BA Equivalent Loans. Notwithstanding the other provisions of this Article 4, a Non-BA Lender shall, in lieu of accepting and, if applicable, purchasing Bankers’ Acceptances, make a BA Equivalent Loan. The amount of each BA Equivalent Loan shall be equal to the Discount Proceeds which would be realized from a hypothetical sale of those Bankers’ Acceptances to such Non-BA Lender which such Lender would otherwise be required to accept and, if applicable, purchase as part of such a Bankers’ Acceptance issue. To determine the amount of such Discount Proceeds, the hypothetical sale shall be deemed to take place at the Discount Rate and using the applicable term of such Bankers’ Acceptance issue. Any BA Equivalent Loan shall be made on the relevant Drawdown Date, Conversion Date or Rollover Date, as the case may be, and shall remain outstanding for the term of the relevant Accommodation of Bankers’ Acceptances issued concurrently therewith. Concurrently with the making of a BA Equivalent Loan, a Non-BA Lender shall be entitled to deduct therefrom an amount equal to the Stamping Fee which such Lender would otherwise be entitled to receive pursuant to Section 3.1(d) as part of such issuance of Bankers’ Acceptances if such Lender was accepting Bankers’ Acceptances, based on the amount payable on the maturity date of such BA Equivalent Loan. Upon the maturity date for such Bankers’ Acceptances, the Borrower shall pay to each Non-BA Lender in satisfaction of the BA Equivalent Loan and interest accrued thereon, an amount equal to the face amount of the Bankers’ Acceptance which, but for this Section 4.5, such Non-BA Lender would have been required to accept. Interest shall accrue on an Advance under a BA Equivalent Loan at a rate per annum equal to the Discount Rate for the term of the BA Equivalent Loan. All references in this Agreement to “Loans” and “Bankers’ Acceptances” shall, unless otherwise expressly provided herein or unless the context otherwise requires, be deemed to include BA Equivalent Loans made or to be made by a Non-BA Lender as part of any Accommodation of Bankers’ Acceptances. Each such Loan shall be evidenced by a Discount Note executed by the Borrower made in favour of the relevant Non-BA Lender.
BA Equivalent Loans. Whenever the Borrower requests an Advance that includes Banker's Acceptances, each Lender that is not permitted by Applicable Law or by customary market practice to accept a Banker's Acceptance (a "Non BA Lender") shall, in lieu of accepting its pro rata amount of such Banker's Acceptances, make available to the Borrower on the Borrowing Date a non‑interest bearing loan (a "BA Equivalent Loan") in Canadian Dollars in an amount equal to the BA Discount Proceeds of its pro rata amount of the Banker's Acceptances, based on the BA Discount Rate applicable to such Lender. Each Non BA Lender shall also be entitled to deduct from the BA Equivalent Loan an amount equal to the Banker's Acceptance Fee that would have been applicable had it been able to accept Banker's Acceptances. The BA Equivalent Loan shall have a term equal to the term of the Banker's Acceptances that the Non BA Lender would otherwise have accepted and the Borrower shall, at the end of that term, be obligated to pay the Non BA Lender an amount equal to the aggregate face amount of the Banker's Acceptances that it would otherwise have accepted. All provisions of this Agreement applicable to Banker's Acceptances and Lenders that accept Banker's Acceptances shall apply mutatis mutandis to BA Equivalent Loans and Non BA Lenders and, without limiting the foregoing, Accommodations shall include BA Equivalent Loans.
