Common use of Procedure for Drawing Clause in Contracts

Procedure for Drawing. (1) Each Drawing shall be made on notice (a “Drawing Notice”) given by the Canadian Borrower to the Agent not later than 11:00 a.m. (Toronto time) on the number of days’ notice specified in Schedule 5. Each Drawing Notice shall be in substantially the form of Schedule 3, shall be irrevocable, except as provided in Section 4.06(1), shall be binding on the Canadian Borrower and shall specify (i) the Drawing Date; (ii) the aggregate Face Amount of Drafts to be accepted, if applicable, and purchased; and (iii) the term thereof. (2) Not later than 12:00 noon (Toronto time) on an applicable Drawing Date, each applicable Lender shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Acceptances so created for the Drawing Price; or (ii) purchase the Drafts for the Drawing Price. In each case, upon receipt by the Agent of funds from the applicable Lenders on account of the Drawing Price and upon fulfilment of the applicable conditions set forth in ARTICLE 7, the Agent shall make such funds available to the Canadian Borrower in accordance with ARTICLE 2. (3) The Canadian Borrower shall, at the request of any Lender, issue one or more non-interest bearing, promissory notes (each a “BA Equivalent Note”) payable on the maturity date of any unaccepted Draft referred to above, in such form as such Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft which such Lender has purchased in accordance with Section 4.03(2). (4) Banker’s Acceptances, Drafts and BA Equivalent Notes purchased by a Lender may be held by it for its own account until the maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such Lender’s sole discretion.

Appears in 2 contracts

Samples: Senior Secured Credit Agreement (Tucows Inc /Pa/), Senior Secured Credit Agreement (Tucows Inc /Pa/)

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Procedure for Drawing. (1) Each Drawing shall be made on notice (a “Drawing Notice”"DRAWING NOTICE") given by the Canadian Borrower Company to the Administrative Agent not later than 11:00 10:00 a.m. (Toronto time) on the number of days’ notice specified in Schedule 5Business Day before the Drawing. Each Drawing Notice shall be in substantially the form of Schedule 3Exhibit F, shall be irrevocable, except as provided in Section 4.06(1), shall be irrevocable and binding on the Canadian Borrower Company and shall specify (i) the Drawing Date; (ii) the aggregate Face Amount of Drafts to be acceptedaccepted and purchased (or purchased, if applicableas the case may be), and purchased; and (iii) the term thereofcontract maturity date for such Drafts. (2) Not later than 12:00 noon 2:00 p.m. (Toronto time) on an applicable Drawing Date, each applicable Lender Bank shall (i) complete one or more Drafts in accordance with the Drawing Notice, accept such Drafts and purchase the Bankers' Acceptances thereby created for the Drawing Purchase Price, or (ii) complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Acceptances so created for the Drawing Price; or (ii) purchase the such Drafts for the Drawing Purchase Price. In each case, upon receipt by of an amount equal to the Agent of funds from difference between (i) such Drawing Purchase Price, and (ii) the applicable Lenders on account of the aggregate Drawing Price Fee, and upon fulfilment of the applicable conditions set forth in ARTICLE 7Article 5, the Administrative Agent shall make such funds available to the Canadian Borrower Company in accordance with ARTICLE Article 2. (3) The Canadian Borrower Company shall, at the request of any Lendera Bank, issue one or more non-interest bearing, bearing promissory notes (each a "BA Equivalent Note”EQUIVALENT NOTE") payable on the maturity date of any maturity of the unaccepted Draft referred to abovebelow, in such form as such Lender Bank may reasonably specify and specify, in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft Drafts which such Lender Bank has purchased or has arranged to have purchased in accordance with Section 4.03(23.3(2). (4) Banker’s Acceptances, Drafts and BA Equivalent Notes Bankers' Acceptances purchased by a Lender Bank hereunder may be held by it for its own account until the contract maturity date thereof or sold by it at any time prior to that date thereto in any relevant Canadian market therefor in Canada, in such Lender’s Person's sole discretion.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Cit Group Inc)

