DIRECT OR INDIRECT, CONTINGENT OR ABSOLUTE INDEBTEDNESS, OBLIGATIONS
AND LIABILITIES TO THE BANK; AND
(B)
SET OFF, APPLY OR TRANSFER ANY OR ALL SUMS
STANDING TO THE CREDIT OF ANY SUCH DEPOSITS OR ACCOUNTS IN OR TOWARDS THE
SATISFACTION OF SUCH COMPANY'S DIRECT OR INDIRECT, CONTINGENT OR ABSOLUTE
INDEBTEDNESS, OBLIGATIONS AND LIABILITIES TO THE BANK.
Appropriation of Monies
5.04
AT ANY TIME AFTER THE ACCELERATION DATE, THE BANK MAY FROM TIME TO
TIME APPROPRIATE ANY PROCEEDS OF REALIZATION OF THE SECURITY AGAINST SUCH
PORTION OF THE OBLIGATIONS AS THE BANK MAY DETERMINE IN ITS DISCRETION, AND THE
COMPANIES MAY NOT REQUIRE ANY DIFFERENT APPROPRIATION.
THE TAKING OF A JUDGMENT
OR ANY OTHER ACTION OR DEALING WHATSOEVER BY THE BANK IN RESPECT OF THE SECURITY
SHALL NOT OPERATE AS A MERGER OF ANY OF THE OBLIGATIONS OR IN ANY WAY AFFECT OR
PREJUDICE THE RIGHTS, REMEDIES AND POWERS WHICH THE BANK MAY HAVE, AND THE
FORECLOSURE, SURRENDER, CANCELLATION OR ANY OTHER DEALING WITH ANY SECURITY OR
ANY PORTION OF THE OBLIGATIONS SHALL NOT RELEASE OR AFFECT THE LIABILITY OF THE
COMPANIES OR ANY OTHER PERSON IN RESPECT OF THE REMAINING PORTION OF THE
OBLIGATIONS.
No Further Advances
5.05
THE BANK SHALL NOT BE OBLIGED TO MAKE ANY FURTHER ADVANCES
(INCLUDING HONOURING ANY CHEQUES DRAWN BY THE BORROWERS WHICH ARE PRESENTED FOR
PAYMENT) FROM AND AFTER THE EARLIEST TO OCCUR OF THE FOLLOWING: (I) DELIVERY BY
THE BANK TO A BORROWER OF A DEMAND FOR PAYMENT OF THE OBLIGATIONS; (II) DELIVERY
BY THE BANK TO A BORROWER OF A WRITTEN NOTICE THAT SUCH BORROWER IS NOT IN
COMPLIANCE WITH ANY TERMS OR CONDITIONS OF ANY OF THE LOAN DOCUMENTS AND THAT AS
A RESULT THEREOF NO FURTHER ADVANCES WILL BE MADE; (III) THE OCCURRENCE OF AN
EVENT OF DEFAULT; AND (IV) RECEIPT BY THE BANK OF ANY GARNISHMENT NOTICE OR
OTHER NOTICE OF SIMILAR EFFECT IN RESPECT OF ANY COMPANY PURSUANT TO THE INCOME
TAX ACT (CANADA) OR ANY SIMILAR NOTICE UNDER ANY OTHER STATUTE.
17
Judgment Currency
5.06
IF FOR THE PURPOSES OF OBTAINING JUDGMENT IN ANY COURT IN ANY
JURISDICTION WITH RESPECT TO THIS AGREEMENT IT BECOMES NECESSARY FOR THE BANK TO
CONVERT INTO THE CURRENCY OF SUCH JURISDICTION (IN THIS SECTION CALLED THE
"JUDGMENT CURRENCY") ANY AMOUNT DUE TO THE BANK HEREUNDER IN ANY CURRENCY OTHER
THAN THE JUDGMENT CURRENCY, THEN CONVERSION SHALL BE MADE AT THE EXCHANGE RATE
PREVAILING ON THE BUSINESS DAY BEFORE THE DAY ON WHICH JUDGMENT IS GIVEN.
IN
THE EVENT THAT THERE IS A CHANGE IN THE EXCHANGE RATE PREVAILING BETWEEN THE
BUSINESS DAY BEFORE THE DAY ON WHICH THE JUDGMENT IS GIVEN AND THE DATE OF
PAYMENT OF THE AMOUNT DUE, THE BORROWER WILL, ON THE DATE OF PAYMENT, PAY SUCH
ADDITIONAL AMOUNTS (IF ANY) OR BE ENTITLED TO RECEIVE REIMBURSEMENT OF SUCH
AMOUNT, IF ANY, AS MAY BE NECESSARY TO ENSURE THAT THE AMOUNT PAID ON SUCH DATE
IS THE AMOUNT IN THE JUDGMENT CURRENCY WHICH WHEN CONVERTED AT THE EXCHANGE