BA Equivalent Loans. In lieu of accepting bankers’ acceptance drafts on any Drawdown Date, or any date of Rollover or Conversion, as applicable, each Non-BA Lender will make a BA Equivalent Loan. Any BA Equivalent Loan will be made on the relevant Drawdown Date, or any date of Rollover or Conversion, as applicable, and its Maturity Date will be the Maturity Date of the corresponding Bankers’ Acceptances. The amount of each BA Equivalent Loan will be equal to the Discount Proceeds of the corresponding Bankers’ Acceptances calculated on the basis that the applicable Lenders were not Non-BA Lenders and were therefore required to purchase such Bankers’ Acceptances. On the Maturity Date of a BA Equivalent Loan, the Borrower will pay to the Non-BA Lender an amount equal to the face amount of the Bankers’ Acceptance which such Non-BA Lender would have accepted in lieu of making a BA Equivalent Loan if it were not a Non-BA Lender. All provisions of this Agreement with respect to Bankers’ Acceptances will apply to BA Equivalent Loans provided that stamping fees with respect to a BA Equivalent Loan will be calculated on the basis of the amount with respect to such BA Equivalent Loan which the Borrower is required to pay on the Maturity Date.
BA Equivalent Loans. If, in the sole judgement of a Lender, such Lender is unable to extend credit by way of Bankers’ Acceptances in accordance with this agreement, such Lender shall give an irrevocable notice to such effect to the Administrative Agent and the applicable Borrower prior to 12:00 p.m. (Toronto time) on the date of the requested credit extension and shall make available to such Borrower prior to 1:00 p.m. (Toronto time) on the date of such requested credit extension a Canadian dollar loan (a “BA Equivalent Loan”) in the principal amount equal to such Lender’s Pro Rata Share of the total credit to be extended by way of Bankers’ Acceptances, such BA Equivalent Loan to be funded in the same manner as a Loan is funded pursuant to Sections 3.2 and 3.3. Such BA Equivalent Loan shall have the same term as the Bankers’ Acceptances for which it is a substitute and shall bear such rate of interest per annum throughout the term thereof as shall permit such Lender to obtain the same effective rate as if such Lender had accepted and purchased a Bankers’ Acceptance at the same acceptance fee and pricing at which such Lender would have accepted and purchased such Bankers’ Acceptance at approximately 1:00 p.m. (Toronto time) on the date such BA Equivalent Loan is made, on the basis that, and each Borrower hereby agrees that, for such a BA Equivalent Loan, interest shall be payable in advance on the date of the extension of credit by the Lender deducting the interest payable in respect thereof from the principal amount of such BA Equivalent Loan. All BA Equivalent Loans to be made by a particular Lender shall, at the option of such Lender, be evidenced by a promissory note in the form of a depository note made payable originally to and deposited with The Canadian Depository for Securities Limited pursuant to the Depository Bills and Notes Act (Canada).
BA Equivalent Loans. 4.1 Upon receipt of a request for an advance given in accordance with this Financing Agreement and subject to the provisions of this Financing Agreement, the Lender may make BA Equivalent Loans to the Borrower on a revolving basis up to a maximum principal amount of $25,000,000 at the BA Equivalent Rate for the applicable Interest Period within the scope and subject to the limits of the Revolving Line of Credit from time to time after the Closing Date.
4.2 BA Equivalent Loans may be drawn down by the Borrower at any time and from time to time in a minimum principal amount of $5,000,000 and amounts in excess thereof in integral multiples of $1,000,000 for the selected Interest Period (provided that in no event will a maturity date for a BA Equivalent Loan ("EXPIRY DATE") be a date beyond the then applicable Maturity Date of this Financing Agreement) and by irrevocable written notice of its request for a BA Equivalent Loan given to the Lender not later than 11:00 A.M. (Toronto time) two (2) Business Days prior to the requested drawdown date of the BA Equivalent Loan. Upon an Event of Default which is continuing, or if the Borrower fails to give the Lender written notice of its intention to renew any outstanding BA Equivalent Loan not later than 11:00 A.M. (Toronto time) two (2) Business Days prior to any applicable Expiry Date, all such outstanding BA Equivalent Loans shall be converted to Prime Rate Loans on the applicable Expiry Date.
