Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan to the extent of the payment of the Issuing Lender thereunder. (b) If the Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a) shall apply to deem a Loan to be outstanding to the Borrower under the Credit Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing. (c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the Issuing Lender therefor. (d) Until each Lender funds its Loan pursuant to this Section 9.3 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the Issuing Lender. (e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.3, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e) shall be conclusive absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Allied Nevada Gold Corp.), Credit Agreement (Allied Nevada Gold Corp.)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the relevant Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter. Failing ; failing such payment, the such Borrower shall be deemed to have effected, notwithstanding any other provision hereof, effected a conversion of such Letter into a Base Rate Canada Loan to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the relevant Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.6(a) shall apply to deem a Base Rate Canada Loan to be outstanding to the such Borrower under the Credit RT Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfiedout. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s 's Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Base Rate Canada Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s 's Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the relevant Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.3, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e) shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Loan Agreement (4352351 Canada Inc.)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter. Failing ; failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, effected a conversion of such Letter into a Base Rate Canada Loan (with respect to a Letter denominated in a currency other than Canadian dollars) or a Prime Rate Loan (with respect to a Canadian dollar denominated Letter) to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.6(a) shall apply to deem a Base Rate Canada Loan or a Prime Rate Loan, as the case may be, to be outstanding to the Borrower under the Credit RT Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfiedout. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Base Rate Canada Loan or a Prime Rate Loan, as the case may be, in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.3, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e) shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (Yamana Gold Inc)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay (and in any event no later than 10:00 11:00 a.m. (Reno, Nevada Toronto time) on the date of any payment by the Issuing Lender under a Letter Letter) to the Administrative Agent for the account of the Issuing LenderLxxxxx, and thereby reimburse the Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.59.6(a) shall apply to deem deem, in the case of a Letter denominated in Canadian Dollars, a Prime Rate Loan to be outstanding to the Borrower and, in the case of a Letter denominated in U.S. Dollars, a Base Rate Canada Loan, in each case, to be outstanding to the Borrower under the Credit Facility this agreement in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such LenderLxxxxx’s Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 9.59.6 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such LenderLxxxxx’s Pro Rate Rata Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.39.59.6, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada the 30 day BA Discount Rate, in each case plus the Applicable Rate Margin from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid (exclusive of interest and fees) shall constitute such Lender’s Pro Rate Rata Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.59.6(e) shall be conclusive absent manifest error.
Appears in 1 contract
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower Borrowers shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter. Failing ; failing such payment, the Borrower Borrowers shall be deemed to have effected, notwithstanding any other provision hereof, effected a conversion of such Letter into into: (i) a Prime Rate Loan in the case of a Letter denominated in Canadian dollars or (ii) a Base Rate Loan Canada Loan, in the case of a Letter denominated in United States dollars, in each case to the extent of the payment of the Issuing Lender thereunder.
(bi) If the Issuing Lender makes payment under any Letter and the Borrower does Borrowers do not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.08(a) shall apply to deem a Loan to be outstanding to the relevant Borrower under the Credit Facility this agreement in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfiedout. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.;
(cii) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the Issuing Lender therefor.
(diii) Until each Lender funds its Loan pursuant to For certainty, the obligations in this Section 9.3 to reimburse 9.08(b) shall continue as obligations of the Persons who were Lenders at the time each such Letter was issued notwithstanding that such Lender may assign its rights and obligations hereunder, unless the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by specifically releases such Lender pursuant to the foregoing provisions of this Section 9.3, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada plus the Applicable Rate from time to time obligations in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e) shall be conclusive absent manifest errorwriting.
