AS EACH DRAFT WHICH SUCH LENDER WOULD OTHERWISE HAVE BEEN
REQUIRED TO ACCEPT AND PURCHASE HEREUNDER. EACH SUCH LENDER WILL PROVIDE TO THE
ADMINISTRATIVE AGENT THE DISCOUNT PROCEEDS OF SUCH BA EQUIVALENT LOAN FOR THE
ACCOUNT OF THE CANADIAN BORROWER IN THE SAME MANNER AS SUCH LENDER WOULD HAVE
PROVIDED THE DISCOUNT PROCEEDS IN RESPECT OF THE DRAFT WHICH SUCH LENDER WOULD
OTHERWISE HAVE BEEN REQUIRED TO ACCEPT AND PURCHASE HEREUNDER. EACH SUCH BA
EQUIVALENT LOAN WILL BEAR INTEREST AT THE SAME RATE THAT WOULD RESULT IF SUCH
LENDER HAD ACCEPTED (AND BEEN PAID AN ACCEPTANCE FEE) AND PURCHASED (ON A
DISCOUNTED BASIS) A BA FOR THE RELEVANT CONTRACT PERIOD (IT BEING THE INTENTION
OF THE PARTIES THAT EACH SUCH BA EQUIVALENT LOAN SHALL HAVE THE SAME ECONOMIC
CONSEQUENCES FOR THE LENDERS AND THE CANADIAN BORROWER AS THE BA THAT SUCH BA
EQUIVALENT LOAN REPLACES). ALL SUCH INTEREST SHALL BE PAID IN ADVANCE ON THE
DATE SUCH BA EQUIVALENT LOAN IS MADE, AND WILL BE DEDUCTED FROM THE PRINCIPAL
AMOUNT OF SUCH BA EQUIVALENT LOAN IN THE SAME MANNER IN WHICH THE DISCOUNT
PROCEEDS OF A BA WOULD BE DEDUCTED FROM THE FACE AMOUNT OF THE BA. SUBJECT TO
THE REPAYMENT REQUIREMENTS OF THIS AGREEMENT, ON THE LAST DAY OF THE RELEVANT
CONTRACT PERIOD FOR SUCH BA EQUIVALENT LOAN, THE CANADIAN BORROWER SHALL BE
ENTITLED TO CONVERT EACH SUCH BA EQUIVALENT LOAN INTO ANOTHER TYPE OF LOAN, OR
TO ROLL OVER EACH SUCH BA EQUIVALENT LOAN INTO ANOTHER BA EQUIVALENT LOAN, ALL
IN ACCORDANCE WITH THE APPLICABLE PROVISIONS OF THIS AGREEMENT.
(L)
NOTWITHSTANDING ANY PROVISION HEREOF BUT SUBJECT TO SECTION 2.12(B), THE
CANADIAN BORROWER MAY NOT PREPAY ANY BA DRAWING OTHER THAN ON THE LAST DAY OF
ITS CONTRACT PERIOD.
58
(M)
FOR GREATER CERTAINTY, ALL PROVISIONS OF THIS AGREEMENT THAT ARE APPLICABLE
TO BAS SHALL ALSO BE APPLICABLE, MUTATIS MUTANDIS, TO BA EQUIVALENT LOANS, AND
ALL REFERENCES TO PRINCIPAL AMOUNTS THAT ARE APPLICABLE TO BAS OR BA DRAWINGS
SHALL BE DEEMED TO REFER TO THE FULL FACE AMOUNT THEREOF IN THE CASE OF BAS AND
TO THE PRINCIPAL AMOUNT OF ANY PORTION THEREOF CONSISTING OF BA EQUIVALENT
LOANS.
SECTION 2.08. FUNDING OF BORROWINGS AND BA DRAWINGS. (A)
EACH LENDER SHALL MAKE
EACH LOAN TO BE MADE BY IT HEREUNDER AND DISBURSE THE DISCOUNT PROCEEDS (NET OF
APPLICABLE ACCEPTANCE FEES) OF EACH BA TO BE ACCEPTED AND PURCHASED BY IT
HEREUNDER ON THE PROPOSED DATE THEREOF BY WIRE TRANSFER OF IMMEDIATELY AVAILABLE
FUNDS IN THE APPLICABLE CURRENCY BY 12:00 NOON, LOCAL TIME, TO THE ACCOUNT OF
THE ADMINISTRATIVE AGENT MOST RECENTLY DESIGNATED BY IT FOR SUCH PURPOSE BY
NOTICE TO THE LENDERS; PROVIDED THAT SWINGLINE LOANS SHALL BE MADE AS PROVIDED
IN SECTION 2.05 AND PROTECTIVE ADVANCES SHALL BE MADE AS PROVIDED IN
SECTION 2.04. THE ADMINISTRATIVE AGENT WILL MAKE SUCH LOAN PROCEEDS OR DISCOUNT
PROCEEDS AVAILABLE TO THE APPLICABLE BORROWER BY PROMPTLY CREDITING THE AMOUNTS
SO RECEIVED, IN LIKE FUNDS, TO THE APPLICABLE FUNDING ACCOUNT OF SUCH BORROWER;