Canadian Term Loan Clause Samples

The Canadian Term Loan clause defines the terms and conditions under which a borrower receives a fixed amount of funds from a lender in Canada, to be repaid over a specified period. Typically, this clause outlines the loan amount, interest rate, repayment schedule, and any applicable fees or covenants specific to Canadian law and financial practices. Its core function is to provide clear, enforceable guidelines for both parties, ensuring predictable financing for the borrower and risk management for the lender.
Canadian Term Loan. Pursuant to the terms of the Existing Credit Agreement, on the Closing Date (as defined in the Existing Credit Agreement), each Canadian Term Lender made a single loan to the Borrower (such loans the “Existing Canadian Term Loans”; and together with each such loan and each loan, if any, made under the Incremental Canadian Term Commitments, referred to individually as a “Canadian Term Loan” and, collectively, the “Canadian Term Loans”), in Canadian Dollars, in an aggregate amount equal to such Canadian Term Lender’s Canadian Term Commitment (as defined in the Existing Credit Agreement). The principal amount of the Existing Canadian Term Loans made under the Existing Credit Agreement that remain outstanding as of the Closing Date shall constitute Canadian Term Loans hereunder. On and after the Closing Date, all Existing Canadian Term Loans made under the Existing Credit Agreement shall be deemed to be Canadian Term Loans made under this Agreement and shall be subject to all the terms and conditions hereof. In addition, in the event of the establishment of one or more Incremental Canadian Term Commitments as provided in Section 2.18, each Incremental Canadian Term Lender hereby severally agrees, on the terms and subject to the conditions of this Agreement, to make a single Canadian Term Loan to the Borrower on the effective date of the establishment of each such Incremental Canadian Term Commitment, in a principal amount equal to such Incremental Canadian Term Lender’s (i) increase to its Canadian Term Commitment or (ii) Canadian Term Commitment, as applicable. Each Canadian Term Borrowing shall consist of Canadian Term Loans made simultaneously by the Canadian Term Lenders. After giving effect to each Canadian Term Loan the Outstanding Amount of all Canadian Term Loans shall not exceed the Canadian Term Facility as then in effect. Canadian Term Borrowings prepaid or repaid, in whole or in part, may not be reborrowed. Canadian Term Loans must consist of Eurocurrency Rate Loans. Any Canadian Term Borrowing made on the Closing Date shall be subject to the receipt by Administrative Agent of a Funding Indemnity Letter from the Borrower not less than three (3) Business Days prior to the date of such Canadian Term Borrowing.
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Canadian Term Loan. The Canadian Borrower shall have the right at any time to prepay the Canadian Term Loan on or before the Maturity Date, as a whole, or in part, upon not less than two (2) Canadian Business Days prior written notice to the Administrative Agent, without premium or penalty, provided that, subject to compliance with Section 6.9, (a) each partial prepayment shall be in an integral multiple of Cdn. $500,000, (b) any full or partial portion of the Canadian Term Loan bearing interest at the Canadian LIBOR Rate may be prepaid pursuant to this Section 4.3.2 on a day other than the last day of the Interest Period relating thereto, and (c) each partial prepayment shall be allocated among the Lenders in accordance with such Lender's Commitment Percentage. Any prepayment of principal of the Canadian Term Loan shall include all interest accrued to the date of prepayment and shall be applied against the scheduled installments of principal due on the Canadian Term Loan in direct order of maturity. No amount repaid with respect to the Canadian Term Loan may be reborrowed.
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Canadian Term Loan. The term loan made by the Lenders in accordance with their Commitment Percentages to the Canadian Borrower on the Closing Date pursuant to §3.1 in the principal amount of the Canadian Dollar Equivalent of $30,000,000. Canadian Term Notes. See §3.2.
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Canadian Term Loan. (1) Subject to the terms and conditions hereof, each Canadian Lender agrees to make a term loan denominated in US Dollars (collectively, the "Canadian Term Loan") on the Closing Date to Canadian Borrower in the amount of the applicable Canadian Lender's Canadian Term Loan Commitment. The obligations of each Canadian Lender hereunder shall be several and not joint. Upon request by any Canadian Lender, Canadian Borrower shall execute and deliver to such Canadian Lender a promissory note substantially in the form of Exhibit 1.1(b)(i) (each a "Canadian Term Note" and collectively the "Canadian Term Notes"). Each such Canadian Term Note (or, if a Canadian Term Note is not requested, this Agreement) shall represent the obligation of Canadian Borrower to pay the applicable Canadian Lender's Canadian Term Loan Commitment, together with interest thereon as prescribed in Section 1.5. (2) Canadian Borrower shall repay the Canadian Term Loan in twenty (20) consecutive quarterly installments on the first day of January, April, July and October of each year, commencing July 1, 2003, as follows: Payment Dates Installment Amounts ---------------------------------------------------- July 1, 2003, $197,368.42 October 1, 2003, January 1, 2004 and April 1, 2004 ---------------------------------------------------- July 1, 2004, $325,657.89 October 1, 2004, January 1, 2005, April 1, 2005, July 1, 2005, October 1, 2005, January 1, 2006, April 1, 2006, July 1, 2006, October 1, 2006, January 1, 2007, April 1, 2007, July 1, 2007, October 1, 2007, January 1, 2008 and May 14, 2008 ---------------------------------------------------- The final installment due on May 14, 2008 shall be in the amount of $325,567.89 or, if different, the remaining principal balance of the Canadian Term Loan. (3) Notwithstanding Section 1.1(b)(i)(2), the aggregate outstanding principal balance of the Canadian Term Loan shall be due and payable in full in immediately available funds on the Commitment Termination Date, if not sooner paid in full. No payment with respect to the Canadian Term Loan may be reborrowed. (4) Each payment of principal with respect to the Canadian Term Loan shall be paid to Canadian Agent for the ratable benefit of each Canadian Lender making a Canadian Term Loan, ratably in proportion to each such Canadian Lender's respective Canadian Term Loan Commitment.
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Canadian Term Loan. The outstanding principal balance of the CAD Term Loan shall continue to be repaid by the U.S. Borrower in quarterly installments in accordance with the amortization schedule set forth in the CAD Term Note; provided, however, that the final such installment, which shall be due and payable on September 1, 2002, shall be in such amount as is required to pay in full the unpaid principal balance of the CAD Term Loan, together with all accrued and unpaid interest thereon.
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Canadian Term Loan. The unconditional guaranty by Domestic Borrower, UK Borrower and every Significant Subsidiary of Domestic Borrower domiciled in the United States of all of the Indebtedness and obligations of the Canadian Borrowers with respect to the Aggregate Canadian Term Loan and the payment and performance of all other Obligations hereunder of Canadian Borrowers to Administrative Agent. Promptly after the Effective Date, Administrative Agent will release the existing Security Interest of Administrative Agent for the benefit of Lenders in all of the original Collateral (as defined in the Original Loan Agreement) other than the capital stock described in this Section 8, and Lenders, by becoming parties hereto, irrevocably consent to such release.
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Related to Canadian Term Loan

