Common use of Payment, Conversion or Renewal of BA Instruments Clause in Contracts

Payment, Conversion or Renewal of BA Instruments. (1) Upon the maturity of a BA Instrument, the Canadian Borrower may (i) elect to issue a replacement Banker’s Acceptance or Draft by giving a Drawing Notice in accordance with Section 4.03(1); (ii) elect to have all or a portion of the Face Amount of the BA Instrument converted to an Advance (provided that in the case of a conversion of a portion only of the Face Amount of the BA Instrument, the remaining Face Amount, if any, of such BA Instrument shall not be less than the minimum Face Amount set forth in Schedule 5) by giving a Borrowing Notice in accordance with Section 3.02(1); or (iii) pay, on or before 11:00 a.m. (Toronto time) on the maturity date for the BA Instrument, an amount in Canadian Dollars equal to the Face Amount of the BA Instrument (notwithstanding that a Lender may be the holder of it at maturity). Any such payment shall satisfy the Canadian Borrower’s obligations under the BA Instrument to which it relates and the relevant Lender shall (y) then be solely responsible for the payment of the BA Instrument, and (z) thereafter indemnify the Canadian Borrower from any loss, cost or expense suffered by or imposed upon the Canadian Borrower in respect of any claim from a holder of such BA Instrument that the Canadian Borrower is liable for payment thereunder or any payment by the Canadian Borrower in connection with such claim. (2) If the Canadian Borrower fails to pay any BA Instrument when due or request a replacement in the Face Amount of such BA Instrument pursuant to Section 4.05(1), the unpaid amount due and payable shall be converted to a Canadian Prime Rate Advance and shall bear interest calculated and payable as provided in ARTICLE 3. This conversion shall occur as of the maturity date of the BA Instrument and without any necessity for the Canadian Borrower to give a Borrowing Notice.

Payment, Conversion or Renewal of BA Instruments. (1i) Upon the maturity of a BA InstrumentInstrument at the end of its BA Period, the Canadian Borrower may (iA) elect to issue a replacement Banker’s Acceptance or Draft BA Instrument by giving a Drawing Notice in accordance with Section 4.03(1); 2.24(c)(i) hereof, (iiB) elect to have all or a portion of the Face Amount face amount of the BA Instrument converted to an Advance (provided that in a Canadian Prime Rate Loan by providing to the case of Administrative Agent a conversion of a portion only of the Face Amount of the BA Instrument, the remaining Face Amount, if any, of such BA Instrument shall not be less than the minimum Face Amount set forth in Schedule 5) by giving a Borrowing Drawing Notice in accordance with Section 3.02(1); 2.2, or (iiiC) pay, on or before 11:00 10:00 a.m. (Toronto time) on the maturity date for the BA Instrument), an amount in Canadian Dollars equal to the Face Amount face amount of the BA Instrument (notwithstanding that a the Revolving Lender may not be the holder of it at maturity). Any such payment shall satisfy the Canadian Borrower’s obligations under the BA Instrument to which it relates and the relevant Revolving Lender shall (y) then be solely responsible for the payment of the BA Instrument, and (z) thereafter indemnify the Canadian Borrower from any loss, cost or expense suffered by or imposed upon the Canadian Borrower in respect of any claim from a holder of such BA Instrument that the Canadian Borrower is liable for payment thereunder or any payment by the Canadian Borrower in connection with such claim. (2ii) If the Canadian Borrower fails to pay any BA Instrument when due or request issue a replacement in the Face Amount face amount of such BA Instrument pursuant to Section 4.05(1)clause (e)(i) above, the unpaid amount due and payable shall be converted to a Canadian Prime Rate Advance Loan made by the applicable Revolving Lenders ratably and shall bear interest calculated and payable as provided in ARTICLE 3Section 2.6. This conversion shall occur as of the maturity due date of the BA Instrument and without any necessity for the Canadian Borrower to give a Borrowing Drawing Notice. (iii) Upon the maturity of a BA Instrument, if a Default or an Event of Default has occurred and is continuing, the unpaid amount due and payable shall be converted to a Canadian Prime Rate Loan made by the applicable Revolving Lenders ratably and shall bear interest calculated and payable as provided in Section 2.6. Such conversion shall occur as of the due date and without any necessity for the Borrower to give a Drawing Notice.