Appears in 1 contract
Samples: Credit Agreement (Vitran Corp Inc)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the relevant Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter. Failing ; failing such payment, the relevant Borrower shall be deemed to have effected, notwithstanding any other provision hereof, effected a conversion of such Letter into a Base Rate Canada Loan (if such Letter was denominated in U.S. dollars and issued on behalf of and at the request of a Canadian Borrower), a Base Rate New York Loan (if such Letter was denominated in U.S. dollars and issued on behalf of and at the request of a U.S. Borrower) or a Prime Rate Loan (if such Letter was denominated in Canadian dollars) to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the relevant Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(aSection
(a) shall apply to deem a Loan to be outstanding to the relevant Borrower under the Credit Facility this agreement in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfiedout. Each relevant Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s 's Pro Rata Share of the amount paid by the Issuing Lender such that each relevant Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each relevant Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s 's Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the relevant Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.3, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e) shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (Kinross Gold Corp)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay (and in any event no later than 10:00 a.m. 5:00 p.m. (Reno, Nevada Toronto time) on the date of any payment by the Issuing Lender under a Letter Letter) to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan under the RT Facility to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.7(a) shall apply to deem a Base Rate Loan to be outstanding to the Borrower under the Credit RT Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Base Rate Loan in accordance with its Pro Rata ShareShare of the RT Facility. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Base Rate Loan under the RT Facility shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s Pro Rata Share of the RT Facility of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan under the RT Facility pursuant to this Section 9.3 9.7 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Rata Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.39.7, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base the Adjusted Term SOFR Rate Canada for an Interest Period of one month plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Rata Share of the RT Facility of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.7(e) shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (Orla Mining Ltd.)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the an Issuing Lender, the Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan (if such Letter is denominated in any currency other than Canadian dollars) or into a Prime Rate Loan (if such Letter is denominated in Canadian dollars) to the extent of the payment of the relevant Issuing Lender thereunder.
(b) If the an Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of paymentLetter, then Section 9.4(a9.5(a) shall apply to deem a Base Rate Canada Loan (if such Letter is denominated in any currency other than Canadian dollars) or into a Prime Rate Loan (if such Letter is denominated in Canadian dollars) to be outstanding to the Borrower under the Credit Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the relevant Issuing Lender, immediately pay to the such Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the such Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the an Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the relevant Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the relevant Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the such Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the such Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 9.5 to reimburse the relevant Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the such Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the relevant Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.39.5, the such Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such Issuing Lender at a rate per annum equal to Alternate (i) Alternative Base Rate Canada New York, in the case of Letters denominated in U.S. or Australian dollars or (ii) the Prime Rate in the case of Letters denominated in Canadian dollars, in each case plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the relevant Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Rata Share of the relevant Loan. A certificate of the an Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.5(e) shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (New Gold Inc. /FI)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the relevant Borrower shall forthwith pay (and in any event no later than 10:00 11:00 a.m. (Reno, Nevada Toronto time) on the date of any payment by the Issuing Lender under a Letter Letter) to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the such Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan under the Credit Facility to the extent of the payment of the Issuing Lender thereunder.. 51334597.3 Third Amended and Restated Credit Agreement - Equinox
(b) If the Issuing Lender makes payment under any Letter and the relevant Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.6(a) shall apply to deem a Base Rate Loan to be outstanding to the such Borrower under the Credit Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Base Rate Loan in accordance with its Pro Rata ShareShare of the Credit Facility. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Base Rate Loan under the Credit Facility shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the relevant Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s Pro Rata Share of the Credit Facility of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the relevant Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan under the Credit Facility pursuant to this Section 9.3 9.6 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Rata Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.39.6, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base the Adjusted Term SOFR Rate Canada for a one month interest period plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Rata Share of the Credit Facility of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.6(e) shall be conclusive absent manifest error.. 51334597.3 Third Amended and Restated Credit Agreement - Equinox
Appears in 1 contract
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay (and in any event no later than 10:00 11:00 a.m. (Reno, Nevada Toronto time) on the date of any payment by the Issuing Lender under a Letter Letter) to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.6(a) shall apply to deem a Loan to be outstanding to the Borrower under the Credit Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 9.6 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Rata Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.39.6, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to the Alternate Base Rate Canada plus the Applicable Rate from time to time in effecteffect plus 5.5%, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Rata Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.6(e) shall be conclusive absent manifest error.
Appears in 1 contract
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the an Issuing Lender, the Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower Borrowers shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan (if such Letter is denominated in any currency other than Canadian dollars) or into a Prime Rate Loan (if such Letter is denominated in Canadian dollars) to the extent of the payment of the relevant Issuing Lender thereunder.
