Common use of Canadian Collateral Clause in Contracts

Canadian Collateral. Upon the earlier to occur of (a) an Unmatured Event of Default, (b) an Event of Default, or (c) the Borrower having furniture, fixtures, inventory, equipment, intellectual property and leasehold improvements located in Canada having an aggregate net book value in excess of $1,500,000.00 U.S. Dollars, as shown on the most recent financial statements delivered by the Borrower to the Agent, the Agent may file such financing statements or financing change statements as are necessary to perfect the security interest previously granted by the Borrower in such of the Borrower’s Property located in Canada without further consent or action by or on behalf of the Borrower, and the Borrower shall take whatever action is or may be requested by the Agent to further grant to the Agent, on behalf of the Lenders, a first priority, perfected security interest in all of such Borrower’s Property located in Canada. (The Lenders hereby acknowledge that unless the Agent has filed the foregoing financing statements or financing change statements, the Lenders will not have a first priority, perfected security interest in such of Borrower’s Property located in Canada).

Canadian Collateral. Upon the earlier to occur of (a) an Unmatured Event of Default, (b) an Event of Default, or (c) the Borrower having furniture, fixtures, inventory, equipment, intellectual property and leasehold improvements located in Canada having an aggregate net book value in excess of $1,500,000.00 1,000,000.00 U.S. Dollars, as shown on the most recent financial statements delivered by the Borrower to the Agent, the Agent may file such financing statements or financing change statements as are necessary to perfect the security interest previously granted by the Borrower in such of the Borrower’s 's Property located in Canada without further consent or action by or on behalf of the Borrower, and the Borrower shall take whatever action is or may be requested by the Agent to further grant to the Agent, on behalf of the Lenders, a first priority, perfected security interest in all of such Borrower’s 's Property located in Canada. (The Lenders hereby acknowledge that unless the Agent has filed the foregoing financing statements or financing change statements, the Lenders will not have a first priority, perfected security interest in such of Borrower’s 's Property located in Canada).