Procedure for Drawing. (1) Each Drawing shall be made on notice (a "Drawing Notice") given by the Canadian Borrower to the Administrative Agent not later than 11:00 10:00 a.m. (Toronto time) on the number of days’ days notice specified in Schedule 5. Each Drawing Notice shall be in substantially the form of Schedule 3, shall be irrevocable, except as provided in Section 4.06(1), shall be irrevocable and binding on the Canadian Borrower and shall specify (i) the Drawing Date; (ii) the Credit Facility under which the Drawing is to be made; (iii) the aggregate Face Amount of Drafts to be acceptedaccepted and purchased (or purchased, if applicable, and purchasedas the case may be); (iv) the contract maturity date for the Drafts; and (iiiv) the term thereofpurpose for which the proceeds of the Drawing will be used. The Borrower shall not request a contract maturity date for a Draft which would be after the Relevant Repayment Date in respect of the applicable Credit Facility. (2) Not later than 12:00 noon 1:00 p.m. (Toronto time) on an applicable Drawing Date, each applicable Lender shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Bankers' Acceptances so thereby created for the Drawing Price; or (ii) purchase the such Drafts for the Drawing Price. In , and, in each case, upon pay to the Administrative Agent the Drawing Proceeds in respect of such Bankers' Acceptance or Draft, as the case may be. Upon receipt by the Agent of funds from the applicable Lenders on account of the Drawing Price Proceeds and upon fulfilment of the applicable conditions set forth in ARTICLE 7Article 6, the Administrative Agent shall make such funds available to the Canadian Borrower in accordance with ARTICLE Article 2. (3) The Canadian Borrower shall, at the request of any an applicable Lender, issue one or more non-interest bearing, bearing promissory notes (each a "BA Equivalent Note") payable on the maturity date of any maturity of the unaccepted Draft referred to abovebelow, in such form as such Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft Drafts which such Lender has purchased or has arranged to have purchased in accordance with Section 4.03(2). (4) Banker’s Acceptances, Drafts and BA Equivalent Notes Bankers' Acceptances purchased by a Lender may be held by it for its own account until the contract maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such Lender’s Person's sole discretion.

Appears in 1 contract

Samples: Credit Agreement (Marsulex Inc)

Procedure for Drawing. (1) Each Drawing shall be made on notice (a “Drawing Notice”) given by the Canadian Borrower to the Administrative Agent not later than 11:00 a.m. (Toronto time) on the number of days’ notice specified in Schedule 5accordance with Section 5.6. Each Drawing Notice shall be in substantially the form of Schedule 3Exhibit “I”, shall be irrevocable, except as provided in Section 4.06(1), shall be irrevocable and binding on the Canadian Borrower and shall specify (i) the Class (either Tranche A or Tranche B), (ii) the Drawing Date; , (iiiii) the aggregate Face Amount of Drafts to be acceptedaccepted and purchased (or purchased, if applicableas the case may be), and purchased; and (iiiiv) the term thereof. (2) contract maturity date for the Drafts. Not later than 12:00 noon (Toronto time) on an applicable Drawing Date, each Bank of the applicable Lender Class shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Bankers’ Acceptances so created for the Drawing Price; , or (ii) purchase the Drafts for the Drawing Price. In each case, upon receipt by the Agent of funds from the applicable Lenders on account of the Drawing Price and upon fulfilment of the applicable conditions set forth in ARTICLE Section 7, the Administrative Agent shall make such funds available to the Canadian Borrower by depositing the same, in accordance immediately available funds, in an account specified by the Borrower or, if no such account is specified, in an account of the Borrower maintained with ARTICLE 2. (3) the Administrative Agent at the Administrative Office. The Canadian Borrower shall, at the request of any Lendera Bank, issue one or more non-interest bearing, bearing promissory notes (each a “BA Equivalent Note”) payable on the maturity date of any maturity of the unaccepted Draft referred to abovebelow, in such form as such Lender the Bank may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft Drafts which such Lender the Bank has purchased in accordance with this Section 4.03(22.4(e). (4) Banker’s Acceptances, Drafts and BA Equivalent Notes . Bankers’ Acceptances purchased by a Lender Bank may be held by it for its own account until the contract maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such LenderPerson’s sole discretion.

Appears in 1 contract

Samples: Credit Agreement (American Honda Finance Corp)