  • The Term Loan Subject to the terms and conditions of this Agreement, each Term Loan Lender severally (and not jointly) agrees to make an advance of its Term Loan Percentage of the Term Loan to the Borrower on one occasion on or within fourteen (14) days following the Closing Date. The principal amount of the Term Loan outstanding hereunder from time to time shall bear interest and the Term Loan shall be repayable as herein provided. No amount of the Term Loan repaid or prepaid by the Borrower may be reborrowed hereunder. The Borrower shall give to the Administrative Agent written notice in the form of Exhibit C hereto (or telephonic notice confirmed in a writing in the form of Exhibit C hereto) of the Term Loan requested hereunder no later than 2:00 p.m. Boston time one (1) Business Days prior to the proposed Drawdown Date of the Term Loan. On the Drawdown Date of the Term Loan, each Term Loan Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make the amount of its Term Loan Percentage of the Term Loan available by wire transfer to the Administrative Agent. Such wire transfer shall be directed to the Administrative Agent at the Administrative Agent’s Office and shall be in the form of same day funds in Dollars. The amount so received by the Administrative Agent shall, subject to the terms and conditions of this Agreement, including without limitation the satisfaction of all applicable conditions in §11 and §12, be made available to the Borrower by delivery of the proceeds thereof as shall be directed by the Borrower and acceptable to the Administrative Agent. The Term Loan shall be made by the Term Loan Lenders as a Base Rate Loan, subject to conversion after the Drawdown Date thereof in accordance with §2.7. If the Term Loan is not advanced by the Term Loan Lenders on or within fourteen (14) days following the Closing Date, the obligations of the Term Loan Lenders to make the Term Loan shall terminate.

