Canadian Letters of Credit. (a) Subject to the terms and conditions of this Agreement, upon the request of the Canadian Borrowers made in accordance herewith, and prior to the Revolving Termination Date, each Canadian Issuing Bank agrees to issue a requested Canadian Letter of Credit for the account of the Canadian Borrowers. By submitting a request to Agent and any Canadian Issuing Bank for the issuance of a Canadian Letter of Credit, Canadian Borrowers shall be deemed to have requested that such Canadian Issuing Bank issue the requested Canadian Letter of Credit. Each request for the issuance of a Canadian Letter of Credit, or the amendment, renewal, or extension of any outstanding Canadian Letter of Credit, shall be irrevocable and shall be made in writing by a Responsible Officer and delivered to the Canadian Issuing Bank via telefacsimile or other electronic method of transmission reasonably acceptable to the Responsible Canadian Issuing Bank and reasonably in advance of the requested date of issuance, amendment, renewal, or extension. Each such request shall be in form and substance reasonably satisfactory to the Responsible Canadian Issuing Bank and (i) shall specify (A) the amount of such Canadian Letter of Credit, (B) the date of issuance, amendment, renewal, or extension of such Canadian Letter of Credit, (C) the proposed expiration date of such Canadian Letter of Credit, (D) the name and address of the beneficiary of the Canadian Letter of Credit, and (E) such other information (including, the conditions to drawing, and, in the case of an amendment, renewal, or extension, identification of the Canadian Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such Canadian Letter of Credit, and (ii) shall be accompanied by such Issuer Documents as the Administrative Agent or the Canadian Issuing Bank may request or require, to the extent that such requests or requirements are consistent with the Issuer Documents that the Canadian Issuing Bank generally requests for Canadian Letters of Credit in similar circumstances. The Canadian Issuing Bank’s records of the content of any such request will be conclusive. Anything contained herein to the contrary notwithstanding, the Canadian Issuing Bank may, but shall not be obligated to, issue a Canadian Letter of Credit that supports the obligations of the Canadian Borrowers or one of their Subsidiaries in respect of (x) a lease of real property, or (y) an employment contract. N...
Canadian Letters of Credit. (i) Subject to the terms and conditions of this Agreement, upon the request of a Canadian Borrower made in accordance herewith, the Canadian Issuing Lender agrees to issue, or cause a Canadian Underlying Issuer (including as Canadian Issuing Lender’s agent) to issue, a requested Canadian Letter of Credit. If Canadian Issuing Lender, at its option, elects to cause a Canadian Underlying Issuer to issue a requested Canadian Letter of Credit, then Canadian Issuing Lender agrees that it will enter into arrangements relative to the reimbursement of such Canadian Underlying Issuer (which may include, among, other means, by becoming an applicant with respect to such Letter of Credit or entering into undertakings which provide for reimbursements of such Canadian Underlying Issuer with respect to such Canadian Letter of Credit; each such obligation or undertaking, irrespective of whether in writing, a “Canadian Reimbursement Undertaking”) with respect to Canadian Letters of Credit issued by such Canadian Underlying Issuer. By submitting a request to Canadian Issuing Lender for the issuance of a Canadian Letter of Credit, such Canadian Borrower shall be deemed to have requested that Canadian Issuing Lender issue or that a Canadian Underlying Issuer issue the requested Canadian Letter of Credit and to have requested Canadian Issuing Lender to issue a Reimbursement Undertaking with respect to such requested Letter of Credit if it is to be issued by a Canadian Underlying Issuer (it being expressly acknowledged and agreed by Borrowers that Borrowers are and shall be deemed to be applicants (within the meaning of Section 5-102(a)(2) of the Code) with respect to each Canadian Underlying Letter of Credit). Each request for the issuance of a Canadian Letter of Credit, or the amendment, renewal, or extension of any outstanding Canadian Letter of Credit, shall be made in writing by an Authorized Person of such Canadian Borrower and delivered to the Canadian Issuing Lender via hand delivery, telefacsimile, or other electronic method of transmission reasonably in advance of the requested date of issuance, amendment, renewal, or extension. Each such request shall be in form and substance reasonably satisfactory to the Canadian Issuing Lender and shall specify (A) the amount of such Canadian Letter of Credit, (B) the date of issuance, amendment, renewal, or extension of such Canadian Letter of Credit, (C) the proposed expiration date of such Canadian Letter of Credit, (D) the name...
