Examples of Canadian Concentration Account in a sentence
Not later than sixty (60) days following the Closing Date, such Canadian Loan Party shall deliver to the Collateral Agent a fully executed Account Control Agreement with respect to each of its Deposit Accounts (other than (i) Exempt Deposit Accounts and (ii) to the extent the aggregate amount held on deposit in any Deposit Account (other than any Collateral Account or Canadian Concentration Account) does not exceed $1,000,000 individually or $5,000,000 in the aggregate for all such Deposit Accounts).
The Manager shall promptly deposit into a Lock-Box Account, a Canadian Concentration Account, a Canadian Collection Account, a Canadian Advertising Fund Account or such other appropriate account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Assets incorrectly deposited into another account.
The Domestic Borrowers and the Canadian Borrower shall at all times maintain at least one Domestic Concentration Account or Canadian Concentration Account, as applicable.
If Company receives a payment or the Proceeds of Collateral directly, Company will promptly deposit the payment or Proceeds into the Collection Account or, if such payment is a Canadian Dollar payment, into the Canadian Concentration Account.
All deposits held in the Collection Account or the Canadian Concentration Account shall constitute Proceeds of Collateral and shall not constitute the payment of Indebtedness.