Access to Cash Collateral Sample Clauses

Access to Cash Collateral. (a) The Parties hereto hereby agree that the Borrower (or the Borrower Designee on behalf of the Borrower) shall have access to and use, in accordance with the terms and conditions hereof, the cash deposited from time to time in the Offshore Project Accounts (the “Cash Collateral”), other than any (i) cash relating to or deposited in any of the Debt Service Reserve Accounts, which shall remain undrawn during the Restructuring Proceedings and fully funded in accordance with the terms of the Brava Credit Agreement and related Financing Documents and (ii) any payments made in respect of any casualty Insurance Proceeds (as defined in the Brava Credit Agreement) exceeding USD 10 million in the aggregate following the date hereof. (b) Subject to Section 2.02 below, any such Cash Collateral made available to the Borrower (or the Borrower Designee on behalf of the Borrower) hereunder shall be (i) transferred to the Borrower (or the Borrower Designee on behalf of the Borrower) by the Offshore Account Bank from Offshore Project Accounts only on the dates set forth below (each, a “Cash Collateral Release Date”), provided for the avoidance of doubt, that this Agreement has become effective in accordance with its terms as of such date, and solely in the corresponding amounts set forth next to such date (each, a “Release Amount”). The portion of each Release Amount to be paid from, respectively, (i) the Offshore Project Accounts (as defined in the Brava Credit Agreement) pledged to the Brava Lenders and (ii) the Offshore Project Accounts (as defined in the A/L Credit Agreement) pledged to the A&L Lenders is set forth in Schedule I attached hereto. (c) All Cash Collateral so released hereunder shall, except as otherwise provided pursuant to Section 5.01 hereof, be promptly applied by Borrower (or the Borrower Designee on behalf of the Borrower) solely to pay required direct and reasonably allocated indirect costs relating to the operation and maintenance of the Drilling Units (as defined in the Brava and A/L Credit Agreements), in each case, in the normal course of operations and in accordance with the Business Plan (as defined in the Restructuring Term Sheet) and best industry practices. No Cash Collateral released hereunder shall be applied other than in accordance with this Section 2.01 (c). For the avoidance of doubt, in addition to the Release Amounts below, contractual operating expenses per the cash waterfalls shall also continue to be released in accordance with ...
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Access to Cash Collateral. The Parties hereto hereby agree that the Borrowers (or the Borrower Designee on behalf of the Borrowers) shall have access to and use, in accordance with the terms and conditions hereof, the cash deposited from time to time in the Offshore Project Accounts (the “Cash Collateral”), other than any (i) cash relating to or deposited in any of the Debt Service Reserve Accounts, which shall remain undrawn during the Restructuring Proceedings and fully funded in accordance with the terms of the A/L Credit Agreement and related Financing Documents and (ii) any payments made in respect of any casualty Insurance Proceeds (as defined in the A/L Credit Agreement) exceeding USD 10 million in the aggregate following the date hereof.
Sample 1
Access to Cash Collateral. Upon written notice from IHFA, the Lender shall release to IHFA or at its order (the "Release") amounts equal to the: (a) All Account Income at the times payable by the Lender for accounts of the same type, and (b) the applicable of: 1. in the case of a Term Loan, the reduction in the principal owing under the Loan as payments or other credits are applied against the Term Loan Principal Balance, IHFA may request partial return of the collateral deposit to correspond to ongoing principal reductions in the loan in order to maintain the original ratio of collateral deposit to loan principal.; or 2. in the case of a Line of Credit, the amounts in the Collateral Deposit Account in excess of the lesser of: i. the Initial Deposit; or ii. IHFA may request partial return of the collateral deposit pro rata based on reductions in the sum of the outstanding principal amount of the Line of Credit plus the undrawn amount of the Lender's line of credit to make the Line of Credit, up to the Loan Limit, and as further limited by any restrictions or reductions on further advances which reduce the Loan Limit as may be imposed by the Lender. Nothing in this Section shall be deemed to imply or impose upon IHFA any obligation to increase the amount of the Cash Collateral. The Lender shall provide all detail reasonably requested by IHFA regarding the breakdown of individual payments, credits, fees, or other charges against the Loan, including without limitation, itemization of the foregoing items.
Sample 1

Related to Access to Cash Collateral

  • Investment of Cash Collateral Pursuant to the SLA, the Client shall have the right to invest Cash Collateral received in respect of any loan, subject to an obligation, upon the termination of the loan, to return to the Approved Borrower the amount of cash initially pledged (as adjusted for any interim marks-to-market).

  • Cash Collateral Accounts Maintain, and cause each of the other Loan Parties to maintain, all Cash Collateral Accounts with Bank of America or another commercial bank located in the United States, which has accepted the assignment of such accounts to the Administrative Agent for the benefit of the Secured Parties pursuant to the terms of the Security Agreement.

