Common use of Optional Renewal Clause in Contracts

Optional Renewal. The Canadian Borrower may on any Business Day, upon notice given to the Agent not later than 12:00 noon (New York City time) on a Business Day at least two Canadian Business Days prior to the date of the proposed renewal and subject to the provisions of Section 2.13, renew all or any portion of the Bankers' Acceptances comprising part of the same Drawing; provided, however, that: (i) any renewal of Bankers' Acceptances shall be made only on the then existing Maturity Date for such Bankers' Acceptances; (ii) each renewal of Bankers' Acceptances comprising part of the same Drawing shall be made ratably among the Lenders holding such Bankers' Acceptances in accordance with the respective amount of such Bankers' Acceptances so held; and (iii) no renewal of any Bankers' Acceptance may be made at any time that a Default has occurred and is continuing. Each such notice of renewal shall, within the restrictions set forth above, specify (A) the date of such renewal (which shall be the then existing Maturity Date of such Bankers' Acceptances and shall be a Canadian Business Day), (B) the Bankers' Acceptances to be renewed, (C) if less than all of the Bankers' Acceptances comprising part of any Drawing are to be renewed, the aggregate Face Amount for such renewal and (D) the term to maturity of the renewed Bankers' Acceptances (which shall comply with the definition of "Maturity Date" in Section 1.01); provided, however, that, if the Agent determines in good faith (which determination shall be conclusive and binding upon the Canadian Borrower) that the Bankers' Acceptances cannot, due solely to the requested aggregate Face Amount thereof, be renewed ratably by the Canadian Lenders, the aggregate Face Amount of such renewal (or the Face Amount of Bankers' Acceptances to be created by any Canadian Lender) shall be reduced to such lesser amount as the Agent determines will permit such renewal to be so made and each Canadian Lender shall fund the difference between such Lender's ratable portion of the original aggregate Face Amount of such renewal and the Face Amount of the Bankers' Acceptances to be created by such Lender after giving effect to such reduction in the form of a Canadian Prime Rate Advance, which shall be deemed for all purposes hereof to be a Canadian Borrower Advance made pursuant to Section 2.01(e)(ii). Each notice of renewal under this Section 2.11 shall be irrevocable and binding on the Canadian Borrower. Upon any renewal of Bankers' Acceptances comprising part of any Drawing in accordance with this Section 2.11(a), the Lenders holding the Bankers' Acceptances to be renewed shall exchange such maturing Bankers' Acceptances for new Bankers' Acceptances containing the terms set forth in the applicable notice of renewal, and the Drawing Purchase Price payable for each such renewal shall be applied, together with other funds, if necessary, available to the Canadian Borrower, to reimburse the Bankers' Acceptances otherwise maturing on such date in accordance with Section 2.05(f). The Canadian Borrower hereby irrevocably authorizes and directs each Canadian Lender to apply the proceeds of each renewed Bankers' Acceptance owing to it to the reimbursement, in accordance with this Section 2.11(a), of the Bankers' Acceptances owing to such Lender and maturing on such date.

Optional Renewal. The Canadian Borrower Lafarge Canada may on any Business Day, upon notice given to the Agent not later than 12:00 noon (New York City Toronto time) on a Business Day at least two Canadian Business Days prior to the date of the proposed renewal and subject to the provisions of Section 2.132.14, renew all or any portion of the Bankers' ’ Acceptances and Acceptance Notes comprising part of the same Drawing; provided, however, that: (i) any renewal of Bankers' ’ Acceptances and Acceptance Notes shall be made only on the then existing Maturity Date for such Bankers' Acceptancestherefor; (ii) each renewal of Bankers' ’ Acceptances and Acceptance Notes comprising part of the same Drawing shall be made ratably among the Canadian Lenders holding such Bankers' ’ Acceptances and Acceptance Notes in accordance with the respective amount of such Bankers' ’ Acceptances or Acceptance Note so held; and and (iii) no renewal of any Bankers' ’ Acceptance or Acceptance Note may be made at any time that a Default has occurred and is continuing. Each such notice of renewal shall, within the restrictions set forth above, specify (A) the date of such renewal (which shall be the then existing Maturity Date of such Bankers' ’ Acceptances and Acceptance Notes and shall be a Canadian Business Day), (B) the Bankers' ’ Acceptances and Acceptance Notes to be renewed, (C) if less than all of the Bankers' ’ Acceptances and Acceptance Notes comprising part of any Drawing are to be renewed, the aggregate Face Amount for such renewal and (D) the term to maturity of the renewed Bankers' ’ Acceptances and Acceptance Notes (which shall comply with the definition of "“Maturity Date" ” in Section 1.01); provided, however, that, if the Agent determines in good faith (which determination shall be conclusive and binding upon the Canadian BorrowerLafarge Canada) that the Bankers' ’ Acceptances and Acceptance Notes cannot, due solely to the requested aggregate Face Amount thereof, be renewed ratably by the Canadian Lenders, the aggregate Face Amount of such renewal (or the Face Amount of Bankers' ’ Acceptances and Acceptance Notes to be created or accepted by any Canadian Lender) shall be reduced to such lesser amount as the Agent determines will permit such renewal to be so made and each Canadian Lender shall fund the difference between such Lender's ’s ratable portion of the original aggregate Face Amount of such renewal and the Face Amount of the Bankers' ’ Acceptances or Acceptance Notes to be created by such Lender after giving effect to such reduction in the form of a Canadian Prime Rate Advance, which shall be deemed for all purposes hereof to be a Canadian Borrower Committed Advance made pursuant to Section 2.01(e)(ii2.01(b). Each notice of renewal under this Section 2.11 shall be irrevocable and binding on the Canadian BorrowerLafarge Canada. Upon any renewal of Bankers' ’ Acceptances and Acceptance Notes comprising part of any Drawing in accordance with this Section 2.11(a), the Lenders holding the Bankers' ’ Acceptances or Acceptance Notes to be renewed shall exchange such maturing Bankers' ’ Acceptances or Acceptance Notes for new Bankers' ’ Acceptances or Acceptance Notes containing the terms set forth in the applicable notice of renewal, and the Drawing Purchase Price payable for each such renewal shall be applied, together with other funds, if necessary, available to the Canadian BorrowerLafarge Canada, to reimburse the Bankers' ’ Acceptances and Acceptance Notes otherwise maturing on such date in accordance with Section 2.05(f)date. The Canadian Borrower Lafarge Canada hereby irrevocably authorizes and directs each Canadian Lender to apply the proceeds of each renewed Bankers' ’ Acceptance or Acceptance Note owing to it to the reimbursement, in accordance with this Section 2.11(a), of the Bankers' ’ Acceptances or Acceptance Notes owing to such Lender and maturing on such date.

Optional Renewal. The Any Canadian Borrower may on any Canadian Business Day, upon notice given to the Administrative Agent not later than 12:00 noon 11:00 a.m. (New York City time) on a Business Day at least two three Canadian Business Days prior to the date of the proposed renewal and subject to the provisions of Section 2.132.11, renew all or any portion of the Bankers' Acceptances and BA Equivalent Advances comprising part of the same Drawing; provided, however, that: (i) any renewal of Bankers' Acceptances or BA Equivalent Advances shall be made only on the then existing Maturity Date for such Bankers' AcceptancesAcceptances or BA Equivalent Advances; (ii) each renewal of Bankers' Acceptances and BA Equivalent Advances comprising part of the same Drawing shall be made ratably among the Lenders holding such Bankers' Acceptances and having made BA Equivalent Advances in accordance with the respective amount of such Bankers' Acceptances so heldheld and BA Equivalent Advances so made; and and (iii) upon the occurrence and during the continuance of any Event of Default no renewal of any Bankers' Acceptance or BA Equivalent Advances may be made at any time that a Default has occurred and is continuingmade. Each such notice of renewal shall, within the restrictions set forth above, specify (A) the date of such renewal (which shall be the then existing Maturity Date of such Bankers' Acceptances and BA Equivalent Advances and shall be a Canadian Business Day), (B) the Bankers' Acceptances to be renewed, (C) if less than all of the Bankers' Acceptances and BA Equivalent Advances comprising part of any Drawing are to be renewed, the aggregate Face Amount for such renewal and (D) the term to maturity of the renewed Bankers' Acceptances and BA Equivalent Advances (which shall comply with the definition of "Maturity Date" in Section 1.01); provided, however, that, if the Administrative Agent determines in good faith (which determination shall be conclusive and binding upon the such Canadian Borrower) that the Bankers' Acceptances and BA Equivalent Advances cannot, due solely to the requested aggregate Face Amount thereof, be renewed ratably by the Canadian Lenders, the aggregate Face Amount of such renewal (or the Face Amount of Bankers' Acceptances or Notional Bankers' Acceptances to be created by any Canadian Lender) shall be reduced to such lesser amount as the Administrative Agent determines in good faith will permit such renewal to be so made and each Canadian Lender shall fund the difference between such Canadian Lender's ratable portion of the original aggregate Face Amount of such renewal and the Face Amount of the Bankers' Acceptances or Notional Bankers' Acceptances to be created by such Canadian Lender after giving effect to such reduction in the form of