Common use of Default, Maturity, etc Clause in Contracts

Default, Maturity, etc. Upon the earlier of the Maturity Date and the Administrative Agent declaring the Obligations to be due and payable pursuant to section 10.2, and notwithstanding the expiration date of any outstanding Letters of Credit issued under the Credit Facility, an amount equal to the Face Amount of all outstanding Letters of Credit under the Credit Facility, and all accrued and unpaid fees owing by the Borrower in respect of the Issuance of such Letters of Credit pursuant to section 5.6, if any, shall thereupon forthwith become due and payable by the Borrower to the Administrative Agent and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a cash collateral account by the Administrative Agent and invested in Cash Equivalents as security to provide for or to secure payment of the amounts payable under such Letters of Credit in respect of any drawing thereunder. The Borrower shall pay to the Administrative Agent the aforesaid amount in respect of both any Letter of Credit outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this section 5.9, a “Judicial Order”) restricting payment by the Fronting Lender under and in accordance with such Letter of Credit or extending the Fronting Lender’s liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to section 2.5(5), the Administrative Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining the Fronting Lender from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Administrative Agent for cancellation or the Fronting Lender is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any applicable Law) of such Letter of Credit; pay to the Borrower an amount equal to the difference between the amount paid to the Administrative Agent by the Borrower pursuant to this section 5.9 and the aggregate amount paid by the Fronting Lender under such Letter of Credit.

Default, Maturity, etc. Upon the earlier of of: (a) the Revolver Maturity Date and Date; and (b) the Administrative Agent declaring the Obligations to be due and payable pursuant to section 10.2Section 9.2 or the Obligations otherwise becoming due and payable under Section 9.3, and then, notwithstanding the expiration date of any outstanding Letters of Credit issued under the Credit FacilityCredit, an amount equal to the Face Amount of all outstanding Letters of Credit under the Credit Facility, and all accrued and unpaid fees owing by the Borrower WFT or Norbord in respect of the Issuance of such Letters of Credit pursuant to section 5.6Section 5.7, if any, shall thereupon forthwith become due and payable be paid by the Borrower WFT or Norbord to the Administrative Agent and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a cash collateral account by the Administrative Agent and invested in Cash Equivalents as security to provide for or to secure payment of the amounts payable under such Letters of Credit in respect of any drawing thereunder. If the Borrowers are required under the terms of this Agreement to make a repayment in respect of the Revolver Facility and the amount of the required repayment is such that all or a portion of the outstanding Letters of Credit under such Credit Facility would need to be repaid, then an amount equal to all or the required portion (as applicable) of the Face Amount of such Letters of Credit shall be paid by the Borrowers to the Agent to be held in a cash collateral account by the Agent and invested in Cash Equivalents as security to provide for or to secure payment of the amounts payable under the applicable Letters of Credit in respect of any drawing thereunder. The Borrower Borrowers shall pay to the Administrative Agent the aforesaid such amount in respect of both any Letter of Credit outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this section 5.9Section, a “Judicial Order”) restricting payment by the Fronting any Lender under and in accordance with such Letter of Credit or extending the Fronting any Lender’s liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to section 2.5(5)Section 2.23, the Administrative Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining the Fronting such Lender from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Administrative Agent for cancellation or the Fronting such Lender is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any applicable Law) of such Letter of Credit; pay to the Borrower WFT or Norbord, as applicable, an amount equal to the difference between the amount paid to the Administrative Agent by WFT or Norbord, as the Borrower case may be, pursuant to this section 5.9 Section and the aggregate amount paid by the Fronting such Lender under such Letter of Credit.