  • Cash Collateral Account Notwithstanding anything to the contrary contained herein, no notice given or declaration made by the Administrative Agent pursuant to this Article VI shall affect (i) the obligation of any LC Issuing Bank to make any payment under any Letter of Credit in accordance with the terms of such Letter of Credit or (ii) the obligations of each Lender in respect of each such Letter of Credit; provided, however, that if an Event of Default has occurred and is continuing, the Administrative Agent shall at the request, or may with the consent, of the Majority Lenders, upon notice to the Borrower, require the Borrower to deposit with the Administrative Agent an amount in the cash collateral account (the “Cash Collateral Account”) described below equal to the LC Outstandings on such date. Such Cash Collateral Account shall at all times be free and clear of all rights or claims of third parties. The Cash Collateral Account shall be maintained with the Administrative Agent in the name of, and under the sole dominion and control of, the Administrative Agent, and amounts deposited in the Cash Collateral Account shall bear interest at a rate equal to the rate generally offered by Citibank for deposits equal to the amount deposited by the Borrower in the Cash Collateral Account, for a term to be determined by the Administrative Agent, in its sole discretion. The Borrower hereby grants to the Administrative Agent for the benefit of the LC Issuing Banks and the Lenders a Lien in and hereby assigns to the Administrative Agent for the benefit of LC Issuing Banks and the Lenders all of its right, title and interest in, the Cash Collateral Account and all funds from time to time on deposit therein to secure its reimbursement obligations in respect of Letters of Credit. If any drawings then outstanding or thereafter made are not reimbursed in full immediately upon demand or, in the case of subsequent drawings, upon being made, then, in any such event, the Administrative Agent may apply the amounts then on deposit in the Cash Collateral Account, toward the payment in full of any of the LC Outstandings as and when such obligations shall become due and payable. Upon payment in full, after the termination of the Letters of Credit, of all such obligations, the Administrative Agent will repay and reassign to the Borrower any cash then in the Cash Collateral Account and the Lien of the Administrative Agent on the Cash Collateral Account and the funds therein shall automatically terminate.

  • Cash Collateral If the reallocation described in clause (a)(iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.14.

  • Obligation to Cash Collateralize At any time there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent or the L/C Issuer (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

  • Lien on Deposit Accounts Cash Collateral 7.2.1. Deposit Accounts. Xxxxxx’s Lien encumbers all amounts credited to any Deposit Account of an Obligor (other than Excluded Deposit Accounts), including sums in any blocked, lockbox, sweep or collection account. Each Obligor hereby authorizes and directs each bank or other depository to deliver to Lender, upon request, all balances in any Deposit Account (other than Excluded Deposit Accounts) maintained for such Obligor, without inquiry into the authority or right of Lender to make such request.

  • Cash Collateralization (i) If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Revolving Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with L/C Obligations representing at least 66-2/3% of the total L/C Obligations) demanding the deposit of Cash Collateral pursuant to this clause (q), the Borrower shall immediately deposit into an account established and maintained on the books and records of the Administrative Agent (the “Collateral Account”) an amount in cash equal to 105% of the total L/C Obligations as of such date plus any accrued and unpaid interest thereon, provided that the obligation to deposit such Cash Collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (f) of Section 8.01. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. In addition, and without limiting the foregoing or clause (d) of this Section 2.03, if any L/C Obligations remain outstanding after the expiration date specified in said clause (d), the Borrower shall immediately deposit into the Collateral Account an amount in cash equal to 105% of such L/C Obligations as of such date plus any accrued and unpaid interest thereon. (ii) The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the Collateral Account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in the Collateral Account. Moneys in the Collateral Account shall be applied by the Administrative Agent to reimburse the L/C Issuer for L/C Disbursements for which it has not been reimbursed, together with related fees, costs, and customary processing charges, and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the L/C Obligations at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with L/C Obligations representing 66-2/3% of the total L/C Obligations), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of Cash Collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived.

  • Cash Collateral Pledge Upon (i) the request of the Agent, (A) if the Issuing Lender has honored any full or partial drawing request on any Letter of Credit and such drawing has resulted in an L/C Borrowing hereunder, or (B) if, as of the Revolving Termination Date, any Letters of Credit may for any reason remain outstanding and partially or wholly undrawn, or (ii) the occurrence of the circumstances described in subsection 2.7(a) requiring the Company to Cash Collateralize Letters of Credit, then, the Company shall immediately Cash Collateralize the Obligations in an amount equal to the L/C Obligations.

  • Cash Collateral, Repayment of Swingline Loans If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (y) second, Cash Collateralize the Issuing Lender’s Fronting Exposure in accordance with the procedures set forth in Section 3.10.

  • Cash Collateral, Repayment of Swing Line Loans If the reallocation described in clause (a)(iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.15.

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