a Canadian Prime Rate Advance, which shall be deemed for all purposes hereof to be a Canadian Borrower Advance made pursuant to Section 2.01(e)(ii2.01(c). Each notice of renewal under this Section 2.11 2.19 shall be irrevocable and binding on the applicable Canadian Borrower. Upon any renewal of Bankers' Acceptances and BA Equivalent Advances comprising part of any Drawing in accordance with this Section 2.11(a2.19(a), the Canadian Lenders holding that hold the Bankers' Acceptances and that made BA Equivalent Advances to be renewed shall exchange such maturing Bankers' Acceptances for new Bankers' Acceptances and shall make new BA Equivalent Advances, containing the terms set forth in the applicable notice of renewal, and the Drawing Purchase Price payable for each such renewal renewed Bankers' Acceptance and the proceeds of the new BA Equivalent Advance shall be applied, together with other funds, if necessary, available to the applicable Canadian Borrower, to reimburse the Bankers' Acceptances and BA Equivalent Advances otherwise maturing on such date in accordance with Section 2.05(f)date. The Each Canadian Borrower hereby irrevocably authorizes and directs each Canadian Lender to apply the proceeds of each renewed Bankers' Acceptance or BA Equivalent Advance owing to it to the reimbursement, in accordance with this Section 2.11(a2.19(a), of the Bankers' Acceptances or BA Equivalent Advances owing to such Canadian Lender and maturing on such date.

Optional Renewal. The Canadian Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 12:00 noon 11:00 a.m. (New York City time) on a Business Day at least two Canadian three Business Days prior to the date of the proposed renewal and subject to the provisions of Section 2.132.16, renew all or any portion of the Bankers' ’ Acceptances and BA Equivalent Advances comprising part of the same Drawing; provided, however, that: (i) any renewal of Bankers' ’ Acceptances or BA Equivalent Advances shall be made only on the then existing BA Maturity Date for such Bankers' Acceptances’ Acceptances or BA Equivalent Advances; (ii) each renewal of Bankers' ’ Acceptances and BA Equivalent Advances comprising part of the same Drawing shall be made ratably among the Lenders holding such Bankers' ’ Acceptances and having made BA Equivalent Advances in accordance with the respective amount of such Bankers' ’ Acceptances so heldheld and BA Equivalent Advances so made; and and (iii) upon the occurrence and during the continuance of any Default no renewal of any Bankers' ’ Acceptance or BA Equivalent Advances may be made at any time that a Default has occurred and is continuingmade. Each such notice of renewal shall, within the restrictions set forth above, specify (A) the date of such renewal (which shall be the then existing BA Maturity Date of such Bankers' ’ Acceptances and BA Equivalent Advances and shall be a Canadian Business Day), (B) the Bankers' ’ Acceptances to be renewed, (C) if less than all of the Bankers' ’ Acceptances and BA Equivalent Advances comprising part of any Drawing are to be renewed, the aggregate Face Amount for such renewal and (D) the term to maturity of the renewed Bankers' ’ Acceptances and BA Equivalent Advances (which shall comply with the definition of "“BA Maturity Date" ” in Section 1.01); provided, however, that, if the Administrative Agent determines in good faith (which determination shall be conclusive and binding upon the Canadian Borrower) that the Bankers' ’ Acceptances and BA Equivalent Advances cannot, due solely to the requested aggregate Face Amount thereof, be renewed ratably by the Canadian Revolving Lenders, the aggregate Face Amount of such renewal (or the Face Amount of Bankers' ’ Acceptances or Notional Bankers’ Acceptances to be created by any Canadian Revolving Lender) shall be reduced to such lesser amount as the Administrative Agent determines will permit such renewal to be so made and each Canadian Revolving Lender shall fund the difference between such Canadian Revolving Lender's ’s ratable portion of the original aggregate Face Amount of such renewal and the Face Amount of the Bankers' ’ Acceptances or Notional Bankers’ Acceptances to be created by such Canadian Revolving Lender after giving effect to such reduction in the form of a Canadian Prime Rate AdvanceRevolving Loan, which shall be deemed for all purposes hereof to be a Canadian Borrower Advance Revolving Loan made pursuant to Section 2.01(e)(ii2.01(a). Each notice of renewal under this Section 2.11 2.09 shall be irrevocable and binding on the Canadian Borrower. Upon any renewal of Bankers' ’ Acceptances and BA Equivalent Advances comprising part of any Drawing in accordance with this Section 2.11(a2.09(a), the Canadian Revolving Lenders holding that hold the Bankers' ’ Acceptances and that made BA Equivalent Advances to be renewed shall exchange such maturing Bankers' ’ Acceptances for new Bankers' ’ Acceptances and shall make a new BA Equivalent Advances, containing the terms set forth in the applicable notice of renewal, and the Drawing Purchase Price payable for each such renewal renewed Bankers’ Acceptance and the proceeds of the new BA Equivalent Advance shall be applied, together with other funds, if necessary, available to the Canadian Borrower, to reimburse the Bankers' ’ Acceptances and BA Equivalent Advances otherwise maturing on such date in accordance with Section 2.05(f)date. The Canadian Borrower hereby irrevocably authorizes and directs each Canadian Revolving Lender to apply the proceeds of each renewed Bankers' ’ Acceptance or BA Equivalent Advance owing to it to the reimbursement, in accordance with this Section 2.11(a2.09(a), of the Bankers' ’ Acceptances or BA Equivalent Advances owing to such Canadian Revolving Lender and maturing on such date.

