Contingent Collateral. (a) Upon the occurrence of (x) a Contingent Collateral Trigger Event, (y) an event of default (other than an insolvency event of default) or an additional termination event in respect of which the relevant Swap Provider is the defaulting party or the affected party, as applicable, or (z) a Downgrade Trigger Event, in each case, in respect of the Interest Rate Swap Agreement or the Covered Bond Swap Agreement, the relevant Swap Provider, in its capacity as (and provided it is) the lender under this Agreement, may deliver a notice substantially in the form attached as Schedule 3 hereto (each, a “Contingent Collateral Notice”) to the Guarantor under which it elects to decrease the amount of the Demand Loan with a corresponding increase in the amount of the Guarantee Loan, in each case, in an amount equal to the related Contingent Collateral Amount(s). A Contingent Collateral Notice may only be delivered if the balance of the Demand Loan (determined in accordance with Section 3.2 without regard to the related Contingent Collateral Amount) at such time exceeds the related Contingent Collateral Amount. (b) At any time that a Contingent Collateral Notice is in effect, the Guarantor (or the Cash Manager on its behalf) shall determine the Contingent Collateral Amount(s), the balance of the Guarantee Loan and the balance of the Demand Loan on each Canadian Business Day. (c) If (i) the circumstances triggering the delivery of a particular Contingent Collateral Notice have been cured, or (ii) the relevant Swap Provider and the Guarantor mutually agree to terminate a particular Contingent Collateral Notice, such Contingent Collateral Notice will be automatically revoked and of no further effect and the related Contingent Collateral Amount shall no longer be applicable in the determination of “W” in accordance with Section 3.2.
Appears in 2 contracts
Samples: Intercompany Loan Agreement, Intercompany Loan Agreement
Contingent Collateral. (a) Upon the occurrence of (x) a Contingent Collateral Trigger Event, (y) an event of default (other than an insolvency event of default) or an additional termination event in respect of which the relevant Swap Provider is the defaulting party or the affected party, as applicable, or (z) a Downgrade Trigger Event, in each case, in respect of the Interest Rate Swap Agreement or the Covered Bond Swap Agreement, the relevant Swap Provider, in its capacity as (and provided it is) the lender under this Agreement, may deliver a notice substantially in the form attached as Schedule 3 hereto (each, a “Contingent Collateral Notice”) to the Guarantor under which it elects to decrease the amount of the Demand Loan with a corresponding increase in the amount of the Guarantee Loan, in each case, in an amount equal to the related Contingent Collateral Amount(s). A Contingent Collateral Notice may only be delivered if the balance of the Demand Loan (determined in accordance with Section 3.2 without regard to the related Contingent Collateral Amount) at such time exceeds the related Contingent Collateral Amount.
(b) At any time that a Contingent Collateral Notice is in effect, the Guarantor (or the Cash Manager on its behalf) shall determine the Contingent Collateral Amount(s), the balance of the Guarantee Loan and the balance of the Demand Loan on each Canadian Toronto Business Day.
(c) If (i) the circumstances triggering the delivery of a particular Contingent Collateral Notice have been cured, or (ii) the relevant Swap Provider and the Guarantor mutually agree to terminate a particular Contingent Collateral Notice, such Contingent Collateral Notice will be automatically revoked and of no further effect and the related Contingent Collateral Amount shall no longer be applicable in the determination of “W” in accordance with Section 3.2.
Appears in 2 contracts
Samples: Intercompany Loan Agreement, Intercompany Loan Agreement
Contingent Collateral. (a) Upon the occurrence of (x) a Contingent Collateral Trigger Event, (y) an event of default (other than an insolvency event of default) or an additional termination event in respect of which the relevant Swap Provider is the defaulting party or the affected party, as applicable, or (z) a Downgrade Trigger Event, in each case, in respect of the Interest Rate Swap Agreement or the Covered Bond Swap Agreement, the relevant Swap Provider, in its capacity as (and provided it is) the lender under this Agreement, Guarantor may deliver a notice substantially in the form attached as Schedule 3 2 hereto (each, a “Contingent Collateral Notice”) to the Guarantor Issuer under which it the Guarantor elects to decrease the amount of the Demand Loan with a corresponding increase in the amount of the Guarantee Loan, in each case, in an amount equal to the related Contingent Collateral Amount(s). A Contingent Collateral Notice may only be delivered if the balance of the Demand Loan (determined in accordance with Section 3.2 without regard to the related Contingent Collateral Amount) at such time exceeds the related Contingent Collateral Amount.
(b) At any time that a Contingent Collateral Notice is in effect, the Guarantor (or the Cash Manager on its behalf) shall determine the Contingent Collateral Amount(s), the balance of the Guarantee Loan and the balance of the Demand Loan on each Canadian Business Day.
(c) If (i) the circumstances triggering the delivery of a particular Contingent Collateral Notice have been cured, or (ii) the relevant Swap Provider and the Guarantor mutually agree decides in its sole discretion to terminate a particular Contingent Collateral Notice, such Contingent Collateral Notice will be automatically revoked and of no further effect and the related Contingent Collateral Amount shall no longer be applicable in the determination of “W” in accordance with Section 3.2.
