Common use of Canadian Facility Clause in Contracts

Canadian Facility. On or prior to the Closing Date, the Canadian Borrowers shall and shall cause each of the other Canadian Loan Parties to (A) establish and/or maintain one or more Canadian Collection DDAs with a depository bank reasonably satisfactory to the Administrative Agent (which Canadian Collection DDAs shall, in each case, be subject to a Depositary Bank Agreement among the applicable Borrower, the Administrative Agent and the applicable depository bank) and take such reasonable steps to ensure that all of its and the other Canadian Loan Parties’ Account Debtors forward payment of the amounts owed by them directly to the Canadian Collection DDA, and (B) deposit or cause to be deposited promptly, and in any event no later than the second Business Day after the date of receipt thereof, all of their collections into the Canadian Collection DDA.