SECTION 427 SECURITY definition
SECTION 427 SECURITY means the assignment by the Borrower to Royal pursuant to Section 427 of the Bank Act (Canada) covering all of the Borrower’s Inventory;
SECTION 427 SECURITY means the security documents issued by the Borrower to the Lender under Section 427 of the Bank Act (Canada).
SECTION 427 SECURITY means the Security granted by the Borrower to the Lender pursuant to Section 427 of the BANK ACT (Canada) as amended, restated or otherwise modified from time to time.
More Definitions of SECTION 427 SECURITY
SECTION 427 SECURITY means the assignment by the Borrower to Royal pursuant to Section 427 of the Bank Act (Canada) covering all of the Borrower's Inventory; (ooooo) "Security Agreement" means the security agreement and hypothec (Province of Quebec) dated for reference November 30, 2001 to be provided by the Borrower, in form and content satisfactory to Royal, wherein the Borrower grants to and in favour of Royal, subject to no prior financial charges except for Permitted Encumbrances and, subject only to the Section 427 Security, a first mortgage charge and security interest in and upon the Borrower's Inventory and the Borrower's trade accounts receivable, as amended, modified, supplemented, extended, renewed or replaced from time to time;