Appears in 1 contract
Samples: Intercompany Loan Agreement
Contingent Collateral. (a) Upon the occurrence of (x) a Contingent Collateral Trigger Event, (y) an event of default (other than an insolvency event of default) or an additional termination event in respect of which the relevant Swap Provider is the defaulting party or the affected party, as applicable, or (z) a Downgrade Trigger Event, in each case, in respect of the Interest Rate Swap Agreement or the Covered Bond Swap Agreement, the relevant Swap Provider, in its capacity as (and provided it is) the lender under this Agreement, may deliver a notice substantially in the form attached as Schedule 3 hereto (each, a “Contingent Collateral Notice”) to the Guarantor under which it elects to decrease the amount of the Demand Loan with a corresponding increase in the amount of the Guarantee Loan, in each case, in an amount equal to the related Contingent Collateral Amount(s). A Contingent Collateral Notice may only be delivered if the balance of the Demand Loan (determined in accordance with Section 3.2 without regard to the related Contingent Collateral Amount) at such time exceeds the related Contingent Collateral Amount.
(b) At any time that a Contingent Collateral Notice is in effect, the Guarantor (or the Cash Manager on its behalf) shall determine the Contingent Collateral Amount(s), the balance of the Guarantee Loan and the balance of the Demand Loan on each Canadian Toronto Business Day.
(c) If (i) the circumstances triggering the delivery of a particular Contingent Collateral Notice have been cured, or (ii) the relevant Swap Provider and the Guarantor mutually agree to terminate a particular Contingent Collateral Notice, such Contingent Collateral Notice will be automatically revoked and of no further effect and the related Contingent Collateral Amount shall no longer be applicable in the determination of “W” in accordance with Section 3.2.
Appears in 1 contract
Samples: Intercompany Loan Agreement
Contingent Collateral. (a) Upon the occurrence of (x) a Contingent Collateral Trigger Event, (y) an event of default (other than an insolvency event of default) or an additional termination event in respect of which the relevant Swap Provider is the defaulting party or the affected party, as applicable, or (z) a Downgrade Trigger Event, in each case, in respect of the Interest Rate Swap Agreement or the Covered Bond Swap Agreement, as applicable, the relevant Swap Provider, in its capacity as (and provided it is) the lender under this Agreement, may deliver a notice substantially in the form attached as Schedule 3 hereto (each, a “Contingent Collateral Notice”) to the Guarantor under which it elects to decrease the amount of the Demand Loan with a corresponding increase in the amount of the Guarantee Loan, in each case, in an amount equal to the related Contingent Collateral Amount(s). A Contingent Collateral Notice may only be delivered if the balance of the Demand Loan (determined in accordance with Section 3.2 without regard to the related Contingent Collateral Amount) at such time exceeds the related Contingent Collateral Amount.
(b) At any time that a Contingent Collateral Notice is in effect, the Guarantor (or the Cash Manager on its behalf) shall determine the Contingent Collateral Amount(s), the balance of the Guarantee Loan and the balance of the Demand Loan on each Canadian Business Day.
(c) If (i) the circumstances triggering the delivery of a particular Contingent Collateral Notice have been cured, or (ii) the relevant Swap Provider and the Guarantor mutually agree to terminate a particular Contingent Collateral Notice, such Contingent Collateral Notice will be automatically revoked and of no further effect and the related Contingent Collateral Amount shall no longer be applicable in the determination of “W” in accordance with Section 3.2.
Appears in 1 contract
Samples: Intercompany Loan Agreement
Contingent Collateral. (a) 3.6.1 Upon the occurrence of (x) a Contingent Collateral Trigger Event, (y) an event of default (other than an insolvency event of default) or an additional termination event in respect of which the relevant Swap Provider is the defaulting party or the affected party, as applicable, or (z) a Downgrade Trigger Event, in each case, in respect of the Interest Rate Swap Agreement or the Covered Bond Swap Agreement, the relevant Swap Provider, in its capacity as (and provided it is) the lender under this Agreement, may deliver a notice substantially in the form attached as Schedule 3 hereto (each, a “Contingent Collateral Notice”) to the Guarantor under which it elects to decrease the amount of the Demand Loan with a corresponding increase in the amount of the Guarantee Loan, in each case, in an amount equal to the related Contingent Collateral Amount(s). A Contingent Collateral Notice may only be delivered if the balance of the Demand Loan (determined in accordance with Section 3.2 without regard to the related Contingent Collateral Amount) at such time exceeds the related Contingent Collateral Amount.
(b) 3.6.2 At any time that a Contingent Collateral Notice is in effect, the Guarantor (or the Cash Manager on its behalf) shall determine the Contingent Collateral Amount(s), the balance of the Guarantee Loan and the balance of the Demand Loan on each Canadian Montreal Business Day.
(c) 3.6.3 If (i) the circumstances triggering the delivery of a particular Contingent Collateral Notice have been cured, or (ii) the relevant Swap Provider and the Guarantor mutually agree to terminate a particular Contingent Collateral Notice, such Contingent Collateral Notice will be automatically revoked and of no further effect and the related Contingent Collateral Amount shall no longer be applicable in the determination of “W” in accordance with Section 3.2.
Appears in 1 contract
Samples: Intercompany Loan Agreement