Discount Note
and shall be calculated at the same rate and in the same manner as the
Acceptance Fee in respect of a Bankers' Acceptance for the applicable Canadian
Borrower Facility; and
76
(iii)
the Discount Rate applicable to a Discount Note shall be the
Discount Rate applicable to Bankers' Acceptances accepted by the Canadian Agent
(as Lender) on the same Borrowing Date, as the case may be, in respect of the
same Canadian Borrower Loan of the applicable Canadian Borrower Facility.
(J)
DEPOSITORY BILLS AND NOTES ACT. AT THE OPTION OF THE CANADIAN
BORROWER AND ANY CANADIAN LENDER, BANKERS' ACCEPTANCES UNDER THIS AGREEMENT TO
BE ACCEPTED BY THAT CANADIAN LENDER MAY BE ISSUED IN THE FORM OF DEPOSITORY
BILLS FOR DEPOSIT WITH THE CANADIAN DEPOSITORY FOR SECURITIES LIMITED PURSUANT
TO THE DEPOSITORY BILLS AND NOTES ACT (CANADA). ALL DEPOSITORY BILLS SO ISSUED
SHALL BE GOVERNED BY THE PROVISIONS OF THIS SECTION 2.26.
(K)
MANDATORY PAYMENTS. IF AT ANY TIME ANY BANKERS' ACCEPTANCES ARE
REQUIRED TO BE PREPAID PRIOR TO THEIR MATURITY (I.E., THAT LAST DAY OF THE
INTEREST PERIOD APPLICABLE THERETO), THE CANADIAN BORROWER SHALL BE REQUIRED TO
DEPOSIT THE AMOUNT OF SUCH PREPAYMENT IN A CASH COLLATERAL ACCOUNT WITH THE
CANADIAN AGENT UNTIL THE DATE OF MATURITY OF THOSE BANKERS' ACCEPTANCES. EXCEPT
AS CONTEMPLATED BY THIS SECTION 2.26, NEITHER THE CANADIAN BORROWER NOR ANY
PERSON CLAIMING ON BEHALF OF THE CANADIAN BORROWER SHALL HAVE ANY RIGHT TO ANY
OF THE CASH IN THE CASH COLLATERAL ACCOUNT. THE CANADIAN AGENT SHALL APPLY THE
CASH HELD IN THE CASH COLLATERAL ACCOUNT TO THE FACE AMOUNT OF THOSE BANKERS'
ACCEPTANCES AT MATURITY, WHEREUPON ANY CASH REMAINING IN THE CASH COLLATERAL
ACCOUNT SHALL BE RELEASED BY THE CANADIAN AGENT TO THE CANADIAN BORROWER SO LONG
AS NO DEFAULT OR EVENT OF DEFAULT THEN EXISTS.
(L)
MARKET FOR BANKERS' ACCEPTANCES. IF AT ANY TIME OR FROM TIME TO
TIME THERE NO LONGER EXISTS A MARKET FOR BANKERS' ACCEPTANCES, THE RELEVANT
CANADIAN LENDERS SHALL SO ADVISE THE CANADIAN AGENT AND THE ADMINISTRATIVE AGENT
AND ANY SUCH CANADIAN LENDERS SHALL NOT BE OBLIGED TO ACCEPT DRAFTS OF THE
CANADIAN BORROWER PRESENTED TO SUCH CANADIAN LENDERS PURSUANT TO THE PROVISIONS
OF THIS AGREEMENT. IN SUCH EVENT, THE CANADIAN BORROWER'S OPTION TO REQUEST BA
LOANS OR BA EQUIVALENT LOANS SHALL THEREUPON BE SUSPENDED UPON NOTICE BY THE
CANADIAN AGENT TO THE CANADIAN BORROWER, UNTIL SUCH TIME AS THE CANADIAN AGENT
HAS DETERMINED THAT THE CIRCUMSTANCES HAVING GIVEN RISE TO SUCH SUSPENSION NO
LONGER EXIST, IN RESPECT OF WHICH DETERMINATION THE CANADIAN AGENT SHALL ADVISE
THE CANADIAN BORROWER AS SOON AS REASONABLY PRACTICABLE THEREAFTER, AND ANY
BORROWING NOTICE FOR A BA LOAN OR BA EQUIVALENT LOAN WHICH IS THEN OUTSTANDING
SHALL BE DEEMED TO BE A BORROWING NOTICE FOR A CANADIAN PRIME RATE LOAN UNLESS
IT HAS BEEN REVOKED BY THE CANADIAN BORROWER BEFORE THE SPECIFIED BORROWING
DATE.
SECTION 3. US DOLLAR RCF LETTERS OF CREDIT AND DUAL CURRENCY RCF LETTERS OF
CREDIT
3.1
US DOLLAR RCF