Common use of Currency, Type, Form and Expiry Clause in Contracts

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.

Currency, Type, Form and Expiry. Letters of Credit issued pursuant hereto shall be denominated in Canadian Dollars or United States U.S. 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), shall be issued (a) as a Fronted LC by the Operating Fronting Lender under the Operating Facility or (b) under the Syndicated SBLC 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 applicable, and shall be in a form satisfactory to the Operating Fronting 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 (provided that this limitation shall not preclude the Fronting Lender from issuing "evergreen" Letters of Credit) and, in any event, with respect to Letters of Credit under the Syndicated Facility, not later than the then current Syndicated Facility Maturity DateDate or otherwise extended with the consent of the Fronting Lender. On the Operating Facility Maturity Date, the Borrower shall provide or cause to be provided to the Agent Fronting Lender 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 and the SBLC Facility, as applicable; such cash collateral and letters of credit shall be held by the Agent Fronting 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.

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 Letters 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 not later than the then current Operating Facility Maturity Date. Letters of Credit issued under the Syndicated FacilityFacility shall be issued as a Fronted LC by the Fronting Lender and 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 Syndicated Facility Maturity Date. On the Operating Facility applicable Maturity Date, the Borrower shall provide or cause to be provided to the Agent Operating Lender or the Fronting Lender, as applicable, cash collateral or letters of credit (or any combination thereof) in accordance with the provisions of Section 2.17(22.16(2) in an amount equal to or greater than the aggregate undrawn amount of all unexpired Letters of Credit outstanding under the Operating applicable Credit Facility; such cash collateral and letters of credit shall be held by the Agent Operating Lender or the Fronting Lender, as applicable, and be applied in accordance with said Section 2.17(22.16(2) in satisfaction of and security for the Obligations of the Borrower for such unexpired Letters of Credit.