Common use of The Canadian Swing Line Loans Clause in Contracts

The Canadian Swing Line Loans. Subject to the terms and conditions hereinafter set forth, upon notice by the Canadian Borrowers to the Canadian Swing Line Lender in accordance with this §2.14, the Canadian Swing Line Lender agrees to make loans to the Canadian Borrowers (the “Canadian Swing Line Loans”) in Dollars or Canadian Dollars on any Business Day prior to the Maturity Date in an aggregate principal amount not to exceed $50,000,000 (or the Canadian Dollar Equivalent thereof) at any one time outstanding. Each Canadian Swing Line Loan shall be in a minimum amount equal to $500,000 (or the Canadian Dollar Equivalent thereof); provided that there shall be no minimum amount for any Canadian Swing Line Loan which is advanced in order to fund an overdraft in the Canadian Borrowers’ Canadian Dollar accounts maintained with Canadian Swing Line Lender (as provided in §2.14(b) hereof). Notwithstanding any other provisions of this Agreement and in addition to the limit set forth above, at no time shall the aggregate Outstanding Amount of all Canadian Swing Line Loans exceed (i) the Total Canadian Commitment then in effect minus (ii) the sum of (A) the aggregate Outstanding Amount of all Canadian Loans denominated in U.S. Dollars, plus (B) the Outstanding Amount of all Canadian Loans denominated in Canadian Dollars, plus (C) the Outstanding Amount of Bankers’ Acceptances; provided, that the Canadian Borrowers shall not use the proceeds of any Canadian Swing Line Loan to refinance any outstanding Canadian Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Canadian Borrowers may borrow under this §2.14, prepay or repay under §2.11, and reborrow under this §2.14. Each Canadian Swing Line Loan shall be a Canadian Base Rate Loan. Immediately upon the making of a Canadian Swing Line Loan, each Canadian Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Canadian Swing Line Lender a risk participation in such Canadian Swing Line Loan in an amount equal to the product of such Canadian Bank’s Canadian Commitment Percentage times the amount of such Canadian Swing Line Loan. Notwithstanding the foregoing, the Canadian Swing Line Lender shall not be under any obligation to advance any Canadian Swing Line Loan if any Bank is at such time a Defaulting Bank unless Cash Collateral is provided to the Canadian Swing Line Lender as set forth in §2.15. Any Cash Collateral provided under this Section shall be held and released pursuant to the terms and provisions of such §2.15.

