Common use of Payment on Maturity Clause in Contracts

Payment on Maturity. Each Borrower shall provide payment for any Bankers’ Acceptances created by a Lender by payment to the Administration Agent for the account of such Lender of the Face Amount thereof (or alternatively any deficiency in the Acceptance Purchase Price retained by the Lender pursuant to Section 4.6) by 10:00 a.m. (Vancouver time) on the maturity date of the Bankers’ Acceptance. Payment to the Administration Agent of the Face Amount of a Bankers’ Acceptance shall terminate the obligation of such Borrower to pay such Bankers’ Acceptance at maturity. If such Borrower fails to provide payment to a Lender (or to the Administration Agent for the account of the Lender) of an amount equal to the Face Amount of a Bankers’ Acceptance created by such Lender on its maturity, the unpaid amount due and payable in respect thereof shall be converted as of such date, and without any necessity for such Borrower to give a Borrowing Notice in accordance with this Agreement to, and thereafter be outstanding as, a Prime Rate Advance made by, and due and payable on such date to, the Lender and shall bear interest for the three day period following the maturity of such Bankers’ Acceptance at a rate equal to 115% of the rate applicable to Prime Rate Advances, and thereafter at the rate applicable to Prime Rate Advances. Each Borrower shall also promptly pay to each Lender any amounts required to compensate such Lender for any loss, cost or expense (excluding loss of profits or other consequential loss) suffered or incurred by such Lender as a result of such Borrower’s failure to pay any Bankers’ Acceptance when due.

Payment on Maturity. Each Borrower shall provide payment for any Bankers’ ' Acceptances created by a Lender by payment to the Administration Agent for the account of such Lender of the Face Amount thereof (or alternatively any deficiency in the Acceptance Purchase Price retained by the Lender pursuant to Section 4.6) by 10:00 a.m. (Vancouver time) on the maturity date of the Bankers’ ' Acceptance. Payment to the Administration Agent of the Face Amount of a Bankers’ ' Acceptance shall terminate the obligation of such Borrower to pay such Bankers’ ' Acceptance at maturity. If such Borrower fails to provide payment to a Lender (or to the Administration Agent for the account of the Lender) of an amount equal to the Face Amount of a Bankers’ ' Acceptance created by such Lender on its maturity, the unpaid amount due and payable in respect thereof shall be converted as of such date, and without any necessity for such Borrower to give a Borrowing Notice in accordance with this Agreement to, and thereafter be outstanding as, a Prime Rate Advance made by, and due and payable on such date to, the Lender and shall bear interest for the three day period following the maturity of such Bankers’ ' Acceptance at a rate equal to 115% of the rate applicable to Prime Rate Advances, and thereafter at the rate applicable to Prime Rate Advances. Each Borrower shall also promptly pay to each Lender any amounts required to compensate such Lender for any loss, cost or expense (excluding loss of profits or other consequential loss) suffered or incurred by such Lender as a result of such Borrower’s 's failure to pay any Bankers’ ' Acceptance when due.