Common use of Letters of Credit Commitment Clause in Contracts

Letters of Credit Commitment. Each Lender agrees (on a several basis with the other Lenders up to the amount of such Lender’s Commitment), on the terms and conditions herein set forth, from time to time on any Business Day, to issue Letters of Credit under the Credit Facility, for the account of the Borrower prior to the cancellation or termination thereof; provided that at no time shall the C$ Equivalent Principal Outstanding with respect to the Face Amount of outstanding Letters of Credit exceed collectively C$40 million. Letters of Credit shall be issued by way of, as selected by the Borrower, either: