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 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, 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:
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:
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. At the option of GM Canada and any Applicable Lending Office of a Canadian/US Secured 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 subsection 2.4.
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.C. 1998, c. 13 (the "Act"). At that time, the Administrative Agent shall, in consultation with the Canadian Borrower and the applicable Lenders, establish and notify the Canadian Borrower and the applicable Lenders of such procedures, consistent with the terms of this Agreement and the requirements of the Act, as are reasonably necessary to accomplish the parties' intention. The Lenders are also authorized at that time to issue Canadian BAs in the form of depository bills as replacements for previously issued Canadian BAs (on the same terms as those being replaced) and deposit them with a clearing house against cancellation of the previously issued Canadian BAs. All such depository bills so issued shall be governed by the provisions of Article II. On and after the establishment of such clearing services, any request by the Canadian Borrower for the acceptance of Canadian BAs shall, notwithstanding anything herein to the contrary, be deemed to be a request for the issuance of a Canadian BA in the form of a depository bill and the deposit thereof with a clearing house, in each case as rxxxxred to in the Act.
Depository Bills and Notes Act. If and for so long as the power of attorney referred to in subsection 2.4(e) is in force with respect to each of the Canadian Lenders, it is intended that pursuant to the DBNA, all Bankers' Acceptances accepted by the Canadian Lenders under this Agreement will be issued in the form of a "depository bxxx" (as defined in the DBNA), deposited with a "clearing house" (as defined in the DBNA, including, without limitation, The Canadian Depository for Securities Ltd. or its nominee CDS & Co.). In order to give effect to the foregoing, the Canadian Agent will, subject to the approval of Canadian Borrowers, establish and notify Canadian Borrowers and the Canadian Lenders of any additional procedures, consistent with the terms of this Agreement and the DBNA, as are reasonably necessary to accomplish such intention, including: any instrument held by the Canadian 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 bxxx subject to the Depository Bills and Notes Act (Canada)"; any reference to the authentication of the Bankers' Acceptance will be removed; and 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.
