Currency, Type, Form and Expiry Sample Clauses

Currency, Type, Form and Expiry. Letters of Credit issued pursuant hereto shall be denominated in Canadian Dollars or United States Dollars and amounts payable thereunder shall be paid in the currency in which the Letter of Credit is denominated. A Letter of Credit issued hereunder shall, at the option of a Borrower (as specified in the relevant Drawdown Notice or Rollover Notice), be issued (a) by an Operating Lender under the applicable Operating Facility, (b) under the Canadian Syndicated Facility, (i) by a Canadian Syndicated Facility Fronting Lender as a Fronted LC or (ii) by the Agent on behalf of the Canadian Syndicated Facility Lenders (each as to their Rateable Portion thereof) as a POA LC or (c) under the U.S. Syndicated Facility, by the U.S. Syndicated Facility Fronting Lender as a Fronted LC. Letters of Credit shall be in a form satisfactory to the applicable Operating Lender, applicable Fronting Lender, or the Agent (as applicable), acting reasonably, and shall have an expiration date not in excess of one year from the date of issue and, in any event, with respect to Letters of Credit under the Canadian Syndicated Facility, not later than the then current Canadian Syndicated Facility Maturity Date and, with respect to Letters of Credit under the U.S. Syndicated Facility, not later than the then current U.S. Syndicated Facility Maturity Date; provided that Letters of Credit may contain customary automatic renewal provisions. On the Canadian Operating Facility Maturity Date, the U.S. Operating Facility Maturity Date, the Canadian Syndicated Facility Maturity Date or the U.S. Syndicated Facility Maturity Date, as the case may be, the applicable Borrower shall provide or cause to be provided to, with respect to a Maturity Date in respect of a Canadian Credit Facility or a U.S. Credit Facility, the Agent cash collateral or letters of credit (or any combination thereof) in accordance with the provisions of Section 2.17(2) in an amount equal to or greater than the aggregate undrawn amount of all unexpired Letters of Credit outstanding under the applicable Credit Facility; such cash collateral and letters of credit shall be held by the Agent and be applied in accordance with Section 2.17(2) in satisfaction of and security for the Obligations of such Borrower for such unexpired Letters of Credit.
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Currency, Type, Form and Expiry. Letters of Credit issued pursuant hereto shall be denominated in Canadian Dollars or United States Dollars and amounts payable thereunder shall be paid in the currency in which the Letter of Credit is denominated. A Letter of Credit issued hereunder shall, at the option of the Borrower (as specified in the relevant Drawdown Notice or Rollover Notice), be issued (a) by the Operating Lender under the Operating Facility or (b) under the Syndicated Facility, (i) by the Fronting Lender as a Fronted LC or (ii) by the Agent on behalf of the Lenders (each as to their Rateable Portion thereof) as a POA LC. Letters of Credit shall be in a form satisfactory to the Operating Lender, Fronting Lender or Agent (as applicable), acting reasonably, and shall have an expiration date not in excess of one year from the date of issue and, in any event, with respect to Letters of Credit under the Syndicated Facility, not later than the then current Syndicated Facility Maturity Date. On the Operating Facility Maturity Date, the Borrower shall provide or cause to be provided to the Agent cash collateral or letters of credit (or any combination thereof) in accordance with the provisions of Section 2.17(2) in an amount equal to or greater than the aggregate undrawn amount of all unexpired Letters of Credit outstanding under the Operating Facility; such cash collateral and letters of credit shall be held by the Agent and be applied in accordance with said Section 2.17(2) in satisfaction of and security for the Obligations of the Borrower for such unexpired Letters of Credit.
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Currency, Type, Form and Expiry. Letters of Credit issued pursuant hereto shall be denominated in Canadian Dollars or United States Dollars and amounts payable thereunder shall be paid in the currency in which the Letter of Credit is denominated. A Letter of Credit issued hereunder shall be issued by the Operating Lender under the Operating Facility. Letters of Credit shall be in a form satisfactory to the Operating Lender, acting reasonably, and shall have an expiration date not in excess of one year from the date of issue. On the Operating Facility Maturity Date, the Borrower shall provide or cause to be provided to the Operating Lender cash collateral or letters of credit (or any combination thereof) in accordance with the provisions of Section 2.16(2) in an amount equal to or greater than the aggregate undrawn amount of all unexpired Letters of Credit outstanding under the Operating Facility; such cash collateral and letters of credit shall be held by the Operating Lender and be applied in accordance with said Section 2.16(2) in satisfaction of and security for the Obligations of the Borrower for such unexpired Letters of Credit.
