Common use of Notice to Banks; Funding of Loans Clause in Contracts

Notice to Banks; Funding of Loans. (a) Promptly upon (and in any event not later than (w) 12:00 Noon (Toronto time), in the case of a LIBOR Auction, (x) 11:15 A.M. (Toronto time), in the case of an Absolute Rate Auction, (y) 11:30 A.M. (Toronto time), in the case of a Base Rate Borrowing, and (z) 2:30 P.M. (Toronto time), in the case of a Euro-Dollar Borrowing, in each case on the date of) receipt of a Notice of Borrowing submitted in accordance with the terms of this Agreement, the Agent shall promptly notify each Bank of the contents thereof and of such Bank's share (if any) of such Borrowing and (except as provided in Section 8.01) such Notice of Borrowing shall not thereafter be revocable by the Company. (b) Not later than 12:30 P.M. (Toronto time) on the date of each Borrowing, each Bank participating therein shall (except as provided in subsection (c) of this Section) make available its share of such Borrowing, in funds in U.S. Dollars or Canadian Dollars, as the case may be, immediately available in Toronto to the Agent at its address referred to in Section 9.01. Unless the Agent determines that any applicable condition specified in Article 3 has not been satisfied, the Agent will make the funds so received not later than 12:30 P.M. (Toronto time) from the Banks available to the Company at the Agent's aforesaid address not later than 1:30 P.M. (Toronto time) on the day of receipt. (c) If any Bank makes a new Loan hereunder to the Company on a day on which the Company is to repay all or any part of an outstanding Loan from such Bank, such Bank shall apply the proceeds of its new Loan to make such repayment and only an amount equal to the difference (if any) between the amount being borrowed by the Company and the amount being repaid shall be made available by such Bank to the Agent as provided in subsection (b) of this Section, or remitted by the Company to the Agent as provided in Section 2.12, as the case may be. (d) Unless the Agent shall have received notice from a Bank prior to the date of any Borrowing (or, in the case of a Base Rate Borrowing, prior to 12:00 Noon (Toronto time) on the date of such Borrowing) that such Bank will not make available to the Agent such Bank's share of such Borrowing, the Agent may assume that such Bank has made such share available to the Agent on the date of such Borrowing in accordance with subsections (b) and (c) of this Section and the Agent may, in reliance upon such assumption, make available to the Company on such date a corresponding amount. If and to the extent that such Bank shall not have so made such share available to the Agent, such Bank and the Company severally agree to repay to the Agent promptly on demand (and in any event within three Euro-Currency Business Days) such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Company until the date such amount is repaid to the Agent, at (i) in the case of the Company, a rate per annum equal to the interest rate applicable thereto pursuant to Section 2.07 and (ii) in the case of such Bank, the Base Rate or the Canadian Prime Rate, as the case may be. If such Bank shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Bank's Loan included in such Borrowing for purposes of this Agreement.