DAYLIGHT LOANS definition
DAYLIGHT LOANS means Indebtedness owed by Holdings to a third party; provided that, on the date of incurrence of such Indebtedness, (i) Holdings shall use all of the proceeds of such Indebtedness to subscribe and pay for shares to be issued by Canadian Holding Company, (ii) Canadian Holding Company shall use all of the proceeds of such issuance and sale to make payments to MAAX Corporation in respect of the Special Intercompany Note, (iii) MAAX Corporation shall dividend or otherwise distribute (whether by an interest-free advance or otherwise) to Holdings all of such payments received by it and (iv) Holdings shall use such dividend or other distribution to repay all Indebtedness owed by it referred to in this definition.
DAYLIGHT LOANS means all Euro Daylight Loans and U.S. Dollar Daylight Loans.