Procedure for Drawing. (1) Each Drawing shall be made on notice (a “Drawing Notice”"DRAWING NOTICE") given by Bracknell or State, as the Canadian Borrower case may be, to the Administrative Agent not later than 11:00 10:00 a.m. (Toronto time) on the number of days’ days notice specified in Schedule 5. Each Drawing Notice shall be in substantially the form of Schedule 3, shall be irrevocable, except as provided in Section 4.06(1), shall be irrevocable and binding on the Canadian such Borrower and shall specify (i) the Borrower, (ii) the Drawing Date; , (iiiii) the Credit Facility under which the Drawing is to be made, (iv) the aggregate Face Amount of Drafts to be acceptedaccepted and purchased (or purchased, if applicableas the case may be), and purchased; and (iiiv) the term thereofcontract maturity date for the Drafts. (2) Not later than 12:00 noon 2:00 p.m. (Toronto time) on an applicable Drawing Date, each applicable Domestic Lender shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Bankers' Acceptances so thereby created for the Drawing Price; , or (ii) purchase the such Drafts for the Drawing Price. In , and, in each case, upon pay to the Administrative Agent the Drawing Proceeds in respect of such Bankers' Acceptance or Draft, as the case may be. Upon receipt by the Agent of funds from the applicable Lenders on account of the Drawing Price Proceeds and upon fulfilment of the applicable conditions set forth in ARTICLE 7Article 6, the Administrative Agent shall make such funds available to Bracknell or State, as the Canadian Borrower case may be, in accordance with ARTICLE Article 2. (3) The Canadian Borrower Each of Bracknell and State shall, at the request of any Domestic Lender, issue one or more non-interest bearing, bearing promissory notes (each a "BA Equivalent Note”EQUIVALENT NOTE") payable on the maturity date of any maturity of the unaccepted Draft referred to abovebelow, in such form as such the Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft Drafts which such the Lender has purchased or has arranged to have purchased in accordance with Section 4.03(2). (4) Banker’s Acceptances, Drafts and BA Equivalent Notes purchased by a Lender may be held by it for its own account until the maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such Lender’s sole discretion.

Appears in 1 contract

Samples: Credit Agreement (Bracknell Corp)

Procedure for Drawing. (1) Each Drawing shall be made on notice (a “Drawing Notice”) given by the Canadian Borrower to the Administrative Agent not later than 11:00 a.m. (Toronto time) on the number of days’ notice specified in Schedule 5accordance with Section 5.6. Each Drawing Notice shall be in substantially the form of Schedule 3Exhibit “H”, shall be irrevocable, except as provided in Section 4.06(1), shall be irrevocable and binding on the Canadian Borrower and shall specify (i) the Drawing Date; , (ii) the aggregate Face Amount of Drafts to be acceptedaccepted and purchased (or purchased, if applicableas the case may be), and purchased; and (iii) the term thereof. (2) contract maturity date for the Drafts. Not later than 12:00 noon (Toronto time) on an applicable Drawing Date, each applicable Lender Bank shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Bankers’ Acceptances so created for the Drawing Price; , or (ii) purchase the Drafts for the Drawing Price. In each case, upon receipt by the Agent of funds from the applicable Lenders on account of the Drawing Price and upon fulfilment of the applicable conditions set forth in ARTICLE Section 7, the Administrative Agent shall make such funds available to the Canadian Borrower by depositing the same, in accordance immediately available funds, in an account specified by the Borrower or, if no such account is specified, in an account of the Borrower maintained with ARTICLE 2. (3) the Administrative Agent at the Administrative Office. The Canadian Borrower shall, at the request of any Lendera Bank, issue one or more non-interest bearing, bearing promissory notes (each a “BA Equivalent Note”) payable on the maturity date of any maturity of the unaccepted Draft referred to abovebelow, in such form as such Lender the Bank may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft Drafts which such Lender the Bank has purchased in accordance with this Section 4.03(22.4(d). (4) Banker’s Acceptances, Drafts and BA Equivalent Notes . Bankers’ Acceptances purchased by a Lender Bank may be held by it for its own account until the contract maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such LenderPerson’s sole discretion.

Appears in 1 contract

Samples: Credit Agreement (American Honda Finance Corp)

Procedure for Drawing. (1) Each Drawing shall be made on notice (a "Drawing Notice") given by Bracknell or State, as the Canadian Borrower case may be, to the Administrative Agent not later than 11:00 10:00 a.m. (Toronto time) on the number of days’ days notice specified in Schedule 5. Each Drawing Notice shall be in substantially the form of Schedule 3, shall be irrevocable, except as provided in Section 4.06(1), shall be irrevocable and binding on the Canadian such Borrower and shall specify (i) the Borrower, (ii) the Drawing Date; , (iiiii) the Credit Facility under which the Drawing is to be made, (iv) the aggregate Face Amount of Drafts to be acceptedaccepted and purchased (or purchased, if applicableas the case may be), and purchased; and (iiiv) the term thereofcontract maturity date for the Drafts. (2) Not later than 12:00 noon 2:00 p.m. (Toronto time) on an applicable Drawing Date, each applicable Domestic Lender shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Bankers' Acceptances so thereby created for the Drawing Price; , or (ii) purchase the such Drafts for the Drawing Price. In , and, in each case, upon pay to the Administrative Agent the Drawing Proceeds in respect of such Bankers' Acceptance or Draft, as the case may be. Upon receipt by the Agent of funds from the applicable Lenders on account of the Drawing Price Proceeds and upon fulfilment of the applicable conditions set forth in ARTICLE 7Article 6, the Administrative Agent shall make such funds available to Bracknell or State, as the Canadian Borrower case may be, in accordance with ARTICLE Article 2. (3) The Canadian Borrower Each of Bracknell and State shall, at the request of any Domestic Lender, issue one or more non-interest bearing, bearing promissory notes (each a "BA Equivalent Note") payable on the maturity date of any maturity of the unaccepted Draft referred to abovebelow, in such form as such the Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft Drafts which such the Lender has purchased or has arranged to have purchased in accordance with Section 4.03(2). (4) Banker’s Acceptances, Drafts and BA Equivalent Notes purchased by a Lender may be held by it for its own account until the maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such Lender’s sole discretion.

