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) 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. The Bankers' Acceptances PCI Canada shall be payable in accordance with provide for the following provisions: (a) If such Bankers' Acceptances are held by or presented payment to the Accepting Lender or the Administrative Agent, the Company shall pay to the Administrative Canadian Funding Agent for the account of the applicable BA Lender the full principal face amount of each Lender Bankers' Acceptance on the earlier of (a) its date of maturity; and (b) the date on which an Event of Default occurs. Notwithstanding anything to the contrary herein or in any Related Agreement, upon the occurrence of an Event of Default, an amount equal to the face Bankers' Acceptance Obligations shall, at Administrative Agent's option and without demand upon or further notice to PCI Canada, be deemed to have been paid or disbursed by the BA Lenders under the applicable Bankers' Acceptances (notwithstanding that such amounts may not in fact have been so paid or disbursed), and a Revolving Loan to PCI Canada in the amount of such payment or disbursement to have been made and accepted, which Revolving Loan shall be immediately due and payable. In lieu of the foregoing, at the election of Administrative Agent or Canadian Funding Agent at any time after an Event of Default has occurred, PCI Canada, upon Administrative Agent's or Canadian Funding Agent's demand, shall deliver to Canadian Funding Agent cash collateral equal to the Bankers' Acceptance Obligations at such time. Any such cash collateral and/or any amounts received by Administrative Agent or Canadian Funding Agent in payment of the Loan made pursuant to this Section 2.3.6 shall be held by Canadian Funding Agent or Administrative Agent, as applicable, for the benefit of the BA Lenders, in the applicable Assignee Deposit Account or a separate account appropriately designated as a cash collateral account in relation to this Agreement and the Bankers' Acceptances and shall be retained by the Canadian Funding Agent or Administrative Agent, as applicable, for the benefit of such the BA Lenders, as collateral security in respect of, first, the Liabilities under or in connection with the BA Availments and then, all other Liabilities of PCI Canada. Such amounts may be applied to reimburse the BA Lenders for drawings or payments under or pursuant to Bankers' Acceptances which have been paid (or to reimburse any BA Lender on their respective maturity dates. In the event that if any Bankers' Acceptance is presented Acceptances have been purchased by a BA Lender), or if no such drawings, payments or purchases have been made, 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 of such effect together with the original canceled Bankers' Acceptance and the other Liabilities of PCI Canada as Administrative Agent shall promptly notify the Lenders. (b) In the event the Company fails determine and direct. Any amounts remaining in any cash collateral account established pursuant to notify the Administrative Agent this Section 2.3.6 following payment in writing, not later than 12:00 Noon, one (1) Business Day prior to any maturity date full 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 all Liabilities shall be deemed, for all purposes, returned 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 datePCI Canada.

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 cancelled 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.