Canadian Account definition
Examples of Canadian Account in a sentence
Foreign currency cash withdrawals, transfers or point of sale transactions on a Canadian Account will be made using the exchange rate that is in effect on that day for that currency.
The aggregate amount on deposit in the Excluded Canadian Accounts and the Specified Canadian Account (x) as of the Second Amendment Effective Date does not exceed $275,000, and (y) shall not exceed $275,000 at all times during the term of the Loan Agreement from the Second Amendment Effective Date until and including January 31, 2023.
The Credit Parties shall close the Specified Canadian Account on or prior to June 30, 2023 (or such later date as agreed to by Agent in its sole discretion).
The receipt of any payment item by Agent shall not be considered a payment on account unless such payment item is a wire transfer of immediately available federal funds made to Agent’s Account or Agent’s Canadian Account, as applicable, or unless and until such payment item is honored when presented for payment.
Subject to Section 2.11(e) below, Borrowers shall ensure that all collections of Accounts are paid directly from Account Debtors (i) into the Lockbox for deposit into the Lockbox Account, (ii) directly into the Lockbox Account, and/or (iii) solely with respect to Accounts owing from Canadian Account Debtors, directly into the Canadian Account.