Appears in 1 contract

Samples: Credit Agreement (Bracknell Corp)

Procedure for Drawing. (1a) Each Drawing shall be made on notice (a “Drawing Notice”) given by the Canadian Borrower to the Administrative Agent not later than 11:00 9:00 a.m. (Toronto Calgary time) on the number of days’ notice specified in Schedule 5. Each Drawing Notice shall be in substantially the form of Schedule 34, shall be irrevocable, except as provided in Section 4.06(14.6(a), shall be binding on the Canadian Borrower and shall specify specify: (i) the Credit Facility; (ii) the Drawing Date; ; (iiiii) the aggregate Face Amount of Bankers’ Acceptances or Drafts to be accepted, if applicable, and purchased; and and (iiiiv) the term tenure thereof. (2b) Not later than 12:00 noon (Toronto Calgary time) on an applicable Drawing Date, each applicable Lender under the Credit Facility shall complete one or more Drafts under the Credit Facility in accordance with the Drawing Notice and either either: (i) accept the Drafts and purchase the Banker’s Bankers’ Acceptances so created for the Drawing Price; or or (ii) purchase the Drafts for the Drawing Price. In each case, upon receipt by the Administrative Agent of funds from the applicable Lenders under the Credit Facility on account of the Drawing Price and upon fulfilment of the applicable conditions set forth in ARTICLE 7Article 5, the Administrative Agent shall make such funds available to the Canadian Borrower in accordance with ARTICLE Article 2. (3c) The Canadian Borrower shall, at the request of any LenderLender under the Credit Facility, issue one or more non-interest bearing, bearing promissory notes under the Credit Facility (each a “BA Equivalent Note”) payable on the maturity date of any unaccepted Draft referred to above, in such form as any such Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft which any such Lender has purchased in accordance with Section 4.03(24.3(b). (4d) Banker’s Acceptances, Drafts and BA Equivalent Notes Bankers’ Acceptances purchased by a Lender may be held by it for its own account until the maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such Lender’s sole discretion.

Appears in 1 contract

Samples: Credit Agreement (Canadian Pacific Railway LTD/Cn)

Procedure for Drawing. (1) Each Drawing shall be made on notice (a “Drawing Notice”) given by the Canadian Borrower SGC to the Agent not later than 11:00 10:00 a.m. (Toronto time) on the number of days’ days notice specified in Schedule 5. Each Drawing Notice shall be in substantially the form of Schedule 3, shall be irrevocable, except as provided in Section 4.06(1), shall be irrevocable and binding on the Canadian Borrower SGC and shall specify (i) the Drawing Date; (ii) the aggregate Face Amount of Drafts to be acceptedaccepted and purchased (or purchased, if applicable, and purchasedas the case may be); and (iii) the term thereofcontract maturity date for the Drafts. SGC shall not request a contract maturity date for a Draft which would be after the Relevant Repayment Date in respect of the Operating Facility. (2) Not later than 12:00 noon 1:00 p.m. (Toronto time) on an applicable Drawing Date, each applicable Lender shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Bankers’ Acceptances so thereby created for the Drawing Price; or (ii) purchase the such Drafts for the Drawing Price. In , and, in each case, upon receipt by pay to the Agent the Drawing Proceeds in respect of funds from such Bankers’ Acceptance or Draft, as the applicable Lenders on account case may be. Upon receipt of the Drawing Price Proceeds and upon fulfilment of the applicable conditions set forth in ARTICLE 7Article 6, the Agent shall make such funds available to the Canadian Borrower SGC in accordance with ARTICLE Article 2. (3) The Canadian Borrower SGC shall, at the request of any an applicable Lender, issue one or more non-interest bearing, bearing promissory notes (each a “BA Equivalent Note”) payable on the maturity date of any maturity of the unaccepted Draft referred to abovebelow, in such form as such Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft Drafts which such Lender has purchased or has arranged to have purchased in accordance with Section 4.03(2). (4) Banker’s Acceptances, Drafts and BA Equivalent Notes Bankers’ Acceptances purchased by a Lender may be held by it for its own account until the contract maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such LenderPerson’s sole discretion.