(b) If the an Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of paymentLetter, then Section 9.4(a9.5(a) shall apply to deem a Base Rate Loan (if such Letter is denominated in any currency other than Canadian dollars) or into a Prime Rate Loan (if such Letter is denominated in Canadian dollars) to be outstanding to the Borrower under the Credit Facility Borrowers in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the relevant Issuing Lender, immediately pay to the such Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the such Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the an Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the relevant Issuing Lender, the any Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the relevant Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the such Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the such Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 9.5 to reimburse the relevant Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the such Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the relevant Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.39.5, the such Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such Issuing Lender at a rate per annum equal to Alternate (i) Alternative Base Rate Canada New York, in the case of Letters denominated in U.S. or Australian dollars or (ii) the Prime Rate in the case of Letters denominated in Canadian dollars, in each case plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the relevant Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Rata Share of the relevant Loan. A certificate of the an Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.5(e) shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (New Gold Inc. /FI)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the relevant Borrower shall forthwith pay (and in any event no later than 10:00 11:00 a.m. (Reno, Nevada Toronto time) on the date of any payment by the Issuing Lender under a Letter Letter) to the Administrative Agent for the account of the Issuing LenderXxxxxx, and thereby reimburse the Issuing Lender for, all amounts paid by Issuing Lender Xxxxxxx Xxxxxx pursuant to such Letter. Failing such payment, the such Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan under the RCF Facility to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the relevant Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.7(a) shall apply to deem a Base Rate Loan to be outstanding to the such Borrower under the Credit RCF Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each RCF Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s 's Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Base Rate Loan in accordance with its Pro Rata ShareShare of the RCF Facility. The obligation of each RCF Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Base Rate Loan under the RCF Facility shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the relevant Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each RCF Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s Xxxxxx's Pro Rata Share of the RCF Facility of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the relevant Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each RCF Lender funds its Loan under the RCF Facility pursuant to this Section 9.3 9.7 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Xxxxxx's Pro Rate Rata Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any RCF Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such RCF Lender pursuant to the foregoing provisions of this Section 9.39.7, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base the Adjusted Term SOFR Rate Canada for a one month interest period plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s 's Pro Rate Rata Share of the RCF Facility of the relevant Loan. A certificate of the Issuing Lender submitted to any RCF Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.7(e) shall be conclusive absent manifest error.
Appears in 1 contract
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay (and in any event no later than 10:00 11:00 a.m. (Reno, Nevada Toronto time) on the date of any payment by the Issuing Lender under a Letter Letter) to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on on' or before the date of payment, then Section 9.4(a9.6(a) shall apply to deem a Loan to be outstanding to the Borrower under the Credit Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s 's Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s 's Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 9.6 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s 's Pro Rate Rata Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.39.6, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Alternative Base Rate Canada plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s 's Pro Rate Rata Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.6(e) shall be conclusive absent manifest error.
Appears in 1 contract
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the relevant Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter. Failing ; failing such payment, the such Borrower shall be deemed to have effected, notwithstanding any other provision hereof, effected a conversion of such Letter into a Base Rate Canada Loan to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the relevant Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.6(a) shall apply to deem a Base Rate Canada Loan to be outstanding to the such Borrower under the Credit RT Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfiedout. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Base Rate Canada Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the relevant Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.3, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e) shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Loan Agreement (Lundin Mining CORP)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay (and in any event no later than 10:00 a.m. 5:00 p.m. (Reno, Nevada Toronto time) on the date of any payment by the Issuing Lender under a Letter Letter) to the Administrative Agent for the account of the Issuing LenderXxxxxx, and thereby reimburse the Issuing Lender for, all amounts paid by Issuing Lender Xxxxxxx Xxxxxx pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan under the RT Facility to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.7(a) shall apply to deem a Base Rate Loan to be outstanding to the Borrower under the Credit RT Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s 's Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Base Rate Loan in accordance with its Pro Rata ShareShare of the RT Facility. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Base Rate Loan under the RT Facility shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s Xxxxxx's Pro Rata Share of the RT Facility of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan under the RT Facility pursuant to this Section 9.3 9.7 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Xxxxxx's Pro Rate Rata Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.39.7, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base the Adjusted Term SOFR Rate Canada for an Interest Period of one month plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s 's Pro Rate Rata Share of the RT Facility of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.7(e) shall be conclusive absent manifest error.
