Acceptance Obligation. The relevant Canadian Borrower is obligated, and hereby unconditionally agrees, to pay to the Administrative Agent for the benefit of each Applicable Lending Office of each Canadian Revolving Lender of the applicable Class the face amount of each Acceptance created by such Applicable Lending Office in accordance with a Drawing Notice on the maturity date thereof, or on such earlier date as may be required pursuant to provisions of this Agreement. With respect to each Acceptance which is outstanding hereunder, the relevant Canadian Borrower shall notify the Administrative Agent prior to 11:00 A.M., Toronto time, two Business Days prior to the maturity date of such Acceptance (which notice shall be irrevocable) of its intention to either (x) issue Acceptances on such maturity date to provide for the payment of such maturing Acceptance and shall deliver to the Administrative Agent a Drawing Notice with respect thereto or (y) repay the maturing Acceptances on the maturity date. Any repayment of an Acceptance must be made at or before 2:00 P.M. (Toronto time) on the maturity date of such Acceptance. If the relevant Canadian Borrower fails to provide such notice to the Administrative Agent or fails to repay the maturing Acceptances, or if an Event of Default has occurred and is continuing on such maturity date, the relevant Canadian Borrower’s obligations in respect of the maturing Acceptances shall be deemed to have been converted on the maturity date thereof into a Canadian Base Rate Loan of the applicable Class in an amount equal to the face amount of the maturing Acceptances. Each Canadian Borrower waives presentment for payment and any other defense to payment of any amounts due to the Applicable Lending Office of a Canadian Revolving Lender in respect of any Acceptances of such Canadian Borrower accepted by such Applicable Lending Office under this Agreement which might exist solely by reason of those Acceptances being held, at the maturity thereof, by that Applicable Lending Office in its own right and each Canadian Borrower agrees not to claim any days of grace if that Applicable Lending Office, as holder, sues such Canadian Borrower on those Acceptances for payment of the amounts payable by such Canadian Borrower thereunder.
Acceptance Obligation. SACOFA must use its reasonable efforts to accept and fulfill Orders from the Access Seeker for Facilities and/or Services which comply with a Forecast accepted by SACOFA pursuant to Section II.
Acceptance Obligation. 14 2.7 Notices..................................................... 14 2.8
Acceptance Obligation. The Company hereby unconditionally agrees ---------------------- to pay each Bank in immediately available funds the face amount of each Acceptance created by such Bank on the maturity date thereof or on such earlier date as may be required pursuant to the other provisions of this Agreement.
Acceptance Obligation. The Borrower is obligated, and hereby unconditionally agrees, to pay in immediately available funds, to the Bank, the face amount of each Acceptance created by the Bank hereunder not later than 3:00 p.m. (Houston time) on the maturity date of such Acceptance (the obligation of tile Borrower under this Section 4.7 with respect to any Acceptance being the 'Acceptance Obligation' with respect to such Acceptance).
Acceptance Obligation. A&P Canada is obligated, and hereby unconditionally agrees, to pay to each Canadian Bank the face amount of each Acceptance created by such Bank in accordance with a Notice of Drawing pursuant to paragraph (c) on the maturity date thereof, or on such earlier date as may be required pursuant to provisions of this Agreement. With respect to each Acceptance which is outstanding hereunder, A&P Canada shall notify the Canadian Agent prior to 11:00 a.m. three Canadian Business Days prior to the maturity date of such Acceptance (which notice shall be irrevocable) of A&P Canada's intention to issue Acceptances on such maturity date to provide for the payment of such maturing Acceptance and shall deliver a Notice of Drawing to the Canadian Agent. Any repayment of an Acceptance must be made at or before 2:00 p.m. (Toronto time) on the maturity date of such Acceptance. If any Acceptance Obligation is not paid when due, it shall bear interest, payable on demand, at a rate per annum equal to 2% over the Canadian Prime Rate in effect from time to time, from the due date thereof to the date of payment thereof. A&P Canada waives presentment for payment and any other defense to payment of any amounts due to a Canadian Bank in respect of any Acceptances accepted by such Canadian Bank under this Agreement which might exist solely by reason of those Acceptances being held, at the maturity thereof, by that Canadian Bank in its own right and A&P Canada agrees not to claim any days of grace if that Canadian Bank, as holder, sues A&P Canada on those Acceptances for payment of the amounts payable by A&P Canada thereunder.