Sample 1Sample 2
Currency, Type, Form and Expiry. Letters of Credit issued pursuant hereto shall be denominated in Canadian Dollars or United States Dollars and amounts payable thereunder shall be paid in the currency in which the Letter of Credit is denominated. A Letter of Credit issued hereunder shall, at the option of the Borrower (as specified in the relevant Drawdown Notice or Rollover Notice), be issued (a) by the Fronting Lender as a Fronted LC or (b) by the Agent on behalf of the Lenders (each as to their Rateable Portion thereof) as a POA LC. Letters of Credit shall be in a form satisfactory to the Fronting Lender or Agent (as applicable), acting reasonably, and shall have an expiration date not in excess of one year from the date of issue and, in any event, not later than the Maturity Date.
Sample 1Sample 2
Currency, Type, Form and Expiry. Letters of Credit issued pursuant hereto shall be denominated in Canadian Dollars or United States Dollars and amounts payable thereunder shall be paid in the currency in which the Letter of Credit is denominated. A Letter of Credit issued hereunder shall be issued by the Operating Lender under the Operating Facility. Letters of Credit shall be in a form satisfactory to the Operating Lender, acting reasonably, and shall have an expiration date not in excess of one year from the date of issue. On the Operating Facility Maturity Date or on the date that any Letter of Credit is automatically extended pursuant to the terms thereof to be on a date which falls after the Operating Facility Maturity Date (including, for certainty, by operation of any "evergreen" provisions of such Letter of Credit), the Borrower shall provide or cause to be provided to the Agent or the Operating Lender on each such date cash collateral in accordance with the provisions of Section 2.17(2) in an amount equal to or greater than the aggregate undrawn amount of, in the case of the Operating Facility Maturity Date, all unexpired Letters of Credit outstanding under the Operating Facility and, in the case of the date that any Letter of Credit is automatically extended pursuant to the terms thereof to be on a date which falls after the Operating Facility Maturity Date, such unexpired Letter of Credit; such cash collateral shall be held by the Agent or the Operating Lender and be applied in accordance with said Section 2.17(2) in satisfaction of and security for the Obligations of the Borrower for such unexpired Letters of Credit.
Sample 1
Currency, Type, Form and Expiry. Letters of Credit issued pursuant hereto shall be denominated in Canadian Dollars or United States Dollars and amounts payable thereunder shall be paid in the currency in which the Letter of Credit is denominated. Letters of Credit issued hereunder shall be issued by the Fronting Lender as a Fronted LC. Letters of Credit shall be in a form satisfactory to the Fronting Lender, acting reasonably, and shall have an expiration date not in excess of one year from the date of issue and, in any event, not later than the then current Maturity Date. Such cash Collateral and letters of credit shall be held by the Agent and be applied in accordance with Section 10.3 in satisfaction of and security for the Obligations of the Borrower for such unexpired Letters of Credit.
Sample 1
Currency, Type, Form and Expiry. Letters of Credit issued pursuant hereto shall be denominated in Canadian Dollars, United States Dollars, Pounds Sterling or Euros and amounts payable thereunder shall be paid in the currency in which the Letter of Credit is denominated. A Letter of Credit issued hereunder shall, at the option of Nexen (as specified in the relevant Drawdown Notice or Rollover Notice), be issued: (a) as a Fronted LC by the Fronting Lender specified in the relevant Drawdown Notice or Rollover Notice; or (b) as a POA LC by the Canadian Agent on behalf of the Canadian Facility Lenders (each as to their Rateable Portion thereof). Letters of Credit shall be in a form satisfactory to the Fronting Lender or Canadian Agent (as applicable), acting reasonably, and shall have an expiration date not in excess of one year from the date of issue and, in any event, not later than the earliest applicable Maturity Date.
Sample 1
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Currency, Type, Form and Expiry. Letters of Credit issued pursuant hereto shall be denominated in Canadian Dollars or United States Dollars and amounts payable thereunder shall be paid in the currency in which the Letter of Credit is denominated. A Letter of Credit issued hereunder shall, at the request of the Borrower (as specified in the relevant Drawdown Notice or Rollover Notice), be issued by the Operating Lender under the Operating Facility. Letters of Credit shall be in a form satisfactory to the Operating Lender, acting reasonably, and shall have an expiration date not in excess of one year from the date of issue (provided that Letters of Credit may contain customary automatic renewal provisions). On the Operating Facility Maturity Date, the Borrower shall provide or cause to be provided to the Agent cash collateral in accordance with the provisions of Section 2.16(2) in an amount equal to or greater than the aggregate undrawn amount of all unexpired Letters of Credit outstanding under the Operating Facility; such cash collateral shall be held by the Agent and be applied in accordance with said Section 2.16(2) in satisfaction of and security for the Obligations of the Borrower for such unexpired Letters of Credit.
Sample 1

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