Common use of Renewal of Bankers’ Acceptances Clause in Contracts

Renewal of Bankers’ Acceptances. Subject to Section 2.16(j), the Canadian Borrower may elect to renew Bankers’ Acceptances and BA Equivalent Notes comprising part of the same Drawing, provided, however, that: (i) any renewal of Bankers’ Acceptances or BA Equivalent Notes shall be made only on the then existing Maturity Date for such Bankers’ Acceptances or BA Equivalent Notes; (ii) each renewal of Bankers’ Acceptances and BA Equivalent Notes comprising part of the same Drawing shall be made ratably among the Canadian Lenders holding such Bankers’ Acceptances and having made BA Equivalent Notes in accordance with the respective amount of such Bankers’ Acceptances so held and BA Equivalent Notes so made; and (iii) upon the occurrence and during the continuance of any Event of Default no renewal of any Bankers’ Acceptance or BA Equivalent Notes may be made. Each such notice of renewal shall, within the restrictions set forth above, specify (A) the date of such renewal (which shall be the then existing Maturity Date of such Bankers’ Acceptances and BA Equivalent Notes and shall be a Canadian Business Day), (B) the Bankers’ Acceptances to be renewed, (C) if less than all of the Bankers’ Acceptances and BA Equivalent Notes comprising part of any Drawing are to be renewed, the aggregate Face Amount for such renewal and (D) the term to maturity of the renewed Bankers’ Acceptances and BA Equivalent Notes (which shall comply with the definition of “Maturity Date” in Section 1.01); provided, however, that, if the Administrative Agent determines in good faith (which determination shall be conclusive and binding upon the Canadian Borrower) that the Bankers’ Acceptances and BA Equivalent Notes cannot, due solely to the requested aggregate Face Amount thereof, be renewed ratably by the Canadian Lenders, the aggregate Face Amount of such renewal (or the Face Amount of Bankers’ Acceptances or BA Equivalent Notes to be created by any Canadian Lender) shall be reduced to such lesser amount as the Administrative Agent determines will permit such renewal to be so made. Each notice of renewal under this Section 2.16 shall be irrevocable and binding on the Canadian Borrower. Upon any renewal of Bankers’ Acceptances and BA Equivalent Notes comprising part of any Drawing in accordance with this Section 2.16(k), the Canadian Lenders that hold the Bankers’ Acceptances and that made BA Equivalent Notes to be renewed shall exchange such maturing Bankers’ Acceptances for new Bankers’ Acceptances and shall make new BA Equivalent Notes, containing the terms set forth in the applicable notice of renewal, and the Drawing Purchase Price payable for each such renewed Bankers’ Acceptance and the proceeds of the new BA Equivalent Note shall be applied, together with other funds, if necessary, available to the Canadian Borrower, to reimburse the Bankers’ Acceptances and BA Equivalent Notes otherwise maturing on such date. The Canadian Borrower hereby irrevocably authorizes and directs each Canadian Lender to apply the proceeds of each renewed Bankers’ Acceptance or BA Equivalent Note owing to it to the reimbursement, in accordance with this Section 2.16(k), of the Bankers’ Acceptances or BA Equivalent Notes owing to such Canadian Lender and maturing on such date.

