Common use of Payment of Bankers' Acceptances Clause in Contracts

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. The Bankers’ ' Acceptances shall be payable in accordance with the following provisions: (a) The If such Bankers' Acceptances are held by or presented to the Accepting Lender or the Canadian Agent, the relevant Canadian Borrower shall pay to the Canadian Agent for the account of the each Canadian Lenders Lender an amount equal to the Principal Amount face amount of the Bankers’ ' Acceptances of such Lender on their respective B/A Maturity Datesmaturity dates. In the event that any Bankers' Acceptance is presented to the relevant Canadian Borrower, rather than the Accepting Lender thereof or the Canadian Agent, for payment on its respective maturity date and such Canadian Borrower shall have made payments to the holders thereof, then such Canadian Borrower shall give notice to the Canadian Agent to such effect together with the original cancelled Bankers' Acceptance and the Canadian Agent shall promptly notify the Canadian Lenders. (b) In the event the such Canadian Borrower fails to notify the Canadian Agent, Agent in writing, not later than 10:00 11:00 a.m. Houston, Texas time, one (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 1) Business Days Day prior to any B/A Maturity Dates maturity date of a Bankers’ ' Acceptance, that the such Canadian Borrower intends to pay with its own funds the Principal Amount amount of the Bankers’ ' Acceptances due on such B/A Maturity Datesmaturity date, the such Canadian Borrower shall be deemed, for all purposes, to have given the Canadian Agent notice to convert the Principal Amount amount of such Bankers’ ' Acceptances into a Prime Base Rate Loan denominated in Cdn.$ and the provisions of Section 2.3 2.02(i) shall apply mutatis mutandis save apply, except that: (i) such B/A Maturity Date maturity date shall be considered to be the Drawdown Date borrowing date of such Prime Base Rate Loan; (ii) the proceeds of such Prime Base Rate Loan shall be used to pay the Principal Amount amount of the Bankers’ Acceptances ' Acceptance due on such B/A Maturity Datematurity date; and (iii) on such B/A Maturity Datematurity date, each Canadian Lender, instead of making its Participation in such Prime Loan funds available to the Canadian AgentAgent to fund such Base Rate Loan, shall first directly apply its Participation in pro rata share of such Prime Loan in payment of its Participation pro rata share in the Principal Amount amount of the its Bankers’ ' Acceptances accepted, purchased and issued by such Canadian Lender and due on such B/A Maturity Datedate.

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 Administrative 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 AgentAdministrative Agent verbally (or at the discretion of the Canadian Borrower, in writing), not later than 10:00 a.m. (such notice, if verbal, to be confirmed to the Canadian Administrative 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 Administrative Agent notice to convert the Principal Amount of such Bankers’ ' Acceptances into a Prime COF Loan denominated in Cdn.$ having a COF Interest Period of 30 days 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 COF Loan; (ii) the proceeds of such Prime COF 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 COF Loan available to the Canadian Administrative Agent, shall first directly apply its Participation in such Prime COF 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.