BA LOANS. Notwithstanding anything contained in this Agreement or any other document, if a Lender is not a bank and accordingly is unable to issue Acceptances pursuant to any notice of utilization, such Lender shall make available to the Borrower prior to 12:00 (noon) on the applicable borrowing date, a BA Loan in the principal amount equal to such Lender's Proportion of the aggregate amount of Borrowings requested from the Lenders by way of Acceptances pursuant to such notice of utilization. Such BA Loan shall have the same term as the Acceptances for which it is a substitute and, for greater certainty, shall permit such Lender to obtain the same effective yield as if such Lender had accepted and purchased an Acceptance, the Borrower agreeing to pay to such Lender an amount equal to the applicable acceptance fee and to prepay, on the date the BA Loan is made, interest on such BA Loan at the rate provided in Section 5.5, such interest payment to be made by such Lender deducting the amount of such interest from the principal amount of such BA Loan. The net amount to be made available by each Lender to the Borrower for a BA Loan shall be the same as the amount that such Lender would have been required to make available to the Borrower on such date had such Lender been a Lender that provided Borrowings through Acceptances.
BA LOANS. Any BA Loan shall bear interest at an annual rate equal to the BA Loan Rate in effect from time to time plus the applicable margin determined in accordance with Schedule F. The applicable margin shall be increased by 4% in respect of any BA Loan outstanding during a Grace Period. The interest shall be calculated on the amount of such BA Loan and for the number of days included in the period of same. Such interest shall be payable in advance and may be deducted from the amount of such BA Loan as provided in Section 3.7.
BA LOANS. On or prior to 1:00 p.m. (Toronto time) on the date of any requested extension of a BA Loan, the Lender shall determine an interest rate per annum (the "BA RATE") for that BA Loan which rate shall be equal to the Bankers' Acceptance Rate (as defined in the Funding Credit Agreement) on such date for the Bankers' Acceptances issued under the Funding Credit Agreement concurrently with funding any BA Loan plus .1%. The amount of proceeds to be advanced by the Lender in respect of a BA Loan and, notwithstanding the Principal Amount of that Loan, the amount that interest at the BA Rate will be calculated on shall be equal to the following formula: PA X PRICE ---------- 100 Where: PA = Principal Amount of BA Loan Requested Price = 100 --- --- ( ) rounded to the nearest 1/1000 of 1%. On the date a BA Loan is advanced the Borrowers shall pay the Lender a fee with respect to that BA Loan. That fee shall be the product obtained by multiplying:
BA LOANS. If, in the sole judgment of a Lender, such Lender is unable, as a result of applicable law or customary market practice, to extend credit by way of Bankers' Acceptance (including, without limitation, by way of rollover of Bankers' Acceptances or conversion into Bankers' Acceptances) in accordance with this Agreement, such Lender shall give notice to such effect to the Administrative Agent and Micro Canada prior to 10:00 a.m., Toronto time, on the date of the requested Credit Extension (which notice may if so stated therein, remain in effect with respect to subsequent requests for Credit Extension by way of Bankers' Acceptance until revoked by notice to the Administrative Agent and Micro Canada) and shall make available to the Borrowers prior to 11:00 a.m., Toronto time, on the date of the requested Credit Extension a Canadian Dollar loan (a "BA LOAN") in the principal amount equal to such Lender's Adjusted Percentage of the total amount of credit requested to be extended by way of Bankers' Acceptance, such BA Loan to be funded in the same manner as a Bankers' Acceptance issued pursuant to SECTION 3.3.2. Such BA Loan shall have the same term as the Bankers' Acceptances for which it is a substitute and shall permit such Lender to obtain the same effective rate as if such Lender had accepted and purchased a Bankers' Acceptance at the same acceptance fee rate received by the other Lenders and at a discount from the Face Amount of such Bankers' Acceptance calculated at a discount rate per annum equal to the BA Schedule II Discount Rate if such Lender is a Schedule II Lender), or the BA Schedule I Discount Rate (if such Lender is not a Schedule II Lender), as the case may be, for the term of such Bankers' Acceptance, on the basis that, and Micro Canada hereby agrees that, for such a BA Loan, interest shall be payable in advance on the date of such extension of credit by such Lender deducting the interest payable in respect thereof from the principal amount of such BA Loan. For greater certainty, the net amount to be made available by each such Lender on any date in respect of a BA Loan made by it on such date shall be the same as the amount that such Lender would have been required to make available to Micro Canada as its Adjusted Percentage of BA Discounted Proceeds had such Lender been able to extend credit by way of Bankers' Acceptance on such date.
BA LOANS. Each BA Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the applicable Fixed BA Rate. Such interest shall be payable on the last day of the Interest Period therefor and, if such Interest Period is longer than 90 days, at intervals of 90 days after the first day thereof. Any overdue principal of and, to the extent permitted by law, overdue interest on any BA Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 1% plus the higher of (i) the Fixed BA Rate for such BA Loan and (ii) the rate applicable to Prime Loans for such day.
BA LOANS
