Common use of The Canadian Letter of Credit Commitment Clause in Contracts

The Canadian Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) each Canadian L/C Issuer agrees, in reliance upon the agreements of the other Canadian Banks set forth in this Section 2A.7, (1) from time to time on any Canadian Business Day prior to the Letter of Credit Expiration Date, to issue Canadian Letters of Credit for the account of the Canadian Borrower, and to amend or renew Canadian Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drafts under the Canadian Letters of Credit; and (B) the Canadian Banks severally agree to participate in Canadian Letters of Credit issued for the account of the Canadian Borrower; provided that (i) no Canadian L/C Issuer shall be obligated to make any Canadian L/C Credit Extension with respect to any Canadian Letter of Credit if the aggregate outstanding amount of Letters of Credit, Canadian Letters of Credit and Sterling Letters of Credit issued by it hereunder would exceed an aggregate principal amount of $333,333,333 (or such greater amount as may be agreed to by such Canadian L/C Issuer), (ii) no Canadian L/C Issuer shall be obligated to make any Canadian L/C Credit Extension with respect to any Canadian Letter of Credit if the aggregate outstanding amount of Canadian Letters of Credit issued by it hereunder would exceed the Canadian Allocated Maximum Total Commitment and (iii) no Canadian L/C Issuer shall be obligated to issue Canadian Letters of Credit and no Canadian Bank shall be obligated to participate in any Canadian Letter of Credit if as of the date of such Canadian L/C Credit Extension, (x) the Canadian Total Outstanding Amount would exceed the Canadian Allocated Total Commitment or (y) the outstanding Canadian Borrowings of any Canadian Bank, plus such Canadian Bank’s Canadian Pro Rata Share of the outstanding Canadian L/C Obligations would exceed such Canadian Bank’s Canadian Commitment. Within the foregoing limits, and subject to the terms and conditions hereof, the Canadian Borrower’s ability to obtain Canadian Letters of Credit shall be fully revolving, and accordingly the Canadian Borrower may, during the foregoing period, obtain Canadian Letters of Credit to replace Canadian Letters of Credit that have expired or that have been drawn upon and reimbursed

Appears in 1 contract

Samples: Revolving Credit Agreement (Eog Resources Inc)

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The Canadian Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) each Canadian L/C Issuer agrees, in reliance upon the agreements of the other Canadian Banks set forth in this Section 2A.7, (1) from time to time on any Canadian Business Day prior to the Letter of Credit Expiration Date, to issue Canadian Letters of Credit for the account of the Canadian Borrower, and to amend or renew Canadian Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drafts under the Canadian Letters of Credit; and (B) the Canadian Banks severally agree to participate in Canadian Letters of Credit issued for the account of the Canadian Borrower; provided that (i) no Canadian L/C Issuer shall be obligated to make any Canadian L/C Credit Extension with respect to any Canadian Letter of Credit (i) if the aggregate outstanding amount of Letters of Credit, Canadian Letters of Credit and Sterling Letters of Credit issued by it hereunder and its Affiliates would exceed an aggregate principal amount of $333,333,333 (or such greater amount as may be agreed to by such Canadian L/C Issuer)100,000,000, and (ii) no Canadian L/C Issuer shall be obligated to make any Canadian L/C Credit Extension with respect to any Canadian Letter of Credit if the aggregate outstanding amount of Canadian Letters of Credit issued by it hereunder would exceed the Canadian Allocated Maximum Total Commitment and (iii) no Canadian L/C Issuer shall be obligated to issue Canadian Letters of Credit and no Canadian Bank shall be obligated to participate in any Canadian Letter of Credit if as of the date of such Canadian L/C Credit Extension, (x) the Canadian Total Outstanding Amount would exceed the Canadian Allocated Total Commitment or Commitment, (y) the outstanding Canadian Borrowings of any Canadian Bank, plus such Canadian Bank’s 's Canadian Pro Rata Share of the outstanding Canadian L/C Obligations would exceed such Canadian Bank’s 's Canadian Commitment, or (z) the outstanding Canadian L/C Obligations would exceed the Canadian Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the Canadian Borrower’s 's ability to obtain Canadian Letters of Credit shall be fully revolving, and accordingly the Canadian Borrower may, during the foregoing period, obtain Canadian Letters of Credit to replace Canadian Letters of Credit that have expired or that have been drawn upon and reimbursed.

