Best Buy 2003 Annual Report Download - page 76
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4.14. If upon the maturity of a Banker’s Acceptance, the Borrower fails to convert
such maturing Bankers’ Acceptance into a new Bankers’ Acceptance in accordance
with the terms and conditions hereof and the Required Notice, interest shall
7
accrue on the amount advanced by the Bank on the maturity of such Bankers’
Acceptance at the rate based on the Bank’s Prime Rate specified in the Offer
Letter.
5. Events of Default:
For the purposes of this Offer Letter, any one or more of the following events shall be an “Event of Default” (whether such Event of
Default shall be voluntary or involuntary or be effected by operation of law or pursuant to or in compliance with any judgments,
decree or order of any court or other rule or regulation of any administrative or governmental body):
5.1. if the Borrower makes default in any payment within 3 days of the due date of
principal, interest or other moneys payable by it hereunder or under any of the Loan
Documents, or if the Borrower or either of the Guarantors is in default 30 days after
receiving written notice thereof by the Bank in the performance or observance of
something required to be done or some covenant or condition required to be observed
or performed herein, or under any other Loan Document; or
5.2. if an Event of Default (as defined in the U.S. Credit Agreement) occurs under the
terms of the U.S. Credit Agreement as amended, supplemented or replaced from time
to time provided that if any amendments, supplements or replacements are made to the
U.S. Credit Agreement and to the Events of Default defined thereunder, then the Event
of Default shall only be deemed to be amended for purposes of this Offer Letter if the
amended Events of Default are more onerous on Best Buy Co. than those presently set
forth in the U.S. Credit Agreement; or
5.3. if any representation or warranty given by the Borrower or by any director or
officer of the Borrower is untrue in any material respect; or
5.4. if a bankruptcy petition is filed or presented against the Borrower or the
Borrower commits or threatens to commit any act of bankruptcy, makes an assignment
for the benefit of its creditors, is declared bankrupt, makes a proposal or otherwise
takes advantage of provisions for relief under the Bankruptcy and Insolvency Act
(Canada), the Companies Creditors’ Arrangement Act (Canada) or similar legislation in