Optional Renewal. The Any Canadian Borrower may on any Canadian Business Day, upon notice given to the Administrative Agent not later than 12:00 noon 11:00 a.m. (New York City time) on a Business Day at least two three Canadian Business Days prior to the date of the proposed renewal and subject to the provisions of Section 2.132.11, renew all or any portion of the Bankers' ’ Acceptances and BA Equivalent Advances comprising part of the same Drawing; provided, however, that: (i) any renewal of Bankers' ’ Acceptances or BA Equivalent Advances shall be made only on the then existing Maturity Date for such Bankers' Acceptances’ Acceptances or BA Equivalent Advances; (ii) each renewal of Bankers' ’ Acceptances and BA Equivalent Advances comprising part of the same Drawing shall be made ratably among the Lenders holding such Bankers' ’ Acceptances and having made BA Equivalent Advances in accordance with the respective amount of such Bankers' ’ Acceptances so heldheld and BA Equivalent Advances so made; and and (iii) upon the occurrence and during the continuance of any Event of Default no renewal of any Bankers' ’ Acceptance or BA Equivalent Advances may be made at any time that a Default has occurred and is continuingmade. Each such notice of renewal shall, within the restrictions set forth above, specify (A) the date of such renewal (which shall be the then existing Maturity Date of such Bankers' ’ Acceptances and BA Equivalent Advances and shall be a Canadian Business Day), (B) the Bankers' ’ Acceptances to be renewed, (C) if less than all of the Bankers' ’ Acceptances and BA Equivalent Advances comprising part of any Drawing are to be renewed, the aggregate Face Amount for such renewal and (D) the term to maturity of the renewed Bankers' ’ Acceptances and BA Equivalent Advances (which shall comply with the definition of "“Maturity Date" ” in Section 1.01); provided, however, that, if the Administrative Agent determines in good faith (which determination shall be conclusive and binding upon the such Canadian Borrower) that the Bankers' ’ Acceptances and BA Equivalent Advances cannot, due solely to the requested aggregate Face Amount thereof, be renewed ratably by the Canadian Lenders, the aggregate Face Amount of such renewal (or the Face Amount of Bankers' ’ Acceptances or Notional Bankers’ Acceptances to be created by any Canadian Lender) shall be reduced to such lesser amount as the Administrative Agent determines in good faith will permit such renewal to be so made and each Canadian Lender shall fund the difference between such Canadian Lender's ’s ratable portion of the original aggregate Face Amount of such renewal and the Face Amount of the Bankers' ’ Acceptances or Notional Bankers’ Acceptances to be created by such Canadian Lender after giving effect to such reduction in the form of a Canadian Prime Rate Advance, which shall be deemed for all purposes hereof to be a Canadian Borrower Advance made pursuant to Section 2.01(e)(ii2.01(c). Each notice of renewal under this Section 2.11 2.19 shall be irrevocable and binding on the applicable Canadian Borrower. Upon any renewal of Bankers' ’ Acceptances and BA Equivalent Advances comprising part of any Drawing in accordance with this Section 2.11(a2.19(a), the Canadian Lenders holding that hold the Bankers' ’ Acceptances and that made BA Equivalent Advances to be renewed shall exchange such maturing Bankers' ’ Acceptances for new Bankers' ’ Acceptances and shall make new BA Equivalent Advances, containing the terms set forth in the applicable notice of renewal, and the Drawing Purchase Price payable for each such renewal renewed Bankers’ Acceptance and the proceeds of the new BA Equivalent Advance shall be applied, together with other funds, if necessary, available to the applicable Canadian Borrower, to reimburse the Bankers' ’ Acceptances and BA Equivalent Advances otherwise maturing on such date in accordance with Section 2.05(f)date. The Each Canadian Borrower hereby irrevocably authorizes and directs each Canadian Lender to apply the proceeds of each renewed Bankers' ’ Acceptance or BA Equivalent Advance owing to it to the reimbursement, in accordance with this Section 2.11(a2.19(a), of the Bankers' ’ Acceptances or BA Equivalent Advances owing to such Canadian Lender and maturing on such date.