Canadian Letters of Credit. (a) (i) Upon the terms and subject to the conditions hereof, the Canadian Revolving Lender agrees to issue Canadian Letters of Credit payable in Canadian Dollars or Dollars from time to time after the Closing Date and prior to the earlier of the Termination Date and the termination of the Canadian Revolving Commitment, upon the request of the Canadian Subsidiary Borrower, provided that (A) the Canadian Subsidiary Borrower shall not request that any Canadian Letter of Credit be issued if, after giving effect thereto, the sum of the then current Canadian L/C Exposure plus the aggregate principal Dollar Equivalent Amount of the Canadian Revolving Loans then outstanding would exceed the Canadian Revolving Commitment, (B) in no event shall the Canadian Revolving Lender issue (x) any Canadian Letter of Credit having an expiration date later than five Business Days before the Termination Date or (y) any Canadian Letter of Credit having an expiration date more than one year after its date of issuance, provided, further, that any Canadian Letter of Credit with a 365-day duration may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (x) above), and (C) the Canadian Revolving Lender shall be prohibited from issuing or renewing Canadian Letters of Credit hereunder upon the occurrence and during the continuance of a Default or an Event of Default.
Canadian Letters of Credit. Subject to the terms and conditions of this Agreement, Canadian Issuing Lender may, but shall not be required to, through the Canadian Issuing Office, at any time and from time to time from and after the date hereof until thirty (30) days prior to the Canadian Revolving Credit Maturity Date, upon the written request of the Canadian Borrower accompanied by a duly executed Canadian Letter of Credit Agreement and such other documentation related to the requested Canadian Letter of Credit as the Canadian Issuing Lender may require, issue Canadian Letters of Credit in US Dollars or Canadian Dollars, as elected by Canadian Borrower, for the account of the Canadian Borrowers, in an aggregate amount for all Canadian Letters of Credit issued hereunder at any one time outstanding not to exceed the Canadian Letter of Credit Maximum Amount. Each Canadian Letter of Credit shall be in a minimum face amount of One Hundred Thousand US Dollars (US$100,000), or the Equivalent Amount in Canadian Dollars (or such lesser amount as may be agreed to by Canadian Issuing Lender) and each Canadian Letter of Credit (including any renewal thereof) shall expire not later than the first to occur of (i) twelve (12) months after the date of issuance thereof and (ii) ten (10) Business Days prior to the Canadian Revolving Credit Maturity Date in effect on the date of issuance thereof; provided, however, that the expiry date of a Canadian Letter of Credit may, in Canadian Issuing Lender’s discretion, be up to ninety (90) days later than the tenth Business Day prior to the Canadian Revolving Credit Maturity Date. Canadian Borrower agrees, on or before the tenth Business Day prior to the Canadian Revolving Credit Maturity Date, to deposit cash collateral in the Collateral Account on terms satisfactory to the Canadian Issuing Lender in an amount equal to 105% of the amount available for drawing under all Canadian Letters of Credit expiring after the Canadian Revolving Credit Maturity Date, which cash collateral shall remain in the Collateral Account until (i) all original Canadian Letters of Credit are either fully drawn upon or returned undrawn to the Canadian Issuing Lender, (ii) Canadian Issuing Lender has been reimbursed in full for all drawings on all Canadian Letters of Credit, and (iii) all fees and costs of Canadian Issuing Lender have been paid in full. The submission of all applications in respect of and the issuance of each Canadian Letter of Credit hereunder shall be subject in all...
Canadian Letters of Credit. (a) The Letter of Credit Commitment.
Canadian Letters of Credit. Subject to and upon the terms and conditions herein set forth, Canadian Borrower may request, on behalf of itself, that the Canadian Facing Agent issue, at any time and from time to time on and after the Fourth Amendment Effective Date, and prior to the 30th Business Day preceding the Canadian Revolver Termination Date, for the account of such Borrower and for the benefit of any holder (or any trustee, agent or other similar representative for any such holder) of LC Supportable Indebtedness of Canadian Borrower or any of its Subsidiaries, an irrevocable standby letter of credit or letter of guarantee in Canadian Dollars, in a form customarily used by such Facing Agent, or in such other form as has been approved by such Facing Agent (each such standby letter of credit and letter of guarantee, collectively, a “Canadian Letter of Credit”), in support of LC Supportable Indebtedness; provided, however, no Canadian Letter of Credit shall be issued the Dollar Equivalent of the Stated Amount of which, when added to the Effective Amount of all Canadian LC Obligations (exclusive of Unpaid Drawings relating to Canadian Letters of Credit which are repaid on or prior to the date of, and prior to the issuance of, the respective Canadian Letter of Credit at such time), would exceed either (i) $10,000,000 or (ii) when added to the Dollar Equivalent of the aggregate principal amount of all Canadian Revolving Loans and Canadian LC Obligations then outstanding with respect to Canadian Borrower, the Total Canadian Revolving Commitment at such time.
