Applicability of DBNA Clause Samples

Applicability of DBNA. It is the intention of the parties that all Bankers’ Acceptances accepted by the Lenders (other than a Lender which elects to accept Bankers’ Acceptances in the form of bills of exchange instead of Depository Bills) under this Agreement shall be issued in the form of a Depository ▇▇▇▇, be deposited with and be made payable to a “clearing house” (as defined in the Depository Bills and Notes Act (Canada)). The Agent and the Lenders shall effect the following practices and procedures and, subject to the approval of the Majority Lenders, establish and notify the Borrower and the Lenders of any additional procedures, consistent with the terms of this Agreement and the requirements of the Depository Bills and Notes Act (Canada), as are reasonably necessary to accomplish such intention: (i) each Bankers’ Acceptance accepted and purchased by a Lender hereunder shall have marked prominently and legibly on its face and within its text, at or before the time of issue, the words “This is a depository ▇▇▇▇ subject to the Depository Bills and Notes Act”; (ii) any reference to authentication of such Bankers’ Acceptance will be removed; and (iii) such Bankers’ Acceptance shall not be marked with any words prohibiting negotiation, transfer or assignment of it or of an interest in it.
View SourceView Similar (5)
Applicability of DBNA. It is the intention of the parties that each Bankers' Acceptance accepted by a Lender under this agreement shall be issued in the form of a "depository bill" (▇s that term is defined in the Depository Bills and Notes Act (Canada) (the "DBNA")), be deposited with The Canadian 44 - 38 - Depository for Securities Limited and be made payable to "CDS & Co." The Administrative Agent and the Lenders shall effect the following practices and procedures and, subject to the approval of the Majority Lenders, establish and notify the Borrower and the Lenders of any additional procedures, consistent with the terms of this agreement and the requirements of the DBNA, as are reasonably necessary to accomplish this intention: (a) each Bankers' Acceptance accepted and purchased by a Lender hereunder shall have marked prominently and legibly on its face and within its text, at or before the time of issue, the words "This is a depository bill ▇▇▇ject to the Depository Bills and Notes Act"; (b) any reference to authentication of that Bankers' Acceptance will be removed; and (c) that Bankers' Acceptance shall not be marked with any words prohibiting negotiation, transfer or assignment of it or of an interest in it.
View Source
Applicability of DBNA. It is the intention of the parties that, unless the Lender is utilizing a non-interest bearing ▇▇▇▇ of exchange as defined in the Bills of Exchange Act (Canada), each Bankers’ Acceptance accepted by a Lender under this agreement shall be issued in the form of a “depository ▇▇▇▇” (as that term is defined in the Depository Bills and Notes Act (Canada) (the “DBNA”)), be deposited with CDS Clearing and Depository Services Inc. and be made payable to “CDS & Co.” The Administrative Agent and the Lenders shall effect the following practices and procedures and, subject to the approval of the Majority Lenders under the applicable Credit Facility, establish and notify the Borrower and the Lenders of any additional procedures, consistent with the terms of this agreement and the requirements of the DBNA, as are reasonably necessary to accomplish this intention: (a) each Bankers’ Acceptance accepted and purchased by a Lender hereunder shall have marked prominently and legibly on its face and within its text, at or before the time of issue, the words “This is a depository ▇▇▇▇ subject to the Depository Bills and Notes Act”; (b) any reference to authentication of that Bankers’ Acceptance will be removed; and (c) that Bankers’ Acceptance shall not be marked with any words prohibiting negotiation, transfer or assignment of it or of an interest in it.
View Source

Related to Applicability of DBNA

  • Applicability of ¶ 2501 Local Church acknowledges and agrees that pursuant to ¶ 2501 of the Discipline, the Local Church holds all its property, real and personal, tangible and intangible, in trust for the benefit of The United Methodist Church, including the Real Property and Personal Property, and the Local Church will not take any actions that are inconsistent therewith or opposing or negating the same.

  • Applicability of Agreement The Developer agrees that the Lands shall be developed and used only in accordance with and subject to the terms and conditions of this Agreement.

  • Applicability of ISP Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each Letter of Credit.

  • Applicability of ISP and UCP Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit.

  • Applicability of ISP98 Unless otherwise expressly agreed by the applicable L/C Issuer and the Borrowers, when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) shall be stated therein to apply to each Letter of Credit.