set forth herein, BCFPI may borrow, prepay and reborrow Canadian Revolving Credit Loans. The initial lending office of each Canadian Revolving Credit Lender for Canadian Revolving Credit Loans to be made to BCFPI shall be located in Canada (or in such other jurisdiction as shall allow payments of interest on the Canadian Revolving Credit Loans made to BCFPI to be made without withholding of any Canadian Taxes).
Canadian Revolving Credit Loans. As of the Canadian Effective Date, Canadian Lender agrees, for so long as no Default or Event of Default exists, to make Revolving Credit Loans to Canadian Borrower (each such loan or extension of credit, a "Canadian Revolving Credit Loan") from time to time during the period from the date hereof to but not including the last day of the Term, as requested by Borrower Representative, on behalf of Canadian Borrower, in the manner set forth in subsection 3.1.1 hereof, up to a maximum principal amount at any time outstanding in Dollar Equivalents equal to the lesser of (i) the Canadian Sublimit minus the Dollar Equivalent of the Canadian LC Obligations and (ii) an amount equal to the Dollar Equivalent of the Canadian Borrowing Base at such time minus the Dollar Equivalent of the Canadian LC Obligations. The Canadian Revolving Credit Loans made by Canadian
Canadian Revolving Credit Loans. Each Canadian Bank shall be obligated to participate in each request for Canadian Revolving Credit Loans pursuant to Section 2.4.2 [Canadian Loan Requests] in accordance with its Canadian Ratable Share. The aggregate Dollar Equivalent Amount of each Canadian Bank's Canadian Revolving Credit Loans outstanding hereunder to the Canadian Borrower at any time shall never exceed its Canadian Revolving Credit Commitment minus its Canadian Ratable Share of the Dollar Equivalent Amount of the outstanding Canadian Swing Loans and its Canadian Ratable Share of the Dollar Equivalent Amount of the Canadian Letters of Credit Outstanding. The obligations of each Canadian Bank hereunder are several. The failure of any Canadian Bank to perform its obligations hereunder shall not affect the Canadian Obligations of the Canadian Borrower to any other party nor shall any other party be liable for the failure of such Canadian Bank to perform its obligations hereunder. The Canadian Banks shall have no obligation to make Canadian Revolving Credit Loans hereunder on or after the Expiration Date.
Canadian Revolving Credit Loans. Unless the Canadian Agent shall have received notice from a Canadian Bank prior to 11:00 a.m. on the proposed date of any Canadian Revolving Credit Loan that such Canadian Bank will not make available to the Canadian Agent such Canadian Bank's share of such Canadian Revolving Credit Loan, the Canadian Agent may assume that such Canadian Bank has made such share available on such date in accordance with Section 2.5.2 [Making Canadian Revolving Credit Loans] and may, in reliance upon such assumption, make available to the Canadian Borrower a corresponding amount. In such event, if a Canadian Bank has not in fact made its share of the applicable Canadian Revolving Credit Loan available to the Canadian Agent, then the applicable Canadian Bank and the Canadian Borrower severally agrees to pay to the Canadian Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Canadian Borrower to but excluding the date of payment to the Canadian Agent, at (i) in the case of a payment to be made by such Canadian Bank, the greater of the Canadian Prime Rate and a rate determined by the Canadian Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Canadian Borrower, the interest rate applicable to Canadian Revolving Credit Loans under the Canadian Prime Rate Option. If such Canadian Bank pays its share of the applicable Canadian Revolving Credit Loan to the Canadian Agent, then the amount so paid shall constitute such Canadian Bank's Canadian Revolving Credit Loan. Any payment by the Canadian Borrower shall be without prejudice to any claim the Canadian Borrower may have against a Canadian Bank that shall have failed to make such payment to the Canadian Agent.
Canadian Revolving Credit Loans. Notwithstanding anything contained herein to the contrary, the entire amount of principal of and interest on any Canadian Revolving Credit Loan made in a Canadian Optional Currency shall be repaid in the same Canadian Optional Currency in which such Loan was made; provided, however, that if it is impossible or illegal for the Canadian Borrower to effect payment of a Canadian Revolving Credit Loan in the Canadian Optional Currency in which such Canadian Revolving Credit Loan was made, or if the Canadian Borrower defaults in its obligations to do so, the Required Banks may at their option permit such payment to be made (i) at and to a different location, subsidiary, affiliate or correspondent of the Canadian Agent, (ii) in the Canadian Dollar Equivalent Amount, or (iii) in an Equivalent Amount of such other currency (freely convertible into Canadian Dollars) as the Required Banks may solely at their option designate. Upon any events described in (i) through (iii) of the preceding sentence, the Canadian Borrower shall make such payment and the Canadian Borrower agrees to hold each Canadian Bank harmless from and against any loss incurred by any Canadian Bank arising from the cost to such Canadian Bank of any premium, any costs of exchange, the cost of hedging and covering the Canadian Optional Currency in which such Canadian Revolving Credit Loan was originally made, and from any change in the value of Canadian Dollars, or such other currency, in relation to the Canadian Optional Currency that was due and owing. Such loss shall be calculated for the period commencing with the first day of the LIBOR Interest Period for such Canadian Revolving Credit Loan and continuing through the date of payment thereof. Without prejudice to the survival of any other agreement of the Canadian Borrower hereunder, the Canadian Borrower's obligations under this Section 2.15 shall survive termination of this Agreement.
