Common use of Conversion and Extension Mechanism Clause in Contracts

Conversion and Extension Mechanism. (i) If under the conditions of Section 3.4(e)(i) and 3.4(f), the Canadian Borrowers request or are deemed to have requested, as the case may be, that the Canadian Funding Agent convert the portion of the Loan consisting of Bankers’ Acceptances then maturing into Canadian Prime Loans, the Canadian Lenders shall pay the Bankers’ Acceptances which are outstanding and maturing. Such payments by the Canadian Lenders will constitute a Canadian Prime Loan within the meaning of this Agreement and the interest thereon shall be calculated and payable as the Canadian Borrowers may request or may be deemed to have requested; or (ii) If under the conditions of Section 3.4(e)(iii), a Canadian Borrower makes a deposit in its account, each Canadian Borrower hereby expressly and irrevocably authorizes the Canadian Funding Agent to make any debits necessary in its account in order to pay the Bankers’ Acceptances which are outstanding and maturing.

Conversion and Extension Mechanism. (i) If under the conditions of Section 3.4(e)(i) and 3.4(f), the Canadian Borrowers request or are deemed to have requested, as the case may be, that the Canadian Funding Agent convert the portion of the Loan consisting of Bankers’ Acceptances then maturing into Canadian Prime Rate Loans, the Canadian Lenders shall pay the Bankers’ Acceptances which are outstanding and maturing. Such payments by the Canadian Lenders will constitute a Canadian Prime Rate Loan within the meaning of this Agreement and the interest thereon shall be calculated and payable as the Canadian Borrowers may request or may be deemed to have requested; or (ii) If under the conditions of Section 3.4(e)(iii), a Canadian Borrower makes a deposit in its account, each Canadian Borrower hereby expressly and irrevocably authorizes the Canadian Funding Agent to make any debits necessary in its account in order to pay the Bankers’ Acceptances which are outstanding and maturing.

Conversion and Extension Mechanism. (i) If under the conditions of Section 3.4(e)(i) and 3.4(f), the Canadian Borrowers request Borrower requests or are is deemed to have requested, as the case may be, that the Canadian Funding Agent convert the portion of the Loan consisting of Bankers’ Acceptances then BA Advance which is maturing into Canadian Prime Loansan Advance other than a BA Advance, the Canadian Lenders shall pay the Bankers’ Acceptances which are outstanding and maturing. Such payments by the Canadian Lenders will constitute a Canadian Prime Loan an Advance within the meaning of this Agreement and the interest thereon shall be calculated and payable as the Canadian Borrowers Borrower may request or may be deemed to have requested; or (ii) If under the conditions of Section 3.4(e)(iii), a the Canadian Borrower makes a deposit in its account, each the Canadian Borrower hereby expressly and irrevocably authorizes the Canadian Funding Agent to make any debits necessary in its account in order to pay the Bankers’ Acceptances which are outstanding and maturing.