Common use of Circumstances Making Acceptances Unavailable Clause in Contracts

Circumstances Making Acceptances Unavailable. If Canadian Agent or Required Canadian Lenders determines in good faith, which determination shall be final, conclusive and binding upon Canadian Borrower, and notifies Canadian Borrower that, by reason of circumstances affecting the money market there is no market for Acceptances or the demand for Acceptances is insufficient to allow the sale or trading of the Acceptances created hereunder, then: (i) the right of Canadian Borrower to request the acceptance and purchase of Acceptances shall be suspended until Canadian Agent or Required Canadian Lenders determines that the circumstances causing such suspension no longer exist and Canadian Agent so notifies Canadian Borrower; and (ii) any Notice of Drawing in respect of an Acceptance which is outstanding shall be cancelled and such notice shall (at the option of Canadian Borrower) be deemed to be a request for a Borrowing of or conversion to a Canadian Prime Rate Loan in principal amount equal to the Discount Proceeds that would have been payable in respect of the requested Acceptance less the Acceptance Fee that would have been payable in respect thereof. Canadian Agent shall promptly notify Canadian Borrower of the suspension of Canadian Borrower’s right to request acceptance and purchase of Acceptances and of the termination of any such suspension.

Circumstances Making Acceptances Unavailable. If Canadian Agent or Required Canadian Lenders determines in good faith, which determination shall be final, conclusive and binding upon Canadian Borrower, and notifies Canadian Borrower that, by reason of circumstances affecting the money market there is no market for Acceptances or the demand for Acceptances is insufficient to allow the sale or trading of the Acceptances created hereunder, then: (i) the right of Canadian Borrower to request the acceptance and purchase of Acceptances shall be suspended until Canadian Agent or Required Canadian Lenders determines that the circumstances causing such suspension no longer exist and Canadian Agent so notifies Canadian Borrower; and (ii) any Notice of Drawing in respect of an Acceptance which is outstanding shall be cancelled and such notice shall (at the option of Canadian Borrower) be deemed to be a request for a Borrowing of or conversion to a Canadian Prime Rate Loan in principal amount equal to the Discount Proceeds that would have been payable in respect of the requested Acceptance less the Acceptance Fee that would have been payable in respect thereof. Canadian Agent shall promptly notify Canadian Borrower of the suspension of Canadian Borrower’s 's right to request acceptance and purchase of Acceptances and of the termination of any such suspension.

Circumstances Making Acceptances Unavailable. If the Canadian Administrative Agent or Required any group of Canadian Lenders having 50% or more of the Canadian Commitments (the “Canadian Required Lenders”) determines in good faith, which determination shall be final, conclusive and binding upon the Canadian BorrowerBorrowers, and notifies Canadian the Administrative Borrower that, by reason of circumstances affecting the money market there is no market for Acceptances or the demand for Acceptances is insufficient to allow the sale or trading of the Acceptances created hereunder, then: (i) the right of the Canadian Borrower Borrowers to request the acceptance and purchase of Acceptances shall be suspended until the Canadian Administrative Agent or the Canadian Required Canadian Lenders determines that the circumstances causing such suspension no longer exist and the Canadian Administrative Agent so notifies Canadian the Administrative Borrower; and (ii) any Notice of Drawing in respect of an Acceptance which is outstanding shall be cancelled and such notice shall (at the option of a Canadian Borrower) be deemed to be a request for a Borrowing of or conversion to a Canadian Prime Rate Loan in principal amount equal to the Discount Proceeds that would have been payable in respect of the requested Acceptance less the Acceptance Fee that would have been payable in respect thereof. The Canadian Administrative Agent shall promptly notify Canadian the Administrative Borrower of the suspension of the Canadian Borrower’s Borrowers’ right to request acceptance and purchase of Acceptances and of the termination of any such suspension.