Renewal of Bankers’ Acceptances. Subject to Section 2.16(j), the Canadian Borrower may elect to renew Bankers’ Acceptances and BA Equivalent Notes comprising part of the same Drawing, provided, however, that: (i) any renewal of Bankers’ Acceptances or BA Equivalent Notes shall be made only on the then existing Maturity Date for such Bankers’ Acceptances or BA Equivalent Notes; (ii) each renewal of Bankers’ Acceptances and BA Equivalent Notes comprising part of the same Drawing shall be made ratably among the Canadian Lenders holding such Bankers’ Acceptances and having made BA Equivalent Notes in accordance with the respective amount of such Bankers’ Acceptances so held and BA Equivalent Notes so made; and (iii) upon the occurrence and during the continuance of any Event of Default no renewal of any Bankers’ Acceptance or BA Equivalent Notes may be made. Each such notice of renewal shall, within the restrictions set forth above, specify (A) the date of such renewal (which shall be the then existing Maturity Date of such Bankers’ Acceptances and BA Equivalent Notes and shall be a Canadian Business Day), (B) the Bankers’ Acceptances to be renewed, (C) if less than all of the Bankers’ Acceptances and BA Equivalent Notes comprising part of any Drawing are to be renewed, the aggregate Face Amount for such renewal and (D) the term to maturity of the renewed Bankers’ Acceptances and BA Equivalent Notes (which shall comply with the definition of “Maturity Date” in Section 1.01); provided, however, that, if the Administrative Sub-Agent determines in good faith (which determination shall be conclusive and binding upon the Canadian Borrower) that the Bankers’ Acceptances and BA Equivalent Notes cannot, due solely to the requested aggregate Face Amount thereof, be renewed ratably by the Canadian Lenders, the aggregate Face Amount of such renewal (or the Face Amount of Bankers’ Acceptances or BA Equivalent Notes to be created by any Canadian Lender) shall be reduced to such lesser amount as the Administrative Sub-Agent determines will permit such renewal to be so made. Each notice of renewal under this Section 2.16 shall be irrevocable and binding on the Canadian Borrower. Upon any renewal of Bankers’ Acceptances and BA Equivalent Notes comprising part of any Drawing in accordance with this Section 2.16(k), the Canadian Lenders that hold the Bankers’ Acceptances and that made BA Equivalent Notes to be renewed shall exchange such maturing Bankers’ Acceptances for new Bankers’ Acceptances and shall make new BA Equivalent Notes, containing the terms set forth in the applicable notice of renewal, and the Drawing Purchase Price payable for each such renewed Bankers’ Acceptance and the proceeds of the new BA Equivalent Note shall be applied, together with other funds, if necessary, available to the Canadian Borrower, to reimburse the Bankers’ Acceptances and BA Equivalent Notes otherwise maturing on such date. The Canadian Borrower hereby irrevocably authorizes and directs each Canadian Lender to apply the proceeds of each renewed Bankers’ Acceptance or BA Equivalent Note owing to it to the reimbursement, in accordance with this Section 2.16(k), of the Bankers’ Acceptances or BA Equivalent Notes owing to such Canadian Lender and maturing on such date.

Renewal of Bankers’ Acceptances. Subject to Section 2.16(j2.19(j), the Canadian Borrower Borrowers may elect to renew Bankers’ Acceptances and BA Equivalent Notes comprising part of the same Drawing, provided, however, that: (i) any renewal of Bankers’ Acceptances or BA Equivalent Notes shall be made only on the then existing Maturity Date for such Bankers’ Acceptances or BA Equivalent Notes; (ii) each renewal of Bankers’ Acceptances and BA Equivalent Notes comprising part of the same Drawing shall be made ratably among the Canadian Lenders holding such Bankers’ Acceptances and having made BA Equivalent Notes in accordance with the respective amount of such Bankers’ Acceptances so held and BA Equivalent Notes so made; and (iii) upon the occurrence and during the continuance of any Event of Default no renewal of any Bankers’ Acceptance or BA Equivalent Notes may be made. Each such notice of renewal shall, within the restrictions set forth above, specify (A) the date of such renewal (which shall be the then existing Maturity Date of such Bankers’ Acceptances and BA Equivalent Notes and shall be a Canadian Business Day), (B) the Bankers’ Acceptances to be renewed, (C) if less than all of the Bankers’ Acceptances and BA Equivalent Notes comprising part of any Drawing are to be renewed, the aggregate Face Amount for such renewal and (D) the term to maturity of the renewed Bankers’ Acceptances and BA Equivalent Notes (which shall comply with the definition of “Maturity Date” in Section 1.01); provided, however, that, if the Administrative Agent determines in good faith (which determination shall be conclusive and binding upon the such Canadian Borrower) that the Bankers’ Acceptances and BA Equivalent Notes cannot, due solely to the requested aggregate Face Amount thereof, be renewed ratably by the Canadian Lenders, the aggregate Face Amount of such renewal (or the Face Amount of Bankers’ Acceptances or BA Equivalent Notes to be created by any Canadian Lender) shall be reduced to such lesser amount as the Administrative Agent determines will permit such renewal to be so made. Each notice of renewal under this Section 2.16 2.19 shall be irrevocable and binding on the applicable Canadian Borrower. Upon any renewal of Bankers’ Acceptances and BA Equivalent Notes comprising part of any Drawing in accordance with this Section 2.16(k2.19(k), the Canadian Lenders that hold the Bankers’ Acceptances and that made BA Equivalent Notes to be renewed shall exchange such maturing Bankers’ Acceptances for new Bankers’ Acceptances and shall make a new BA Equivalent Notes, containing the terms set forth in the applicable notice of renewal, and the Drawing Purchase Price payable for each such renewed Bankers’ Acceptance and the proceeds of the new BA Equivalent Note shall be applied, together with other funds, if necessary, available to the applicable Canadian Borrower, to reimburse the Bankers’ Acceptances and BA Equivalent Notes otherwise maturing on such date. The Each Canadian Borrower hereby irrevocably authorizes and directs each Canadian Lender to apply the proceeds of each renewed Bankers’ Acceptance or BA Equivalent Note owing to it to the reimbursement, in accordance with this Section 2.16(k2.19(k), of the Bankers’ Acceptances or BA Equivalent Notes owing to such Canadian Lender and maturing on such date.

