Examples of Eligible Canadian Account in a sentence

In the event that an Account which was previously an Eligible Canadian Account ceases to be an Eligible Canadian Account hereunder, the Company shall notify the Collateral Agent thereof on and at the time of submission to the Collateral Agent of the next Borrowing Base Certificate.

More Definitions of Eligible Canadian Account

Eligible Canadian Account means an Eligible Account owed by an Account Debtor which maintains its chief executive office in Canada (not including Quebec) or is organized under the laws of Canada (not including Quebec) or any province thereof

Eligible Canadian Account means an Account Receivable as to which such Account Receivable does not qualify as an Eligible Account Receivable solely because (i) the Account Debtor with respect to such Account Receivable maintains its chief executive office in Canada (other than the Maritime provinces) rather than in the United States or is organized under the laws of Canada or a political subdivision thereof (other than the Maritime provinces) rather than under the laws of the United States or any state thereof, and (ii) the Account is payable in Canadian dollars; provided however, that (x) such Account Receivable must be billed from and collected in the United States and (y) if such Account Receivable is payable in Canadian dollars, Administrative Agent may establish reserves with respect to exchange rate risks.

Eligible Canadian Account an Account owing to a Canadian Credit Party that arises in the Ordinary Course of Business from the sale of goods or rendition of services, is payable in Canadian Dollars and is deemed by Agent, in its Credit Judgment, to be an Eligible Canadian Account. Without limiting the foregoing, no Account shall be an Eligible Canadian Account if:

Eligible Canadian Account means an Account which has been included in a Borrowing Base Certificate to determine the Canadian Borrowing Base, and as to which Account the following is true and accurate as of the time it was utilized to determine the Canadian Borrowing Base and as of the time the Canadian Permitted Borrower has requested a Revolving Credit Advance based in part thereon:

Eligible Canadian Account means any Account of one of the Canadian Guarantors as to which each of the following is applicable: (a) such Account does not qualify as an Eligible Domestic Account solely because of one or more of the following reasons: (x) such Account is an Account of a Canadian Guarantor rather than of a Borrower; (y) such Account is payable in Canadian dollars rather than in Dollars; or (z) the Account Debtor with respect to such Account maintains its chief executive office in Canada rather than in the United States or is organized under the laws of Canada or a political subdivision thereof rather than under the laws of the United States or any State thereof; and (b) Collateral Agent has perfected security interests in such Account prior to any other security interest therein.

Eligible Canadian Account means an Account which meets all of the requirements of the definition of “Eligible Account” except subsection (i) thereof. “Eligible Inventory” shall be valued at the lesser of cost or present market value in accordance with GAAP, and shall mean all Inventory of Borrowing Base Companies which is in good and merchantable condition, is not obsolete or discontinued, and which would properly be classified as “raw materials” or “finished goods inventory” under GAAP, excluding (a) work in process, consigned goods and Inventory located outside the United States of America, (b) Inventory covered by or subject to a seller’s right to repurchase, or any consensual or nonconsensual lien or security interest (including without limitation purchase money security interests but excluding liens permitted by Section 9.4 (c) and (d)) other than in favor of Bank, whether senior or junior to Bank’s security interest, and (c) Inventory that Bank (in its sole discretion) after having notified Companies, excludes. Inventory which is at any time Eligible Inventory, but which subsequently fails to meet any of the foregoing requirements, shall forthwith cease to be Eligible Inventory. Eligible Inventory shall be valued net of liens permitted by Section 9.4 (c) and (d).