Participations in Canadian Loans Sample Clauses

Participations in Canadian Loans. (a) Each Committed Lender agrees that it shall at all times have a participation in, and acknowledges that it is irrevocably and unconditionally obligated, upon receipt of notice that the Administrative Agent has received a Canadian Participation Funding Notice, to fund (or to cause an Affiliate to fund) its participation in, each outstanding Canadian Loan in an amount equal to its Pro Rata Share of the amount of such Canadian Loan.

Participations in Canadian Loans. (a) The Majority Canadian Banks may, in their sole and complete discretion at any time a Default exists, require each Bank which is not, and has not designated a branch or affiliate as, a Canadian Bank (a "Non-Canadian Bank") to, and each Non-Canadian Bank agrees that promptly upon notice from the Majority Canadian Banks it will, purchase from each Canadian Bank (and each Canadian Bank will sell to each Non-Canadian Bank) an undivided participation interest in all outstanding Canadian Loans in an amount so that, after giving effect to all such purchases and sales, each Bank will have a direct or participation interest in all outstanding Canadian Loans in an amount equal to its Commitment Percentage of such Loans. In furtherance of the foregoing, each Bank agrees that promptly upon receipt of such notice it will transfer to the Canadian Administrative Agent, in immediately available funds, an amount equal to its Commitment Percentage of all outstanding Canadian Loans, and promptly upon receipt of such funds the Canadian Administrative Agent will transfer to each Canadian Bank its pro rata share thereof.