Canadian Severability Clause Samples
The Canadian Severability clause ensures that if any part of a contract is found to be invalid or unenforceable under Canadian law, the remainder of the agreement remains effective and binding. In practice, this means that only the problematic provision is removed or modified, while the rest of the contract continues to operate as intended. This clause is essential for maintaining the integrity of the agreement, as it prevents the entire contract from being voided due to a single unenforceable term, thereby ensuring stability and predictability for the parties involved.
Canadian Severability. Notwithstanding any other provision contained herein or in any other Credit Document, if a “secured creditor” (as that term is defined under the Bankruptcy and Insolvency Act (Canada)) is determined by a court of competent jurisdiction not to include a Person to whom obligations are owed on a joint and several basis, then such Person’s Obligations (and the Obligations of each other Canadian Credit Party or Dutch Credit Party), to the extent such Obligations are secured, shall be several obligations and not joint and several obligations.
Canadian Severability. Notwithstanding any other provision contained herein or in any other Credit Document, if a "secured creditor" (as that term is defined under the Bankruptcy and Insolvency Act (Canada)) is determined by a court of competent jurisdiction not to include a Person to whom obligations are owed on a joint and several basis, then such Person's Obligations (and the Obligations of each other Canadian Credit Party), to the extent such Obligations are secured, shall be several obligations and not joint and several obligations. * * * *Certain schedules and attachments referenced in the Restated Credit Agreement have been omitted in accordance with Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule and attachment will be furnished supplementally to the SEC upon request. Bank of America, N.A., as Administrative Agent for the Lenders party to the Credit Agreement referred to below Bank of America, N.A. ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, Suite 200 Waukesha, WI 53186 Email: ▇▇▇▇.▇▇▇▇▇▇@▇▇▇▇.▇▇▇ Copy to: ▇▇▇▇.▇▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇ Attention: [ ] Ladies and Gentlemen: The undersigned Relevant Borrower[s], refer[s] to the Second Amended and Restated Credit Agreement, dated as of December 31, 2020 (as amended, restated, modified and/or supplemented from time to time, the "Credit Agreement," the terms defined therein being used herein as therein defined), among SunOpta Inc. (the "Company"), SunOpta Foods Inc., each of the other Borrowers and Guarantors party thereto from time to time, the Lenders party thereto from time to time, Bank of America, N.A., as Administrative Agent and Collateral Agent, JPMorgan Chase Bank, N.A., as Term Loan Administrative Agent, and the other parties thereto. The undersigned hereby gives you notice pursuant to Section 2.03 of the Credit Agreement that the undersigned hereby requests a Borrowing under the Credit Agreement and sets forth below the information relating to such Borrowing (the "Proposed Borrowing") as required by Section 2.03 of the Credit Agreement:
(i) The Business Day of the Proposed Borrowing is ________, ________.1
(ii) The aggregate principal amount of the Proposed Borrowing is [C$] [$] [€] [£] [Fr.] __________.
(iii) The Loans to be made pursuant to the Proposed Borrowing shall be initially maintained as [U.S. Base Rate Loans] [Term SOFR Loans] [Alternative Currency Term Rate Loans] [Alternative Currency Daily Rate Loans] [European Base Rate Loans] [B/A Equivalent Loans].2 1 Shall be a Business Day and shall comply with the applicable...
Canadian Severability. Notwithstanding any other provision contained herein or in any other Credit Document, if a “secured creditor” (as that term is defined under the Bankruptcy and Insolvency Act (Canada) is determined by a court of competent jurisdiction not to include a Person to whom obligations are owed on a joint and several basis, then such Person’s Obligations (and the Obligations of each other Canadian Credit Party or English Credit Party), to the extent such Obligations are secured, shall be several obligations and not joint and several obligations. 3284549 Nova Scotia Company ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇-▇▇▇▇ Québec Inc. Québec 9340939 Canada Inc. Canada Abibow Recycling LLC Delaware Abitibi Consolidated Europe Belgium Bowater Canada Finance Corporation Nova Scotia Bowater Canadian Holdings Incorporated Nova Scotia Bowater Korea Ltd. Korea Bowater South America Holdings Incorporated Delaware Bowater South America Ltda. Brazil Bowater Asia Pte. Ltd. Singapore ▇▇▇▇▇▇▇ Malbaie ULC Nova Scotia Fibrek Canada ULC Nova Scotia Produits Forestiers Mauricie S.E.C. / Forest Products Mauricie LP Québec The International Bridge and Terminal Company Canada – Special Act Bank of America, N.A. $ 44,000,000.00 $ 0.00 Bank of America, N.A. (acting through its Canada branch) $ 0.00 $ 66,000,000.00 Bank of Montreal $ 38,000,000.00 $ 57,000,000.00 ▇▇▇▇▇ Fargo Bank, N.A. $ 38,000.000.00 $ 0.00 ▇▇▇▇▇ Fargo Capital Finance Corporation Canada $ 0.00 $ 57,000,000.00 Canadian Imperial Bank of Commerce $ 30,000,000.00 $ 45,000,000.00 TD Bank, N.A. $ 30,000,000.00 $ 0.00 The Toronto-Dominion Bank $ 0.00 $ 45,000,000.00 Royal Bank of Canada $ 20,000,000.00 $ 30,000,000.00 [Bank of America, N.A., as U.S. Administrative Agent (the “Administrative Agent”) for the Lenders party to the Credit Agreement referred to below [ ]]1 [Bank of America, N.A., as Canadian Administrative Agent (the “Administrative Agent”) for the Lenders party to the Credit Agreement referred to below [ ]]2 Attention: [ ] Ladies and Gentlemen: The undersigned, on behalf of the applicable borrowers, refers to the Credit Agreement, dated as of May 22, 2015 (as amended, restated, modified and/or supplemented from time to time, the “Credit Agreement,” the terms defined therein being used herein as therein defined), among Resolute Forest Products Inc., a Delaware corporation (the “Company”), Resolute FP Canada Inc., a Canada corporation (“RFP Canada”), each of the other Borrowers and Guarantors party thereto, various Lenders, Bank of America, N.A...