Common use of Limitation Periods Clause in Contracts

Limitation Periods. To the extent that any limitation period applies to any claim for payment of the Secured Obligations or remedy for enforcement of the Secured Obligations, each Pledgor agrees that: (a) any limitation period is expressly excluded and waived entirely if permitted by applicable law; (b) if a complete exclusion and waiver of any limitation period is not permitted by applicable law, any limitation period is extended to the maximum length permitted by applicable law; (c) any applicable limitation period shall not begin before an express demand for payment of the Secured Obligations is made in writing by the Collateral Agent to the Pledgors; (d) any applicable limitation period shall begin afresh upon any payment or other acknowledgment of the Secured Obligations by the Credit Parties; and (e) this Agreement is a "business agreement" as defined in the Limitations Act, 2002 (Ontario) if that Act applies.

Limitation Periods. To the extent that any limitation period applies to any claim for payment of the Secured Obligations or remedy for enforcement of the Secured Obligations, each Pledgor Grantor agrees that: (a) any limitation period is expressly excluded and waived entirely if permitted by applicable law; (b) if a complete exclusion and waiver of any limitation period is not permitted by applicable law, any limitation period is extended to the maximum length permitted by applicable law; (c) any applicable limitation period shall not begin before an express demand for payment of the Secured Obligations is made in writing by the Collateral Agent to the PledgorsGrantors; (d) any applicable limitation period shall begin afresh upon any payment or other acknowledgment of the Secured Obligations by the Credit Parties; and (e) this Agreement is a "business agreement" as defined in the Limitations Act, 2002 (Ontario) if that Act applies.