Renewal of Bankers’ Acceptances. Subject to Section 2.16(j2.19(j), the Canadian Borrower Borrowers may elect to renew Bankers’ ' Acceptances and BA Equivalent Notes comprising part of the same Drawing, provided, however, that: (i) any renewal of Bankers’ ' Acceptances or BA Equivalent Notes shall be made only on the then existing Maturity Date for such Bankers’ ' Acceptances or BA Equivalent Notes; (ii) each renewal of Bankers’ ' Acceptances and BA Equivalent Notes comprising part of the same Drawing shall be made ratably among the Canadian Lenders holding such Bankers’ ' Acceptances and having made BA Equivalent Notes in accordance with the respective amount of such Bankers’ ' Acceptances so held and BA Equivalent Notes so made; and (iii) upon the occurrence and during the continuance of any Event of Default no renewal of any Bankers’ ' Acceptance or BA Equivalent Notes may be made. Each such notice of renewal shall, within the restrictions set forth above, specify (A) the date of such renewal (which shall be the then existing Maturity Date of such Bankers’ ' Acceptances and BA Equivalent Notes and shall be a Canadian Business Day), (B) the Bankers’ ' Acceptances to be renewed, (C) if less than all of the Bankers’ ' Acceptances and BA Equivalent Notes comprising part of any Drawing are to be renewed, the aggregate Face Amount for such renewal and (D) the term to maturity of the renewed Bankers’ ' Acceptances and BA Equivalent Notes (which shall comply with the definition of “"Maturity Date” " in Section 1.01); provided, however, that, if the Administrative Agent determines in good faith (which determination shall be conclusive and binding upon the such Canadian Borrower) that the Bankers’ ' Acceptances and BA Equivalent Notes cannot, due solely to the requested aggregate Face Amount thereof, be renewed ratably by the Canadian Lenders, the aggregate Face Amount of such renewal (or the Face Amount of Bankers’ ' Acceptances or BA Equivalent Notes to be created by any Canadian Lender) shall be reduced to such lesser amount as the Administrative Agent determines will permit such renewal to be so made. Each notice of renewal under this Section 2.16 2.19 shall be irrevocable and binding on the applicable Canadian Borrower. Upon any renewal of Bankers’ ' Acceptances and BA Equivalent Notes comprising part of any Drawing in accordance with this Section 2.16(k2.19(k), the Canadian Lenders that hold the Bankers’ ' Acceptances and that made BA Equivalent Notes to be renewed shall exchange such maturing Bankers’ ' Acceptances for new Bankers’ ' Acceptances and shall make a new BA Equivalent Notes, containing the terms set forth in the applicable notice of renewal, and the Drawing Purchase Price payable for each such renewed Bankers’ ' Acceptance and the proceeds of the new BA Equivalent Note shall be applied, together with other funds, if necessary, available to the applicable Canadian Borrower, to reimburse the Bankers’ ' Acceptances and BA Equivalent Notes otherwise maturing on such date. The Each Canadian Borrower hereby irrevocably authorizes and directs each Canadian Lender to apply the proceeds of each renewed Bankers’ ' Acceptance or BA Equivalent Note owing to it to the reimbursement, in accordance with this Section 2.16(k2.19(k), of the Bankers’ ' Acceptances or BA Equivalent Notes owing to such Canadian Lender and maturing on such date.