Canadian Resident Lender definition

Canadian Resident Lender means, in respect of a particular Loan, (i) a Lender which holds such Loan and which is resident in Canada for the purposes of the ITA, and (ii) a Lender which is an “authorized foreign bank”, as defined in section 2 of the Bank Act (Canada) and in section 248(1) of the ITA, and which holds the Loan as part of its “Canadian banking business”, as defined in subsection 248(1) of the ITA.

Canadian Resident Lender means a Person that (i) is not a non-resident of Canada for the purposes of the Income Tax Act (Canada) or (ii) is an “authorized foreign bank” as defined in subsection 248(1) of the Income Tax Act (Canada) which will receive all amounts paid or credited to it with respect to Canadian Credit Extensions and other Canadian Obligations and fees and other amounts payable in connection therewith in respect of its “Canadian banking business” for the purposes of paragraph 212(13.3)(a) of the Income Tax Act (Canada).

Canadian Resident Lender has the meaning set forth in Section 2.15(f).

Examples of Canadian Resident Lender in a sentence

• In the event that a Canadian Lender Party does not qualify as a Canadian Resident Lender, the Canadian Lender Party shall deliver to the Canadian Borrower and the Canadian Administrative Agent on the date on which such Canadian Lender Party becomes a Canadian Lender Party hereunder or otherwise does not qualify as a Canadian Resident Lender, notice that it is not a Canadian Resident Lender.

• Canadian Agent and Canadian Resident Lenders shall not be liable for any damage, loss or improper use of any bankers' acceptance draft endorsed in blank except for any loss arising by reason of Canadian Agent or a Canadian Resident Lender failing to use the same standard of care in the custody of such bankers' acceptance drafts as Canadian Agent or such Canadian Resident Lender use in the custody of their own property of a similar nature.

• Each Canadian Resident Lender which is to make a Competitive Bid Loan shall, before 11:00 a.m., Toronto, Ontario time, on the borrowing date specified in the Competitive Bid Request applicable thereto, make available to Canadian Agent in immediately available funds the amount of each Competitive Bid Loan to be made by such Canadian Resident Lender, and Canadian Agent shall promptly deposit such funds to an account designated by the applicable Canadian Borrower.

• After completing the notifications referred to in the immediately preceding sentence, Canadian Agent shall notify each Canadian Resident Lender of the aggregate principal amount of all Competitive Bids accepted.

• Where the applicable Canadian Borrower so elects in the Borrowing Notice or Continuation/Conversion Notice, a Canadian Resident Lender shall purchase Bankers' Acceptances accepted by it for an amount equal to the Discount Proceeds.

More Definitions of Canadian Resident Lender

Canadian Resident Lender means, in respect of a particular Loan, (i) a Lender which holds such Loan and which is resident in Canada for the purposes of the Income Tax Act, and (ii) a Lender which is an “authorized foreign bank”, as defined in section 2 of the Bank Act (Canada) and in subsection 248(1) of the Income Tax Act, and which holds the Loan as part of its “Canadian banking business”, as defined in subsection 248(1) of the Income Tax Act.

Canadian Resident Lender means each Lender identified as such on Annex II to the Canadian Agreement or any Assignment and Acceptance executed by a new Lender, each being a Person that is (i) not a non-resident of Canada for the purposes of the Income Tax Act (Canada) or (ii) a Person that is an "authorized foreign bank" as defined in section 2 of the Bank Act (Canada) and in subsection 248(1) of the Income Tax Act (Canada) which will receive all amounts paid or credited to it under the Canadian Obligations in respect of its "Canadian banking business" for the purposes of paragraph 212(13.3)(a)of the Income Tax Act (Canada).

Canadian Resident Lender means, a Person which is (i) not a non-resident of Canada for the purposes of the ITA, or (ii) an “authorized foreign bank”, as defined in section 2 of the Bank Act (Canada) and in section 248(1) of the ITA, and which acquires and holds all of its interests under the Credit as part of its “Canadian banking business”, as defined in subsection 248(1) of the ITA.

Canadian Resident Lender means each Lender identified as such on the signature pages to this Agreement or any Lender Assignment Agreement executed by a new Lender, each being a Person whose Canadian business income is not treated as income of a non-resident of Canada for the purposes of the Income Tax Act (Canada).

Canadian Resident Lender means a Lender which is either:

Canadian Resident Lender means each Lender identified as such on the signature pages to the Canadian Agreement or any

Canadian Resident Lender means, in respect of a particular Loan under the Canadian Revolving Facility, (i) a Lender which holds such Loan and which is resident in Canada for the purposes of the ITA, (ii) a Lender which is an “authorized foreign bank”, as defined in Section 2 of the Bank Act (Canada) and in Section 248(1) of the ITA, and which holds such Loan as part of its “Canadian banking business”, as defined in Subsection 248(1) of the ITA, and (iii) if (i) or (ii) do not apply, a Lender which deals at arm’s length with each Canadian Credit Party for purposes of the ITA.