Appears in 1 contract
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the relevant Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter. Failing ; failing such payment, the relevant Borrower shall be deemed to have effected, notwithstanding any other provision hereof, effected a conversion of such Letter into a Base Rate Canada Loan (if such Letter was denominated in U.S. dollars and issued on behalf of and at the request of a Canadian Borrower), a Base Rate New York Loan (if such Letter was denominated in U.S. dollars and issued on behalf of and at the request of a U.S. Borrower) or a Prime Rate Loan (if such Letter was denominated in Canadian dollars) to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the relevant Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.5
(a) shall apply to deem a Loan to be outstanding to the relevant Borrower under the Credit Facility this agreement in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfiedout. Each relevant Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s 's Pro Rata Share of the amount paid by the Issuing Lender such that each relevant Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each relevant Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s 's Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the relevant Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to For certainty, the obligations in this Section 9.3 to reimburse 9.5 shall continue as obligations of the Persons who were Lenders at the time each such Letter was issued notwithstanding that such Lender may assign its rights and obligations hereunder, unless the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by specifically releases such Lender from such obligations in writing or consents to such assignment pursuant to the foregoing provisions of this Section 9.3, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent15.5(c), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e) shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (Kinross Gold Corp)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter issued by a particular Issuing Lender and payment thereunder by the such Issuing Lender, the applicable Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the such Issuing Lender, and thereby reimburse such Issuing Lender for, all amounts paid by such Issuing Lender pursuant to such Letter. Failing ; failing such payment, the such Borrower shall be deemed to have effected, notwithstanding any other provision hereof, effected a conversion of such Letter into (x) a Prime Rate Loan (if such Letter is denominated in Canadian dollars) or (y) a Base Rate Canada Loan (if such Letter is denominated in United States dollars or any other currency (other than Canadian dollars), the amount paid under such Letter being the Exchange Equivalent United States dollars of the amount so paid), in each case to the extent of the payment of the such Issuing Lender thereunder.
(bi) If the any Issuing Lender makes payment under any Letter issued by such Issuing Lender and the relevant Borrower does not fully reimburse the such Issuing Lender on or before the date of payment, then Section 9.4(a9.6(a) shall apply to deem (x) a Prime Rate Loan (if such Letter is denominated in Canadian dollars) or (y) a Base Rate Canada Loan (if such Letter is denominated in United States dollars or any other currency (other than Canadian dollars), the amount paid under such Letter being the Exchange Equivalent United States dollars of the amount so paid), in each case to be outstanding to the relevant Borrower under the Credit Facility this agreement in the manner therein herein set out regardless of whether the conditions set forth in Section 12.1 are satisfiedout. Each relevant Lender under the Credit Facility shall, on request by the relevant Issuing Lender, immediately pay to the such Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the such Issuing Lender such that each such Lender under the Credit Facility is participating in the deemed Prime Rate Loan or Base Rate Canada Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(cii) Each relevant Lender shall immediately on demand indemnify the each Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the such Issuing Lender under each Letter issued by it to the extent that the relevant Borrower does not fully reimburse the such Issuing Lender therefor.
(dc) Until each Lender funds its Loan pursuant to For certainty, the obligations in this Section 9.3 to reimburse 9.6 shall continue as obligations of each Person who was a relevant Lender at the time each such Letter was issued notwithstanding that such Lender may assign its rights and obligations hereunder, unless the relevant Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by specifically releases such Lender pursuant to the foregoing provisions of this Section 9.3, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada plus the Applicable Rate from time to time obligations in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e) shall be conclusive absent manifest errorwriting.
Appears in 1 contract
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower Borrowers shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter. Failing ; failing such payment, the Borrower Borrowers shall be deemed to have effected, notwithstanding any other provision hereof, effected a conversion of such Letter into into: (i) a Prime Rate Loan in the case of a Letter denominated in Canadian dollars or (ii) a Base Rate Loan Canada Loan, in the case of a Letter denominated in United States dollars, in each case to the extent of the payment of the Issuing Lender thereunder.
(bi) If the Issuing Lender makes payment under any Letter and the Borrower does Borrowers do not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.6(a) shall apply to deem a Loan to be outstanding to the relevant Borrower under the Credit Facility this agreement in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfiedout. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s 's Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.;
(cii) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s 's Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the Issuing Lender therefor.
(diii) Until each Lender funds its Loan pursuant to For certainty, the obligations in this Section 9.3 to reimburse 9.6(b) shall continue as obligations of the Persons who were Lenders at the time each such Letter was issued notwithstanding that such Lender may assign its rights and obligations hereunder, unless the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by specifically releases such Lender pursuant to the foregoing provisions of this Section 9.3, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada plus the Applicable Rate from time to time obligations in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e) shall be conclusive absent manifest errorwriting.
