Common use of Repayment of Unclaimed Monies or Common Shares Clause in Contracts

Repayment of Unclaimed Monies or Common Shares. Subject to applicable law, any monies set aside under Section 7.3 and not claimed by and paid to holders of Debt Securities as provided in Section 7.3 within six years after the date of such setting aside shall be repaid and delivered to Baytex by the Indenture Trustee and thereupon the Indenture Trustee shall be released from all further liability with respect to such monies, and thereafter the holders of the Debt Securities in respect of which such monies, were so repaid to Baytex shall have no rights in respect thereof except to obtain payment and delivery of the monies, from Baytex subject to any applicable limitation periods. Notwithstanding the foregoing, the Indenture Trustee will pay any remaining funds prior to the expiry of six years after the setting aside described in Section 7.3 to Baytex upon receipt from Baytex, or one of its Subsidiaries, of an unconditional letter of credit from a Canadian chartered bank in an amount equal to or in excess of the amount of the remaining funds. If the remaining funds are paid to Baytex prior to the expiry of six years after such setting aside, and if such funds or any portion thereof are claimed after the date of such payment of the remaining funds to Baytex but prior to six years after such setting aside, the Indenture Trustee shall immediately provide to Baytex written notice of such claim, and Baytex shall promptly deposit with the Indenture Trustee funds in the amount necessary to satisfy such claim.

Repayment of Unclaimed Monies or Common Shares. Subject to applicable law, any monies or Common Shares, if applicable, set aside under Section 7.3 9.2 and not claimed by and paid to holders of Debt Securities Debentures as provided in Section 7.3 9.2 within six years after the date of such setting aside shall be repaid and delivered to Baytex the Corporation by the Indenture Trustee Debenture Agent and thereupon the Indenture Trustee Debenture Agent shall be released from all further liability with respect to such moniesmonies or Common Shares, if applicable, and thereafter the holders of the Debt Securities Debentures in respect of which such moniesmonies or Common Shares, if applicable, were so repaid to Baytex the Corporation shall have no rights in respect thereof except to obtain payment and delivery of the moniesmonies or Common Shares, if applicable, from Baytex the Corporation subject to any applicable limitation periodsprescription provided by the laws of the Province of Québec. Notwithstanding the foregoing, the Indenture Trustee Debenture Agent will pay any remaining funds prior to the expiry of six years after the setting aside described in Section 7.3 9.2 to Baytex the Corporation upon receipt from Baytexthe Corporation, or one of its Subsidiaries, of an unconditional uncontested letter of credit from a Canadian chartered bank in an amount equal to or in excess of the amount of the remaining funds. If the remaining funds are paid to Baytex the Corporation prior to the expiry of six years after such setting aside, and if such funds or the Corporation shall reimburse the Debenture Agent for any portion thereof amounts so set aside which are claimed required to be paid by the Debenture Agent to a holder of a Debenture after the date of such payment of the remaining funds to Baytex the Corporation but prior to six years after such setting aside, the Indenture Trustee shall immediately provide to Baytex written notice of such claim, and Baytex shall promptly deposit with the Indenture Trustee funds in the amount necessary to satisfy such claim.

Repayment of Unclaimed Monies or Common Shares. Subject to applicable law, any monies or Common Shares, if applicable, set aside under Section 7.3 9.2 and not claimed by and paid to holders of Debt Securities Debentures as provided in Section 7.3 9.2 within six years after the date of such setting aside shall be repaid and delivered to Baytex the Company by the Indenture Trustee and thereupon the Indenture Trustee shall be released from all further liability with respect to such moniesmonies or Common Shares, if applicable, and thereafter the holders of the Debt Securities Debentures in respect of which such moniesmonies or Common Shares, if applicable, were so repaid to Baytex the Company shall have no rights in respect thereof except to obtain payment and delivery of the moniesmonies or Common Shares, if applicable, from Baytex the Company subject to any applicable limitation periodsprovided by the laws of the Province of Ontario. Notwithstanding the foregoing, the Indenture Trustee will pay any remaining funds prior to the expiry of six years after the setting aside described in Section 7.3 9.2 to Baytex the Company upon receipt from Baytex, or one of its Subsidiariesthe Company, of an unconditional letter of credit from a Canadian chartered bank in an amount equal to or in excess of the amount of the remaining fundsfunds as security for the Company’s continuing obligations hereunder, including the payments of any amounts due to holders of Debentures. If the remaining funds are paid to Baytex the Company prior to the expiry of six years after such setting aside, and if such funds or the Company shall reimburse the Trustee for any portion thereof amounts so set aside which are claimed required to be paid by the Trustee to a holder of a Debenture after the date of such payment of the remaining funds to Baytex the Company but prior to six years after such setting aside, the Indenture Trustee shall immediately provide to Baytex written notice of such claim, and Baytex shall promptly deposit with the Indenture Trustee funds in the amount necessary to satisfy such claim.

