Common use of Default, Maturity, etc Clause in Contracts

Default, Maturity, etc. Upon the earlier of the Converted Term Maturity Date and the Agent declaring the Obligations to be due and payable pursuant to Section 13.2, and notwithstanding the expiration date of any outstanding Letters of Credit, an amount equal to the face amount of all outstanding Letters of Credit, and all accrued and unpaid fees owing by the Borrower in respect of the issuance of such Letters of Credit, if any, shall thereupon forthwith become due and payable by the Borrower to the Agent for the benefit of the Operating Lender and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a trust account kept by the Agent and applied against amounts payable under such Letters of Credit in respect of any drawing thereunder. Upon the drawing by any beneficiary under any outstanding Letter of Credit, an amount equal to the amount drawn by such beneficiary shall, and all accrued and unpaid fees owing by the Borrower in respect of the issuance of such Letters of Credit, if any, shall, thereupon forthwith become due and payable by the Borrower to the Agent for the benefit of the Operating Lender. Notwithstanding the foregoing, the Operating Lender having at such time outstanding Letters of Credit, shall have the option, but not the obligation, subject to availability, to cause a Drawdown by way of a Prime Rate Loan or a U.S. Base Rate Loan, having regard to the currency of the applicable Letter of Credit, under the Operating Facility, in an amount not to exceed the amount which has become due and payable under the applicable Letter of Credit, to be held in a trust account kept by the Operating Lender and applied against amounts payable under such Letters of Credit in respect of any drawing thereunder.

Default, Maturity, etc. Upon the earlier of of: (a) the Converted Term Revolver Maturity Date and Date; and (b) the Agent declaring the Obligations to be due and payable pursuant to Section 13.29.2 or the Obligations otherwise becoming due and payable under Section 9.3, and then, notwithstanding the expiration date of any outstanding Letters of Credit, an amount equal to the face amount Face Amount of all outstanding Letters of Credit, Credit and all accrued and unpaid fees owing by the Borrower WFT in respect of the issuance of such Letters of CreditCredit pursuant to Section 5.7, if any, shall thereupon forthwith become due and payable be paid by the Borrower WFT to the Agent for the benefit of the Operating Lender and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a trust cash collateral account kept by the Agent and applied against invested in Cash Equivalents as security to provide for or to secure payment of the amounts payable under such Letters of Credit in respect of any drawing thereunder. Upon If the drawing by any beneficiary Borrowers are required under any the terms of this Agreement to make a repayment in respect of the Revolver Facility and the amount of the required repayment is such that all or a portion of the outstanding Letter Letters of CreditCredit under such Credit Facility would need to be repaid, then an amount equal to all or the amount drawn by such beneficiary shall, and all accrued and unpaid fees owing by the Borrower in respect required portion (as applicable) of the issuance Face Amount of such Letters of Credit, if any, shall, thereupon forthwith become due and payable Credit shall be paid by the Borrower Borrowers to the Agent for the benefit of the Operating Lender. Notwithstanding the foregoing, the Operating Lender having at such time outstanding Letters of Credit, shall have the option, but not the obligation, subject to availability, to cause a Drawdown by way of a Prime Rate Loan or a U.S. Base Rate Loan, having regard to the currency of the applicable Letter of Credit, under the Operating Facility, in an amount not to exceed the amount which has become due and payable under the applicable Letter of Credit, to be held in a trust cash collateral account kept by the Operating Lender Agent and applied against invested in Cash Equivalents as security to provide for or to secure payment of the amounts payable under such the applicable Letters of Credit in respect of any drawing thereunder. The Borrowers shall pay to the Agent such amount in respect of both any Letter of Credit outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this Section, a “Judicial Order”) restricting payment by any Lender under and in accordance with such Letter of Credit or extending any Lender’s liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to Section 2.23, the Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining such Lender from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Agent for cancellation or such Lender is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any applicable Law) of such Letter of Credit; pay to WFT an amount equal to the difference between the amount paid to the Agent by WFT pursuant to this Section and the aggregate amount paid by such Lender under such Letter of Credit.

