Common use of Depository Bills Clause in Contracts

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. 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. 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” bxxx" (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 bxxx 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.