Common use of Deposit of Redemption Monies or Common Shares Clause in Contracts

Deposit of Redemption Monies or Common Shares. Except as may otherwise be provided in any Supplemental Indenture or in any series of Debt Securities, upon Debt Securities being called for redemption, Baytex will deposit with the Indenture Trustee or any paying agent to the order of the Indenture Trustee, on or before 11:00 a.m. (New York City time) on the Business Day immediately prior to the redemption date specified in such notice, such sums of money as may be sufficient to pay the Redemption Price of the Debt Securities so called for redemption, plus accrued and unpaid interest thereon up to but excluding the redemption date, less any tax required by law to be deducted. Baytex shall also deposit with the Indenture Trustee a sum of money sufficient to pay any charges or expenses which may be incurred by the Indenture Trustee in connection with such redemption. Every such deposit shall be irrevocable. From the sums so deposited, or certificates so deposited, or both, the Indenture Trustee shall pay or cause to be paid, or issue or cause to be issued, to the holders of such Debt Securities so called for redemption, upon surrender of such Debt Securities, the principal, Premium (if any) and interest (if any) to which they are respectively entitled on redemption. Payment of funds to the Indenture Trustee upon redemption of the Debt Securities shall be made by electronic transfer or pursuant to such other arrangements for the provision of funds as may be agreeable between Baytex and the Indenture Trustee in order to effect such Maturity payment hereunder. The Indenture Trustee shall disburse such redemption payments only upon receiving, at least one Business Day prior to each Redemption Date, funds in an amount sufficient for the redemption payment. The Indenture Trustee shall have no obligation to disburse funds pursuant to this Section 4.7 unless it has received written confirmation satisfactory to it that the funds have been deposited with it in sufficient amount to pay in full all amounts due and payable on the applicable Redemption Date.

Deposit of Redemption Monies or Common Shares. Except as may otherwise Redemption of Debentures shall be provided in any Supplemental Indenture or in any series of Debt Securities, upon Debt Securities being called for redemption, Baytex will deposit by the Corporation depositing with the Indenture Debenture Trustee or any paying agent to the order of the Indenture Debenture Trustee, on or before 11:00 a.m. am. (New York City Eastern time) on the second Business Day immediately prior to the redemption date Redemption Date specified in such noticeRedemption Notice, such sums of money money, or certificates representing such Common Shares, or both, as the case may be be, as is sufficient to pay the Redemption Price of the Debt Securities Debentures so called for redemption, plus such sum of money, or certificates representing Common Shares, or both, as the case may be, as is sufficient to pay accrued and unpaid interest thereon up to but excluding the redemption date, less any tax required by law to be deductedRedemption Date. Baytex The Corporation shall also deposit with the Indenture Debenture Trustee a sum of money sufficient to pay any charges or expenses which may be incurred by the Indenture Debenture Trustee in connection with such redemption. Every such deposit shall be irrevocable. From the sums so deposited, or certificates so deposited, or both, the Indenture Debenture Trustee shall pay or cause to be paid, or issue or cause to be issued, (i) in the case of a Global Debenture, to the Depository upon the Depository making the appropriate notation in respect of the principal amount of the Debentures so redeemed, which notation shall be authenticated by the Debenture Trustee or (ii) in the case of Fully Registered Debentures to the holders of such Debt Securities Debentures so called for redemption, upon surrender of such Debt SecuritiesDebentures, the principal, Premium (if any) Redemption Price and interest (if any, net of applicable withholding taxes as instructed by the Corporation) to which they are respectively entitled on redemption. Payment of funds to the Indenture Debenture Trustee upon redemption of the Debt Securities shall be made by electronic transfer or pursuant to such other arrangements for the provision of funds as may be agreeable between Baytex the Debenture Trustee and the Indenture Trustee Corporation in order to effect such Maturity redemption payment hereunder. The Indenture Debenture Trustee shall disburse such redemption payments proceeds only upon receiving, at least one two Business Day Days prior to each Redemption Date, funds in an amount sufficient for to pay the redemption paymentaggregate Redemption Price that is payable in cash and the aggregate amount of interest (if any) payable on redemption. The Indenture Debenture Trustee shall have no obligation to disburse funds pursuant to this Section 4.7 4.5 unless it has received written confirmation satisfactory to it that the funds have been deposited with it in sufficient amount to pay the aggregate Redemption Price that is payable in full all amounts due cash and the aggregate amount of interest (if any) payable on the applicable Redemption Dateredemption.