Common use of Reference Lenders Clause in Contracts

Reference Lenders. (a) If more than one Lender is a Schedule I Lender, the Agent shall be a Reference Lender and the Borrower shall irrevocably designate a different Lender that is a Schedule I Lender for the purpose of providing quotations to the Agent to be used in determining rates as required by this Agreement. (b) If any Reference Lender ceases to be a Lender, the Person that originally designated that Reference Lender shall have the right to designate, prior to such Reference Lender ceasing to be a Lender, another Lender that is a Schedule I Lender, failing which the applicable rate shall be determined on the basis of the quotation provided by the notice from the remaining Reference Lender. (c) If only one Lender is a Schedule I Lender, that Lender shall be deemed to be the Reference Lender and any applicable rate shall be determined on the basis of the quotation provided by that Lender.

Reference Lenders. (a1) If more than one Lender is a bank named on Schedule I Lenderof the Bank Act (Canada), the Agent shall be a Reference Lender and the Borrower shall irrevocably designate a different Lender that is a named on Schedule I to be a Reference Lender for the purpose of providing quotations to the Agent to be used in determining rates as required by this Agreement. (b2) If any Reference Lender ceases to be a Lender, the Person person that originally designated that Reference Lender shall have the right to designate, prior to such Reference Lender ceasing to be designate in a Lender, timely manner another Lender that is a named on Schedule I Lenderof the Bank Act (Canada), failing which the applicable rate shall be determined on the basis of the quotation provided by the notice from the remaining Reference Lender. (c3) If only one Lender is a bank named on Schedule I Lenderof the Bank Act (Canada), that Lender shall be deemed to be the Reference Lender and any applicable rate shall be determined on the basis of the quotation provided by that Lender.