Rights of Canadian Lender as to Acceptances Sample Clauses
The 'Rights of Canadian Lender as to Acceptances' clause defines the specific entitlements and authorities granted to a Canadian lender regarding the handling and management of acceptances, which are time drafts or bills of exchange that the borrower must honor at maturity. This clause typically outlines the lender's ability to create, hold, discount, or negotiate such acceptances, and may specify the procedures for presenting them for payment or dealing with defaults. Its core practical function is to clarify the lender's rights and streamline the process for managing these financial instruments, thereby reducing ambiguity and ensuring efficient handling of credit arrangements involving acceptances.
Rights of Canadian Lender as to Acceptances. Neither the Canadian Administrative Agent nor any Canadian Lender shall have any responsibility as to the application of the proceeds by the Canadian Borrower of any discount of any Acceptances. For greater certainty, each Canadian Lender may, at any time, purchase Acceptances issued by the Canadian Borrower and may at any time and from time to time hold, sell, rediscount or otherwise dispose of any or all Acceptances accepted and/or purchased by it.