Canadian Lockbox definition

Canadian Lockbox has the meaning assigned to such term in Section 5.15(a).

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Canadian Lockbox means any lock box to be established and operated pursuant to Section 4.4 hereof and the Canadian Lockbox Agreement.

Canadian Lockbox has the meaning assigned to such term in Section 5.15(a). “Canadian Pension Plans” means each pension plan required to be registered under Canadian federal or provincial law that is maintained or contributed to by Canadian Loan Parties for their employees or former employees, but does not include the Canada Pension Plan or the Quebec Pension Plan as maintained by the Government of Canada or the Province of Quebec, respectively. “Canadian Person” means any Person that is incorporated, organized or formed under the laws of Canada or any province or territory thereof. “Canadian Prime Rate” means, on any day, the annual rate of interest equal to the greater of (i) the annual rate of interest announced by the Administrative Agent (acting through its Canada branch) in effect as its prime rate on such day for determining interest rates on Canadian Dollar denominated commercial loans in Canada and commonly known as “prime rate” (which rate is based on various factors, including its costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such rate) and (ii) the annual rate of interest equal to the sum of (A) Term ▇▇▇▇▇ for a one-month term plus the Term ▇▇▇▇▇ Adjustment and (B) 1.00%, with any such rate to be adjusted automatically, without notice, as of the opening of business on the effective date of any change in such rate; provided that in no event shall the Canadian Prime Rate be less than zero. “Canadian Prime Rate Revolving Loans” means Revolving Loans made to the Canadian Borrower denominated in Canadian Dollars and bearing interest at a rate determined by reference to the Canadian Prime Rate. “Canadian Restricted Subsidiary” means any Canadian Subsidiary that is not an Unrestricted Subsidiary. “Canadian Security Agreement” means the Amended and Restated ABL Canadian Pledge and Security Agreement, dated as of the Second Amendment Effective Date, among the Canadian Loan Parties and the Administrative Agent for the benefit of the Secured Parties, and to the extent that a Canadian Loan Party has a place of business, registered office, chief executive office or tangible property in the province of Quebec, such term shall include each deed of hypothec and all related documents as may be applicable, each as amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with its terms.

Examples of Canadian Lockbox in a sentence

• All monies, checks and other drafts received in the Canadian Lockbox shall be endorsed in accordance with the Lockbox Agreement and deposited by Canadian Lockbox Bank each Business Day in the Canadian Blocked Account.

• All invoices issued by any Canadian Credit Party shall contain a notation requiring the Accounts evidenced by such invoice to be paid to the Canadian Lockbox.

• All funds received by Canadian Administrative Agent from the Canadian Blocked Account or otherwise from the Canadian Lockbox Bank shall be applied to the Canadian Lender Indebtedness in the manner set forth in Section 2.11(d) herein.

• At all times from and after the Closing Date, each Canadian Borrower shall direct all account debtors with respect to such Canadian Credit Party's accounts and all other Persons obligated to make payments of any type to any Canadian Credit Party to direct such payments to the Canadian Lockbox.

• At all times from and after the Closing Date, each Canadian Credit Party after the Closing Date shall direct all account debtors with respect to such Canadian Credit Party's accounts and all other Persons obligated to make payments of any type to any Canadian Credit Party to direct such payments to the Canadian Lockbox.

• All of the Company's invoices, account statements and other written or oral communications directing, instructing, demanding or requesting payment of any Account of the Company or any other amount constituting Collateral shall conspicuously direct that all payments be made to the Canadian Lockbox or such other address as Laurus may direct in writing.

• All monies, checks and other drafts received in the Canadian Lockbox shall be endorsed in accordance with the Lockbox Agreement and deposited by Canadian Lockbox Bank each Business Day in a Canadian Lockbox Account.

• Canadian Lockbox Bank, shall have sole and exclusive access to the Canadian Lockbox.

• All invoices issued by any Canadian Credit Party during a Canadian Lockbox Direction Period shall contain a notation requiring the accounts evidenced by such invoice to be paid to the Canadian Lockbox.

• The Canadian Borrowers acknowledge and agree that so long as this Agreement is in effect or any Canadian Lender Indebtedness shall be outstanding, all funds received by any Canadian Credit Party from any source (including without limitation items of payment and other amounts deposited in the Canadian Lockbox) shall be deposited in the Canadian Lockbox Account not later than one Business Day following the date of receipt.