Default, Maturity, etc. Upon the earlier of the Converted Term Maturity Date and the Administrative Agent declaring the Obligations to be due and payable pursuant to section 10.2Section 13.2, and notwithstanding the expiration date of any outstanding Letters of Credit issued under the Credit FacilityCredit, an amount equal to the Face Amount face amount of all outstanding Letters of Credit under the Credit FacilityCredit, and all accrued and unpaid fees owing by the Borrower in respect of the Issuance issuance of such Letters of Credit pursuant to section 5.6Credit, if any, shall thereupon forthwith become due and payable by the Borrower to the Administrative Agent for the benefit of the Operating Lender and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a cash collateral trust account kept by the Administrative Agent and invested in Cash Equivalents as security to provide for or to secure payment of the applied against amounts payable under such Letters of Credit in respect of any drawing thereunder. The Borrower shall pay to Upon the Administrative Agent the aforesaid amount in respect of both drawing by any Letter of Credit beneficiary under any outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this section 5.9, a “Judicial Order”) restricting payment by the Fronting Lender under and in accordance with such Letter of Credit or extending the Fronting Lender’s liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to section 2.5(5), the Administrative Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining the Fronting Lender from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Administrative Agent for cancellation or the Fronting Lender is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any applicable Law) of such Letter of Credit; pay to the Borrower an amount equal to the difference between the amount paid to the Administrative Agent drawn by such beneficiary shall, and all accrued and unpaid fees owing by the Borrower pursuant to this section 5.9 in respect of the issuance of such Letters of Credit, if any, shall, thereupon forthwith become due and the aggregate amount paid payable by the Fronting Borrower to the Agent for the benefit of the Operating Lender. Notwithstanding the foregoing, the Operating Lender under having at such time outstanding Letters of Credit, shall have the option, but not the obligation, subject to availability, to cause a Drawdown by way of a Prime Rate Loan or a U.S. Base Rate Loan, having regard to the currency of the applicable Letter of Credit, under the Operating Facility, in an amount not to exceed the amount which has become due and payable under the applicable Letter of Credit, to be held in a trust account kept by the Operating Lender and applied against amounts payable under such Letters of Credit in respect of any drawing thereunder.

Default, Maturity, etc. Upon the earlier of the Maturity Date and the Administrative Agent declaring the Obligations to be due and payable pursuant to section Section 10.2, and notwithstanding the expiration date of any outstanding Letters of Credit issued under the Credit FacilityCredit, an amount equal to the Face Amount of all outstanding Letters of Credit under the Credit FacilityCredit, and all accrued and unpaid fees owing by the Borrower in respect of the Issuance of such Letters of Credit pursuant to section 5.6Section 5.8, if any, shall thereupon forthwith become due and payable by the Borrower to the Administrative Agent and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a cash collateral trust account by the Administrative Agent and invested in Cash Equivalents as security to provide for or to secure payment of the and applied against amounts payable under such Letters of Credit in respect of any drawing thereunder. The Borrower shall pay to the Administrative Agent the aforesaid amount in respect of both any Letter of Credit outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this section 5.9Section 5.11, a “"Judicial Order”") restricting payment by the Fronting Lender LC Issuer under and in accordance with such Letter of Credit or extending the Fronting LenderLC Issuer’s liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to section 2.5(5Section 2.4(5), the Administrative Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining the Fronting Lender LC Issuer from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Administrative Agent for cancellation or the Fronting Lender LC Issuer is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any applicable Applicable Law) of such Letter of Credit; pay to the Borrower an amount equal to the difference between the amount paid to the Administrative Agent by the Borrower pursuant to this section 5.9 Section 5.11 and the aggregate amount paid by the Fronting Lender LC Issuer under such Letter of Credit.

Default, Maturity, etc. Upon the earlier of the Maturity Date and the Administrative Agent declaring the Obligations to be due and payable pursuant to section Section 10.2, and notwithstanding the expiration date of any outstanding Letters of Credit issued under the Credit FacilityCredit, an amount equal to the Face Amount of all outstanding Letters of Credit under the Credit FacilityCredit, and all accrued and unpaid fees owing by the Borrower in respect of the Issuance of such Letters of Credit pursuant to section 5.6Section 5.8, if any, shall thereupon forthwith become due and payable by the Borrower to the Administrative Agent and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a cash collateral trust account by the Administrative Agent and invested in Cash Equivalents as security to provide for or to secure payment of the and applied against amounts payable under such Letters of Credit in respect of any drawing thereunder. The Borrower shall pay to the Administrative Agent the aforesaid amount in respect of both any Letter of Credit outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this section 5.9Section 5.11, a “"Judicial Order”") restricting payment by the Fronting Lender LC Issuer under and in accordance with such Letter of Credit or extending the Fronting Lender’s LC Issuer's liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to section 2.5(5Section 2.4(5), the Administrative Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining the Fronting Lender LC Issuer from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Administrative Agent for cancellation or the Fronting Lender LC Issuer is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any applicable Requirement of Law) of such Letter of Credit; pay to the Borrower an amount equal to the difference between the amount paid to the Administrative Agent by the Borrower pursuant to this section 5.9 Section 5.11 and the aggregate amount paid by the Fronting Lender LC Issuer under such Letter of Credit.

