Common use of Maturity, Etc Clause in Contracts

Maturity, Etc. On the date of maturity of each Bankers’ Acceptance or B/A Equivalent Loan, the applicable Canadian Borrower shall pay to the Administrative Agent, for the account of each of the applicable Revolving Lenders, in Canadian Dollars, an amount equal to the full face amount of such Bankers’ Acceptance or B/A Equivalent Loan, as the case may be. The Canadian Borrowers shall not claim from a Revolving Lender any days of grace for the payment at maturity of any Bankers’ Acceptance or B/A Equivalent Loan accepted by the Revolving Lenders pursuant to this Agreement. The Canadian Borrowers waive any defense to payment that might otherwise exist if for any reason a Bankers’ Acceptance is held at maturity by a Revolving Lender in its own right, and the doctrine of merger shall not apply to any Bankers’ Acceptance that is at any time held by a Revolving Lender in its own right. Any executed orders to be used as Bankers’ Acceptances shall be held by a Revolving Lender in safekeeping with the same degree of care as if they were the Revolving Lender’s own property, and shall be kept at the place at which executed orders are ordinarily held by the Revolving Lender.