Common use of Deemed Prime Rate or Base Rate Advances Clause in Contracts

Deemed Prime Rate or Base Rate Advances. Without limiting any other provisions of this Agreement, if the Operating Borrower shall fail to reimburse the Issuing Lender in respect of any payments made by the Issuing Lender under a Contingent Payment Letter, the amount that the Operating Borrower fails to reimburse the Issuing Lender shall be conclusively deemed to be a Prime Rate Advance (if the payment made by the Issuing Lender was in Canadian Dollars) or a Base Rate Advance (if the payment made by the Issuing Lender was in US Dollars) to the Operating Borrower under the Operating Facility. The Issuing Lender shall forthwith give notice of such deemed Advance to the Operating Borrower. Interest shall be payable on such Prime Rate Advance or Base Rate Advance in accordance with the terms applicable to Prime Rate Advances or Base Rate Advances, as the case may be, under this Agreement. Advances in respect of Contingent Payment Letters shall be repayable forthwith upon being made.

Deemed Prime Rate or Base Rate Advances. Without limiting any other provisions of this Agreement, if the Requesting Operating Borrower shall fail to reimburse the Issuing Lender in respect of any payments made by the Issuing Lender under a Contingent Payment Letter, the amount that the Requesting Operating Borrower fails to reimburse the Issuing Lender shall be conclusively deemed to be a Prime Rate Advance (if the payment made by the Issuing Lender was in Canadian Dollars) or a Base Rate Advance (if the payment made by the Issuing Lender was in US Dollars) to the Requesting Operating Borrower under the Operating Facility. The Issuing Lender shall forthwith give notice of such deemed Advance to the Requesting Operating Borrower. Interest shall be payable on such Prime Rate Advance or Base Rate Advance in accordance with the terms applicable to Prime Rate Advances or Base Rate Advances, as the case may be, under this Agreement. Advances in respect of Contingent Payment Letters shall be repayable forthwith upon being made.