Default, Maturity, etc. Upon the earlier of the Converted Term Maturity Date and the Administrative Agent declaring the Obligations to be due and payable pursuant to Section 13.2section 10.2, and notwithstanding the expiration date of any outstanding Letters of CreditCredit issued under the Credit Facility, an amount equal to the face amount Face Amount of all outstanding Letters of CreditCredit under the Credit Facility, and all accrued and unpaid fees owing by the Borrower in respect of the issuance Issuance of such Letters of CreditCredit pursuant to section 5.6, if any, shall thereupon forthwith become due and payable by the Borrower to the Administrative Agent for the benefit of the Operating Lender and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a trust cash collateral account kept by the Administrative Agent and applied against invested in Cash Equivalents as security to provide for or to secure payment of the amounts payable under such Letters of Credit in respect of any drawing thereunder. Upon The Borrower shall pay to the drawing Administrative Agent the aforesaid amount in respect of both any Letter of Credit outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this section 5.9, a “Judicial Order”) restricting payment by any beneficiary the Fronting Lender under any outstanding and in accordance with such Letter of Credit or extending the Fronting Lender’s liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to section 2.5(5), the Administrative Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining the Fronting Lender from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Administrative Agent for cancellation or the Fronting Lender is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any applicable Law) of such Letter of Credit; pay to the Borrower an amount equal to the difference between the amount drawn by such beneficiary shall, and all accrued and unpaid fees owing paid to the Administrative Agent by the Borrower in respect of pursuant to this section 5.9 and the issuance of such Letters of Credit, if any, shall, thereupon forthwith become due and payable aggregate amount paid by the Borrower to the Agent for the benefit of the Operating Lender. Notwithstanding the foregoing, the Operating Fronting Lender having at under such time outstanding Letters of Credit, shall have the option, but not the obligation, subject to availability, to cause a Drawdown by way of a Prime Rate Loan or a U.S. Base Rate Loan, having regard to the currency of the applicable Letter of Credit, under the Operating Facility, in an amount not to exceed the amount which has become due and payable under the applicable Letter of Credit, to be held in a trust account kept by the Operating Lender and applied against amounts payable under such Letters of Credit in respect of any drawing thereunder.

Default, Maturity, etc. Upon the earlier of of: (a) the Converted Term Revolver Maturity Date and Date; and (b) the Agent declaring the Obligations to be due and payable pursuant to Section 13.29.2 or the Obligations otherwise becoming due and payable under Section 9.3, and then, notwithstanding the expiration date of any outstanding Letters of Credit, an amount equal to the face amount Face Amount of all outstanding Letters of Credit, Credit and all accrued and unpaid fees owing by the Borrower WFT or Norbord in respect of the issuance of such Letters of CreditCredit pursuant to Section 5.7, if any, shall thereupon forthwith become due and payable be paid by the Borrower WFT or Norbord to the Agent for the benefit of the Operating Lender and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a trust cash collateral account kept by the Agent and applied against invested in Cash Equivalents as security to provide for or to secure payment of the amounts payable under such Letters of Credit in respect of any drawing thereunder. Upon If the drawing by any beneficiary Borrowers are required under any the terms of this Agreement to make a repayment in respect of the Revolver Facility and the amount of the required repayment is such that all or a portion of the outstanding Letter Letters of CreditCredit under such Credit Facility would need to be repaid, then an amount equal to all or the amount drawn by such beneficiary shall, and all accrued and unpaid fees owing by the Borrower in respect required portion (as applicable) of the issuance Face Amount of such Letters of Credit, if any, shall, thereupon forthwith become due and payable Credit shall be paid by the Borrower Borrowers to the Agent for the benefit of the Operating Lender. Notwithstanding the foregoing, the Operating Lender having at such time outstanding Letters of Credit, shall have the option, but not the obligation, subject to availability, to cause a Drawdown by way of a Prime Rate Loan or a U.S. Base Rate Loan, having regard to the currency of the applicable Letter of Credit, under the Operating Facility, in an amount not to exceed the amount which has become due and payable under the applicable Letter of Credit, to be held in a trust cash collateral account kept by the Operating Lender Agent and applied against invested in Cash Equivalents as security to provide for or to secure payment of the amounts payable under such the applicable Letters of Credit in respect of any drawing thereunder. The Borrowers shall pay to the Agent such amount in respect of both any Letter of Credit outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this Section, a “Judicial Order”) restricting payment by any Lender under and in accordance with such Letter of Credit or extending any Lender’s liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to Section 2.23, the Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining such Lender from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Agent for cancellation or such Lender is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any applicable Law) of such Letter of Credit; pay to WFT or Norbord, as applicable, an amount equal to the difference between the amount paid to the Agent by WFT or Norbord, as the case may be, pursuant to this Section and the aggregate amount paid by such Lender under such Letter of Credit.

Default, Maturity, etc. Upon the earlier of the Converted Term Maturity Date and the Administrative Agent declaring the Obligations to be due and payable pursuant to Section 13.210.2, and notwithstanding the expiration date of any outstanding Letters of Credit, an amount equal to the face amount Face Amount of all outstanding Letters of Credit, and all accrued and unpaid fees owing by the Borrower in respect of the issuance Issuance of such Letters of CreditCredit pursuant to Section 5.8, if any, shall thereupon forthwith become due and payable by the Borrower to the Administrative Agent for the benefit of the Operating Lender and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a trust account kept by the Administrative Agent and invested in Cash Equivalents and applied against amounts payable under such Letters of Credit in respect of any drawing thereunder. Upon The Borrower shall pay to the drawing Administrative Agent the aforesaid amount in respect of both any Letter of Credit outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this Section 5.11, a "Judicial Order") restricting payment by any beneficiary the LC Issuer under any outstanding and in accordance with such Letter of Credit or extending the LC Issuer's liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to Section 2.4(5), the Administrative Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining the LC Issuer from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Administrative Agent for cancellation or the LC Issuer is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any Requirement of Law) of such Letter of Credit; pay to the Borrower an amount equal to the difference between the amount drawn by such beneficiary shall, and all accrued and unpaid fees owing paid to the Administrative Agent by the Borrower in respect of pursuant to this Section 5.11 and the issuance of such Letters of Credit, if any, shall, thereupon forthwith become due and payable aggregate amount paid by the Borrower to the Agent for the benefit of the Operating Lender. Notwithstanding the foregoing, the Operating Lender having at LC Issuer under such time outstanding Letters of Credit, shall have the option, but not the obligation, subject to availability, to cause a Drawdown by way of a Prime Rate Loan or a U.S. Base Rate Loan, having regard to the currency of the applicable Letter of Credit, under the Operating Facility, in an amount not to exceed the amount which has become due and payable under the applicable Letter of Credit, to be held in a trust account kept by the Operating Lender and applied against amounts payable under such Letters of Credit in respect of any drawing thereunder.