Appears in 1 contract

Samples: Credit Agreement (Stratos Funding, LP)

Procedure for Drawing. (1) Each Drawing shall be made on notice (a “Drawing Notice”) given by the Canadian a Borrower to the Administrative Agent not later than 11:00 a.m. 1:00 p.m. (Toronto time) on the number of days’ notice specified in Schedule 56. Each Drawing Notice shall be in substantially the form of Schedule 3, shall be irrevocable, except as provided in Section 4.06(1), shall be irrevocable and binding on the Canadian Borrowers once given by the applicable Borrower to the Administrative Agent and shall specify (i) the requested Drawing Date; (ii) the aggregate Face Amount of Drafts to be acceptedaccepted and purchased (or purchased, if applicable, and purchasedas the case may be); and (iii) the term thereofcontract maturity date for the Drafts. (2) Not later than 12:00 noon 2:00 p.m. (Toronto time) on an applicable Drawing Date, each applicable Lender shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Bankers’ Acceptances so thereby created for the Drawing Price; or (ii) purchase the such Drafts for the Drawing Price. In , and, in each case, upon pay to the Administrative Agent the Drawing Proceeds in respect of such Bankers’ Acceptance or Draft, as the case may be. Upon receipt by the Agent of funds from the applicable Lenders on account of the Drawing Price Proceeds and upon fulfilment fulfillment of the applicable conditions set forth in ARTICLE 7Article 6, the Administrative Agent shall make such funds available to the Canadian applicable Borrower in accordance with ARTICLE Article 2. (3) The Canadian Each Borrower shall, at the request of any LenderLender which has purchased a Draft in accordance with Section 4.01(1)(ii), issue one or more non-interest bearing, bearing promissory notes (in form and substance acceptable to the applicable Borrower and such Lender) (each a “BA Equivalent Note”) dated as of the same date, payable on the maturity same date of any unaccepted Draft referred to above, in such form as such Lender may reasonably specify and in a principal amount equal to the same Face Amount ofas, and in exchange for, any unaccepted Draft which such Lender has purchased in accordance with Section 4.03(2)Draft. (4) Banker’s Acceptances, Drafts and BA Equivalent Notes Bankers’ Acceptances purchased by a Lender or Participant may be held by it for its own account until the contract maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such LenderPerson’s sole discretion.

Appears in 1 contract

Samples: Credit Agreement (Vail Resorts Inc)

Procedure for Drawing. (1) 5. Each Drawing Bankers’ Acceptance Loan shall be made on three Business Day’s prior notice (a “Drawing Notice”) given by the Canadian applicable Borrower by way of a Borrowing Request to the Administrative Agent not later than 11:00 a.m. (Toronto time) on in accordance with Section 2.03 of the number of days’ notice specified in Schedule 5. Each Drawing Notice shall be in substantially the form of Schedule 3, shall be irrevocable, except as provided in Section 4.06(1), shall be binding on the Canadian Borrower and shall specify (i) the Drawing Date; (ii) the aggregate Face Amount of Drafts to be accepted, if applicable, and purchased; and (iii) the term thereofCredit Agreement. (2) 6. Not later than 12:00 noon 2:00 p.m. (Toronto time) on an applicable Drawing Date, each applicable Revolving Facility Lender shall complete one or more Drafts in accordance with the Drawing Notice Borrowing Request or Interest Election Request (as applicable) and either (ix) accept the Drafts and purchase the Banker’s Bankers’ Acceptances so created for the Drawing Price; B/A Discount Proceeds, or (iiy) purchase the Drafts for the Drawing PriceB/A Discount Proceeds. In each case, upon receipt by the Agent of funds from the applicable Lenders on account of the Drawing Price B/A Discount Proceeds and upon fulfilment fulfillment of the applicable conditions set forth in ARTICLE 7Sections 4.01 and 4.02 of the Credit Agreement, as applicable, the Agent Administrative Agent, at the direction of the applicable Borrower, shall make such funds available apply the B/A Discount Proceeds as follows: (i) remit to the applicable Borrower (in the case of the making of a Canadian Borrower Dollar Revolving Loan), (ii) prepay Canadian Prime Rate Loans (which shall constitute a conversion of the Canadian Dollar Revolving Loans from Canadian Prime Rate Loans to Bankers’ Acceptance Loans) or (iii) pay Bankers’ Acceptances maturing on such date (which shall constitute a continuation of Bankers’ Acceptance Loans to new Bankers’ Acceptance Loans), provided that in accordance with ARTICLE 2the case of any such conversion or continuation of Loans, the Borrowers shall pay to the Administrative Agent for account of the Revolving Facility Lenders such additional amounts, if any, as shall be necessary to effect the prepayment in full of the respective Canadian Prime Rate Loans being prepaid, or the Bankers’ Acceptances maturing, on such date. (3) 7. The Canadian Borrower Borrowers shall, at the request of any a Revolving Facility Lender, issue one or more non-interest bearing, bearing promissory notes (each a “BA B/A Equivalent Note”) payable on the maturity date of any maturity of the unaccepted Draft referred to abovebelow, in such form as such the Revolving Facility Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft Drafts which such the Revolving Facility Lender has purchased in accordance with Section 4.03(2)6 of this Schedule 2.13(g) and the Credit Agreement. Any failure by a Lender to obtain a B/A Equivalent Note from the Borrowers or to otherwise make any required endorsements thereunder shall not affect the obligations of the Borrowers in respect of any advance made by such Lender in connection with a Bankers’ Acceptance Loan, and for purposes of this Agreement and the other Loan Documents any such Lender shall be deemed to have made a Bankers’ Acceptance Loan to the Borrowers in the amount and for the same term as the Draft which the Lender would otherwise have been required to purchase hereunder. (4) Banker’s Acceptances, Drafts and BA Equivalent Notes 8. Bankers’ Acceptances purchased by a Revolving Facility Lender may be held by it for its own account until the contract maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such Lenderperson’s sole discretion. Each Borrower hereby renounces, and shall not claim or request or require any Revolving Facility Lender to claim, any days of grace for the payment of any Bankers’ Acceptance or other B/A Instrument.

