Creation of Acceptances. (a) The Borrower may request the creation of Acceptances hereunder by submitting to the Administrative Agent at its office specified in Section 11.2 prior to 11:00 A.M., Toronto time, one Business Day prior to the requested Borrowing Date, (i) a request for acceptances (each, a "Request for Acceptances") completed in a manner and in form and substance reasonably satisfactory to the Administrative Agent and specifying, among other things, the Borrowing Date, maturity and amount of the Drafts to be accepted and discounted, (ii) to the extent not theretofore supplied to each Lender, a sufficient number of Drafts to be drawn on the Lenders, to be appropriately completed in accordance with subsection 3.2(d) and (iii) such other certificates, documents and other papers and information as the Administrative Agent may reasonably request. Upon receipt of any such Request for Acceptances, the Administrative Agent shall promptly notify each Lender of its receipt thereof.
(b) In connection with each utilization by it of the Commitments by way of Acceptances, the Borrower hereby agrees that it shall deliver to the Administrative Agent on the Effective Date Powers of Attorney substantially in the form annexed hereto as Exhibit D (the "Powers of Attorney") authorizing each Lender to draw Drafts on such Lender on behalf of the Borrower and to complete such Drafts in accordance with the Requests for Acceptances submitted from time to time pursuant to subsection 3.2(a) hereof.
(c) Each Request for Acceptances made by or on behalf of the Borrower hereunder shall contain a request for Acceptances denominated in Canadian Dollars and having an aggregate undiscounted face amount equal to $10,000,000 or a whole multiple of $1,000,000 in excess thereof. Each Acceptance shall be dated the Borrowing Date specified in the Request for Acceptances with respect thereto and shall be stated to mature on the date specified in the Request for Acceptances, which date shall be a Business Day which is not less than 7 days and not more than 180 days after the date thereof (and, in any event, prior to the Termination Date).
(d) Not later than 12:00 P.M., Toronto time, on the Borrowing Date specified in the relevant Request for Acceptances, and upon fulfilment of the applicable conditions set forth in Article 6, each Lender will, in accordance with such Request for Acceptances, (i) sign each Draft on behalf of the Borrower pursuant to the Power of Attorney, (ii) complete the date, amount and matu...
Creation of Acceptances. (i) A Borrower shall deliver to an Issuing Bank and the Administrative Agent a signed Request for Acceptance not later than 11:00 a.m. (New York time) on the third Business Day preceding the requested date for creation thereof under this Agreement, or such shorter notice as may be acceptable to such Issuing Bank and the Administrative Agent. Such notice shall be irrevocable.
(ii) The Issuing Bank shall give the Administrative Agent notice of the creation of an Acceptance.
(iii) Each Acceptance created by an Issuing Bank hereunder shall be created by such Issuing Bank accepting a draft, in substantially the form of Exhibit F (a "Draft"), such Draft (A) being drawn by any Borrower on such Issuing Bank in accordance with the terms hereof, (B) being dated the date of acceptance of such Draft by such Issuing Bank, (C) maturing on a Business Day not less than 30 days nor more than 180 days after the date of such Draft and not more than 60 days after the anticipated date of the purchase of the goods specified in the Request for Acceptance relating to such Draft, and (D) having a face amount not less than $1,000,000 nor more than $2,500,000, payable in Dollars.
Creation of Acceptances. (a) All drafts presented by the Borrower to the Fronting Lender for acceptance by the Fronting Lender as Acceptances pursuant to this Agreement shall be properly executed and drawn by the Borrower. To facilitate the acceptance of Acceptances hereunder, the Borrower shall from time to time as required by the Fronting Lender provide to the Fronting Lender an appropriate number of executed drafts drawn in blank by the Borrower in the form prescribed by the Fronting Lender. The Borrower may, at its option, execute any draft so presented by the facsimile signature or signatures of any one or more designated signing officers of the Borrower, and the Fronting Lender is hereby authorized to accept or pay, as the case may be, any draft of the Borrower which purports to bear such facsimile signature or signatures notwithstanding that any such individual has ceased to be a designated signing officer of the Borrower and any such draft or Acceptance shall be as valid as if such individual were a designated signing officer of the Borrower at the date of issue of such Acceptance. Any such draft or Acceptance may be dealt with by the Fronting Lender for all intents and purposes and shall bind the Borrower as if duly signed in the signing officer's own handwriting and issued by the Borrower. Without limiting the effect of the indemnity provided under Section 11.5 but in addition to such provision, the Borrower will and hereby does undertake to hold the Fronting Lender harmless against, and to indemnify, and the Borrower hereby does agree to indemnify, the Fronting Lender from, all losses, costs, damages and expenses arising out of the payment or negotiation of any such draft or Acceptance on which a facsimile signature has been wrongly affixed, except to the extent caused by the gross negligence or willful misconduct of the Fronting Lender. The Fronting Lender shall not be liable for its failure to accept an Acceptance as required hereunder if the cause of such failure is, in whole or in part, due to the failure of the Borrower to provide executed drafts to the Fronting Lender on a timely basis. Without creating any obligation to effect such a purchase, Acceptances may be purchased by the Fronting Lender and may be held by it for its own account until maturity or sold by it at any time prior thereto in any relevant market therefor in the United States or elsewhere, in the Fronting Lender's sole discretion.
(b) On the terms and conditions set forth herein (including Section...
Creation of Acceptances. 56 SECTION 3.04. Letter of Credit/Acceptance Participations, Drawings and Reimbursements.................................... 57 SECTION 3.05. Repayment of Participations............................. 60 SECTION 3.06. Role of the Fronting Lender............................. 61 SECTION 3.07. Obligations Absolute.................................... 62 SECTION 3.08. Letter of Credit and Acceptance Fees..................
Creation of Acceptances. 52 3.2 Payment of Acceptances upon Maturity ................................. 54 3.3
Creation of Acceptances. 46 3.4. Letter of Credit/Banker's Acceptance Participations, Drawings and Reimbursements. . . . . . . . . . . . . . . . . . . . . 47 3.5.
Creation of Acceptances. 55 5.8 Discount of Acceptances................................................................... 56 5.9 Stamping Fees............................................................................. 56 5.10
Creation of Acceptances. The Accepting Bank shall, not later than 1:00 p.m. New York time on the date specified for the creation and discount of such Acceptances:
(i) create such Acceptances in such aggregate amount by the acceptance of a draft or drafts in the form customarily employed by the Accepting Bank in creating bankers' acceptances (the denomination of each such Acceptance to be selected by the Accepting Bank in its sole discretion);
(ii) discount such Acceptances at the All-In Rate and shall notify each Bank of such rate; and
(iii) promptly make available to the Company the proceeds of such discount by depositing the same, in immediately available funds, in an account of the Company maintained designated by the Company.
Creation of Acceptances. The Agent as a Bank, or any other Bank as an Issuer shall create an Acceptance upon the presentation of a draft by the beneficiary of a commercial Letter of Credit, which draft (i) is being presented to the Issuer in accordance with the terms of a commercial Letter of Credit, and (ii) names the Issuer as drawee and the beneficiary as payee and otherwise is in a form acceptable to the Issuer in its sole discretion. The Borrower hereby constitutes and appoints the Agent, acting by any authorized signatory thereof, the true and lawful attorney-in-fact of the Borrower to sign for and in the name of the Borrower any such draft presented to the Issuer for acceptance and to complete any such draft as appropriate.
Creation of Acceptances. 19 2.7 Termination or Reduction of Commitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 2.8 Repayment of Loans; Evidence of Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 2.9