Optional Renewal. The applicable Canadian Borrower may on any Business Day, upon notice given to the Administrative Agent (which may be given by telephone, which shall be promptly followed up by notice thereof by telecopier) not later than 12:00 noon (New York City time) the Applicable Time on a Business Day at least two Canadian Business Days prior to the date of the proposed renewal and subject to the provisions of Section 2.13, renew all or any portion of the Bankers' ’ Acceptances and BA Equivalent Advances comprising part of the same Drawing; provided, however, that: (i) any renewal of Bankers' ’ Acceptances or BA Equivalent Advances shall be made only on the then existing BA Maturity Date for such Bankers' Acceptances’ Acceptances or BA Equivalent Advances; (ii) each renewal of Bankers' ’ Acceptances and BA Equivalent Advances comprising part of the same Drawing shall be made ratably among the Canadian Revolving Credit Lenders holding such Bankers' ’ Acceptances and having made BA Equivalent Advances in accordance with the respective amount of such Bankers' ’ Acceptances so held; held and BA Equivalent Advances so made; (iii) upon the occurrence and during the continuance of any Event of Default no renewal of any Bankers' ’ Acceptance or BA Equivalent Advances may be made at made; and (iv) each notice by a Canadian Borrower pursuant to this Section 2.18(a) must be confirmed promptly by delivery to the Administrative Agent of a written Notice of Drawing, appropriately completed and signed by a Responsible Officer of such Canadian Borrower. The Administrative Agent shall promptly notify the applicable Canadian Borrowers and Canadian Lenders of the BA Discount Rate applicable to any time that a Default has occurred and is continuingBA Loan upon determination thereof. Each such notice of renewal shall, within the restrictions set forth above, specify (A) the date of such renewal (which shall be the then existing BA Maturity Date of such Bankers' ’ Acceptances and BA Equivalent Advances and shall be a Canadian Business Day), (B) the Bankers' ’ Acceptances to be renewed, (C) if less than all of the Bankers' ’ Acceptances and BA Equivalent Advances comprising part of any Drawing are to be renewed, the aggregate Face Amount for such renewal and (D) the term to maturity of the renewed Bankers' ’ Acceptances and BA Equivalent Advances (which shall comply with the definition of "“BA Maturity Date" ” in Section 1.01); provided, however, that, if the Agent determines in good faith (which determination shall be conclusive and binding upon the Canadian Borrower) that the Bankers' Acceptances cannot, due solely to the requested aggregate Face Amount thereof, be renewed ratably by the Canadian Lenders, the aggregate Face Amount of such renewal (or the Face Amount of Bankers' Acceptances to be created by any Canadian Lender) shall be reduced to such lesser amount as the Agent determines will permit such renewal to be so made and each Canadian Lender shall fund the difference between such Lender's ratable portion of the original aggregate Face Amount of such renewal and the . The Face Amount of the Bankers' ’ Acceptances and Notional Bankers’ Acceptances to be created and purchased by any Canadian Revolving Credit Lender shall equal each Canadian Revolving Credit Lender’s Applicable Percentage of such Lender after giving effect Face Amount, rounded to such reduction in the form of a nearest Canadian Prime Rate Advance, which shall be deemed for all purposes hereof to be a Canadian Borrower Advance made pursuant to Section 2.01(e)(ii)Dollar. Each notice of renewal under this Section 2.11 2.18 shall be irrevocable and binding on the applicable Canadian Borrower. Upon any renewal of Bankers' ’ Acceptances and BA Equivalent Advances comprising part of any Drawing in accordance with this Section 2.11(a2.18(a), the Canadian Revolving Credit Lenders holding that hold the Bankers' ’ Acceptances and that made BA Equivalent Advances to be renewed shall exchange such maturing Bankers' ’ Acceptances for new Bankers' ’ Acceptances and shall make new BA Equivalent Advances, containing the terms set forth in the applicable notice of renewal, and the Drawing Purchase Price payable for