Depository Bills. A Lender who accepts Acceptances that are “depository bills” within the meaning of the Depository Bills and Notes Act (Canada) may deposit same with the CDS Clearing and Depository Services Inc. and such Acceptances may be dealt with in accordance with the rules and procedures of such entity.
Depository Bills. It is the intention of the Parties that pursuant to the Depository Bills and Notes Act (Canada) (“DBNA”), all Bankers' Acceptances accepted by the Lenders under this Agreement will be issued in the form of a “depository xxxx” (as defined in the DBNA), deposited with a “clearing house” (as defined in the DBNA), including The Canadian Depository for Securities Ltd. or its nominee CDS & Co. (“CDS”). In order to give effect to the foregoing, the Agent will, subject to the approval of the Borrower and the Lenders, establish and notify the Borrower and the Lenders of any additional procedures, consistent with the terms of this Agreement, as are reasonably necessary to accomplish such intention, including:
(i) any instrument held by the Agent for purposes of Bankers' Acceptances will have marked prominently and legibly on its face and within its text, at or before the time of issue, the words “This is a depository xxxx subject to the Depository Bills and Notes Act (Canada)”;
(ii) any reference to the authentication of the Bankers' Acceptance will be removed; and
(iii) any reference to the “bearer” will be removed and such Bankers' Acceptances will not be marked with any words prohibiting negotiation, transfer or assignment of it or of an interest in it.
Depository Bills. All Bankers’ Acceptances accepted by the Canadian Bank issued in the form of a depository xxxx (as defined in the Depository Bills and Notes Act (Canada) (“DBNA”)) shall be deposited with the Canadian Depository for Securities and shall be made payable to CDS & Co. In order to give effect to the foregoing, the Canadian Agent may, acting reasonably, establish and notify the Canadian Borrowers and the other Canadian Banks of any additional procedures, consistent with the terms of this Agreement and the requirements, of the DBNA, as are reasonably necessary to accomplish the parties intention, including, without limitation: (i) inserting a phrase in the drafts held by the Canadian Agent to the effect that the Bankers’ Acceptance is issued pursuant to the DBNA; (ii) removing any reference to authentication of a Bankers’ Acceptance; and (iii) removing any reference to the bearer of the depository xxxx.
Depository Bills. It is the intention of the Parties that pursuant to the DBNA, all Bankers’ Acceptances accepted by the Lenders under this Agreement will be issued in the form of a “depository xxxx” (as defined in the DBNA), deposited with a “clearing house” (as defined in the DBNA), including The Canadian Depository for Securities Ltd. or its nominee CDS & Co. In order to give effect to the foregoing, the Agent will, subject to the approval of the Borrower and the Lenders, establish and notify the Borrower and the Lenders of any additional procedures, consistent with the terms of this Agreement, as are reasonably necessary to accomplish such intention, including:
(i) any instrument held by the Agent for purposes of Bankers’ Acceptances will have marked prominently and legibly on its face and within its text, at or before the time of issue, the words “This is a depository xxxx subject to the Depository Bills and Notes Act (Canada)”;
(ii) any reference to the authentication of the Bankers’ Acceptance will be removed; and
(iii) any reference to the “bearer” will be removed and such Bankers’ Acceptances will not be marked with any words prohibiting negotiation, transfer or assignment of it or of an interest in it.
Depository Bills. At the option of either Borrower and any Lender, Bankers’ Acceptances under this Agreement to be accepted by that Lender may be issued in the form of depository bills for deposit with CDS pursuant to and settled pursuant to the Depository Bills and Notes Act (Canada). All depository bills so issued shall be governed by this Article 4.
Depository Bills. It is the intention of the Borrower and CIBC that pursuant to the Depository Bills and Notes Act("DBNA"), all bankers' acceptances accepted by CIBC under the Financing Commitment shall be issued in the form of a "depository xxxx" (as defined in the DBNA), deposited with the Canadian Depository for Securities Ltd. ("CDS") and will be made payable to CDS & Co. In order to give effect to the foregoing, CIBC shall, subject to the approval of the Borrower, such approval not to be unreasonably withheld, establish and notify the Borrower of any additional procedures, consistent with the terms of the Financing Commitment and the requirements of the DBNA, as are reasonably necessary to accomplish such intention, including, without limitation:
(i) any instrument held by CIBC for the purposes of bankers' acceptances shall have marked prominently, and legibly on its face and within its text, at or before the time of issue, the words "This is a depository xxxx subject to the Depository Bills and Notes Act (Canada)";
(ii) any reference to the authentication of the bankers' acceptance will be removed; and
(iii) any reference to "bearer" will be removed and such bankers' acceptance shall not be marked with any words prohibiting negotiation, transfer or assignment of it or of an interest in it.
Depository Bills. 11 3.5 Availability.....................................................11
Depository Bills. At the option of WFT or Norbord, as applicable, and any Lender, Bankers’ Acceptances under this Agreement to be accepted by that Lender may be issued in the form of depository bills for deposit with CDS pursuant to and settled pursuant to the Depository Bills and Notes Act (Canada). All depository bills so issued shall be governed by this Article 4.
Depository Bills. The Borrower agrees with each Lender that, at the request of a Lender, all Bankers' Acceptances for utilization by such Lender will conform with the required characteristics of a "depository xxxx" as described in the Depository Bills and Notes Act (Canada). It is the intention of the Lenders that the amended Bankers' Acceptances (if requested) shall be deposited with a "clearing house" as defined in such Act. Each Lender, in consultation with the Borrower, shall establish and notify the Borrower of the procedures, consistent with the terms of this Agreement and the Depository Bills and Notes Act (Canada) as are reasonably necessary to accomplish each Lender's intentions. All depository bills so issued shall be governed by this Part 5. PART 6 —
Depository Bills. Acceptances that are "depository bills" within the meaning of the Depository Bills and Notes Act (Canada) may be deposited by the Lender with the Canadian Depository for Securities Limited ("CDS") and such Acceptances may be dealt with by the Lender with the rules and procedures of CDS.
