Application of Amounts in Collateral Account. The balance from time to time in the Collateral Account shall constitute part of the Pledged Collateral hereunder and shall not constitute payment of the Secured Obligations until applied as hereinafter provided. So long as no Event of Default has occurred and is continuing or will result therefrom, the Administrative Agent shall remit the collected balance outstanding to the credit of the Collateral Account to or upon the order of the respective Pledgor, in periodic installments, if applicable, upon submission of reasonable evidence that such amount is to be applied as permitted by Section 2.10(a) of the Credit Agreement; provided that any amounts deposited in the Collateral Account in respect of prepayments or reductions of Loans or Commitments under Section 2.10(a) of the Credit Agreement which are to be applied to LIBOR Loans as provided in Section 2.10(b) of the Credit Agreement shall be held by the Administrative Agent until the end of the respective Interest Periods of such LIBOR Loans at which time, whether or not an Event of Default has occurred, the Administrative Agent shall cause such monies to be applied to such LIBOR Loans. However, at any time following the occurrence and during the continuance of an Event of Default, the Administrative Agent may (and, if instructed by the Lenders as specified in the Credit Agreement, shall) in its (or their) discretion apply or cause to be applied (subject to collection) the balance from time to time in the Collateral Account to the payment of the Secured Obligations in the manner specified in Section 14 hereof. The balance from time to time in the Collateral Account shall be subject to withdrawal only as provided herein.
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Samples: Security Agreement (Centennial Communications Corp /De)
Application of Amounts in Collateral Account. The balance from time to time in the Collateral Account shall constitute part of the Pledged Collateral hereunder and shall not constitute payment of the Secured Obligations until applied as hereinafter provided. So long as no Event of Default has occurred and is continuing or will result therefrom, the Administrative Agent shall remit the collected balance outstanding to the credit of the Collateral Account to or upon the order of the respective Pledgor, in periodic installments, if applicable, upon within two Business Days of (i) submission of reasonable evidence that such amount is to be applied as permitted by Section 2.10(a) of the Credit Agreement; provided that any amounts deposited in the Collateral Account in respect of prepayments or reductions of Loans or Commitments under Section 2.10(a2.7(b) of the Credit Agreement which are and (ii) with respect to be applied any cash proceeds on deposit in the Collateral Account relating to LIBOR Loans as provided in Section 2.10(b) any Real Property that is subject to a Mortgage, satisfaction of the Credit Agreement shall be held by the Administrative Agent until the end of the respective Interest Periods of conditions relating thereto set forth in such LIBOR Loans at which time, whether or not an Event of Default has occurred, the Administrative Agent shall cause such monies to be applied to such LIBOR LoansMortgage. However, at At any time following the occurrence and during the continuance of an Event of Default, however, the Administrative Agent may (and, if instructed by the Lenders as specified in the Credit Agreement, shall) in its (or their) discretion apply or cause to be applied (subject to collection) the balance from time to time in outstanding to the credit of the Collateral Account to the payment of the Secured Obligations in the manner specified in Section 14 13 hereof subject, however, in the case of amounts deposited in the Letter of Credit Liabilities Sub-Account, to the provisions of subsection 9(h) hereof). The balance from time to time in the Collateral Account shall be subject to withdrawal only as provided herein.
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Application of Amounts in Collateral Account. The balance from time to time in the Collateral Account shall constitute part of the Pledged Collateral hereunder and shall not constitute payment of the Secured Obligations until applied as hereinafter provided. So long as no Event of Default has occurred and is continuing or will result therefrom, the Administrative Agent shall remit the collected balance outstanding to the credit of the Collateral Account to or upon the order of the respective Pledgor, in periodic installments, if applicable, upon submission of reasonable evidence that such amount is to be applied as permitted by Section 2.10(a) of the Credit Agreement; provided that any amounts deposited in the Collateral Account in respect of prepayments or reductions of Loans or Commitments under Section 2.10(a) of the Credit Agreement which are to be applied to LIBOR Loans as provided in the penultimate sentence of Section 2.10(b) of the Credit Agreement shall be held by the Administrative Agent until the end of the respective Interest Periods of such LIBOR Loans at which time, whether or not an Event of Default has occurred, the Administrative Agent shall cause such monies to be applied to such LIBOR Loans. However, at any time following the occurrence and during the continuance of an Event of Default, the Administrative Agent may (and, if instructed by the Lenders as specified in the Credit Agreement, shall) in its (or their) discretion apply or cause to be applied (subject to collection) the balance from time to time in outstanding to the credit of the Collateral Account to the payment of the Secured Obligations in the manner specified in Section 14 hereof. The balance from time to time in the Collateral Account shall be subject to withdrawal only as provided herein.