Canadian Letters of Credit. Subject to the terms and conditions of this Agreement, the Canadian Commitments may be utilized, upon the request of any applicable Canadian Borrower, in addition to the Loans provided for by subsection 2.2 hereof, by the issuance by the Canadian Issuing Bank of standby letters of credit (“Canadian Letters of Credit”) for the account of such Canadian Borrower, provided that in no event shall (i) the aggregate amount of all Letter of Credit Liabilities under the Canadian Commitments, together with the aggregate outstanding principal amount of the C$ Loans under the Canadian Commitments, exceed the aggregate amount of the Canadian Commitments as in effect from time to time, (ii) the aggregate amount of all Letter of Credit Liabilities in respect of Letters of Credit issued by an Issuing Bank and its Affiliates exceed such Issuing Bank’s Issuing Bank Sublimit at any time, (iii) the aggregate amount of all Letter of Credit Liabilities exceed the Letter of Credit Sublimit at any time and (iv) the expiration date of any Canadian Letter of Credit extend beyond the earlier of the Commitment Termination Date and the date one year following the issuance of such Canadian Letter of Credit (provided that any Canadian Letter of Credit with a one-year tenor may provide for the renewal thereof for additional one-year periods, which periods shall in any event not extend beyond the Commitment Termination Date). Prior to the issuance of any Canadian Letter of Credit, the Administrative Agent shall have first determined, and advised the relevant Canadian Issuing Bank, that the requested amount of Canadian Letters of Credit shall be available under the Canadian Commitments The following additional provisions shall apply to Canadian Letters of Credit:
Canadian Letters of Credit. (1) As consideration for acting as the Issuing Bank with respect to any Canadian Letter of Credit, the Canadian Borrowers will pay to the applicable Issuing Bank a fee computed at a rate per annum equal to 0.25% on the daily average amount available for drawing on the applicable Letter of Credit, payable in arrears on the first Business Day of each calendar month. The Canadian Borrowers shall jointly and severally pay to the applicable Issuing Bank, with respect to any issuance, amendment, transfer, or cancellation prior to expiration of any Canadian Letter of Credit and for each drawing made thereunder, documentary and processing charges in accordance with such Issuing Bank's standard schedule for such charges in effect at the time of, and payable at the time of, such issuance, amendment, transfer, cancellation or drawing, as the case may be. All fees payable pursuant to this Section 2.11(d)(1) shall be retained by the applicable Issuing Bank.
Canadian Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, any Canadian Borrower may request that a Canadian Issuing Lender issue, at any time and from time to time on and after the Effective Date and prior to the 30th day prior to the Final Maturity Date, for the joint and several account of the Canadian Borrowers and for the benefit of (x) any holder (or any trustee, agent or other similar representative for any such holders) of Canadian L/C Supportable Obligations, an irrevocable standby letter of credit, in a form customarily used by such Canadian Issuing Lender or in such other form as is reasonably acceptable to such Canadian Issuing Lender, and (y) sellers of goods to the Canadian Company or any of its Subsidiaries, an irrevocable trade letter of credit, in a form customarily used by such Canadian Issuing Lender or in such other form as has been approved by such Canadian Issuing Lender (each such letter of credit, a “Canadian Letter of Credit”) (although without limiting the joint and several nature of the Canadian Borrowers’ obligations in respect of the Canadian Letters of Credit, any particular Canadian Letter of Credit may name only one or more Canadian Borrowers as the account party therein). All Canadian Letters of Credit shall be issued on a sight basis only.
Canadian Letters of Credit. The Canadian Tranche A Loan Commitment may, in addition to Canadian Tranche A Revolving Credit Advances, be utilized (subject to the limitations imposed by Section 1.1(a)), upon the request of Canadian Borrower Representative on behalf of the applicable Canadian Borrower, for the issuance of Canadian Letters of Credit for the benefit of such Canadian Borrower. Immediately upon the issuance by a Canadian L/C Issuer of a Canadian Letter of Credit, and without further action on the part of Canadian Agent or any of the Canadian Tranche A Lenders, each Canadian Tranche A Lender shall be deemed to have purchased from such Canadian L/C Issuer a participation in such Canadian Letter of Credit (or in its obligation under a risk participation agreement with respect thereto) equal to such Canadian Tranche A Lender’s Pro Rata Share of the aggregate amount available to be drawn under such Canadian Letter of Credit.
