Common use of Availability, Changed Circumstances Etc Clause in Contracts

Availability, Changed Circumstances Etc. (1) The availability of B/As (including by way of conversions or renewals) is at any time subject (i) to funds being available for such purpose in the Canadian money market and the B/A Discount Rate being available, and (ii) to the Agent not having been notified by a Lender or Lenders with a Commitment or Commitments representing in the aggregate more than 50% of all Commitments that the B/A Discount Rate is less than their effective funding cost for B/As issued by the Borrower to be sold on the Canadian money market. The Agent will notify the Borrower if B/As cease to be so available, either generally in the case of clause (i) or with the particular Lenders to which clause (ii) applies, as well as when availability resumes. For so long as B/As are not available with any particular Lender by reason of the foregoing, Advances with such Lender that otherwise would have been made by way of B/As will be made by way of Prime Rate Advances.