Appears in 1 contract
Samples: Security Agreement (Centennial Communications Corp /De)
Application of Amounts in Collateral Account. The balance from time to time in the Collateral Account shall constitute part of the Pledged Collateral hereunder and shall not constitute payment of the Secured Obligations until applied as hereinafter provided. So long as no Event of Default has occurred and is continuing or will result therefrom, the Administrative Agent shall remit the collected balance outstanding to the credit of the Collateral Account to or upon the order of the respective Pledgor, in periodic installments, if applicable, upon submission of reasonable evidence that such amount is to be applied as permitted by Section 2.10(a) of the Credit Agreement; provided that any amounts deposited in the Collateral Account in respect of prepayments or reductions of Loans or Commitments under Section 2.10(a) of the Credit Agreement which are to be applied to LIBOR Loans as provided in the penultimate sentence of Section 2.10(b) of the Credit Agreement shall be held by the Administrative Agent until the end of the respective Interest Periods of such LIBOR Loans at which time, whether or not an Event of Default has occurred, the Administrative Agent shall cause such monies to be applied to such LIBOR Loans. However, at any time following the occurrence and during the continuance of an Event of Default, the Administrative Agent may (and, if instructed by the Lenders as specified in the Credit Agreement, shall) in its (or their) discretion apply or cause to be applied (subject to collection) the balance from time to time in outstanding to the credit of the Collateral Account to the payment of the Secured Obligations in the manner specified in Section 14 hereof. The balance from time to time in the Collateral Account shall be subject to withdrawal only as provided herein.
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Application of Amounts in Collateral Account. The balance from time to time in the Collateral Account shall constitute part of the Pledged Collateral hereunder and shall not constitute payment of the Secured Obligations until applied as hereinafter provided. So long as no Event of Default has occurred and is continuing or will result therefrom, the Administrative Collateral Agent shall within two Business Days of receiving a request of such Pledgor for release of cash proceeds from the Collateral Account remit the collected balance outstanding to the credit of cash proceeds on deposit in the Collateral Account to or upon the order of the respective such Pledgor, in periodic installments, if applicable, upon submission of reasonable evidence that so long as such amount is Pledgor has with respect to be applied as permitted by Section 2.10(a) of any Pledged Collateral, satisfied the Credit Agreement; provided that any amounts deposited in the Collateral Account in respect of prepayments or reductions of Loans or Commitments under Section 2.10(a) of the Credit Agreement which are to be applied to LIBOR Loans as provided conditions relating thereto set forth in Section 2.10(b4.17(vii) of the Credit Agreement shall be held by the Administrative Agent until the end of the respective Interest Periods of such LIBOR Loans at which time, whether or not an Event of Default has occurred, the Administrative Agent shall cause such monies to be applied to such LIBOR Loanshereof. However, at At any time following the occurrence and during the continuance of an Event of Default, the Administrative Collateral Agent may (and, if instructed by the Lenders as specified in the Credit Agreement, shall) in its (or their) discretion apply or cause to be applied (subject to collection) the balance from time to time in outstanding to the credit of the Collateral Account to the payment of the Secured Obligations in the manner specified in Article XI hereof subject, however, in the case of amounts deposited in the L/C Sub-Account, to the provisions of Section 14 8.3 hereof. The balance from time to time in the Collateral Account shall be subject to withdrawal only as provided herein.