Repayment of Unclaimed Monies or Common Shares. Subject to applicable law, any monies or Common Shares, if applicable, set aside under Section 7.3 9.2 and not claimed by and paid to holders of Debt Securities Debentures as provided in Section 7.3 9.2 within six years after the date of such setting aside shall be repaid and delivered to Baytex the Corporation by the Indenture Trustee and thereupon the Indenture Trustee shall be released from all further liability with respect to such moniesmonies or Common Shares, if applicable, and thereafter the holders of the Debt Securities Debentures in respect of which such moniesmonies or Common Shares, if applicable, were so repaid to Baytex the Corporation shall have no rights in respect thereof except to obtain payment and delivery of the moniesmonies or Common Shares, if applicable, from Baytex the Corporation subject to any applicable limitation periodsprovided by the laws of the Province of Ontario. Notwithstanding the foregoing, the Indenture Trustee will pay any remaining funds prior to the expiry of six years after the setting aside described in Section 7.3 9.2 to Baytex the Corporation upon receipt from Baytex, or one of its Subsidiariesthe Corporation, of an unconditional letter of credit from a Canadian chartered bank in an amount equal to or in excess of the amount of the remaining fundsfunds as security for the Corporation's continuing obligations hereunder, including the payments of any amounts due to holders of Debentures. If the remaining funds are paid to Baytex the Corporation prior to the expiry of six years after such setting aside, and if such funds or the Corporation shall reimburse the Trustee for any portion thereof amounts so set aside which are claimed required to be paid by the Trustee to a holder of a Debenture after the date of such payment of the remaining funds to Baytex the Corporation but prior to six years after such setting aside, the Indenture Trustee shall immediately provide to Baytex written notice of such claim, and Baytex shall promptly deposit with the Indenture Trustee funds in the amount necessary to satisfy such claim.

Repayment of Unclaimed Monies or Common Shares. Subject to applicable law, any monies or Common Shares, if applicable, set aside under Section 7.3 8.2 and not claimed by and paid to holders of Debt Securities Debentures as provided in Section 7.3 8.2 within six years after the date of such setting aside shall be repaid and delivered to Baytex the Corporation by the Indenture Debenture Trustee and thereupon the Indenture Debenture Trustee shall be released from all further liability with respect to such moniesmonies or Common Shares, if applicable, and thereafter the holders of the Debt Securities Debentures in respect of which such moniesmonies or Common Shares, if applicable, were so repaid to Baytex the Corporation shall have no rights in respect thereof except to obtain payment and delivery of the moniesmonies or Common Shares, if applicable, from Baytex the Corporation subject to any applicable limitation periodsprovided by the laws of the Province of Alberta. Notwithstanding the foregoing, the Indenture Debenture Trustee will will, pursuant to a written direction of the Corporation, pay any remaining funds prior to the expiry of six years after the setting aside described in Section 7.3 8.2 to Baytex the Corporation upon receipt from Baytexthe Corporation, or one of its SubsidiariesSubsidiaries (on behalf of the Corporation), of an unconditional uncontested letter of credit from a Canadian U.S. federally chartered bank in an amount equal to or in excess of the amount of the remaining funds. If the remaining funds are paid to Baytex the Corporation prior to the expiry of six years after such setting aside, and if such funds or the Corporation shall reimburse the Debenture Trustee for any portion thereof amounts so set aside which are claimed required to be paid by the Debenture Trustee to a holder of a Debenture after the date of such payment of the remaining funds to Baytex the Corporation but prior to six years after such setting aside, the Indenture Trustee shall immediately provide to Baytex written notice of such claim, and Baytex shall promptly deposit with the Indenture Trustee funds in the amount necessary to satisfy such claim.