Appears in 1 contract
Samples: Credit Agreement (Vitran Corp Inc)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower Borrowers shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter. Failing ; failing such payment, the Borrower Borrowers shall be deemed to have effected, notwithstanding any other provision hereof, effected a conversion of such Letter into a Base Rate Canada Loan (if such Letter was denominated in U.S. dollars and issued on behalf of and at the request of Kinross Canada), a Base Rate New York Loan (if such Letter was denominated in U.S. dollars and issued on behalf of and at the request of either U.S. Borrower) or a Prime Rate Loan (if such Letter was denominated in Canadian dollars) to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the Borrower does Borrowers do not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.06
(a) shall apply to deem a Loan to be outstanding to the applicable Borrower under the Credit Facility this agreement in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfiedout. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s 's Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s 's Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does Borrowers do not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to For certainty, the obligations in this Section 9.3 to reimburse 9.06 shall continue as obligations of the Persons who were Lenders at the time each such Letter was issued notwithstanding that such Lender may assign its rights and obligations hereunder, unless the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by specifically releases such Lender pursuant to the foregoing provisions of this Section 9.3, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada plus the Applicable Rate from time to time obligations in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e) shall be conclusive absent manifest errorwriting.
Appears in 1 contract
Samples: Credit Agreement (Kinam Gold Inc)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower Borrowers shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter. Failing ; failing such payment, the Borrower Borrowers shall be deemed to have effected, notwithstanding any other provision hereof, effected a conversion of such Letter into into: (i) a Prime Rate Loan in the case of a Letter denominated in Canadian dollars or (ii) a Base Rate Loan New York Loan, in the case of a Letter denominated in United States dollars, in each case to the extent of the payment of the Issuing Lender thereunder.
(bi) If the Issuing Lender makes payment under any Letter and the Borrower does Borrowers do not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(aSection
(a) shall apply to deem a Loan to be outstanding to the relevant Borrower under the Credit Facility this agreement in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfiedout. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s 's Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.;
(cii) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s 's Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the Issuing Lender therefor.
(diii) Until each Lender funds its Loan pursuant to For certainty, the obligations in this Section 9.3 to reimburse 9.6(b) shall continue as obligations of the Persons who were Lenders at the time each such Letter was issued notwithstanding that such Lender may assign its rights and obligations hereunder, unless the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by specifically releases such Lender pursuant to the foregoing provisions of this Section 9.3, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada plus the Applicable Rate from time to time obligations in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e) shall be conclusive absent manifest errorwriting.
Appears in 1 contract
Samples: Credit Agreement (Vitran Corp Inc)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay (and in any event no later than 10:00 11:00 a.m. (Reno, Nevada Toronto time) on the date of any payment by the Issuing Lender under a Letter Letter) to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.5(a) shall apply to deem deem, in the case of a Letter denominated in Canadian Dollars, a Prime Rate Loan to be outstanding to the Borrower and, in the case of a Letter denominated in U.S. Dollars, a Base Rate Canada Loan, in each case, to be outstanding to the Borrower under the Credit Facility this agreement in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 9.5 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Rata Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.39.5, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada the 30 day BA Discount Rate, in each case plus the Applicable Rate Margin from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid (exclusive of interest and fees) shall constitute such Lender’s Pro Rate Rata Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.5(e) shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Loan Agreement (CI Financial Corp.)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, effected a conversion of such Letter into a Prime Rate Loan (in the case of a Letter denominated in Canadian dollars) or into a Base Rate Loan (in the case of a Letter denominated in United States dollars) to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.8(a) shall apply to deem a Loan to be outstanding to the Borrower under the Credit Facility this agreement in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfiedout. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it hereunder to the extent that the Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to For certainty, the obligations of the Lenders in this Section 9.3 to reimburse 9.8 shall continue as obligations of the Persons who were Lenders at the time each such Letter was issued notwithstanding that such Lender may assign its rights and obligations hereunder, unless the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by specifically releases such Lender pursuant to the foregoing provisions of this Section 9.3, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Base Rate Canada plus the Applicable Rate from time to time obligations in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e) shall be conclusive absent manifest errorwriting.
