Eligible Canadian Receivables means, as to the Canadian Credit Parties, on a consolidated basis and without duplication, all Receivables of such Person, in each case reflected on its books in accordance with GAAP which conform to the representations and warranties in Article 4 hereof and in the Security Documents to the extent such provisions are applicable to the Receivables, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below:
Eligible Canadian Receivables means and include each Receivable of a Canadian Loan Party arising in the Ordinary Course of Business and which Agent, in its sole discretion exercised in a commercially reasonable manner, shall deem to be an Eligible Canadian Receivable, based on such considerations as Agent may from time to time deem appropriate. In addition, no Receivable shall be an Eligible Canadian Receivable if:
Eligible Canadian Receivables means and include, each Receivable of ASW arising in the Ordinary Course of Business and which Agent, in its sole credit judgment, shall deem to be an Eligible Canadian Receivable, based on such considerations as Agent may from time to time deem appropriate. A Receivable shall not be deemed eligible unless such Receivable is subject to Agent’s first priority perfected security interest and no other Lien (other than Permitted Encumbrances), and is evidenced by an invoice or other documentary evidence satisfactory to Agent. In addition, no Receivable shall be an Eligible Canadian Receivable if:
Examples of Eligible Canadian Receivables in a sentence
No reserves shall be imposed on the first two percent (2%) of dilution of Eligible Canadian Receivables (or five percent (5%) in the case of Account Debtors not having an Investment Grade Rating) and thereafter no dilution reserve shall exceed one percent (1%) for each incremental whole percentage in dilution over two percent (2%) (or five percent (5%) in the case of Account Debtors not having an Investment Grade Rating).
More Definitions of Eligible Canadian Receivables
Eligible Canadian Receivables means, as to the Canadian Credit Parties, on a consolidated basis and without duplication, all Receivables of such Person, in each case reflected on its books in accordance with GAAP which conform to the representations and warranties in Article 4 hereof and in the
Eligible Canadian Receivables means and include, with respect to ----------------------------- each Borrower, Receivables constituting Eligible Receivables (other than with respect to the requirement under clause (f) in the definition of Eligible Receivables), which arise out of a sale to a customer located in Canada
Eligible Canadian Receivables means Receivables created by AAS Canada in the ordinary course of its business arising out of the sale of goods or rendition of services by AAS Canada, which Receivables are not rendered ineligible by the provisions set forth herein. Holdings understands and agrees that the standards of ineligibility may be revised from time to time by the Documentation and Collateral Agent in its reasonable credit judgment (which credit judgment shall be exercised in a manner that is not arbitrary or capricious and shall be exercised in a manner not inconsistent with the manner in which the initial ineligibility standards were determined). The following Receivables are ineligible and shall not be included in Eligible Canadian Receivables:
Eligible Canadian Receivables means a Receivable which meets all of the requirements of an Eligible Receivable, except that it is a Receivable of Wood's Canada arising in the Ordinary Course of Business and the sale is to a Customer organized under the laws of Canada or a province or territory thereof and with its principal place of business located in Canada.
Eligible Canadian Receivables means Eligible Receivables of any Canadian Subsidiary of the Borrower.
Eligible Canadian Receivables means Eligible Receivables that are denominated in the currency of Canada.
Eligible Canadian Receivables means and include with respect to Trace Energy (Canada), each Receivable of Trace Energy (Canada) arising in the Ordinary Course of Business and which Agent, in its sole credit judgment, shall deem to be an Eligible Canadian Receivable, based on such considerations as Agent may from time to time deem appropriate. A Receivable shall not be deemed an Eligible Canadian Receivable unless such Receivable is subject to Agent’s first priority perfected security interest and no other Lien (other than Permitted Encumbrances), and is evidenced by an invoice or other documentary evidence satisfactory to Agent. In addition, no Receivable shall be an Eligible Canadian Receivable if any of the items listed in parts (a) through (p) of the definition of “Eligible Domestic Receivable” shall apply to such Receivable.