Canadian Facilities definition
Examples of Canadian Facilities in a sentence
It is acknowledged that there may be Canadian tax imposed under Part XIII of the ITA (“Canadian Withholding Tax”) on any payments as, on account or in lieu of payment of, or in satisfaction of, interest and other fees paid by the Canadian Borrower with respect to the Canadian Facilities to persons who are not Canadian Resident Lenders (such payments a “Taxable Payment”).
For Interconnected Elements between Canadian Facilities (that recognize the NERC Board of Trustees or other ERO governmental authority approval) and U.S. Facilities (that recognize FERC approval), the effective date shall be the FERC-approved effective date.
Without limiting the generality of the foregoing, the US Administrative Agent may require that any payments due under this Agreement under the US Facility be made in the United States and the Canadian Administrative agent may require that any payments due under this Agreement under the Canadian Facilities be made in Canada.
All payments (including prepayments) to be made by the Canadian Borrower hereunder with respect to the Canadian Facilities, whether on account of principal, interest, fees or otherwise, shall be made prior to 12:00 Noon, Toronto time, on the due date thereof to the Canadian Administrative Agent, for the account of the relevant Lenders, at the Canadian Payment Office, in Canadian Dollars or Dollars (as applicable) and in immediately available funds.
The Administrative Agent or, with respect to the Canadian Facilities, the Canadian Administrative Agent shall as soon as practicable notify the applicable Borrower and the relevant Lenders of each determination of a Eurodollar Rate.