Common use of Additional Cash Collateral Accounts Clause in Contracts

Additional Cash Collateral Accounts. Upon receipt by the Cash Manager and the Trustee and Guarantor Trustee of a Board Resolution and Guarantor Board Resolution providing for the establishment of any additional Cash Collateral Account as an Eligible Credit Facility for one or more subclasses of Securities or in respect of any other Obligation, the Cash Manager shall, by Written Notice, cause the Operating Bank to establish (within three Business Days of the giving of such Written Notice) and maintain such Cash Collateral Account pursuant to Section 3.01(a) hereof in the name of the Security Trustee for the benefit of the Holders of the ACS Group Securities of each such subclass and/or the Secured Parties holding such other Obligation (and, with respect to any additional Cash Collateral Account to be an Eligible Credit Facility (other than any Cash Collateral Account in respect of which (a) amounts will be deposited therein and (b) there is no obligation to reimburse any Person in respect of such amounts), upon receipt of the prior written consent of the Initial Credit Facility Provider and the Policy Provider to such additional Cash Collateral Account). All amounts provided in connection with any such Board Resolution and Guarantor Board Resolution for deposit in such Account and all amounts to be deposited in such Account under Section 3.08 hereof as an Eligible Credit Facility shall be held in such Cash Collateral Account for application, and all replenishment shall be made, in accordance with the terms of the Board Resolution and Guarantor Board Resolution relating to such Eligible Credit Facility, which Board Resolution and Guarantor Board Resolution shall include the basis of any replenishment of the Cash Collateral Account.