BA Equivalent Loans. BA Equivalent Loans may be drawn down by the ------------------- Canadian Borrower at any time and from time to time in a minimum principal amount of $500,000 and for terms of one (1), two (2), three (3) or six (6) months (or subject to availability to the Lenders and in their sole discretion any other period from 7 days to 180 days) by irrevocable written notice of its intention to make a Drawdown given to the Agent not later than 10:00 a.m. (Local Time) three (3) Business Days prior to the Drawdown Date. Notwithstanding anything to the contrary herein, at no time shall the Canadian Borrower request or be permitted to have outstanding, more than five (5) BA Equivalent Loans and LIBOR Loans.
BA Equivalent Loans. (a) Subject to the terms and conditions of this Agreement, a Canadian Borrower may request a BA Borrowing under the Canadian Revolving Facility in accordance with Section 2.3. Promptly following receipt of a Canadian Borrowing Request specifying a BA Borrowing, the Agent shall so advise the Canadian Revolving Lenders and provide information as to the applicable BA Contract Period and the BA Rate of such BA Equivalent Loan. Each Canadian Revolving Lender will provide to the Agent its Applicable Percentage of such BA Equivalent Loan for the account of such Canadian Borrower.
(b) No BA Contract Period with respect to a BA Equivalent Loan under the Credit shall extend beyond the Maturity Date.
(c) Subject to repayment requirements, on the last day of the relevant BA Contract Period for a BA Equivalent Loan, the Canadian Borrowers shall be entitled to convert such BA Equivalent Loan into another Type of Loan, or to roll over such BA Equivalent Loan into another BA Equivalent Loan, all in accordance with the applicable provisions of this Agreement.
(d) With respect to each BA Borrowing, at or before 1:00 p.m. two Business Days before the last day of the BA Contract Period of such BA Borrowings, a Canadian Borrower shall notify the Agent in writing, if such Canadian Borrower intends to roll over such BA Equivalent Loan into another BA Equivalent Loan on such last day of the BA Contract
BA Equivalent Loans. BA Equivalent Loans may be drawn down by the ------------------- Canadian Borrower at any time and from time to time in a minimum principal amount and in increments of Cdn.$1,000,000 by irrevocable written notice of its intention to make a Drawdown given to the Agent not later than 10:00 a.m. (Local time) three (3) Business Days prior to the
BA Equivalent Loans. In lieu of accepting bankers’ acceptance drafts on any Drawdown Date, or any date of Rollover or Conversion, as applicable, each Non-BA Lender will make a BA Equivalent Loan. Any BA Equivalent Loan will be made on the relevant Drawdown Date, or any date of Rollover or Conversion, as applicable, and its Maturity Date will be the Maturity Date of the corresponding Bankers’ Acceptances. The amount of each BA Equivalent Loan will be equal to: (i) the aggregate face value of corresponding Bankers’ Acceptances that, but for this Section 10.3, the Non-BA Lender would otherwise be required to accept; (ii) multiplied by the BA Rate; and (iii) multiplied by the number of days in the term of such BA Equivalent Loan divided by 365. On the Maturity Date of a BA Equivalent Loan, the Borrower will pay to the Non-BA Lender an amount equal to the face amount of the Bankers’ Acceptance which such Non-BA Lender would have accepted in lieu of making a BA Equivalent Loan if it were not a Non-BA Lender. All provisions of this Agreement with respect to Bankers’ Acceptances will apply to BA Equivalent Loans provided that stamping fees with respect to a BA Equivalent Loan will be calculated on the basis of the amount with respect to such BA Equivalent Loan which the Borrower is required to pay on the Maturity Date.
BA Equivalent Loans. BA Equivalent Loans may be drawn down by the Borrower at any time and from time to time in a minimum principal amount of $500,000 and for terms of one (1), two (2), three (3) or six (6) months by irrevocable written notice of its intention to make a Drawdown given to the Agent not later than 12:00 noon (Toronto time) two (2) Business Days prior to the Drawdown Date. Notwithstanding anything to the contrary herein, at no time shall the Borrower request or be permitted to have outstanding any BA Equivalent Loans having Interest Periods expiring after the Maturity Date.
