Common use of Reimbursement or Conversion on Presentation of Letters Clause in Contracts

Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by an Issuing Lender, 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.

Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by an Issuing Lender, 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.

Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by an Issuing Lender, the Borrower Borrowers 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.