Appears in 1 contract

Samples: Incremental Assumption Agreement (Mallinckrodt PLC)

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Procedure for Drawing. (1) Each Drawing shall be made on notice (a “Drawing Notice”) given by the Canadian Borrower to the Administrative Agent not later than 11:00 a.m. (Toronto time) on the number of days’ days notice specified in Schedule 54. Each Drawing Notice shall be in substantially the form of Schedule 3, shall be irrevocable, except as provided in Section 2.13(2) and Section 4.06(1), shall be binding on the Canadian applicable Borrower and shall specify (i) the Drawing Date; (ii) the aggregate Face Amount of Drafts to be accepted, if applicable, and purchased; and (iii) the term thereof. (2) Not later than 12:00 noon (Toronto time) on an applicable Drawing Date, each applicable Lender shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Acceptances so created for the Drawing Price; or (ii) purchase the Drafts for the Drawing Price. In each case, upon receipt by the Administrative Agent of funds from the applicable Lenders on account of the Drawing Price and upon fulfilment of the applicable conditions set forth in ARTICLE 7Article 6, the Administrative Agent shall make such funds available to the Canadian applicable Borrower in accordance with ARTICLE 2Section 2.09(2). (3) The Canadian applicable Borrower shall, at the request of any Lender, issue one or more non-interest bearing, promissory notes (each a “BA Equivalent Note”) payable on the maturity date of any unaccepted Draft referred to above, in such form as such the Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft which such the Lender has purchased in accordance with Section 4.03(2). (4) Banker’s Acceptances, Drafts and BA Equivalent Notes purchased by a Lender may be held by it for its own account until the maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such Lender’s sole discretion.

Appears in 1 contract

Samples: Credit Agreement (Entertainment Properties Trust)

Procedure for Drawing. (1) Each Drawing shall be made on notice (a “Drawing Notice”"DRAWING NOTICE") given by the Canadian Borrower to the Administrative Agent not later than 11:00 10:00 a.m. (Toronto time) not less than two Business Days prior to the date on which the number of days’ notice specified in Schedule 5Drawing is to occur. Each Drawing Notice shall be in substantially the form of Schedule 31, shall be irrevocable, except as provided in Section 4.06(1), shall be irrevocable and binding on the Canadian Borrower and shall specify (i) the Drawing Date; (ii) the fact that the Drawing is to be made under Facility A; (iii) the aggregate Face Amount of Drafts to be acceptedaccepted and purchased (or purchased, if applicable, and purchasedas the case may be); and (iiiiv) the term thereofcontract maturity date for the Drafts. (2) Not later than 12:00 noon 1:00 p.m. (Toronto time) on an applicable Drawing Date, each applicable Facility A Lender shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Bankers' Acceptances so thereby created for the Drawing Price; or (ii) purchase the such Drafts for the Drawing Price. In , and, in each case, upon pay to the Administrative Agent the Drawing Proceeds in respect of such Bankers' Acceptance or Draft, as the case may be. Upon receipt by the Agent of funds from the applicable Lenders on account of the Drawing Price Proceeds and upon fulfilment of the applicable conditions set forth in ARTICLE 7Article 6, the Administrative Agent shall make such funds available to the Canadian Borrower in accordance with ARTICLE Article 2. (3) The Canadian Borrower shall, at the request of any Facility A Lender, issue one or more non-interest bearing, bearing promissory notes (each a "BA Equivalent Note”EQUIVALENT NOTE") payable on the maturity date of any maturity of the unaccepted Draft referred to abovebelow, in such form as such the Facility A Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft Drafts which such the Facility A Lender has purchased or has arranged to have purchased in accordance with Section 4.03(2). (4) Banker’s Acceptances, Drafts and BA Equivalent Notes Bankers' Acceptances purchased by a Facility A Lender or Participant may be held by it for its own account until the contract maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such Lender’s Person's sole discretion.