  • Tranche B Term Loans Subject to and upon the terms and conditions set forth herein, each Lender with a Tranche B Term Loan Commitment severally agrees to make a term loan (each, a “Tranche B Term Loan” and, collectively, the “Tranche B Term Loans”) to the U.S. Borrower, which Tranche B Term Loans: (i) shall be incurred by the U.S. Borrower pursuant to a single drawing on the Restatement Effective Date for the purposes described in Section 7.05(a); (ii) shall be denominated in Dollars; (iii) except as hereafter provided, shall, at the option of the U.S. Borrower, be incurred and maintained as one or more Borrowings of Base Rate Loans or Eurodollar Loans; provided (A) except as otherwise specifically provided in Section 1.10(b), all Tranche B Term Loans made as part of the same Borrowing shall at all times consist of Tranche B Term Loans of the same Type and (B) unless the Administrative Agent has determined that the Syndication Date has occurred (at which time this clause (B) shall no longer be applicable), no more than four Borrowings of Tranche B Term Loans to be maintained as Eurodollar Loans may be incurred prior to the 30th day after the Restatement Effective Date (or, if later, the last day of the Interest Period applicable to the fourth Borrowing of Eurodollar Loans referred to below), each of which Borrowings of Eurodollar Loans may only have an Interest Period of one week, and the first of which Borrowings may be made no earlier than the third Business Day, and no later than the fifth Business Day, after the Restatement Effective Date, the second of which Borrowings may only be made on the last day of the Interest Period of the first such Borrowing, the third of which Borrowings may only be made on the last day of the Interest Period of the second such Borrowing and the fourth of which Borrowings may only be made on the last day of the Interest Period of the third such Borrowing; and (iv) shall be made by each Lender in that initial aggregate principal amount as is equal to the Tranche B Term Loan Commitment of such Lender on the Restatement Effective Date (before giving effect to the termination thereof on such date pursuant to Section 3.03(b)). Once repaid, Tranche B Term Loans incurred hereunder may not be reborrowed.

  • The Term Loans (i) Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, each Lender with a Term Loan Commitment severally and not jointly agrees to lend to the Borrower on the Restatement Effective Date, the amount set forth opposite such Lender’s name in Schedule 1.1(a) under the heading “Term Loan Commitment” (such amount being referred to herein as such Lender’s “Term Loan Commitment”). As of the Restatement Effective Date and prior to giving effect to this Agreement, the outstanding principal amount of the “Term Loans” under the Original Credit Agreement was $51,630,000. The parties hereto agree that all of the outstanding principal amount and accrued and unpaid interest (to the extent not paid on the Restatement Effective Date) on the “Term Loans” under the Original Credit Agreement shall be automatically deemed to have been, and hereby is, converted into a portion of the outstanding principal amount of the Term Loan A hereunder in like amount without constituting a novation, and each Lender with a Term Loan Commitment severally and not jointly, agrees, on terms and conditions hereinafter set forth, to lend to the Borrower on the Restatement Effective Date the remainder of its Term Loan Commitment (which amounts, collectively with the converted portion and the Converted Term Loans, shall constitute the Term Loan A hereunder), in each case, in an aggregate amount equal to its Term Loan Commitment. Borrower hereby (x) represents, warrants, agrees, covenants and reaffirms that it has no known defense, set off, claim or counterclaim against the Agent and the Lenders as of the Restatement Effective Date with regard to its Obligations in respect of such Term Loan A and (y) reaffirms its obligation to repay such Term Loan A in accordance with the terms and provisions of this Agreement and the other Loan Documents. (ii) Subject to the terms and conditions hereof, each Lender with an outstanding Revolving Loan (as defined in the Original Credit Agreement) under the Original Credit Agreement, by its acceptance hereof, severally agrees to convert an equal principal amount of its outstanding Revolving Loans under the Original Credit Agreement into a term loan hereunder (the “Converted Term Loans”; the conversion thereof, the “Term Loan Conversion”) in the principal amount set forth in Schedule 1.1(a) under the heading “Converted Term Loans”. Amounts converted on the Restatement Effective Date under this Section 1.1(a)(i)(ii), together with amounts borrowed or converted on the Restatement Effective Date under Section 1.1(a)(i) above, are referred to herein, collectively, as the “Term Loan A.” (iii) Subject to the terms and conditions of this Agreement and in the applicable Incremental Term Loan Assumption Agreement, and in reliance upon the representations and warranties of the Credit Parties contained herein, each Lender with an Incremental Term Loan Commitment severally and not jointly agrees to make Incremental Term Loans to the Borrower, in an amount not to exceed such Lender’s Incremental Term Loan Commitment. (iv) Unless the context shall otherwise require, the term “Term Loan Commitments” shall include the Incremental Term Loan Commitments. Amounts borrowed as a Term Loan which are repaid or prepaid may not be reborrowed.

  • Tranche A Term Loans Subject to the terms and conditions set forth herein, each Tranche A Term Loan Lender agrees to make a Tranche A Term Loan to the Borrower on the Effective Date in a principal amount not exceeding its Tranche A Term Loan Commitment. Amounts repaid in respect of Tranche A Term Loans may not be reborrowed hereunder.

  • Revolving Credit Loan The undersigned Borrower hereby requests a [Revolving Credit Loan under §2.1] [Swing Loan under §2.5] of the Credit Agreement: Principal Amount: $ Type (LIBOR Rate, Base Rate): Drawdown Date: Interest Period for LIBOR Rate Loans: by credit to the general account of the Borrower with the Agent at the Agent’s Head Office.