Cash Collateral Reserve Sample Clauses

Cash Collateral Reserve. Borrowers and Xxxxxx hereby agree that Section 4.04(a) of the Loan Agreement is hereby amended and restated in its entirety as follows: At the Closing, Borrower shall make a deposit (from the proceeds of the Loan) in the amount of $1,500,000 to a reserve fund (the “Cash Collateral Reserve”), which Cash Collateral Reserve shall serve as additional security for the Loan. Notwithstanding the foregoing, the Cash Collateral Reserve shall be released (a) for Approved Transactions, and (b) otherwise for transactions approved by Lender in Lender’s sole discretion, which shall not be unreasonably withheld, conditioned or delayed. In addition to the foregoing, Borrower will deposit into the Cash Collateral Reserve the amount of $386,000 not later than January 1, April 1, July 1, and October 1 of each year until the Loan is paid in full, commencing with the deposit occurring on July 1, 2023 (the “Quarterly Deposit”). Borrower hereby requests that upon receipt of each Quarterly Deposit such proceeds be applied by Lender to the principal of the Note in satisfaction of payments required pursuant to Section 3.1 of the Note. Any payments to the Note in advance of principal reductions required pursuant to Section 3.1 of the Note will be applied cumulatively toward future principal reductions due under the Note.
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Cash Collateral Reserve. During any Trigger Period, but subject to Collateral Agent’s and Xxxxxxx’ respective paramount rights during an Event of Default described in Section 7.4.2, all Available Cash (after payment of the Monthly Budgeted Amount and any Approved Extraordinary Operating Expenses) shall be deposited in the Cash Management Account to be held for the benefit of Collateral Agent, for the benefit of Lenders, as cash collateral for the Obligations (the “Cash Collateral Reserve”). Amounts deposited into the Cash Collateral Reserve are referred to as the “Cash Collateral Funds.” Required Lenders shall have the right, but not the obligation, at any time during the continuance of an Event of Default, in the sole and absolute discretion of Required Lenders, to cause Collateral Agent to direct the Cash Management Account Bank to disburse any Cash Collateral Funds (and any other Collateral) to the Obligations, in such order and in such manner as Required Lenders shall determine. Following written request by Xxxxxxxx after a Trigger Period ends, and provided that no new Trigger Period then exists, Required Lenders shall direct the Cash Management Account Bank to release Cash Collateral Funds to Borrower.
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Cash Collateral Reserve. Following the commencement, and at all times during the continuance, of a Cash Management Period, all amounts remaining in the Deposit Account after making the payments described in Section 3.10(a)(i) through (vi), if any, shall be deposited into a Subaccount (the “Cash Collateral Reserve Subaccount”). All funds deposited into the Cash Collateral Reserve Subaccount shall be held by Lender as additional security for the Debt and Borrower shall have no right to receive any disbursements therefrom. Notwithstanding the foregoing, upon the termination of any Cash Management Period, no further deposits shall be made into the Cash Collateral Reserve Subaccount and, provided that no Event of Default has occurred and is continuing, all amounts then on deposit in the Cash Collateral Reserve Subaccount shall be paid to Borrower.
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Cash Collateral Reserve. On the Closing Date, Borrower shall deposit $2,750,000.00 into a reserve with Collateral Agent (the "Cash Collateral Reserve"), out of its own funds (not Loan proceeds). All monies on deposit in the Cash Collateral Reserve shall be held by Collateral Agent, with interest in accordance with Section 5.8, in one or more Collateral Agent Accounts. Borrower grants to Collateral Agent (on behalf of the Lenders) a security interest in all funds on deposit in the Cash Collateral Reserve. While an Event of Default or Potential Default exists, Collateral Agent shall not be obligated to release to Borrower any portion of the Cash Collateral Reserve, and while an Event of Default exists, Collateral Agent shall be entitled, without notice to Borrower, to apply any funds in the Cash Collateral Reserve to satisfy Borrower's obligations under the Loan Documents. Collateral Agent shall release to Borrower the funds held in the Cash Collateral Reserve upon Collateral Agent's receipt of the Letter of Credit.