Repayment of Unclaimed Monies or Common Shares. Subject to applicable law, any monies or Common Shares, if applicable, set aside under Section 7.3 9.2 and not claimed by and paid to holders of Debt Securities Debentures as provided in Section 7.3 9.2 within six years after the date of such setting aside shall be repaid and delivered to Baytex the Corporation by the Indenture Debenture Trustee and thereupon the Indenture Debenture Trustee shall be released from all further liability with respect to such moniesmonies or Common Shares, if applicable, and thereafter the holders of the Debt Securities Debentures in respect of which such moniesmonies or Common Shares, if applicable, were so repaid to Baytex the Corporation shall have no rights in respect thereof except to obtain payment and delivery of the moniesmonies or Common Shares, if applicable, from Baytex the Corporation subject to any applicable limitation periodsprovided by the laws of the Province of Alberta. Notwithstanding the foregoing, the Indenture Debenture Trustee will pay any remaining funds prior to the expiry of six years after the setting aside described in Section 7.3 9.2 to Baytex the Corporation upon receipt from Baytexthe Corporation, or one of its Subsidiaries, of an unconditional uncontested letter of credit from a Canadian chartered bank in an amount equal to or in excess of the amount of the remaining funds. If the remaining funds are paid to Baytex the Corporation prior to the expiry of six years after such setting aside, and if such funds or the Corporation shall reimburse the Debenture Trustee for any portion thereof amounts so set aside which are claimed required to be paid by the Debenture Trustee to a holder of a Debenture after the date of such payment of the remaining funds to Baytex the Corporation but prior to six years after such setting aside, the Indenture Trustee shall immediately provide to Baytex written notice of such claim, and Baytex shall promptly deposit with the Indenture Trustee funds in the amount necessary to satisfy such claim.

Repayment of Unclaimed Monies or Common Shares. Subject to applicable law, any monies or Common Shares, if applicable, set aside under Section 7.3 9.2 and not claimed by and paid to holders of Debt Securities Debentures as provided in Section 7.3 9.2 within six years after the date of such setting aside shall be repaid and delivered to Baytex the Corporation by the Indenture Trustee and thereupon the Indenture Trustee shall be released from all further liability with respect to such moniesmonies or Common Shares, if applicable, and thereafter the holders of the Debt Securities Debentures in respect of which such moniesmonies or Common Shares, if applicable, were so repaid to Baytex the Corporation shall have no rights in respect thereof except to obtain payment and delivery of the moniesmonies or Common Shares, if applicable, from Baytex the Corporation subject to any applicable limitation periodsprovided by the laws of the Province of Alberta. Notwithstanding the foregoing, the Indenture Trustee will pay any remaining funds prior to the expiry of six years after the setting aside described in Section 7.3 9.2 to Baytex the Corporation upon receipt from Baytex, or one of its Subsidiariesthe Corporation, of an unconditional letter of credit from a Canadian chartered bank in an amount equal to or in excess of the amount of the remaining funds. If the remaining funds are paid to Baytex the Corporation prior to the expiry of six years after such setting aside, and if such funds or the Corporation shall reimburse the Trustee for any portion thereof amounts so set aside which are claimed required to be paid by the Trustee to a holder of a Debenture after the date of such payment of the remaining funds to Baytex the Corporation but prior to six years after such setting aside, the Indenture Trustee shall immediately provide to Baytex written notice of such claim, and Baytex shall promptly deposit with the Indenture Trustee funds in the amount necessary to satisfy such claim.

Repayment of Unclaimed Monies or Common Shares. Subject to applicable law, any monies or Common Shares, if applicable, set aside under Section 7.3 9.2 and not claimed by and paid to holders of Debt Securities Debentures as provided in Section 7.3 9.2 within six years after the date of such setting aside shall be repaid and delivered to Baytex the Corporation by the Indenture Debenture Trustee and thereupon the Indenture Debenture Trustee shall be released from all further liability with respect to such moniesmonies or Common Shares, if applicable, and thereafter the holders of the Debt Securities Debentures in respect of which such moniesmonies or Common Shares, if applicable, were so repaid to Baytex the Corporation shall have no rights in respect thereof except to obtain payment and delivery of the moniesmonies or Common Shares, if applicable, from Baytex the Corporation subject to any applicable limitation periodsprovided by the laws of the Province of Ontario. Notwithstanding the foregoing, the Indenture Debenture Trustee will pay any remaining funds prior to the expiry of six years after the setting aside described in Section 7.3 9.2 to Baytex the Corporation upon receipt from Baytexthe Corporation, or one of its Subsidiaries, of an unconditional uncontested letter of credit from a Canadian chartered bank in an amount equal to or in excess of the amount of the remaining funds. If the remaining funds are paid to Baytex the Corporation prior to the expiry of six years after such setting aside, and if such funds or the Corporation shall reimburse the Debenture Trustee for any portion thereof amounts so set aside which are claimed required to be paid by the Debenture Trustee to a holder of a Debenture after the date of such payment of the remaining funds to Baytex the Corporation but prior to six years after such setting aside, the Indenture Trustee shall immediately provide to Baytex written notice of such claim, and Baytex shall promptly deposit with the Indenture Trustee funds in the amount necessary to satisfy such claim.