Common use of Canadian Loans Clause in Contracts

Canadian Loans. From time to time on or after the Effective Date and during the Availability Period, each Canadian Lender shall make loans under this Section 2.01(b) to the Canadian Borrower in an aggregate principal amount at any one time outstanding (including such Canadian Lender's Commitment Percentage of all Bankers' Acceptance Liabilities and all Letter of Credit Liabilities relating to the Canadian Letters of Credit at such time) up to but not exceeding such Canadian Lender's Commitment Percentage of the Maximum Canadian Available Amount. Subject to the conditions in this Agreement, any such Canadian Loan repaid prior to the Termination Date may be reborrowed pursuant to the terms of this Agreement; provided, that any and all such Canadian Loans shall be due and payable in full on the Termination Date. Loans made under this Section 2.01(b) may, at the option of the Canadian Borrower, be made and denominated either in Dollars or in Canadian Dollars (but all Loans to be made under a particular borrowing must be made and denominated in the same currency). The aggregate of all Canadian Loans to be made by the Canadian Lenders in connection with a particular borrowing shall be equal to the lesser of (i) the unutilized portion of the Canadian Commitments or (ii) $1,000,000 or any integral multiple of $100,000 in excess thereof (if the Loans are denominated in Dollars) or C$1,000,000 or any integral multiple of C$100,000 in excess thereof (if the Loans are denominated in Canadian Dollars). LIBOR Loans to the Canadian Borrower shall be available only in Dollars.

Appears in 2 contracts

Samples: Credit Agreement (Evi Weatherford Inc), Credit Agreement (Evi Inc)

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Canadian Loans. From time to time on or after the Effective Date and during the Availability Period, each Canadian Lender shall make loans under this Section 2.01(b2.1(b) to the Canadian Borrower in an aggregate principal amount at any one time outstanding (including such Canadian Lender's Commitment Percentage of all Bankers' Acceptance Liabilities and all Letter of Credit Liabilities relating to the Canadian Letters of Credit at such time) up to but not exceeding such Canadian Lender's Commitment Percentage of the Maximum Canadian Available Amount. Subject to the conditions in this Agreement, any such Canadian Loan repaid prior to the Termination Date may be reborrowed pursuant to the terms of this Agreement; provided, that any and all such Canadian Loans shall be due and payable in full on at the Termination Dateend of the Availability Period. Loans made under this Section 2.01(b2.1(b) may, at the option of the Canadian Borrower, be made and denominated either in Dollars or in Canadian Dollars (but all Loans to be made under a particular borrowing must be made and denominated in the same currency). The aggregate of all Canadian Loans to be made by the Canadian Lenders in connection with a particular borrowing shall be equal to the lesser of (i) the unutilized portion of the Canadian Commitments or (ii) $1,000,000 ii)$1,000,000 or any integral multiple of $100,000 in excess thereof (if the Loans are denominated in Dollars) or C$1,000,000 or any integral multiple of C$100,000 in excess thereof (if the Loans are denominated in Canadian Dollars). LIBOR Loans to the Canadian Borrower shall be available only in Dollars.

Appears in 1 contract

Samples: Loan Agreement (National Oilwell Inc)

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Canadian Loans. From time to time on or after the Effective Date and during the Availability Period, each Canadian Lender shall make loans under this Section 2.01(b2.1(b) to the either Canadian Borrower in an aggregate (for both Canadian Borrowers together) principal amount at any one time outstanding (including such Canadian Lender's Commitment Percentage of all Bankers' Acceptance Liabilities and all Letter of Credit Liabilities relating to the Canadian Letters of Credit at such time) up to but not exceeding such Canadian Lender's Commitment Percentage of the Maximum Canadian Available Amount. Subject to the conditions in this Agreement, any such Canadian Loan repaid prior to the Termination Date may be reborrowed pursuant to the terms of this Agreement; provided, that any and all such Canadian Loans shall be due and payable in full on at the Termination Dateend of the Availability Period. Loans made under this Section 2.01(b2.1(b) may, at the option of the either Canadian Borrower, be made and denominated either in Dollars or in Canadian Dollars (but all Loans to be made under a particular borrowing must be made and denominated in the same currency). The aggregate of all Canadian Loans to be made by the Canadian Lenders in connection with a particular borrowing shall be equal to the lesser of (i) the unutilized portion of the Canadian Commitments or (ii) $US$1,000,000 or any integral multiple of $US$100,000 in excess thereof (if the Loans are denominated in Dollars) or C$1,000,000 or any integral multiple of C$100,000 in excess thereof (if the Loans are denominated in Canadian Dollars). LIBOR Loans to the Canadian Borrower shall be available only in Dollars.

Appears in 1 contract

Samples: Credit Agreement (National Oilwell Inc)

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