Canadian Facility Lender definition
Examples of Canadian Facility Lender in a sentence
No Canadian Facility Lender shall be liable for any damage, loss or other claim arising by reason of any loss or improper use of any such instrument except the gross negligence or willful misconduct of the Canadian Facility Lender or its officers, employees, agents or representatives.
The Canadian Borrower shall pay to the Canadian Administrative Agent for the ratable benefit of each Canadian Facility Lender the aggregate outstanding principal amount of the Canadian Advances on the Maturity Date.
Each Canadian Facility Lender agrees to provide such records to any Canadian Borrower at such Canadian Borrower’s expense upon request.
To facilitate the availment of the Canadian Facility by Bankers’ Acceptances, each Canadian Borrower hereby appoints each Canadian Facility Lender as its attorney to sign and endorse on its behalf, in handwriting or by facsimile or mechanical signature as and when deemed necessary by such Canadian Facility Lender, blank forms of B/As. In this respect, it is each Canadian Facility Lender’s responsibility to maintain an adequate supply of blank forms of B/As for acceptance under this Agreement.
Each Canadian Facility Lender is hereby authorized to issue such B/As endorsed in blank in such face amounts as may be determined by such Canadian Facility Lender; provided that the aggregate amount thereof is equal to the aggregate amount of B/As required to be accepted and purchased by such Canadian Facility Lender.
Each Canadian Facility Lender shall maintain a record with respect to B/As held by it in blank hereunder, voided by it for any reason, accepted and purchased by it hereunder, and cancelled at their respective maturities.
The Canadian Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Canadian Facility Lender in connection with any such designation or assignment.
The Canadian Agent, promptly following receipt of a notice of a Borrowing, conversion or continuation by way of Bankers’ Acceptances, shall advise the Canadian Facility Lenders of the notice and shall advise each Canadian Facility Lender of the face amount of Bankers’ Acceptances to be accepted by it and the applicable term (which shall be identical for all Canadian Facility Lenders).
To the extent the Criminal Code (Canada) is applicable, notwithstanding anything contained herein to the contrary, the Canadian Borrower will not be obliged to make any payment of interest or other amounts payable to any Canadian Facility Lender hereunder in excess of the amount or rate that would be permitted by applicable law or would result in the receipt by the Canadian Facility Lenders of interest at a criminal rate (as such terms are construed under the Criminal Code (Canada)).
The Seller and its accountants shall have the right, upon notice to the Company, to review all records, work papers and calculations of the Company related to the Contingent Payments.