BACAN definition
Examples of BACAN in a sentence
Any change in the interest rate on a Loan resulting from a change in the ABR, BACAN U.S. Base Rate, Canadian Prime Rate or the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on which such change becomes effective.
Each Canadian Base Rate Revolving Loan made in U.S. Dollars shall accrue interest at the BACAN U.S. Base Rate plus the Applicable Margin for Base Rate Loans, payable in U.S. Dollars.
The proceeds of such U.S. Dollar Borrowing will then be made available to the Applicable Borrower by the Applicable Agent at such office by crediting an account of the Applicable Borrower maintained with BofA or BACAN, as applicable, with the aggregate of the amounts made available to the Applicable Agent by the Applicable Lenders in like funds as received by the Applicable Agent.
The proceeds of all such Loans will then be made available to the Company by the Canadian Agent at such office by crediting the account of the Company on the books of BACAN with the aggregate of the amounts made available to the Canadian Agent by the Banks and in like funds as received by the Canadian Agent.
BACAN, BAUK and its or their Affiliates may make, provided same does not conflict with any express duties hereunder, loans to , issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Borrowers and their Subsidiaries and Affiliates as though BACAN and BAUK were not the Agent and/or Issuing Lender hereunder and without notice to or consent of the Lenders.
Each Settlement Loan is a Canadian Revolving Loan or U.K. Revolving Loan, as the case may be, hereunder and shall be subject to all the terms and conditions applicable to other Revolving Loans except that all payments thereon shall be payable to BACAN or BAUK, as the case may be, solely for its own account (and for the account of the holder of any participation interest with respect to such Revolving Loan created pursuant to subsection (ii) of Section 2.2(j)).
The Agent shall not request BACAN or BAUK to make any Settlement Loan if (A) the Agent shall have received written notice from any Canadian Lender or U.K. Lender, as the case may be, that one or more of the applicable conditions precedent will not be satisfied on the requested Drawdown Date for the applicable Revolving Loan, or (B) the requested Revolving Loan would exceed the amount of Canadian Availability or U.K. Availability, as the case may be, on the Drawdown Date.
The foregoing termination fees payable to BACAN and BAUK in respect of BACAN's and BAUK's Commitments at the time shall be waived in the event that the Revolving Credit Facilities are refinanced by Bank of America NT&SA or any of its affiliates after the first anniversary of the Closing Date.
As of each Settlement Date, each of (a) BACAN and BAUK with respect to Settlement Loans, (b) the Agent with respect to Agent Advances, and (c) each Lender with respect to the Revolving Loans other than Settlement Loans and Agent Advances, shall be entitled to interest at the applicable rate or rates payable under this Agreement on the actual daily amount of funds employed by BACAN, BAUK, the Agent or such Lender since the immediately preceding Settlement Date.
BACAN and BAUK shall not otherwise be required to determine whether the applicable conditions precedent set forth herein have been satisfied or the requested Revolving Loan would exceed the amount of Canadian Availability or U.K. Availability, as the case may be, on the Drawdown Date applicable thereto prior to making, in its sole discretion, any Settlement Loan.