We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Deemed Advance - L/Cs Sample Clauses

Deemed Advance - L/Cs. Except for amounts which have been funded by the Borrower, any amount which the Issuing Bank pays to any third party in respect of an L/C in satisfaction or partial satisfaction thereof shall be deemed to be a Prime Rate Advance in the case of Canadian Dollar L/Cs or a Base Rate Advance in the case of US Dollar L/Cs, in each case under the Credit under which the L/C was issued. Any amount which the Issuing Bank pays to any third party in respect of an L/C denominated in Euros or Japanese yen in satisfaction or partial satisfaction thereof shall be promptly converted by the Issuing Bank to Canadian Dollars in accordance with its customary practices for conversion of currencies and the amount of Canadian Dollars into which the amount paid is converted shall be deemed to be a Prime Rate Advance under the Credit under which the L/C was issued. The Issuing Bank shall forthwith give notice of the making of such an Advance to the Borrower. Interest shall be payable on such Advances in accordance with the terms applicable to such Advances.
Deemed Advance - L/Cs. Except for amounts that have been funded by the Borrower, any amount that an Issuing Bank pays to any third Person in respect of an L/C in satisfaction or partial satisfaction thereof shall also be deemed to be a Prime Rate Advance in the case of Canadian Dollar L/Cs or a Base Rate Advance in the case of US Dollar L/Cs (under the TD Tranche or the BNS Tranche, if the L/C was issued pursuant to the TD Tranche or the BNS Tranche, respectively, and otherwise under the Credit, with each Lender participating in accordance with Section 4.1). Interest shall be payable on such Advances in accordance with the terms applicable to such Advances.
Deemed Advance - L/Cs. Except for amounts which have been funded by the Borrower, any amount which BNS pays to any third party in respect of an L/C in satisfaction or partial satisfaction thereof shall also be deemed to be a Prime Rate Advance in the case of Canadian Dollar L/Cs or a Base Rate Advance in the case of Euro L/Cs (based upon the Equivalent Amount of such amount in US Dollars) or US Dollar L/Cs. BNS shall forthwith give notice of the making of such an Advance to the Borrower and to the Lenders. Interest shall be payable on such Advances in accordance with the terms applicable to such Advances.
Deemed Advance - L/Cs. Except for amounts that have been funded by the Borrower, any amount that an Issuing Bank pays to any third Person in respect of an L/C in satisfaction or partial satisfaction thereof shall also be deemed to be a Prime Rate Advance in the case of Canadian Dollar L/Cs or a Base Rate Advance in the case of US Dollar L/Cs (under the TD Tranche, the BNS Tranche or any Additional Swingline Tranche, if the L/C was issued pursuant to the TD Tranche, the BNS Tranche or any Additional Swingline Tranche, respectively, and otherwise under Credit 1 or Credit 2, as applicable, with each Lender participating in accordance with Section 4.1). Interest shall be payable on such Advances in accordance with the terms applicable to such Advances.
Deemed Advance - L/Cs. Except for amounts which have been funded by the Borrower, any amount which CIBC pays to any third party in respect of an L/C in satisfaction or partial satisfaction hereof shall also be deemed to be a Prime Rate Advance in the case of Canadian Dollar L/Cs or a Base Rate Advance in the case of US Dollar L/Cs, in each case under Credit A. CIBC shall forthwith give notice of the making of such an Advance to the Borrower and the Agent (which shall promptly give similar notice to the other Lenders). Interest shall be payable on such Advances in accordance with the terms applicable to such Advances.
Deemed Advance - L/Cs. Except for amounts which have been funded by the relevant Borrower, any amount which the Issuing Bank pays to any third party in respect of an L/C in satisfaction or partial satisfaction hereof shall also be deemed to be a Prime Rate Advance in the case of Canadian Dollar L/Cs or a Base Rate Advance in the case of L/Cs in other Approved Currencies, in each case under the Credit under which the L/C was issued. The Issuing Bank shall forthwith give notice of the making of such an Advance to the relevant Borrower and the Agent (which shall promptly give similar notice to the other Lenders). Interest shall be payable on such Advances in accordance with the terms applicable to such Advances.
Deemed Advance - L/Cs. Except for amounts which have been funded by the Borrower, any amount which the Lender pays to any third party in respect of an L/C in satisfaction or partial satisfaction thereof shall be deemed to be a Base Rate Advance. The Lender shall forthwith give notice of the making of such an Advance to the Borrower. Interest shall be payable on such an Advance in accordance with Section 2.4.
Deemed Advance - L/Cs. Except for amounts which have been funded by the Borrower, any amount which the Issuing Bank pays to any third party in respect of an L/C in satisfaction or partial satisfaction thereof shall also be deemed to be a Prime Rate Advance under the Credit Facility. Interest shall be payable on such Advances in accordance with the terms applicable to such Advances.
Deemed Advance - L/Cs. Except for amounts which have been funded by the Borrower, any amount which BNS pays to any third party in respect of an L/C in satisfaction or partial satisfaction thereof shall also be deemed to be a Prime Rate Advance in the case of Canadian Dollar L/Cs or a Base Rate Advance in the case of US Dollar L/Cs. BNS shall forthwith give notice of the making of such an Advance to the Borrower and to the Lenders. Interest shall be payable on such Advances in accordance with the terms applicable to such Advances.
Deemed Advance - L/Cs. Except for amounts which have been funded by the Borrower, any amount which the Issuing Bank pays to any third Person in respect of an L/C in satisfaction or partial satisfaction hereof shall also be deemed to be a Base Rate Advance. Notwithstanding the preceding sentence, if the Borrower does not provide for payment as required and the amount is in Canadian Dollars or Euros, the Issuing Bank may convert the amount to US Dollars to determine the amount of the Base Rate Advance. The Issuing Bank shall forthwith give notice of the making of such an Advance to the Borrower. Interest shall be payable on such Advances in accordance with the terms applicable to such Advances.