Appears in 1 contract

Samples: Revolving Credit Agreement (Eog Resources Inc)

The Canadian Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) each Canadian L/C Issuer agrees, in reliance upon the agreements of the other Canadian Banks set forth in this Section 2A.7, (1) from time to time on any Canadian Business Day prior to the Letter of Credit Expiration Date, to issue Canadian Letters of Credit for the account of the Canadian Borrower, and to amend or renew Canadian Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drafts under the Canadian Letters of Credit; and (B) the Canadian Banks severally agree to participate in Canadian Letters of Credit issued for the account of the Canadian Borrower; provided that (i) no Canadian L/C Issuer shall be obligated to make any Canadian L/C Credit Extension with respect to any Canadian Letter of Credit if the aggregate outstanding amount of Letters of Credit, Canadian Letters of Credit and Sterling Letters of Credit issued by it hereunder would exceed an aggregate principal amount one-third (1/3) of $333,333,333 (or such greater amount as may be agreed to by such Canadian L/C Issuer)the Total Committed Amount, (ii) no Canadian L/C Issuer shall be obligated to make any Canadian L/C Credit Extension with respect to any Canadian Letter of Credit if the aggregate outstanding amount of Canadian Letters of Credit issued by it hereunder would exceed an amount equal to the product of (x) the Canadian Allocated Maximum Total Commitment times (y) a fraction, the numerator of which is one (1), and the denominator of which, at each relevant time of determination, is the then total number of Canadian L/C Issuers, and (iii) no Canadian L/C Issuer shall be obligated to issue Canadian Letters of Credit and no Canadian Bank shall be obligated to participate in any Canadian Letter of Credit if as of the date of such Canadian L/C Credit Extension, (x) the Canadian Total Outstanding Amount would exceed the Canadian Allocated Total Commitment or (y) the outstanding Canadian Borrowings of any Canadian Bank, plus such Canadian Bank’s Canadian Pro Rata Share of the outstanding Canadian L/C Obligations would exceed such Canadian Bank’s Canadian Commitment. Within the foregoing limits, and subject to the terms and conditions hereof, the Canadian Borrower’s ability to obtain Canadian Letters of Credit shall be fully revolving, and accordingly the Canadian Borrower may, during the foregoing period, obtain Canadian Letters of Credit to replace Canadian Letters of Credit that have expired or that have been drawn upon and reimbursed

Appears in 1 contract

Samples: Revolving Credit Agreement (Eog Resources Inc)

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The Canadian Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) each Canadian L/C Issuer agrees, in reliance upon the agreements of the other Canadian Banks set forth in this Section 2A.7, (1) from time to time on any Canadian Business Day prior to the Letter of Credit Expiration Date, to issue Canadian Letters of Credit for the account of the Canadian Borrower, and to amend or renew Canadian Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drafts under the Canadian Letters of Credit; and (B) the Canadian Banks severally agree to participate in Canadian Letters of Credit issued for the account of the Canadian Borrower; provided that (i) no Canadian L/C Issuer shall be obligated to make any Canadian L/C Credit Extension with respect to any Canadian Letter of Credit if the aggregate outstanding amount of Letters of Credit, Canadian Letters of Credit and Sterling Letters of Credit issued by it hereunder would exceed an aggregate principal amount of $333,333,333 such Canadian L/C Issuer’s Letter of Credit Commitment (or such greater amount as may be agreed to by such Canadian L/C Issuer), (ii) no Canadian L/C Issuer shall be obligated to make any Canadian L/C Credit Extension with respect to any Canadian Letter of Credit if the aggregate outstanding amount of Canadian Letters of Credit issued by it hereunder would exceed the Canadian Allocated Maximum Total Commitment and (iii) no Canadian L/C Issuer shall be obligated to issue Canadian Letters of Credit and no Canadian Bank shall be obligated to participate in any Canadian Letter of Credit if as of the date of such Canadian L/C Credit Extension, (x) the Canadian Total Outstanding Amount would exceed the Canadian Allocated Total Commitment or (y) the outstanding Canadian Borrowings of any Canadian Bank, plus such Canadian Bank’s Canadian Pro Rata Share of the outstanding Canadian L/C Obligations would exceed such Canadian Bank’s Canadian Commitment. Within the foregoing limits, and subject to the terms and conditions hereof, the Canadian Borrower’s ability to obtain Canadian Letters of Credit shall be fully revolving, and accordingly the Canadian Borrower may, during the foregoing period, obtain Canadian Letters of Credit to replace Canadian Letters of Credit that have expired or that have been drawn upon and reimbursed.

Appears in 1 contract

Samples: Revolving Credit Agreement (Eog Resources Inc)

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