Acceptance Equivalent Loans. Whenever a Canadian Borrower delivers a Drawing Notice to the Administrative Agent under this Agreement requesting the Canadian Revolving Lenders of any Class to accept Drafts, an Applicable Lending Office of a Canadian Revolving Lender of such Class which cannot or does not as a matter of policy accept Drafts (a “Non-Acceptance Canadian Lender”) shall, in lieu of accepting Drafts, make an Acceptance Equivalent Loan. On each date on which Drafts are to be accepted, subject to the same terms and conditions applicable to the acceptance of Drafts, any Non-Acceptance Canadian Lender of the applicable Class that makes an Acceptance Equivalent Loan, upon delivery by a Canadian Borrower of an executed Discount Note payable to the order of such Non-Acceptance Canadian Lender, will remit to the Administrative Agent in immediately available funds for the account of such Canadian Borrower the Acceptance equivalent discount proceeds in respect of the Discount Notes issued by such Canadian Borrower to the Non-Acceptance Canadian Lender. Each Non-Acceptance Canadian Lender may agree, in lieu of receiving any Discount Notes, that such Discount Notes may be uncertificated and the applicable Acceptance Equivalent Loan shall be evidenced by a loan account which such Non-Acceptance Canadian Lender shall maintain in its name, and reference to such uncertificated Discount Notes elsewhere in this Agreement shall be deemed to include reference to the relevant Acceptance Equivalent Loan or loan account, as applicable.
Acceptance Equivalent Loans. Whenever the Canadian Borrower delivers a Notice of Drawing to the Canadian Administrative Agent under this Agreement requesting the Canadian Lenders to accept Drafts, a Canadian Lender which cannot accept Drafts (a "Non-Acceptance Canadian Lender") shall, in lieu of accepting Drafts, make an Acceptance Equivalent Loan. On each date on which Drafts are to be accepted, subject to the same terms and conditions applicable to the acceptance of Drafts, any Non-Acceptance Canadian Lender that makes an Acceptance Equivalent Loan, upon delivery by the Canadian Borrower of an executed Discount Note payable to the order of such Non-Acceptance Canadian Lender, will remit to the Canadian Administrative Agent in immediately available funds for the account of the Canadian Borrower the Acceptance equivalent discount proceeds in respect of the Discount Notes issued by the Canadian Borrower to the Non-Acceptance Canadian Lender.
Acceptance Equivalent Loans. Whenever a Canadian Borrower --------------------------- delivers a Borrowing Request to the Canadian Agent under this Agreement requesting the Canadian Lenders to accept Drafts, a Canadian Lender may at its option, in lieu of accepting Drafts, make an Acceptance Equivalent Loan. On each date on which Drafts are to be accepted, subject to the same terms and conditions applicable to the acceptance of Drafts, any Canadian Lender that elects to make an Acceptance Equivalent Loan, upon delivery by the Canadian Borrower of an executed Discount Note payable to the order of such Canadian Lender, will remit to the Canadian Agent in immediately available funds for the account of the Canadian Borrower the Acceptance equivalent discount proceeds in respect of the Discount Notes issued by the Canadian Borrower to the Canadian Lender.
Acceptance Equivalent Loans. Whenever any Canadian Borrower delivers a Notice of Drawing to the Canadian Sub-Agent under this Agreement requesting the Canadian Banks to accept Drafts, a Canadian Bank may at its option, in lieu of accepting Drafts, make an Acceptance Equivalent Loan. On each date on which Drafts are to be accepted, subject to the same terms and conditions applicable to the acceptance of Drafts, any Canadian Bank that elects to make an Acceptance Equivalent Loan, upon delivery by the applicable Canadian Borrower of an executed promissory note substantially in the form of Exhibit "F" hereto (a "Discount Note") payable to the order of such Canadian Bank, will remit to the Canadian Sub-Agent in immediately available funds for the account of such Canadian Borrower discounted proceeds in regards thereto equal to the amount of BA Discount Proceeds that would have applied had such Canadian Bank accepted and purchased a Draft in the same face amount on the same day, net of the Acceptance Fee payable in regard thereto under subparagraph (j)(ii) of this Annex.
Acceptance Equivalent Loans. Whenever A&P Canada delivers a Notice of Drawing to the Canadian Agent under this Agreement requesting the Canadian Banks to accept Drafts, a Canadian Bank may at its option, in lieu of accepting Drafts, make an Acceptance Equivalent Loan. On each date on which Drafts are to be accepted, subject to the same terms and conditions applicable to the acceptance of Drafts, any Canadian Bank that elects to make an Acceptance Equivalent Loan, upon delivery by A&P Canada of an executed Discount Note payable to the order of such Canadian Bank, will remit to the Canadian Agent in immediately available funds for the account of A&P Canada the Acceptance equivalent discount proceeds in respect of the Discount Notes issued by A&P Canada to the Canadian Bank.
