Canadian Bank Products means any centralized banking arrangements entered into by the Canadian Borrower or any of its Subsidiaries with any financial institution in the ordinary course of business for the purpose of obtaining cash management services (which arrangements may include, without limitation, the pooling and set-off of account balances between accounts belonging to different entities, the extension of overdrafts, the provision of guarantees or indemnities or the assumption of joint and several liabilities by one or more entities in regard to obligations of one or more other entities, or other similar arrangements).
Canadian Bank Products means all Bank Products provided to any Canadian Loan Party by any Cash Management Provider.
Canadian Bank Products means any centralized banking arrangements entered into by the Canadian Borrower or any of its Subsidiaries with any financial institution in the ordinary course of business for the purpose of obtaining cash management services (which arrangements may include, without limitation, the pooling and set- off of account balances between accounts belonging to different entities, the extension of overdrafts, the provision of guarantees or indemnities or the assumption of joint and several liabilities by one or more entities in regard to obligations of one or more other entities, or other similar arrangements).
Examples of Canadian Bank Products in a sentence
Canadian Secured Parties: Agent, Canadian LC Issuer, Canadian Lenders and providers of Canadian Bank Products.
Debt and other obligations of a Canadian Credit Party relating to Canadian Bank Products.
More Definitions of Canadian Bank Products
Canadian Bank Products means any one or more of the following types of services or facilities extended to the Canadian Borrower by any Canadian Lender, including the Bank and any of their respective Affiliates or branches in reliance on the Bank’s or a Canadian Lender’s agreement to indemnify such affiliate: (i) credit cards; (ii) ACH Transactions; (iii) cash management, including controlled disbursement services; and (iv) Hedge Agreements; provided, however, that for obligations in respect of any of the foregoing to be included as a “ Canadian Obligation” for purposes of a distribution under Section 3.5, the applicable Canadian Lender must have previously provided written notice to Agent of (i) the existence of such Canadian Bank Product, (ii) the current Dollar Equivalent amount of obligations arising thereunder (determined, in the case of Hedge Agreements and any other Canadian Bank Products that are Debt, in accordance with the definition of “Debt” herein) (“Canadian Bank Product Amount”), and (iii) the methodology to be used by such parties in determining the Canadian Bank Product Amount owing from time to time. The Canadian Bank Product Amount may be changed from time to time upon written notice to the Agent by the applicable Canadian Lender. No Canadian Bank Product Amount may be established or increased at any time that a Default or Event of Default exists or if a reserve in such amount would cause Outstandings to exceed Availability.