Common use of Conversion from Canadian Prime Rate Advances Clause in Contracts

Conversion from Canadian Prime Rate Advances. In the case of a conversion from a Canadian Prime Rate Advance into a Canadian Borrowing by way of Canadian Bankers’ Acceptances to be accepted by a Canadian Bank pursuant to Sections 2A.11(a), (b) and (c), such Canadian Bank, in order to satisfy the continuing liability of the Canadian Borrower to it for the principal amount of the Canadian Prime Rate Advances owing by the Canadian Borrower being converted, shall retain for its own account the Canadian Discount Proceeds of each new Canadian Bankers’ Acceptance issued by it in connection with such conversion; and the Canadian Borrower shall, on the date of issuance of the Canadian Bankers’ Acceptances, pay to the Canadian Administrative Agent for the benefit of Canadian Banks an amount equal to the difference between the aggregate principal amount of the Canadian Prime Rate Advances owing by the Canadian Borrower being converted owing to the Canadian Banks and the aggregate Canadian Discount Proceeds of such Canadian Bankers’ Acceptances.

Conversion from Canadian Prime Rate Advances. In the case of a conversion from a Canadian Prime Rate Advance into a Canadian Borrowing by way of Canadian Bankers’ ' Acceptances to be accepted by a Canadian Bank pursuant to Sections 2A.11(a), (b) and (c), such Canadian Bank, in order to satisfy the continuing liability of the Canadian Borrower to it for the principal amount of the Canadian Prime Rate Advances owing by the Canadian Borrower being converted, shall retain for its own account the Canadian Discount Proceeds of each new Canadian Bankers’ ' Acceptance issued by it in connection with such conversion; and the Canadian Borrower shall, on the date of issuance of the Canadian Bankers’ ' Acceptances, pay to the Canadian Administrative Agent for the benefit of Canadian Banks an amount equal to the difference between the aggregate principal amount of the Canadian Prime Rate Advances owing by the Canadian Borrower being converted owing to the Canadian Banks and the aggregate Canadian Discount Proceeds of such Canadian Bankers’ ' Acceptances.

Conversion from Canadian Prime Rate Advances. In the case of a conversion Conversion from a Canadian Prime Rate Advance into a Canadian Borrowing by way of Canadian Bankers’ Acceptances to be accepted by a Canadian Bank pursuant to Sections 2A.11(a), (b) and (c), such Canadian Bank, in order to satisfy the continuing liability of the Canadian Borrower to it for the principal amount of the Canadian Prime Rate Advances owing by the Canadian Borrower being convertedConverted, shall retain for its own account the Canadian Discount Proceeds of each new Canadian Bankers’ Acceptance issued by it in connection with such conversionConversion; and the Canadian Borrower shall, on the date of issuance of the Canadian Bankers’ Acceptances, pay to the Canadian Administrative Agent for the benefit of Canadian Banks an amount equal to the difference between the aggregate principal amount of the Canadian Prime Rate Advances owing by the Canadian Borrower being converted Converted owing to the Canadian Banks and the aggregate Canadian Discount Proceeds of such Canadian Bankers’ Acceptances.