Payment of Bankers' Acceptances. The Borrower agrees to provide for each Bankers' Acceptance by payment of the face amount thereof to the Agent on behalf of the BA Lender on the maturity of the Bankers' Acceptance or, prior to such maturity, on the Acceleration Date; and the Agent shall remit the said amount to such BA Lender and such BA Lender shall in turn remit such amount to the holder of the Bankers' Acceptance. If the Borrower fails to provide for the payment of the Bankers' Acceptance accordingly, any amount not so paid shall be immediately payable by the Borrower to the Agent on behalf of the BA Lender together with interest on such amount calculated daily and payable monthly at the rate and in the manner applicable to Prime-Based Loans. The Borrower agrees not to claim any days of grace for the payment at maturity of any Bankers' Acceptance and agrees to indemnify and save harmless the BA Lender in connection with all payments made by the BA Lender (or by the Agent on its behalf) pursuant to Bankers' Acceptances accepted by the BA Lender, together with all reasonable costs and expenses incurred by the BA Lender in this regard. The Borrower hereby waives any defences to payment which might otherwise exist if for any reason a Bankers' Acceptance is held by the BA Lender for its own account at maturity.
Payment of Bankers' Acceptances. (1) The Borrower shall provide for the payment to the Agent at the Branch of Account for the account of the applicable Lenders of the full face amount of each Banker’s Acceptance accepted for its account on the earlier of (a) the date of maturity of a Banker’s Acceptance, and (b) the date on which any Obligations become due and payable pursuant to Section 8.
Payment of Bankers' Acceptances. The Bankers’ Acceptances shall be payable in accordance with the following provisions:
(a) The Canadian Borrower shall pay to the Canadian Agent for the account of the Canadian Lenders an amount equal to the Principal Amount of the Bankers’ Acceptances on their respective B/A Maturity Dates.
(b) In the event the Canadian Borrower fails to notify the Canadian Agent, in writing, not later than 10:00 a.m. (such notice, if verbal, to be confirmed to the Canadian Agent in writing later the same day, but not necessarily by 10:00 a.m.), 2 Business Days prior to any B/A Maturity Dates of a Bankers’ Acceptance, that the Canadian Borrower intends to pay with its own funds the Principal Amount of the Bankers’ Acceptances due on such B/A Maturity Dates, the Canadian Borrower shall be deemed, for all purposes, to have given the Canadian Agent notice to convert the Principal Amount of such Bankers’ Acceptances into a Prime Loan denominated in Cdn.$ and the provisions of Section 2.3 shall apply mutatis mutandis save that:
(i) such B/A Maturity Date shall be considered to be the Drawdown Date of such Prime Loan;
(ii) the proceeds of such Prime Loan shall be used to pay the Principal Amount of the Bankers’ Acceptances due on such B/A Maturity Date; and
(iii) on such B/A Maturity Date, each Canadian Lender, instead of making its Participation in such Prime Loan available to the Canadian Agent, shall first directly apply its Participation in such Prime Loan in payment of its Participation in the Principal Amount of the Bankers’ Acceptances accepted, purchased and issued by such Canadian Lender and due on such B/A Maturity Date.
Payment of Bankers' Acceptances. (1) Immediately upon any Obligations becoming due and payable under Section 8.2, the Borrower shall, without necessity of further act or evidence, be and become thereby unconditionally obligated to deposit forthwith with the Agent for the benefit of the Lenders, Collateral equal to the full face amount at maturity of Banker’s Acceptances then outstanding for its account and the Borrower hereby unconditionally promises and agrees to deposit with the Agent immediately upon such demand Collateral in the amount so demanded. The Borrower authorizes the Lenders, or any of them, to debit its accounts with the amount required to pay such Banker’s Acceptances, notwithstanding that such Banker’s Acceptances may be held by the Lenders, or any of them, in their own right at maturity. Amounts paid to the Agent pursuant to such a demand in respect of Banker’s Acceptances shall be applied against, and shall reduce, pro rata among the Lenders, to the extent of the amounts paid to the Agent in respect of Banker’s Acceptances, the obligations of the Borrower to pay amounts then or thereafter payable under Banker’s Acceptances, at the times amounts become payable thereunder.
(2) The Borrower shall be entitled to receive interest on cash held by the Agent as Collateral in accordance with Section 11.12.
Payment of Bankers' Acceptances. Immediately upon the Agent making a declaration pursuant to Section 12.2.2, the Relevant Borrower shall, without the necessity of further act or evidence, be and become unconditionally obligated to deposit with the Agent the aggregate face amount of all Bankers' Acceptances then outstanding for the Relevant Borrower's account and the Relevant Borrower hereby authorizes each Lender to debit any then existing credit in its accounts with the amount required to make such payment to the Agent notwithstanding that any such Bankers' Acceptances may be held by the Lender in its own right at maturity. Amounts paid to the Agent pursuant to this Section 12.3 shall bear interest at the rate offered by the Agent on deposits of similar amounts for similar terms. All such amounts, together with interest earned thereon, shall be applied against and shall reduce to the extent of such amounts the Relevant Borrower's obligations to pay amounts then or thereafter payable under Bankers' Acceptances at the respective times such amounts become so payable. Any remaining cash being held by the Agent pursuant to this Section 12.3 shall be applied against any other Loan Obligations and any excess thereafter shall be released to the Relevant Borrower or its assigns, but only after all Bankers' Acceptances have matured and all Loan Obligations have been satisfied in full.
