Examples of Canadian Concentration Account in a sentence
Notwithstanding the foregoing, to the extent that no Obligations are outstanding any amounts deposited in the Domestic Concentration Account and the Canadian Concentration Account shall be disbursed by the Administrative Agent or Canadian Agent, as applicable to such depository accounts as may be designated by the applicable Borrower.
Any amounts held or received in the Canadian Concentration Account at any time when no Cash Dominion Event exists or while no Loans are outstanding (except as provided in Section 8.02) shall be promptly remitted to an account of the Canadian Borrower or as the Canadian Borrower may otherwise direct.
Upon the occurrence of an Event of Default, all of the collections and account balances of the Canadian Loan Parties and their Canadian Subsidiaries shall be swept on a daily basis into the Canadian Concentration Account.
The Chapter 11 Debtors also release funds from the Canadian Concentration Account to fund their day-to-day Canadian operations, including on account of lease payments, payroll, taxes, and customs duties.
As noted above, cash and electronic collections from stores are eventually deposited into the Canadian Concentration Account.