Appears in 1 contract
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the an Issuing Lender, the Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Canada Loan (if such Letter is denominated in any currency other than Canadian dollars) or into a Prime Rate Loan (if such Letter is denominated in Canadian dollars) to the extent of the payment of the relevant Issuing Lender thereunder.
(b) If the an Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of paymentLetter, then Section 9.4(a9.5(a) shall apply to deem a Base Rate Canada Loan (if such Letter is denominated in any currency other than Canadian dollars) or into a Prime Rate Loan (if such Letter is denominated in Canadian dollars) to be outstanding to the Borrower under the Credit Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the relevant Issuing Lender, immediately pay to the such Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the such Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the an Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoffset-off, counterclaim, recoupment, defence or other right which such Lender may have against the relevant Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the relevant Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the such Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the such Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 9.5 to reimburse the relevant Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Rata Share of such amount shall be solely for the account of the such Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the relevant Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.39.5, the such Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such Issuing Lender at a rate per annum equal to (i) Alternate Base Rate Canada Canada, in the case of Letters denominated in U.S. or Australian dollars or (ii) the Prime Rate in the case of Letters denominated in Canadian dollars, in each case plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the relevant Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Rata Share of the relevant Loan. A certificate of the an Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.5(e) shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Loan Agreement (New Gold Inc. /FI)
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay (and in any event no later than 10:00 11:00 a.m. (Reno, Nevada Toronto time) on the date of any payment by the Issuing Lender under a Letter Letter) to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan to the extent of the payment of the Issuing Lender thereunder.
(b) If the Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of payment, then Section 9.4(a9.6(a) shall apply to deem a Loan to be outstanding to the Borrower under the Credit Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the Issuing Lender, immediately pay to the Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defence or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 9.6 to reimburse the Issuing Lender for any amount drawn under any Letter, interest in respect of such Lender’s Pro Rate Rata Share of such amount shall be solely for the account of the Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.39.6, the Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate per annum equal to Alternate Alternative Base Rate Canada plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Rata Share of the relevant Loan. A certificate of the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.6(e) shall be conclusive absent manifest error.
Appears in 1 contract
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the an Issuing Lender, the Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Canada Loan (if such Letter is denominated in any currency other than Canadian dollars) or into a Prime Rate Loan (if such Letter is denominated in Canadian dollars) to the extent of the payment of the relevant Issuing Lender thereunder.
(b) If the an Issuing Lender makes payment under any Letter and the Borrower does not fully reimburse the Issuing Lender on or before the date of paymentLetter, then Section 9.4(a9.5(a) shall apply to deem a Base Rate Canada Loan (if such Letter is denominated in any currency other than Canadian dollars) or into a Prime Rate Loan (if such Letter is denominated in Canadian dollars) to be outstanding to the Borrower under the Credit Facility in the manner therein set out regardless of whether the conditions set forth in Section 12.1 are satisfied. Each Lender under the Credit Facility shall, on request by the relevant Issuing Lender, immediately pay to the such Issuing Lender an amount equal to such Lender’s Pro Rata Share of the amount paid by the such Issuing Lender such that each Lender under the Credit Facility is participating in the deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender under the Credit Facility to pay the an Issuing Lender its Pro Rata Share of each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoffset- off, counterclaim, recoupment, defence or other right which such Lender may have against the relevant Issuing Lender, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
(c) Each Lender shall immediately on demand indemnify the relevant Issuing Lender to the extent of such Lender’s Pro Rata Share of any amount paid or liability incurred by the such Issuing Lender under each Letter issued by it to the extent that the Borrower does not fully reimburse the such Issuing Lender therefor.
(d) Until each Lender funds its Loan pursuant to this Section 9.3 9.5 to reimburse the relevant Issuing Lender for any amount drawn under any Letter, interest in respect 286042.00038/115243826.6 of such Lender’s Pro Rate Rata Share of such amount shall be solely for the account of the such Issuing Lender.
(e) If any Lender fails to immediately make available to the Administrative Agent for the account of the relevant Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 9.39.5, the such Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such Issuing Lender at a rate per annum equal to (i) Alternate Base Rate Canada Canada, in the case of Letters denominated in U.S. or Australian dollars or (ii) the Prime Rate in the case of Letters denominated in Canadian dollars, in each case plus the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the relevant Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Pro Rate Rata Share of the relevant Loan. A certificate of the an Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.4(e9.5(e) shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (New Gold Inc. /FI)