Common use of BA Proceeds Clause in Contracts

BA Proceeds. Each Lender shall, on the Drawing Date specified by WFT or Norbord in the applicable Borrowing Notice, purchase its rateable portion of the Bankers’ Acceptances as specified in the notice from the Agent under Section 4.2(b), and credit the relevant Payment Account (Canada) (for same day value on such Drawing Date) with the applicable Discount Proceeds of the Bankers’ Acceptances purchased by that Lender, less the Stamping Fee calculated pursuant to Section 4.6 (or, in the case of a Non-Acceptance Lender, make a BA Equivalent Loan on the Drawing Date and credit the relevant Payment Account (Canada) with the applicable funds as provided in Section 4.11). Promptly upon receipt by the Agent of such funds, the Agent will make such funds available to WFT or Norbord, as applicable, by debiting the relevant Payment Account (Canada) and by crediting such account as shall be agreed with WFT or Norbord, as applicable (or causing such account to be credited) with such Discount Proceeds less the Stamping Fee (or with the applicable funds provided by a Non-Acceptance Lender). Each Lender may at any time and from time to time sell, rediscount or otherwise dispose of, repurchase or hold any Bankers’ Acceptances and no such dealing shall prejudice or impair the obligations of the Borrowers under Section 4.7.

BA Proceeds. Each Lender shall, on the Drawing Date specified by WFT or Norbord in the applicable Borrowing Notice, purchase its rateable portion of the Bankers’ Acceptances as specified in the notice from the Agent under Section 4.2(b), and credit the relevant Payment Account (Canada) (for same day value on such Drawing Date) with the applicable Discount Proceeds of the Bankers’ Acceptances purchased by that Lender, less the Stamping Fee calculated pursuant to Section 4.6 (or, in the case of a Non-Acceptance Lender, make a BA Equivalent Loan on the Drawing Date and credit the relevant Payment Account (Canada) with the applicable funds as provided in Section 4.11). Promptly upon receipt by the Agent of such funds, the Agent will make such funds available to WFT or Norbord, as applicable, by debiting the relevant Payment Account (Canada) and by crediting such account as shall be agreed with WFT or Norbord, as applicable (or causing such account to be credited) with such Discount Proceeds less the Stamping Fee (or with the applicable funds provided by a Non-Acceptance Lender). Each Lender may at any time and from time to time sell, rediscount or otherwise dispose of, repurchase or hold any Bankers’ Acceptances and no such dealing shall prejudice or impair the obligations of the Borrowers under Section 4.7.