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Application of Amounts in Collateral Account. The balance from time to time in the Collateral Account shall constitute part of the Pledged Collateral hereunder and shall not constitute payment of the Secured Obligations until applied as hereinafter provided. So long as no Event of Default has occurred and is continuing or will result therefrom, the Administrative Collateral Agent shall within two Business Days of receiving a request of such Pledgor for release of cash proceeds from the Collateral Account constituting Net Cash Proceeds relating to any Casualty Event or Asset Sale, remit the collected balance outstanding to the credit of cash proceeds on deposit in the Collateral Account to or upon the order of the respective such Pledgor, in periodic installments, if applicable, upon submission of reasonable evidence that so long as such amount is to be applied as permitted by Section 2.10(a) of Pledgor has satisfied the Credit Agreement; provided that any amounts deposited in the Collateral Account in respect of prepayments or reductions of Loans or Commitments under Section 2.10(a) of the Credit Agreement which are to be applied to LIBOR Loans as provided conditions relating thereto set forth in Section 2.10(b) of the Credit Agreement shall be held by the Administrative Agent until the end of the respective Interest Periods of such LIBOR Loans at which time, whether or not an Event of Default has occurred, the Administrative Agent shall cause such monies to be applied to such LIBOR Loans7.1(iv). However, at At any time following the occurrence and during the continuance of an Event of Default, the Administrative Collateral Agent may (and, if instructed by the Lenders as specified in the Credit Agreement, shall) in its (or their) discretion apply or cause to be applied (subject to collection) the balance from time to time in outstanding to the credit of the Collateral Account to the payment of the Secured Obligations in the manner specified in Article X hereof subject, however, in the case of amounts deposited in the L/C Sub-Account, to the provisions of Section 14 7.2 hereof. The balance from time to time in the Collateral Account shall be subject to withdrawal only as provided herein.
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Application of Amounts in Collateral Account. The balance from time to time in the Collateral Account shall constitute part of the Pledged Collateral hereunder and shall not constitute payment of the Secured Obligations until applied as hereinafter provided. So long as no Event of Default has occurred and is continuing or will result therefrom, the Administrative Agent shall remit the collected balance outstanding to the credit of the Collateral Account to or upon the order of the respective Pledgor, in periodic installments, if applicable, upon within two Business Days of (i) submission of reasonable reason- able evidence that such amount is to be applied as permitted by Section 2.10(a) of the Credit Agreement; provided that any amounts deposited in the Collateral Account in respect of prepayments or reductions of Loans or Commitments under Section 2.10(aSECTION 2.10(A) of the Credit Agreement which are and (ii) with respect to be applied any cash proceeds on deposit in the Collateral Account relating to LIBOR Loans as provided in Section 2.10(b) any Real Property that is subject to a Mortgage, satisfaction of the Credit Agreement shall be held by the Administrative Agent until the end of the respective Interest Periods of conditions relating thereto set forth in such LIBOR Loans at which time, whether or not an Event of Default has occurred, the Administrative Agent shall cause such monies to be applied to such LIBOR LoansMortgage. However, at At any time following the occurrence and during the continuance of an Event of Default, the however, Administrative Agent may (and, if instructed by the Lenders as specified in the Credit Agreement, shall) in its (or their) discretion apply or cause to be applied (subject to collection) the balance from time to time in outstanding to the credit of the Collateral Account to the payment of the Secured Obligations in the manner specified in Section 14 SECTION 13 hereof subject, however, in the case of amounts deposited in the Letter of Credit Liabilities Sub-Account, to the provisions of SUBSECTION 9(H) hereof). The balance from time to time in the Collateral Account shall be subject to withdrawal only as provided herein.
