Depository Bills and Notes Act. At the option of the Borrower and any Lender, Bankers’ Acceptances under this Agreement to be accepted by such Lender may be issued in the form of depository bills for deposit with The Canadian Depository for Securities Limited pursuant to the Depository Bills and Notes Act (Canada). All depository bills so issued shall be governed by the provisions of this Agreement.
Depository Bills and Notes Act. Bankers’ Acceptances may be issued in the form of a depository xxxx and deposited with a clearing house, both terms as defined in the Depository Bills and Notes Act. The Agent and the Borrower shall agree on the procedures to be followed, acting reasonably. The Lenders are also authorized to issue depository bills as replacements for previously issued Bankers’ Acceptances, on the same terms as those replaced, and deposit them with a clearing house against cancellation of the previously issued Bankers’ Acceptances.
Depository Bills and Notes Act. In the discretion of a BA Lender, Bankers’ Acceptances to be accepted by such Lender may be issued in the form of “depository bills” within the meaning of the Depository Bills and Notes Act (Canada) and deposited with the CDS Clearing and Depository Services Inc. or any successor or other clearinghouse within the meaning of the said Act (herein “CDS”) and may be made payable to “CDS & Co.” or in such other name as may be acceptable to CDS and thereafter dealt with in accordance with the procedures of CDS, consistent with the provisions hereof. The Lenders are also authorized to issue depository bills as replacements for previously issued Bankers’ Acceptances, on the same terms as those replaced, and deposit them with CDS against cancellation of the previously issued Bankers’ Acceptances.
Depository Bills and Notes Act. At the option of the Canadian Borrowers and any Applicable Lending Office of a Canadian Revolving Lender, Acceptances and Discount Notes under this Agreement to be accepted by such Applicable Lending Office may be issued in the form of depository bills and depository notes, respectively, for deposit with The Canadian Depository for Securities Limited pursuant to the Depository Bills and Notes Act (Canada). All depository bills and depository notes so issued shall be governed by the Depository Bills and Notes Act (Canada) and the provisions of this Section 2.10.
Depository Bills and Notes Act. If and for so long as the power of attorney referred to in Section 4.4(a) is in force with respect to each of the Lenders, it is intended that pursuant to the DBNA, all Bankers’ Acceptances accepted by the Lenders (other than Non-BA Lenders) under this Agreement will be issued in the form of a “depository xxxx” (as defined in the DBNA) and deposited with a “clearing house” (as defined in the DBNA including, without limitation, CDS Clearing and Depository Services Inc. 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 Majority Lenders (such approval not to be unreasonably withheld or delayed), establish and notify the Borrower and the Lenders of any additional procedures, consistent with the terms of this Agreement and the DBNA, as are reasonably necessary to accomplish such intention, including:
(a) any instrument held by the Agent for the purposes of Bankers’ Acceptances (excluding Discount Notes) 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)”;
(b) any reference to the authentication of the Bankers’ Acceptance will be removed; and
(c) 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 and Notes Act. If and for so long as the power of attorney referred to in Section 4.4(a) is in force with respect to each of the Lenders, it is intended 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 CDS Clearing and Depository Services Inc. 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 Majority Lenders, establish and notify the Borrower and the Lenders of any additional procedures, consistent with the terms of this Agreement and the DBNA, as are reasonably necessary to accomplish such intention, including:
(a) any instrument held by the Agent for the 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).";
(b) any reference to the authentication of the Bankers' Acceptance will be removed; and
(c) 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 and Notes Act. Bankers' Acceptances may be issued in the form of a depository bill and deposited with a clearing house, both terms as defined xx the Depository Bills and Notes Act. The Agent and the Canadian Borrowers shall agree on the procedures to be followed, acting reasonably. The Canadian Lenders are also authorized to issue depository bills as replacements for previously issued Bankers' Acceptances, on the same terms as those replaced, and deposit them with a clearing house against cancellation of the previously issued Bankers' Acceptances.
Depository Bills and Notes Act. If the proposed Depository ------------------------------ Bills and Notes Act is enacted in substantially the terms of Xxxx S-9, to which first reading was given in the House of Commons of Canada on March 25, 1998, all Bankers' Acceptances accepted by the Canadian Lender under this Agreement after the effective date of such Act and after clearing services acceptable to the Canadian Borrower and the Canadian Lender are available, shall be issued in the form of a "depository xxxx" and deposited with a "clearing house," as those terms are defined in such Act. At that time, the Canadian Lender shall establish such procedures, consistent with the terms of this Agreement and the requirements of such Act, as are reasonably necessary to accomplish the parties' intention.
Depository Bills and Notes Act. It is the intention of the parties that all Canadian BAs accepted by Lenders under this Agreement after clearing services acceptable to the Canadian Borrower, the applicable Lenders and the Administrative Agent are available, shall be issued in the form of a "depository bill" and deposited with a "clearing house," as those terms are definxx xn the Depository Bills and Notes Act, S.
Depository Bills and Notes Act. If and for so long as the power of attorney referred to in Section 4.4(a) is in force with respect to each of the Lenders, it is intended that pursuant to the DBNA, all Bankers’ Acceptances accepted by the Lenders (other than Old System Issuers) 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 Majority Lenders (other than the Old System Issuers), establish and notify the Borrower and the Lenders of any additional procedures, consistent with the terms of this Agreement and the DBNA, as are reasonably necessary to accomplish such intention, including:
(a) any instrument held by the Agent or the Operating Facility Lender for the 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).”;
(b) any reference to the authentication of the Bankers’ Acceptance will be removed; and
(c) 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.