The Canadian Swing Line Loans. Subject to the terms and conditions hereinafter set forth, upon notice by the Canadian Borrowers to the Canadian Swing Line Lender and the Canadian Agent in accordance with this §2.14, the Canadian Swing Line Lender agrees to make loans to the Canadian Borrowers (the “Canadian Swing Line Loans”) in Dollars or Canadian Dollars on any Business Day prior to the Maturity Date in an aggregate principal amount not to exceed $50,000,000 (or the Canadian Dollar Equivalent thereof) at any one time outstanding. Each Canadian Swing Line Loan shall be in a minimum amount equal to $500,000 (or the Canadian Dollar Equivalent thereof); provided that there shall be no minimum amount for any Canadian Swing Line Loan which is advanced in order to fund an overdraft in the Canadian Borrowers’ Canadian Dollar accounts maintained with Canadian Swing Line Lender (as provided in §2.14(b) hereof). Notwithstanding any other provisions of this Agreement and in addition to the limit set forth above, at no time shall the aggregate Outstanding Amount of all Canadian Swing Line Loans exceed (i) the Total Canadian Commitment then in effect minus (ii) the sum of (A) the aggregate Outstanding Amount of all Canadian Loans denominated in U.S. Dollars, plus (B) the Outstanding Amount of all Canadian Loans denominated in Canadian Dollars, plus (C) the Outstanding Amount of Bankers’ Acceptances; provided, that the Canadian Borrowers shall not use the proceeds of any Canadian Swing Line Loan to refinance any outstanding Canadian Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Canadian Borrowers may borrow under this §2.14, prepay or repay under §2.11, and reborrow under this §2.14. Each Canadian Swing Line Loan shall be a Canadian Base Rate Loan. Immediately upon the making of a Canadian Swing Line Loan, each Canadian Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Canadian Swing Line Lender a risk participation in such Canadian Swing Line Loan in an amount equal to the product of such Canadian Bank’s Canadian Commitment Percentage times the amount of such Canadian Swing Line Loan. Notwithstanding the foregoing, the Canadian Swing Line Lender shall not be under any obligation to advance any Canadian Swing Line Loan if any Bank is at such time a Defaulting Bank Delinquent Bank, unless Cash Collateral is provided (i) the Canadian Borrowers provide cash collateral to the Canadian Swing Line Lender as set forth (pursuant to terms and documentation reasonably acceptable to the Canadian Swing Line Lender) in §2.15an amount not less than that portion of the requested Canadian Swing Line Loan attributable to such Delinquent Bank’s Commitment Percentage times the amount of the requested Canadian Swing Line Loan or (ii) the Canadian Swing Line Lender has entered into arrangements satisfactory to it with the Canadian Borrowers or such Delinquent Bank to eliminate the Canadian Swing Line Lender’s risk with respect to such Delinquent Bank. Any Cash Collateral cash collateral provided under this Section shall be (i) held by the Canadian Swing Line Lender and (ii) promptly (x) released pursuant to the terms and provisions Canadian Borrowers (to the extent provided by the Canadian Borrowers), together with any interest thereon, upon such Delinquent Bank’s advance of its Commitment Percentage of the Base Rate Loan advanced to refinance the relevant Canadian Swing Line Loan (it being understood that such Delinquent Bank’s advance shall be applied to refinance the relevant Canadian Swing Line Loan) or (y) applied by the Canadian Swing Line Lender towards the repayment of the amount of such §2.15Canadian Swing Line Loan attributable to such Delinquent Bank in the event that such Delinquent Bank fails to advance its Commitment Percentage of the applicable Base Rate Loan refinancing the relevant Canadian Swing Line Loan as set forth herein.

The Canadian Swing Line Loans. Subject to the terms and conditions hereinafter set forth, upon notice by the Canadian Borrowers to the Canadian Swing Line Lender and the Canadian Agent in accordance with this §2.14, the Canadian Swing Line Lender agrees to make loans to the Canadian Borrowers (the “Canadian Swing Line Loans”) in Dollars or Canadian Dollars on any Business Day prior to the Maturity Date in an aggregate principal amount not to exceed $50,000,000 (or the Canadian Dollar Equivalent thereof) at any one time outstanding. Each Canadian Swing Line Loan shall be in a minimum amount equal to $500,000 (or the Canadian Dollar Equivalent thereof); provided that there shall be no minimum amount for any Canadian Swing Line Loan which is advanced in order to fund an overdraft in the Canadian Borrowers’ Canadian Dollar accounts maintained with Canadian Swing Line Lender (as provided in §2.14(b) hereof). Notwithstanding any other provisions of this Agreement and in addition to the limit set forth above, at no time shall the aggregate Outstanding Amount of all Canadian Swing Line Loans exceed (i) the Total Canadian Commitment then in effect minus (ii) the sum of (A) the aggregate Outstanding Amount of all Canadian Loans denominated in U.S. Dollars, plus (B) the Outstanding Amount of all Canadian Loans denominated in Canadian Dollars, plus (C) the Outstanding Amount of Bankers’ Acceptances; provided, that the Canadian Borrowers shall not use the proceeds of any Canadian Swing Line Loan to refinance any outstanding Canadian Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Canadian Borrowers may borrow under this §2.14, prepay or repay under §2.11, and reborrow under this §2.14. Each Canadian Swing Line Loan shall be a Canadian Base Rate Loan. Immediately upon the making of a Canadian Swing Line Loan, each Canadian Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Canadian Swing Line Lender a risk participation in such Canadian Swing Line Loan in an amount equal to the product of such Canadian Bank’s Canadian Commitment Percentage times the amount of such Canadian Swing Line Loan. Notwithstanding the foregoing, the Canadian Swing Line Lender shall not be under any obligation to advance any Canadian Swing Line Loan if any Bank is at such time a Defaulting Bank unless Cash Collateral is provided to the Canadian Swing Line Lender as set forth in §2.15. Any Cash Collateral provided under this Section shall be held and released pursuant to the terms and provisions of such §2.15.