Default, Maturity, etc. Upon the earlier of of: (a) the Revolver Maturity Date and Date; and (b) the Administrative Agent declaring the Obligations to be due and payable pursuant to section 10.2Section 9.2 or the Obligations otherwise becoming due and payable under Section 9.3, and then, notwithstanding the expiration date of any outstanding Letters of Credit issued under the Credit FacilityCredit, an amount equal to the Face Amount of all outstanding Letters of Credit under the Credit Facility, and all accrued and unpaid fees owing by the Borrower WFT in respect of the Issuance of such Letters of Credit pursuant to section 5.6Section 5.7, if any, shall thereupon forthwith become due and payable be paid by the Borrower WFT to the Administrative Agent and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a cash collateral account by the Administrative Agent and invested in Cash Equivalents as security to provide for or to secure payment of the amounts payable under such Letters of Credit in respect of any drawing thereunder. If the Borrowers are required under the terms of this Agreement to make a repayment in respect of the Revolver Facility and the amount of the required repayment is such that all or a portion of the outstanding Letters of Credit under such Credit Facility would need to be repaid, then an amount equal to all or the required portion (as applicable) of the Face Amount of such Letters of Credit shall be paid by the Borrowers to the Agent to be held in a cash collateral account by the Agent and invested in Cash Equivalents as security to provide for or to secure payment of the amounts payable under the applicable Letters of Credit in respect of any drawing thereunder. The Borrower Borrowers shall pay to the Administrative Agent the aforesaid such amount in respect of both any Letter of Credit outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this section 5.9Section, a “Judicial Order”) restricting payment by the Fronting any Lender under and in accordance with such Letter of Credit or extending the Fronting any Lender’s liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to section 2.5(5)Section 2.23, the Administrative Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining the Fronting such Lender from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Administrative Agent for cancellation or the Fronting such Lender is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any applicable Law) of such Letter of Credit; pay to the Borrower WFT an amount equal to the difference between the amount paid to the Administrative Agent by the Borrower WFT pursuant to this section 5.9 Section and the aggregate amount paid by the Fronting such Lender under such Letter of Credit.

Default, Maturity, etc. Upon the earlier of the Maturity Date and the Administrative Agent declaring the Obligations to be due and payable pursuant to section 10.2, and notwithstanding the expiration date of any outstanding Letters of Credit issued under the Credit Facility, an amount equal to the Face Amount of all outstanding Letters of Credit under the Credit Facility, and all accrued and unpaid fees owing by the Borrower in respect of the Issuance of such Letters of Credit pursuant to section 5.6, if any, shall thereupon forthwith become due and payable by the Borrower to the Administrative Agent and, except for any amount payable in respect of unpaid fees as aforesaid, such amount shall be held in a cash collateral account by the Administrative Agent and invested in Cash Equivalents as security to provide for or to secure payment of the amounts payable under such Letters of Credit in respect of any drawing thereunder. The Borrower shall pay to the Administrative Agent the aforesaid amount in respect of both any Letter of Credit outstanding hereunder and any Letter of Credit which is the subject matter of any order, judgment, injunction or other such determination (in this section 5.9, a “"Judicial Order”") restricting payment by the Fronting Lender under and in accordance with such Letter of Credit or extending the Fronting Lender’s 's liability under such Letter of Credit beyond the expiration date stated therein. Payment in respect of each such Letter of Credit shall be due in the currency in which such Letter of Credit is stated to be payable. Subject to section 2.5(5), the Administrative Agent shall with respect to each such Letter of Credit, upon the later of: (a) the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining the Fronting Lender from paying under such Letter of Credit; and (b) the earlier of: (i) the date on which either the original counterpart of the Letter of Credit is delivered to the Administrative Agent for cancellation or the Fronting Lender is released by the Beneficiary from any further obligations in respect thereof; and (ii) the expiry (to the extent permitted by any applicable Law) of such Letter of Credit; pay to the Borrower an amount equal to the difference between the amount paid to the Administrative Agent by the Borrower pursuant to this section 5.9 and the aggregate amount paid by the Fronting Lender under such Letter of Credit.