Default, Maturity, etc. Upon the earlier of the Converted Term Maturity Date and the Administrative Agent declaring the Obligations to be due and payable pursuant to Section 13.2section 10.2, and notwithstanding the expiration date of any outstanding Letters of CreditCredit issued under the Credit Facility, an amount equal to the face amount Face Amount of all outstanding Letters of CreditCredit under the Credit Facility, and all accrued and unpaid fees owing by the Borrower in respect of the issuance Issuance of such Letters of CreditCredit pursuant to section 5.6, if any, shall thereupon forthwith become due and payable by the Borrower to the Administrative Agent for the benefit of the Operating Lender and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a trust cash collateral account kept by the Administrative Agent and applied against invested in Cash Equivalents as security to provide for or to secure payment of the amounts payable under such Letters of Credit in respect of any drawing thereunder. Upon The Borrower shall pay to the drawing Administrative Agent the aforesaid amount in respect of both any Letter of Credit outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this section 5.9, a "Judicial Order") restricting payment by any beneficiary the Fronting Lender under any outstanding and in accordance with such Letter of Credit or extending the Fronting Lender's liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to section 2.5(5), the Administrative Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining the Fronting Lender from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Administrative Agent for cancellation or the Fronting Lender is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any applicable Law) of such Letter of Credit; pay to the Borrower an amount equal to the difference between the amount drawn by such beneficiary shall, and all accrued and unpaid fees owing paid to the Administrative Agent by the Borrower in respect of pursuant to this section 5.9 and the issuance of such Letters of Credit, if any, shall, thereupon forthwith become due and payable aggregate amount paid by the Borrower to the Agent for the benefit of the Operating Lender. Notwithstanding the foregoing, the Operating Fronting Lender having at under such time outstanding Letters of Credit, shall have the option, but not the obligation, subject to availability, to cause a Drawdown by way of a Prime Rate Loan or a U.S. Base Rate Loan, having regard to the currency of the applicable Letter of Credit, under the Operating Facility, in an amount not to exceed the amount which has become due and payable under the applicable Letter of Credit, to be held in a trust account kept by the Operating Lender and applied against amounts payable under such Letters of Credit in respect of any drawing thereunder.

Default, Maturity, etc. Upon the earlier of the Converted Term Maturity Date and the Administrative Agent declaring the Obligations to be due and payable pursuant to Section 13.210.2, and notwithstanding the expiration date of any outstanding Letters of Credit, an amount equal to the face amount Face Amount of all outstanding Letters of Credit, and all accrued and unpaid fees owing by the Borrower in respect of the issuance Issuance of such Letters of CreditCredit pursuant to Section 5.8, if any, shall thereupon forthwith become due and payable by the Borrower to the Administrative Agent for the benefit of the Operating Lender and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a trust account kept by the Administrative Agent and invested in Cash Equivalents and applied against amounts payable under such Letters of Credit in respect of any drawing thereunder. Upon The Borrower shall pay to the drawing Administrative Agent the aforesaid amount in respect of both any Letter of Credit outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this Section 5.11, a "Judicial Order") restricting payment by any beneficiary the LC Issuer under any outstanding and in accordance with such Letter of Credit or extending the LC Issuer’s liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to Section 2.4(5), the Administrative Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining the LC Issuer from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Administrative Agent for cancellation or the LC Issuer is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any Applicable Law) of such Letter of Credit; pay to the Borrower an amount equal to the difference between the amount drawn by such beneficiary shall, and all accrued and unpaid fees owing paid to the Administrative Agent by the Borrower in respect of pursuant to this Section 5.11 and the issuance of such Letters of Credit, if any, shall, thereupon forthwith become due and payable aggregate amount paid by the Borrower to the Agent for the benefit of the Operating Lender. Notwithstanding the foregoing, the Operating Lender having at LC Issuer under such time outstanding Letters of Credit, shall have the option, but not the obligation, subject to availability, to cause a Drawdown by way of a Prime Rate Loan or a U.S. Base Rate Loan, having regard to the currency of the applicable Letter of Credit, under the Operating Facility, in an amount not to exceed the amount which has become due and payable under the applicable Letter of Credit, to be held in a trust account kept by the Operating Lender and applied against amounts payable under such Letters of Credit in respect of any drawing thereunder.