each such renewal renewed Bankers’ Acceptance and the proceeds of the new BA Equivalent Advance shall be applied, together with other funds, if necessary, available to the applicable Canadian Borrower, to reimburse the Bankers' ’ Acceptances and BA Equivalent Advances otherwise maturing on such date in accordance with Section 2.05(f)date. The Each Canadian Borrower hereby irrevocably authorizes and directs each Canadian Revolving Credit Lender to apply the proceeds of each renewed Bankers' ’ Acceptance or BA Equivalent Advance owing to it to the reimbursement, in accordance with this Section 2.11(a2.18(a), of the Bankers' ’ Acceptances or BA Equivalent Advances owing to such Canadian Revolving Credit Lender and maturing on such date.

Optional Renewal. The Canadian Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 12:00 noon Noon (New York City time) on a Business Day at least two Canadian Business Days prior to the date of the proposed renewal and subject to the provisions of Section 2.132.12, renew all or any portion of the Bankers' Acceptances comprising part of the same Drawing; provided, however, that: (i) any renewal of Bankers' Acceptances shall be made only on the then existing Maturity Date for such Bankers' Acceptances; (ii) each renewal of Bankers' Acceptances comprising part of the same Drawing shall be made ratably among the Multicurrency Lenders holding such Bankers' Acceptances in accordance with the respective amount of such Bankers' Acceptances so held; and and (iii) no renewal of any Bankers' Acceptance may be made at any time that a Default has occurred and is continuing. Each such notice of renewal shall, within the restrictions set forth above, specify (A) the date of such renewal (which shall be the then existing Maturity Date of such Bankers' Acceptances and shall be a Canadian Business Day), (B) the Bankers' Acceptances to be renewed, (C) if less than all of the Bankers' Acceptances comprising part of any Drawing are to be renewed, the aggregate Face Amount for such renewal and (D) the term to maturity of the renewed Bankers' Acceptances (which shall comply with the definition of "Maturity Date" in Section 1.01); provided, however, that, if the Administrative Agent determines in good faith (which determination shall be conclusive and binding upon the Canadian Borrower) that the Bankers' Acceptances cannot, due solely to the requested aggregate Face Amount thereof, be renewed ratably by the Canadian Multicurrency Lenders, the aggregate Face Amount of such renewal (or the Face Amount of Bankers' Acceptances to be created by any Canadian Multicurrency Lender) shall be reduced to such lesser amount as the Administrative Agent determines will permit such renewal to be so made and each Canadian Multicurrency Lender shall fund the difference between such Lender's ratable portion of the original aggregate Face Amount of such renewal and the Face Amount of the Bankers' Acceptances to be created by such Lender after giving effect to such reduction in the form of a Canadian Prime Rate Advance, which shall be deemed for all purposes hereof to be a Canadian Borrower Multicurrency Advance made pursuant to Section 2.01(e)(ii2.01(d). Each notice of renewal under this Section 2.11 2.11(a) shall be irrevocable and binding on the Canadian Borrower. Upon any renewal of Bankers' Acceptances comprising part of any Drawing in accordance with this Section 2.11(a), the Multicurrency Lenders holding the Bankers' Acceptances to be renewed shall exchange such maturing Bankers' Acceptances for new Bankers' Acceptances containing the terms set forth in the applicable notice of renewal, and the Drawing Purchase Price payable for each such renewal shall be applied, together with other funds, if necessary, available to the Canadian Borrower, to reimburse the Bankers' Acceptances otherwise maturing on such date in accordance with Section 2.05(f2.05(e). The Canadian Borrower hereby irrevocably authorizes and directs each Canadian Multicurrency Lender to apply the proceeds of each renewed Bankers' Acceptance owing to it to the reimbursement, in accordance with this Section 2.11(a), of the Bankers' Acceptances owing to such Multicurrency Lender and maturing on such date.