Appears in 1 contract

Samples: Credit Agreement (Sun Media Corp)

Procedure for Drawing. (1) Each Drawing shall be made on notice (a “Drawing Notice”) given by the applicable Canadian Revolving Credit Borrower to the Administrative Agent not later than 11:00 a.m. (Toronto time) on the number of days’ days notice specified in Schedule 5. Each Drawing Notice shall be in substantially the form of Schedule 3, shall be irrevocable, except as provided in Section 4.06(1), shall be irrevocable and binding on the Canadian Borrower once given by it to the Administrative Agent and shall specify (i) the Drawing Date; (ii) the aggregate Face Amount of Drafts to be acceptedaccepted and purchased (or purchased, if applicable, and purchasedas the case may be); and (iii) the term thereofcontract maturity date for the Drafts. (2) Not later than 12:00 noon 2:00 p.m. (Toronto time) on an applicable Drawing Date, each applicable Canadian Revolving Credit Lender shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Bankers’ Acceptances so thereby created for the Drawing Price; or (ii) purchase the such Drafts for the Drawing Price. In , and, in each case, upon pay to the Administrative Agent the Drawing Proceeds in respect of such Bankers’ Acceptance or Draft, as the case may be. Upon receipt by the Agent of funds from the applicable Lenders on account of the Drawing Price Proceeds and upon fulfilment of the applicable conditions set forth in ARTICLE 7Article 6, the Administrative Agent shall make such funds available to the applicable Canadian Revolving Credit Borrower in accordance with ARTICLE Article 2. (3) The applicable Canadian Revolving Credit Borrower shall, at the request of any LenderCanadian Revolving Credit Lender which has purchased a Draft in accordance with Section 4.01(1)(ii), issue one or more non-interest bearing, bearing promissory notes (in form and substance acceptable to such Borrower and such Lender) (each a “BA Equivalent Note”) dated as of the same date, payable on the maturity same date of any unaccepted Draft referred to above, in such form as such Lender may reasonably specify and in a principal amount equal to the same Face Amount ofas, and in exchange for, any unaccepted Draft which such Lender has purchased in accordance with Section 4.03(2)Draft. (4) Banker’s Acceptances, Drafts and BA Equivalent Notes Bankers’ Acceptances purchased by a Canadian Revolving Credit Lender or Participant may be held by it for its own account until the contract maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such LenderPerson’s sole discretion.

Appears in 1 contract

Samples: Credit Agreement (Open Text Corp)

Procedure for Drawing. (1a) Each Drawing shall be made on notice (a “Drawing Notice”) given by the Canadian a Borrower to the Administrative Agent not later than 11:00 9:00 a.m. (Toronto Calgary time) on the number of days’ notice specified in Schedule 56. Each Drawing Notice shall be in substantially the form of Schedule 34, shall be irrevocable, except as provided in Section 4.06(14.6(a), shall be binding on the Canadian applicable Borrower and shall specify specify: (i) the applicable Credit Facility; (ii) the Drawing Date; ; (iiiii) the aggregate Face Amount of Bankers’ Acceptances or Drafts to be accepted, if applicable, and purchased; and and (iiiiv) the term tenure thereof. (2b) Not later than 12:00 noon (Toronto Calgary time) on an applicable Drawing Date, each applicable Lender under a Credit Facility shall complete one or more Drafts under such Credit Facility in accordance with the Drawing Notice and either either: (i) accept the Drafts and purchase the Banker’s Bankers’ Acceptances so created for the Drawing Price; or or (ii) purchase the Drafts for the Drawing Price. In each case, upon receipt by the Administrative Agent of funds from the applicable Lenders under such Credit Facility on account of the Drawing Price and upon fulfilment of the applicable conditions set forth in ARTICLE 7Article 6, the Administrative Agent shall make such funds available to the Canadian applicable Borrower in accordance with ARTICLE Article 2. (3c) The Canadian applicable Borrower shall, at the request of any LenderLender under a Credit Facility, issue one or more non-interest bearing, bearing promissory notes under such Credit Facility (each a “BA Equivalent Note”) payable on the maturity date of any unaccepted Draft referred to above, in such form as any such Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft which any such Lender has purchased in accordance with Section 4.03(24.3(b). (4d) Banker’s Acceptances, Drafts and BA Equivalent Notes Bankers’ Acceptances purchased by a Lender may be held by it for its own account until the maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such LenderXxxxxx’s sole discretion.

