Canadian Subfacility Clause Samples
Canadian Subfacility. Subject to the terms and conditions set forth herein, the Canadian Lender, in reliance upon the agreements of the other Lenders set forth in this Section 2.05, shall, unless (i) any Lender at such time is a Defaulting Lender hereunder and (ii) the Canadian Lender has not entered into arrangements reasonably satisfactory to it with the Company or such Defaulting Lender to eliminate the Canadian Lender’s Fronting Exposure with respect to such Defaulting Lender (including by operation of Section 2.17(a)(iv)), in which case the Canadian Lender may in its sole discretion, make loans (each such loan, a “Canadian Loan”) to the Canadian Borrower in Canadian Dollars or Dollars from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Canadian Sublimit, notwithstanding the fact that such Canadian Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Revolving Loans, Swing Line Loans, U.K. Swing Line Loans and L/C Obligations of the Lender acting as Canadian Lender, may exceed the amount of such Lender’s Revolving Commitment; provided, however, that after giving effect to any Canadian Loan, (i) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, and (ii) the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans plus such Lender’s Applicable Percentage of the Outstanding Amount of all Canadian Loans plus such Lender’s Applicable Percentage of the Outstanding Amount of all U.K. Swing Line Loans shall not exceed such Lender’s Revolving Commitment. Within the foregoing limits, and subject to the other terms and conditions hereof, the Canadian Borrower may borrow under this Section 2.05, prepay under Section 2.06, and reborrow under this Section 2.05. Canadian Loans may be Base Rate Loans, Eurocurrency Rate Loans or BA Rate Loans, as further provided herein.
Canadian Subfacility. At the request of Borrower, with the approval of Agent, Borrower may establish a subfacility for loans to be made in Canadian Dollars, either to Borrower or a Subsidiary of Borrower, such subfacility or subfacilities to be in such amounts as agreed by Agent and Borrower. Promptly following such request, Borrower and Agent shall negotiate the terms of such subfacility, it being understood that the interest rates to be payable shall be the equivalent to those payable under this Agreement, the definition of "borrowing base" under such subfacility shall be substantially similar to the definition of US Borrowing Base hereunder and the obligations under such subfacility shall be Obligations hereunder. Loans to a Canadian Borrower may be Base Rate Advances or made by the issuance of bankers acceptances on customary terms. The procedures for making and repayment of such Loans shall be substantially similar to those set forth in this Section 1 (including the absence of withholding or other taxes) with respect to US Revolving Credit Loans, with such changes as Agent and Borrower shall agree. Borrower shall be irrevocably authorized to make all requests and issue all instructions with respect to Revolving Credit Loans for any Canadian Borrower. No Lender shall be required to make any Revolving Credit Loans in Canadian dollars without the consent of such Lender; provided that, all Lenders shall be required to participate pro rata in such subfacility, which participation may be arranged as purchase of risk participations for Loans made by Agent, on customary terms. The Lenders, Agent and the Borrower shall enter into such amendments to this Agreement to reflect the terms of this subfacility as agreed by Agent and Borrower. Each Credit Party shall grant to Agent for the benefit of Lenders Liens on substantially all of its property to secure its own Obligations and the Obligations of the Canadian Borrower, but no foreign Subsidiary shall be required to guaranty the Obligations of Borrower if such guaranty would have adverse tax consequences.
Canadian Subfacility. During the Revolving Credit Period, each Canadian Bank severally agrees, on the terms and conditions set forth in this Agreement, to make loans denominated in Dollars or in Canadian Dollars to any Borrower pursuant to this subsection (b) from time to time in amounts such that the aggregate Canadian Outstandings of such Canadian Bank to all Borrowers at any one time outstanding shall not exceed the amount of its Canadian Commitment.
Canadian Subfacility. Subject to the conditions contained in this Agreement, each Lender (which shall be a Canadian Qualified Lender) severally agrees to make Loans (each, a “Canadian Revolving Loan”) in Canadian Dollars or Dollars to the Canadian Borrower from time to time on any Business Day during the Revolving Commitment Period in an aggregate principal amount at any time outstanding for all such loans by such Lender not to exceed such Lender’s Revolving Commitment; provided, however, that at no time shall any Lender be obligated to make a Canadian Revolving Loan in excess of such Lender’s Pro Rata Share of the Canadian Available Credit, subject in each case to the Administrative Agent’s authority, in its sole discretion, to make Protective Advances pursuant to the terms of Section 2.25. Within the limits of the Revolving Commitment of each Lender, amounts of Canadian Revolving Loans repaid may be reborrowed under this Section 2.1. Borrowings under the Revolving Credit Facility are available to the Canadian Borrower in Canadian Dollars as Canadian Prime Loans and B/A Equivalent Loans, in Dollars as Eurodollar Rate Loans and Canadian Base Rate Loans, or Letters of Credit.
Canadian Subfacility. Upon the reasonable request of the Borrower, the Banks and the Agent shall negotiate in good faith to amend this Agreement to permit Canadian Drawn Steel Company Inc. to borrow Dollars or Canadian Dollars, the amount of such loans to be subject to such caps, terms and conditions as shall be satisfactory to the Banks and the Agent, provided, however, that the Banks and the Agent shall be under no obligation to increase the Total Commitment to permit such borrowings by Canadian Drawn Steel Company Inc.
Canadian Subfacility