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Cash Collateral Reserve. Following the commencement, and at all times during the continuance, of a Cash Management Period, all Available Cash, if any, shall be deposited into a Subaccount (the “Cash Collateral Reserve Subaccount”). All funds deposited into the Cash Collateral Reserve Subaccount shall be held by Lender as additional security for the Debt and Borrower shall have no right to receive any disbursements therefrom. Notwithstanding the foregoing, upon the termination of any Cash Management Period, no further deposits shall be made into the Cash Collateral Reserve Subaccount and, provided that no Event of Default has occurred and is continuing and no other Cash Management Period is then in effect, all funds then on deposit in the Cash Collateral Reserve Subaccount shall be promptly paid to Operating Lessee by depositing such amount into the Operating Lessee Operating Account (or as Borrower or Operating Lessee may otherwise elect in writing to Lender). On the date hereof, Borrower shall deposit with Lender from Borrower equity (and not from advances of the Loan or the Term Loan) the amount of $2,279,979.00 (the “PIP Deposit”), which Lender shall cause to be transferred to the Cash Collateral Reserve Subaccount. The PIP Deposit shall be disbursed to Borrower from the Cash Collateral Reserve Subaccount to pay or reimburse Borrower for Approved PIP Expenses subject to the satisfaction of the Loan advance conditions set forth in Section 2.1.3(a) hereof; it being acknowledged and agreed by Lender that Borrower shall have the right to receive such disbursements prior to receiving advances of Loan proceeds.
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Cash Collateral Reserve. If a Cash Management Period shall be continuing (other than a Cash Management Period continuing due to a United Healthcare Trigger Period or a Xxxxxxx Trigger Period), Borrower shall make deposits to a reserve fund (the “Cash Collateral Reserve”) in accordance with Section 3.3(a) hereof. All funds on deposit in the Cash Collateral Reserve not previously disbursed or applied shall be disbursed to Borrower upon the termination of such Cash Management Period and so long as no other Cash Management Period then exists. Lender shall have the right, but not the obligation, at any time during the continuance of an Event of Default, in its sole and absolute discretion, to apply any and all funds on deposit in the Cash Collateral Reserve to the Debt, in such order and in such manner as Lender shall elect in its sole and absolute discretion, including to make a prepayment of Debt (together with the applicable Yield Maintenance Amount, if any, applicable thereto) or any other amounts due hereunder.
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Cash Collateral Reserve. Following the commencement, and at all times during the continuance, of a Cash Management Period, all Available Cash, if any, shall be deposited into a Subaccount (the “Cash Collateral Reserve Subaccount”). All funds deposited into the Cash Collateral Reserve Subaccount shall be held by Lender as additional security for the Debt and Borrower shall have no right to receive any disbursements therefrom. Notwithstanding the foregoing, upon the termination of any Cash Management Period, no further deposits shall be made into the Cash Collateral Reserve Subaccount and, provided that no Event of Default has occurred and is continuing and no other Cash Management Period is then in effect, all funds then on deposit in the Cash Collateral Reserve Subaccount shall be promptly paid to Operating Lessee by depositing such amount into the Operating Lessee Operating Account (or as Borrower or Operating Lessee may otherwise elect in writing to Lender).
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Cash Collateral Reserve 
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Related to Cash Collateral Reserve

  • 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 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.

  • 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 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.

  • 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 Collateral for Letters of Credit If an Event of Default has occurred and is continuing, this Agreement (or the Revolving Loan Commitment) shall be terminated for any reason or if otherwise required by the terms hereof, the Administrative Agent may, and upon request of Required Revolving Lenders, shall, demand (which demand shall be deemed to have been delivered automatically upon any acceleration of the Loans and other obligations hereunder pursuant to Section 7.2), and the Borrower shall thereupon deliver to the Administrative Agent, to be held for the benefit of the L/C Issuer, the Agents and the Lenders entitled thereto, an amount of cash equal to 105% of the amount of Letter of Credit Obligations as additional collateral security for Obligations in respect of any outstanding Letter of Credit. The Administrative Agent may at any time apply any or all of such cash and cash collateral to the payment of any or all of the Credit Parties’ Obligations in respect of any Letters of Credit. Pending such application, the Administrative Agent may (but shall not be obligated to) invest the same in an interest bearing account in the Administrative Agent’s name, for the benefit of the L/C Issuers, the Agents and the Lenders entitled thereto, under which deposits are available for immediate withdrawal, at such bank or financial institution as the L/C Issuer and the Administrative Agent may, in their discretion, select.

  • 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.

  • 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, 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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