Canadian Account definition

Canadian Account means an account other than a non-Canadian account.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Canadian Account means each bank account held in Canada:

Canadian Account means, individually and collectively, those certain deposit accounts maintained by BioHorizons at a Canadian Bank.

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 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 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 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.

• Borrowers shall manually transfer all funds on deposit in the Canadian Account into the Payment Account at least once per month, or more frequently as directed by Administrative Agent.

More Definitions of Canadian Account

Canadian Account means any account invoiced and payable in Canadian Dollars

Canadian Account has the meaning given to the term “Pledge Account” in the Canadian Security Agreement.

Canadian Account means Account No. 3012-102-082-5, established and maintained in the name of the Canadian Borrower at Royal Bank of Canada in Toronto, Ontario, Transit No. 00000, Bank No. 003, or such other account as the Canadian Agent may establish from time to time with the prior written consent of the Administrative Agent.

Canadian Account means all deposit accounts maintained at Canadian ---------------- banking institutions by and in the name of the Borrower or any Loan Party including the accounts identified on Schedule 6.19 hereto, or such other deposit account with any Canadian banking institution approved by the Lender that is maintained by the Borrower that complies with Section 6.19. ------------ "Capitalized Lease" means, as to any Person, any lease of property by ----------------- such Person as lessee which would be accounted for as a capital lease on a balance sheet of such Person prepared in conformity with GAAP.

Canadian Account means each bank account held by a member of the Group in Canada: set out in Schedule 9 (Canadian Accounts); and opened after the date of this Agreement.

Canadian Account. As defined in Section 2.17(d).

Canadian Account means an Eligible Account that is payable by an Account Debtor whose place of business and jurisdiction of organization is in Canada. Eligible Insured Accounts means Trade Accounts who meet all of the criteria to be Eligible Accounts except paragraph 5 thereof, which qualify as Eligible Accounts, as the case may be, and whose payment is insured by a receivable insurance provider reasonably acceptable to the Administrative Agent, provided that the benefits of any insurance are specifically charged to and in favour of the Finance Parties free from any other Lien (other than Permitted Liens) and any such charge is duly accepted and acknowledged by such insurance provider. Eligible Inventory, as at the date of determination, all Inventory (other than slow moving, packaging and crating supplies used or consumed in the normal course of business), raw materials, work-in-progress and finished goods of the Credit Parties (valued at the Net Orderly Liquidation Value) that meet the following criteria (provided, that such exclusion criteria may be revised from time to time by the Administrative Agent in its Permitted Discretion): 104822.00280/115572577.6305585250.30 CREDIT AGREEMENT SCHEDULE "B" - PAGE 15 1. as to which any of the representation or warranties contained herein or in any other Operative Document pertaining to such Inventory, raw material, work-in-progress or finished goods is true and correct; 2. are assets of a Credit Party to which it has good and marketable title, are freely assignable and are not subject to any Liens other than Permitted Liens, and over which the Administrative Agent has first priority Liens, other than Permitted Liens that arise by operation of Law; 3. are held on premises owned or operated by a Credit Party and located in Canada or the United States; 4. are not discontinued or excess items or used items held for resale; 5. are of good and merchantable quality, free from any material defects and are not obsolete, unsalable, shopworn, damaged, unfit for further processing or of substandard quality, in the Administrative Agent's credit judgment using its Permitted Discretion; 6. if In-Transit Inventory, such Inventory forming part of the Borrowing Base does not exceed $5,000,000 in appraised value and is (i) fully insured to the satisfaction of the Administrative Agent, (ii) is fully paid or its payment is fully backed by appropriate bills of lading properly and indicates that such Inventory is "FOB" from the supplier's location, (ii...