Appears in 1 contract

Samples: Revolving Credit Facility (Canadian Pacific Kansas City LTD/Cn)

Procedure for Drawing. (1) Each Drawing shall be made on notice (a “Drawing Notice”) given by the Canadian Borrower to the Agent not later than 11:00 a.m. (Toronto time) on the number of days’ notice specified in Schedule 5. Each Drawing Notice shall be in substantially the form of Schedule 3, shall be irrevocable, except as provided in Section 4.06(1), shall be binding on the Canadian Borrower and shall specify (i) the Drawing Date; (ii) the aggregate Face Amount of Drafts to be accepted, if applicable, and purchased; and (iii) the term thereof. (2) Not later than 12:00 noon (Toronto time) on an applicable Drawing Date, each applicable Lender shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Acceptances so created for the Drawing Price; or (ii) purchase the Drafts for the Drawing Price. In each case, upon receipt by the Agent of funds from the applicable Lenders on account of the Drawing Price and upon fulfilment of the applicable conditions set forth in ARTICLE 7, the Agent shall make such funds available to the Canadian Borrower in accordance with ARTICLE 2. (3) The Canadian Borrower shall, at the request of any Lender, issue one or more non-interest bearing, promissory notes (each a “BA Equivalent Note”) payable on the maturity date of any unaccepted Draft referred to above, in such form as such Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft which such Lender has purchased in accordance with Section 4.03(2). (4) Banker’s Acceptances, Drafts and BA Equivalent Notes purchased by a Lender may be held by it for its own account until the maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such Lender’s sole discretion.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Tucows Inc /Pa/)

Procedure for Drawing. (1) Each Drawing shall be made on notice (a “Drawing Notice”) given by the Canadian a Borrower to the Administrative Agent not later than 11:00 a.m. 1:00 p.m. (Toronto time) on the number of days’ notice specified in Schedule 56. Each Drawing Notice shall be in substantially the form of Schedule 3, shall be irrevocable, except as provided in Section 4.06(1), shall be irrevocable and binding on the Canadian Borrowers once given by the applicable Borrower to the Administrative Agent and shall specify (i) the requested Drawing Date; (ii) the aggregate Face Amount of Drafts to be acceptedaccepted and purchased (or purchased, if applicable, and purchasedas the case may be); and (iii) the term thereofcontract maturity date for the Drafts; and (iv) prior to the Second Lien Notes Repayment Date, the Tranche under which such Drawing is requested. (2) Not later than 12:00 noon 2:00 p.m. (Toronto time) on an applicable Drawing Date, each applicable Lender shall complete one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Banker’s Bankers’ Acceptances so thereby created for the Drawing Price; or (ii) purchase the such Drafts for the Drawing Price. In , and, in each case, upon pay to the Administrative Agent the Drawing Proceeds in respect of such Bankers’ Acceptance or Draft, as the case may be. Upon receipt by the Agent of funds from the applicable Lenders on account of the Drawing Price Proceeds and upon fulfilment of the applicable conditions set forth in ARTICLE 7Article 6, the Administrative Agent shall make such funds available to the Canadian applicable Borrower in accordance with ARTICLE Article 2. (3) The Canadian Each Borrower shall, at the request of any LenderLender which has purchased a Draft in accordance with Section 4.01(1)(ii), issue one or more non-interest bearing, bearing promissory notes (in form and substance acceptable to the applicable Borrower and such Lender) (each a “BA Equivalent Note”) dated as of the same date, payable on the maturity same date of any unaccepted Draft referred to above, in such form as such Lender may reasonably specify and in a principal amount equal to the same Face Amount ofas, and in exchange for, any unaccepted Draft which such Lender has purchased in accordance with Section 4.03(2)Draft. (4) Banker’s Acceptances, Drafts and BA Equivalent Notes Bankers’ Acceptances purchased by a Lender or Participant may be held by it for its own account until the contract maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such LenderPerson’s sole discretion.

Appears in 1 contract

Samples: Credit Agreement (Vail Resorts Inc)

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