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Application of Amounts in Collateral Account. The balance from time to time in the Collateral Account shall constitute part of the Pledged Collateral hereunder and shall not constitute payment of the Secured Obligations until applied as hereinafter provided. So long as no Event of Default has occurred and is continuing or will result therefrom, the Administrative Collateral Agent shall within the time periods contemplated in Section 4.17(vii) hereof or in Article X of the applicable Mortgage, as appropriate, after receiving a request of such Pledgor for release of cash proceeds from the Collateral Account remit the collected balance outstanding to the credit of cash proceeds on deposit in the Collateral Account to or upon the order of the respective such Pledgor, in periodic installments, if applicable, upon submission so long as such Pledgor has (A) with respect to any Pledged Collateral, satisfied the applicable condi- tions relating thereto set forth in Section 4.17(vii) hereof and (B) with respect to any Mortgaged Property, satisfied the applicable conditions relating thereto set forth in Article X of reasonable evidence that such amount is Mortgage. In the case of Net Cash Proceeds with respect to any Asset Sale, such Net Cash Proceeds shall be applied as permitted by in the manner contemplated in Section 2.10(a2.13(b) of the Credit Agreement; provided that any amounts deposited in the Collateral Account in respect of prepayments or reductions of Loans or Commitments under Section 2.10(a) of the Credit Agreement which are to be applied to LIBOR Loans as provided in Section 2.10(b) of the Credit Agreement shall be held by the Administrative Agent until the end of the respective Interest Periods of such LIBOR Loans at which time, whether or not an Event of Default has occurred, the Administrative Agent shall cause such monies to be applied to such LIBOR Loans. However, at At any time following the occurrence and during the continuance of an Event of Default, the Administrative Collateral Agent may (and, if instructed by the Lenders as specified in the Credit Agreement, shall) in its (or their) discretion apply or cause to be applied (subject to collection) the balance from time to time in outstanding to the credit of the Collateral Account to the payment of the Secured Obligations in the manner specified in Article XI hereof (subject, however, in the case of amounts deposited in the L/C Sub-Account, to the provisions of Section 14 8.3 hereof). The balance from time to time in the Collateral Account shall be subject to withdrawal only as provided herein.
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Application of Amounts in Collateral Account. The balance from time to time in the Collateral Account shall constitute part of the Pledged Collateral hereunder and shall not constitute payment of the Secured Obligations until applied as hereinafter provided. So long as no Event of Default has occurred and is continuing or will result therefrom, the Administrative Collateral Agent shall within two Business Days of receiving a request of such Pledgor for release of cash proceeds constituting (I) Net Insurance Proceeds or Net Condemnation Awards from the Collateral Account, remit the collected balance outstanding to the credit of such cash proceeds on deposit in the Collateral Account to or upon the order of the respective such Pledgor, so long as such Pledgor has (A) with respect to any Pledged Collateral, satisfied the conditions relating thereto set forth in periodic installmentsSection 4.17(vii) hereof and (B) with respect to any Mortgaged Property, if applicablesatisfied the conditions relating thereto set forth in Article X of such Mortgage, upon submission of reasonable evidence that (II) Net Available Proceeds from any Asset Sale from the Collateral Account, remit such amount is to be applied as permitted by Section 2.10(a) of the Credit Agreement; provided that any amounts deposited cash proceeds on deposit in the Collateral Account to or upon the order of such Pledgor so long as such Pledgor has certified that it will immediately thereupon apply such cash proceeds in respect of prepayments or reductions of Loans or Commitments under the manner contemplated in Section 2.10(a) 2.10 of the Credit Agreement which are and (III) with respect to be applied to LIBOR Loans the L/C Sub-Account at such time as provided in Section 2.10(b) all Letters of Credit shall have been terminated and all of the Credit Agreement shall be held by the Administrative Agent until the end liabilities in respect of the respective Interest Periods Letters of such LIBOR Loans at which time, whether or not an Event of Default has occurred, the Administrative Agent shall cause such monies to be applied to such LIBOR LoansCredit have been paid in full. However, at At any time following the occurrence and during the continuance of an Event of Default, the Administrative Collateral Agent may (and, if instructed by the Lenders as specified in the Credit Agreement, shall) in its (or their) discretion apply or cause to be applied (subject to collection) the balance from time to time in outstanding to the credit of the Collateral Account to the payment of the Secured Obligations in the manner specified in Article XI hereof subject, however, in the case of amounts deposited in the L/C Sub-Account, to the provisions of Section 14 8.3 hereof). The balance from time to time in the Collateral Account shall be subject to withdrawal only as provided herein.
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