Payment, Conversion or Renewal of BA Instruments. (1a) Upon the maturity of a BA InstrumentInstrument under a Credit Facility, the Canadian applicable Borrower may may: (i) elect to issue a replacement Banker’s Bankers’ Acceptance or Draft under the same Credit Facility by giving a Drawing Notice in accordance with Section 4.03(1); 4.3(a) under such Credit Facility; (ii) elect to have all or a portion of the Face Amount of the such BA Instrument converted to an Advance under the same Credit Facility (provided that in the case of a conversion of a portion only of the Face Amount of the BA Instrument, the remaining Face Amount, if any, of such BA Instrument shall not be less than the minimum Face Amount set forth in Schedule 56) under the same Credit Facility by giving a Borrowing Notice in accordance with Section 3.02(1)3.2; or or (iii) pay, on or before 11:00 10:00 a.m. (Toronto Calgary time) on the maturity date for the BA Instrument, an amount in Canadian Dollars equal to the Face Amount of the BA Instrument (notwithstanding that a Lender may be the holder of it at maturity). Any such payment shall satisfy the Canadian applicable Borrower’s obligations under the BA Instrument to which it relates and the relevant Lender shall (y) then be solely responsible for the payment of the BA Instrument, and (z) thereafter indemnify the Canadian Borrower from any loss, cost or expense suffered by or imposed upon the Canadian Borrower in respect of any claim from a holder of such BA Instrument that the Canadian Borrower is liable for payment thereunder or any payment by the Canadian Borrower in connection with such claim. (2b) If the Canadian a Borrower fails to pay any BA Instrument under a Credit Facility when due or to request a replacement in the Face Amount of such BA Instrument pursuant to Section 4.05(14.5(a), the unpaid amount due and payable shall be converted to a Canadian Prime Rate Advance under the same Credit Facility and shall bear interest calculated and payable as provided in ARTICLE Article 3. This conversion shall occur as of the maturity date of the BA Instrument and without any necessity for the Canadian a Borrower to give a Borrowing Notice.

Payment, Conversion or Renewal of BA Instruments. (1) Upon the maturity of a BA Instrument, the an applicable Canadian Revolving Credit Borrower may (i) elect to issue a replacement Banker’s Acceptance or Draft BA Instrument by giving a Drawing Notice in accordance with Section 4.03(1); (ii) elect to have all or a portion of the Face Amount of the BA Instrument converted to an a Canadian Prime Rate Advance (provided that in the case of a conversion of a portion only of the Face Amount of the BA Instrument, the remaining Face Amount, if any, of such BA Instrument shall not be less than the minimum Face Amount set forth in Schedule 5) by giving a Borrowing Notice in accordance with Section 3.02(1)3.02; or (iii) pay, on or before 11:00 a.m. 1:00 p.m. (Toronto time) on the maturity date for the BA Instrument, an amount in Canadian Dollars equal to the Face Amount of the BA Instrument (notwithstanding that a Lender may be the holder of it at maturity). Any such payment shall satisfy the applicable Canadian Revolving Credit Borrower’s obligations under the BA Instrument to which it relates and (in the case of any Draft accepted by any Lender or Participant) such relevant Canadian Revolving Credit Lender or Participant shall (y) then be solely responsible for the payment of the BA Instrument, and (z) thereafter indemnify the applicable Canadian Revolving Credit Borrower from any loss, cost or expense suffered by or imposed upon the Canadian Borrower in shall have no obligation with respect of any claim from a holder of such BA Instrument that the Canadian Borrower is liable for payment thereunder or to any payment by the Canadian Borrower in connection with such claimthereunder. (2) If the a Canadian Revolving Credit Borrower fails to pay any BA Instrument when due or request issue a replacement in the Face Amount of such BA Instrument pursuant to Section 4.05(1), the unpaid amount due and payable shall be converted to a Canadian Prime Rate Advance made by the applicable Canadian Revolving Credit Lenders rateably under the applicable Facility and shall bear interest calculated and payable as provided in ARTICLE Article 3. This conversion shall occur as of the maturity due date of the BA Instrument and without any necessity for the applicable Canadian Revolving Credit Borrower to give a Borrowing Notice. The applicable Canadian Revolving Credit Borrower shall have no obligation with respect to any payment under a BA Instrument that is so converted.

Payment, Conversion or Renewal of BA Instruments. (1) Upon the maturity of a BA Instrument, the Canadian Borrower may (i) elect to issue a replacement Banker’s Acceptance or Draft BA Instrument by giving a Drawing Notice in accordance with Section 4.03(1); (ii) elect to have all or a portion of the Face Amount of the BA Instrument converted to an Advance (provided that in the case of a conversion of a portion only of the Face Amount of the BA Instrument, the remaining Face Amount, if any, of such BA Instrument shall not be less than the minimum Face Amount set forth in Schedule 5) by giving a Borrowing Accommodation Notice in accordance with Section 3.02(1)3.02; or (iii) pay, on or before 11:00 10:00 a.m. (Toronto time) on the maturity date for the BA Instrument, an amount in Canadian Dollars equal to the Face Amount of the BA Instrument (notwithstanding that a Facility A Lender may be the holder of it at maturity). Any such payment shall satisfy the Canadian Borrower’s 's obligations under the BA Instrument to which it relates and the relevant Facility A Lender or Participant shall (y) then be solely responsible for the payment of the BA Instrument, and (z) thereafter indemnify the Canadian Borrower from any loss, cost or expense suffered by or imposed upon the Canadian Borrower in respect of any claim from a holder of such BA Instrument that the Canadian Borrower is liable for payment thereunder or any payment by the Canadian Borrower in connection with such claim. (2) If the Canadian Borrower fails to pay any BA Instrument when due or request issue a replacement in the Face Amount of such BA Instrument pursuant to Section 4.05(1), the unpaid amount due and payable shall be converted to a Canadian Prime Rate Advance made by the Facility A Lenders rateably under the applicable Credit Facility and shall bear interest calculated and payable as provided in ARTICLE Article 3. This conversion shall occur as of the maturity due date of the BA Instrument and without any necessity for the Canadian Borrower to give a Borrowing Notice.