Notwithstanding Sections 2A Sample Clauses

Notwithstanding Sections 2A. 2(a) and 2A.11, each Non-BA Bank will, in lieu of accepting a Canadian Bankers’ Acceptance on the date of any Canadian Borrowing by way of Canadian Bankers’ Acceptances, make a Canadian BA Equivalent Loan. The amount of each Canadian BA Equivalent Loan shall be equal to the Canadian Discount Proceeds (with reference to the applicable Canadian BA Discount Rate applicable to such Non-BA Bank) which would be realized from a hypothetical sale of those Canadian Bankers’ Acceptances which, but for this subsection, would have been sold to such Non-BA Bank. Concurrent with the making of a Canadian BA Equivalent Loan, each Non-BA Bank shall be entitled to deduct therefrom an amount equal to the applicable fee pursuant to Section 2A.3(b) which, but for this Section 2A.2(b), such Non-BA Bank would otherwise be entitled to receive in connection with its acceptance of Canadian Bankers’ Acceptances. Any Canadian BA Equivalent Loan shall be made on the relevant date of any Borrowing by way of Canadian Bankers’ Acceptances, and shall remain outstanding for the term of the corresponding Canadian Bankers’ Acceptance. On the maturity date of the corresponding Canadian Bankers’ Acceptance, such Canadian BA Equivalent Loan shall be repaid in an amount equal to the face amount of a draft that would have been accepted by such Non-BA Bank if such Non-BA Bank had accepted and purchased a Canadian Bankers’ Acceptance hereunder. Each Canadian BA Equivalent Loan made pursuant to this subsection shall be deemed to be a Canadian Bankers’ Acceptance accepted and purchased by such Non-BA Bank pursuant to the terms hereof, and except in this subsection, any reference to a Canadian Bankers’ Acceptance shall include such Canadian BA Equivalent Loan.