Canadian Eligible Accounts means Accounts created by the Canadian Borrower or any Canadian Guarantor that in each case satisfy the criteria set forth below as reasonably determined in accordance with the Canadian Administrative Agent’s customary practices. In general, such Accounts shall be Canadian Eligible Accounts if:
Canadian Eligible Accounts means “Eligible Accounts” as such term is defined under the Canadian Loan Agreement.
Canadian Eligible Accounts means those Accounts created by Canadian Borrower in the ordinary course of its business, that arise out of Canadian Borrower's sale of goods or rendition of services, that comply with each of the representations and warranties respecting Canadian Eligible Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, that such criteria may be revised from time to time by Agent in Agent's Permitted Discretion to address the results of any field examination performed by (or on behalf of) Agent from time to time after the Closing Date. In determining the amount to be included, Canadian Eligible Accounts shall be calculated net of customer deposits, unapplied cash, taxes, discounts, credits, allowances, and rebates. Canadian Eligible Accounts shall not include the following:
Examples of Canadian Eligible Accounts in a sentence
Canadian Eligible Accounts of the Canadian Borrower and the other Canadian Domiciled Loan Parties, subject to the Lien of the Agent, owing from any Person that has a rating equal to or higher than Baa3 (or the equivalent) by Xxxxx’x or BBB- (or the equivalent) by S&P, or if the Person is not then rated by Xxxxx’x or S&P, an equivalent rating by any other rating agency.
In addition, Agent reserves the right, at any time and from time to time after the Closing Date, to adjust any of the applicable criteria and to establish new criteria with respect to Canadian Eligible Accounts, in its Permitted Discretion, subject to the approval of Required Lenders in the case of adjustments or new criteria which have the effect of making more credit available.
Agent shall have the right to establish, modify or eliminate Reserves against Canadian Eligible Accounts from time to time in its Permitted Discretion.
More Definitions of Canadian Eligible Accounts
Canadian Eligible Accounts at any time, the Accounts or Chattel Paper of any Canadian Borrower at such date, except any Account or Chattel Paper:
Canadian Eligible Accounts means the aggregate face amount of the Accounts of each of the Canadian Loan Parties that conform to the warranties contained herein and at all times continue to be acceptable to the Canadian Agent in its Permitted Discretion, less the aggregate amount of all returns, discounts, claims, credits, charges and allowances of any nature (whether issued, owing, granted or outstanding), and less the aggregate amount of all reserves for slow paying accounts, foreign sales, xxxx and hold (or deferred shipment) transactions and the Lenders’ charges as set forth in this Agreement. Unless otherwise approved in writing by the Canadian Agent, no Account shall be deemed to be a Canadian Eligible Account if:
Canadian Eligible Accounts set forth in Section 1.1 of the Loan Agreement shall be amended to restate clauses (c) and (q) thereof in their entirety to read as follows:
Canadian Eligible Accounts means Eligible Accounts owing to PCI Chemicals.
Canadian Eligible Accounts means, at any time, the aggregate Accounts of the Canadian Borrower, but excluding any Account:
Canadian Eligible Accounts. Canadian Eligible Inventory," "Canadian Eligible Equipment," "Canadian Eligible Real Estate," "Reserves", "Rent Reserves," "Canadian Priority Payables Reserves," "Canadian Inventory Reserves," "U.S. Inventory Reserves," "Canadian Dilution Reserves" or "U.S. Dilution Reserves" which in any such case has the effect of increasing U.S. Availability or Canadian Availability, without the written consent of the Supermajority Lenders, (vi) change any of the provisions of this Section or the definition of "Required Lenders", "Supermajority Lenders" or any other provision of any Loan Document specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender, (vii) release any Loan Guarantor from its obligation under its Loan Guaranty (except as otherwise permitted herein or in the other Loan Documents), without the written consent of each Lender, (viii) except as provided in clauses (d) and (e) of this Section or in any Collateral Document, release or subordinate the Liens granted to Collateral Agent, for the benefit of the Lenders, in all or substantially all of the Collateral, without the written consent of each Lender, or (ix) consent to the assignment, delegation or other transfer by any Loan Party of any of its rights or obligations under this Agreement or any other Loan Document; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Agents, the Issuing Bank or the Swingline Lender under Article VIII or otherwise hereunder without the prior written consent of such Agent, the Issuing Bank or the Swingline Lender, as the case may be.
Canadian Eligible Accounts the meaning ascribed to the term "Eligible -------------------------- Accounts" in the Canadian Credit Agreement.