Canadian Borrowing Base. If for any reason 100% of the Total Canadian Revolving Outstandings at any time exceed the Canadian Borrowing Base, the Canadian Borrower shall immediately prepay Canadian Revolving Loans in an aggregate amount equal to such excess.
Canadian Borrowing Base. Canadian Borrower shall from time to time on demand by Canadian Agent prepay the Canadian Revolving Loans (or provide Cover for Letter of Credit Liabilities relating to Canadian Letters of Credit) in such amounts as shall be necessary so that at all times the aggregate outstanding amount of all Canadian Obligations shall be less than or equal to the Maximum Canadian Available Amount (provided, however, that for purposes of this clause (4), the Exchange Rate used for conversion of Canadian Dollars into Dollars shall be the Exchange Rate as of the most recently occurring Calculation Date).
Canadian Borrowing Base. The definition of “Canadian Borrowing Base” in Section 1.01 of the Credit Agreement is hereby amended by inserting immediately prior to the phrase “or the Canadian Collateral” the following phrase: “, the Canadian Finance Obligations”.
Canadian Borrowing Base. Clauses (a) through (c) of the definition of “Canadian Borrowing Base” shall be amended and restated in their entirety with the following clauses (a) through (d) to read as follows:
(a) the product of (i) 85% multiplied by (ii) the Canadian Borrower’s Eligible Accounts at such time, plus
(b) the lesser of
(i) the product of 75% multiplied by the Canadian Borrower’s Eligible Inventory, valued at the lower of weighted average cost or market value, at such time, and
(ii) the product of 85% multiplied by the Net Orderly Liquidation Value percentage identified in the most recent inventory appraisal received by the Administrative Agent multiplied by the Canadian Borrower’s Eligible Inventory, valued at the lower of weighted average cost or market value, at such time, plus
(c) 100% of Canadian Pledged Cash, minus
(d) Borrowing Base Reserves (applicable to the Canadian Borrowing Base as determined by the Administrative Agent in its Permitted Discretion).
Canadian Borrowing Base. The Borrowing Base solely in relation to the Canadian Borrower. Canadian Collateral. Collateral to which title is held by, and in which a security interest is granted to the Agent on behalf of the Canadian Bank by, the Canadian Borrower.
Canadian Borrowing Base. Section 1.15(a) of the Loan Agreement is hereby amended by deleting such Section in its entirety and substituting the following therefor:
(a) the sum of:
(i) eighty-five (85%) percent of the Net Amount of the Eligible Accounts of Canadian Borrower; plus
(ii) the lesser of (A) the Inventory Loan Limit for Canadian Borrower or (B) the lesser of (1) during the months of May through and including November, the lesser of sixty (60%) percent of the Value of Eligible Inventory of Canadian Borrower and during the months of December through and including April, fifty (50%) percent of the Value of Eligible Inventory of Canadian Borrower, and (2) eighty-five (85%) percent of the Net Recovery Percentage multiplied by the Value of such Eligible Inventory of Canadian Borrower, minus"
Canadian Borrowing Base at any time, with respect to the Applicable Canadian Borrower, an amount equal to the sum (expressed in Dollars, based on the Dollar Equivalent thereof) of, without duplication:
Canadian Borrowing Base on any date of determination, the Dollar Equivalent amount equal to the lesser of (a) the aggregate Canadian Revolver Commitments; or (b) the sum of the Canadian Accounts Formula Amount, plus the Canadian Credit Card Account Formula Amount, plus the Canadian Inventory Formula Amount, plus at the option of Borrower Agent which is reflected in the most recently delivered Canadian Borrowing Base Report, the Canadian Cash Component, plus U.S. Availability (after giving effect to the issuance of any Letters of Credit requested by U.S. Borrower and the making of any U.S. Revolver Loans that have been requested by U.S. Borrower), minus the Canadian Availability Reserve. Canadian Borrowing Base Report: a report of the Canadian Borrowing Base by Canadian Borrowers, in form and substance reasonably satisfactory to Agent. Canadian Cash Component: the lesser of (a) $25,000,000 and (b) the amount of Canadian Eligible Cash; provided, that the aggregate amount of the Canadian Cash Component and U.S. Cash Component shall not exceed $50,000,000. Canadian Collateral: all Property of any Canadian Obligor described in Section 7.1, all Property of any Canadian Obligor described in any Security Documents as security for any Canadian Obligations, and all other Property of any Canadian Obligor that now or hereafter secures (or is intended to secure) any Canadian Obligations or guaranty thereof. Canadian Credit Card Account Formula Amount: 90% of the Value of Eligible Credit Card Accounts of Canadian Obligors. Canadian Defined Benefit Pension Plan: a Canadian Pension Plan which provides for a “defined benefit” to be paid to retired employees and which is subject to minimum funding and solvency requirement under Applicable Law relating to Canadian Pension Plans.
Canadian Borrowing Base on any date of determination, the Dollar Equivalent amount equal to the lesser of (a) the aggregate Canadian Revolver Commitments; or (b) the sum of the Canadian Accounts Formula Amount, plus the Canadian Credit Card Account Formula Amount, plus the Canadian Inventory Formula Amount, plus at the option of Borrower Agent which is reflected in the most recently delivered Canadian Borrowing Base Report, the Canadian Cash Component, plus U.S. Availability (after giving effect to the issuance of any Letters of Credit requested by U.S. Borrower and the making of any U.S. Revolver Loans that have been requested by U.S. Borrower), minus the Canadian Availability Reserve. Canadian Borrowing Base Report: a report of the Canadian Borrowing Base by Canadian Borrowers, in form and substance reasonably satisfactory to Agent. Canadian Cash Component: the lesser of (a) $25,000,000 and (b) the amount of Canadian Eligible Cash; provided, that the aggregate amount of the Canadian Cash Component and U.S. Cash Component shall not exceed $50,000,000. Canadian Collateral: all Property of any Canadian Obligor described in Section 7.1, all Property of any Canadian Obligor described in any Security Documents as security for any Canadian Obligations, and all other Property of any Canadian Obligor that now or hereafter secures (or is intended to secure) any Canadian Obligations or guaranty thereof.
Canadian Borrowing Base on any date of determination, an amount equal to the lesser of (a) the Maximum Canadian Facility Amount, minus the Canadian LC Reserve, or (b) the sum of the Canadian Accounts Formula Amount, plus the Canadian Inventory Formula Amount, minus the Canadian Availability Reserve.
