Bank Act Security means security provided pursuant to s. 427 of the Bank Act (Canada).

Bank Act Security has the meaning given to it in Section 4.1(k)(iv).

Bank Act Security means assignments of inventory and proceeds by UR Canada ----------------- to and in favour of each Canadian Bank creating a first fixed charge on such assets pursuant to Section 427 of the Bank Act (Canada), together with all documents related or ancillary thereto.

Examples of Bank Act Security in a sentence

In addition to the foregoing, the provisions set forth in Article 14 with respect to the Agent shall also apply in each case to any Bank Act Security Lender as holder of the Bank Act Security.
In the event that it shall not be lawful for amounts realized on the Bank Act Security to be shared among the Secured Parties in accordance with Sections 11.6 and 12.2 hereof and Section 5 of the Provisions, then, to the maximum extent permitted by all applicable Requirements of Law, the amounts the Canadian Lenders receive from the Non-Bank Act Security shall be reduced to the extent of amounts received by the Canadian Lenders from the Bank Act Security.
Each guarantee, pledge agreement, mortgage, security agreement, Bank Act Security and other document delivered pursuant to this Section shall be deemed to be a Security Document from and after the date of execution thereof.
Notwithstanding anything to the contrary set forth in the Agreement, this Section may not be amended without the consent of any Bank Act Security Lender for so long such Bank Act Security Lender holds the Bank Act Security.
If the Bank Act Security is enforced concurrently with the Non-Bank Act Security, any recoveries or payments thereon which are not specifically realized from the Bank Act Security and identified as such shall be deemed to have been realized under the Non-Bank Act Security.

More Definitions of Bank Act Security

Bank Act Security has the meaning ascribed thereto in Section 14.13

Bank Act Security means security delivered by SSC Canada to each Revolving (Canadian) Lender or Tranche C Lender which is a bank listed under Schedule I, II or III of the Bank Act(Canada).

Bank Act Security security granted by the Borrowers pursuant to Sections 426 and 427 of the Bank Act (Canada).

Bank Act Security has the meaning given to it in Section 5.15.

Bank Act Security means the documents in the form of Exhibit H ----------------- hereto creating security under Section 427 of the Bank Act (Canada) with respect to all present and future inventory of the Canadian Borrower to secure all of its Obligations (as defined therein) to each Canadian Lender, including all amendments, restatements, modifications and supplements thereto from time to time.

Bank Act Security means the Notice of Intention to Give Security Under Section 427 of the Bank Act granted to each Lender on November 9, 2001, the Application for Credit and Promise to Give Security Under Section 427 of the Bank Act granted to each Lender on November 16, 2001, the Agreement as to Loans and Advances and Security Therefor. Section 426 and 427 of the Bank Act granted to each Lender on November 16, 2001, the Security Under Section 427 on All Property of Specified Kinds granted to each Lender on November 16, 2001 and the security under Section 426 of the Bank Act granted to each Lender on November 13, 2001, and such additional security documents pursuant to the Bank Act (Canada) required by Section 6.1(d)(vi) and as is contemplated by Section 7.4, as each may be amended, restated or otherwise modified from time to time.

Bank Act Security means the “Notice of Intention to Give Security Under Section 427 of the Bank Act” granted to each Lender on November 9, 2001, the “Application for Credit and Promise to Give Security Under Section 427 of the Bank Act” granted to each Lender on November 16, 2001, the “Agreement as to Loans and Advances and Security Therefor. Section 426 and 427 of the Bank Act” granted to each Lender on November 16, 2001, the “Security Under Section 427 on All Property of Specified Kinds” granted to each Lender on November 16, 2001 and the security under Section 426 of the Bank Act granted to each Lender on November 13, 2001, and any additional security documents pursuant to the Bank Act (Canada) granted by the Borrower to any Lender in connection with this Agreement, as each may be amended, restated or otherwise modified from time to time.