Payment of Bankers' Acceptances. The Bankers' Acceptances shall be payable in accordance with the following provisions:
(a) If such Bankers' Acceptances are held by or presented to the Accepting Lender or the Administrative Agent, the Company shall pay to the Administrative Agent for the account of each Lender an amount equal to the face amount of the Bankers' Acceptances of such Lender on their respective maturity dates. In the event that any Bankers' Acceptance is presented to the Company, rather than the Accepting Lender thereof, for payment on its respective maturity date and the Company shall have made payments to the holders thereof, then the Company shall give notice to the Administrative Agent to such effect together with the original canceled Bankers' Acceptance and the Administrative Agent shall promptly notify the Lenders.
(b) In the event the Company fails to notify the Administrative Agent in writing, not later than 12:00 Noon, one (1) Business Day prior to any maturity date of a Bankers' Acceptance, that the Company intends to pay with its own funds the amount of the Bankers' Acceptances due on such maturity date, the Company shall be deemed, for all purposes, to have given the Administrative Agent notice to convert the amount of such Bankers' Acceptances into a Base Rate Loan and the provisions of Section 2.02(f) shall apply, except save that:
(i) such maturity date shall be considered to be the borrowing date of such Base Rate Loan;
(ii) the proceeds of such Base Rate Loan shall be used to pay the amount of the Bankers' Acceptance due on such maturity date; and
(iii) on such maturity date, each Lender, instead of making its funds available to the Administrative Agent to fund such Base Rate Loan, shall first directly apply its pro rata share of such Loan in payment of its pro rata share in the amount of its Bankers' Acceptances due on such date.
Payment of Bankers' Acceptances. (1) The Borrower shall provide for the payment to the Agent at the Branch of Account for the account of the applicable Lenders of the full face amount of each Banker's Acceptance accepted for its account on the earlier of (a) the date of maturity of a Banker's Acceptance; and (b) the date on which any Obligations become due and payable pursuant to Section 8.
Payment of Bankers' Acceptances. 5.15.1 The Borrowers shall provide for the payment to the Agent at the Branch of Account for the account of the applicable Lenders of the full face amount of each Bankers’ Acceptance accepted for its account on the earlier of (i) the date of maturity of a Bankers’ Acceptance and (ii) the date on which any Obligations become due and payable pursuant to Section 8.2. The Lenders shall be entitled to recover interest from the Borrowers jointly and severally at a rate of interest per annum equal to the rate applicable to Prime Rate Advances under the Credit under which the Bankers’ Acceptance was issued, compounded monthly, on any amount payment of which has not been provided for by the Borrowers in accordance with this Section 5.15, Interest shall be calculated from and including the date of maturity of each Bankers’ Acceptance up to but excluding the date such payment, and all interest thereon, both before and after demand, default and judgment, is provided for by the Borrowers.
5.15.2 If the Borrowers provide cash in response to any Obligations becoming due and payable under Section 8.2, it shall be entitled to receive interest on the cash provided in accordance with Section 10.8 as long as the cash is held as Cash Collateral.
Payment of Bankers' Acceptances. The Borrower shall provide for the payment to the Agent at the Branch of Account for the account of the applicable Lenders of the full face amount of each Bankers’ Acceptance accepted for its account on the earlier of (i) the date of maturity of a Bankers’ Acceptance and (ii) the date on which any Obligations become due and payable pursuant to Section 7.2. The Lenders shall be entitled to recover interest from the Borrower at a rate of interest per annum equal to the rate applicable to Prime Rate Advances under the Credit under which the Bankers’ Acceptance was issued, compounded monthly, upon any amount payment of which has not been provided for by the Borrower in accordance with this Section. Interest shall be calculated from and including the date of maturity of each Bankers’ Acceptance up to but excluding the date such payment, and all interest thereon, both before and after demand, default and judgment, is provided for by the Borrower. If the Borrower provides cash in respect of a Bankers’ Acceptance in response to any Obligations becoming due and payable under Section 7.2 before the date of maturity of the Bankers’ Acceptance, it shall be entitled to receive interest on the cash provided in accordance with Section 10.10 as long as the cash is held as Cash Collateral.
Payment of Bankers' Acceptances. Bankers Acceptances shall be payable in accordance with the following provisions:
(a) If the Borrower elects not to renew a Bankers Acceptance on maturity as provided in Section 5.3 or to convert such Bankers Acceptance to an Alternate Base Borrowing pursuant to Section 5.4(b), the Borrower shall pay the face amount of the Bankers Acceptance to the Accepting Banks on maturity.
(b) In the event the Borrower fails to notify the Accepting Banks in writing, not later than 10 a.m. San Francisco, California time, one (1) Business Day prior to any maturity date of a Bankers Acceptance, that the Borrower intends to pay with its own funds the amount of the Bankers Acceptances due on such maturity date, the Borrower shall be deemed, for all purposes, to have given the Accepting Banks notice to convert the amount of such Bankers Acceptances into an Alternate Base Borrowing, except that:
(i) such maturity date shall be considered to be the borrowing date of such Alternate Base Borrowing; and
(ii) the proceeds of such Alternate Base Borrowing shall be used to pay the amount of the Bankers Acceptance due on such maturity date.
