Cash Collateral Reserve Account Sample Clauses

Cash Collateral Reserve Account. The Parent Borrower has established Account #XXXX05183 maintained with KeyBank in the name of the Parent Borrower for deposit of certain cash collateral to be used for certain working capital needs of the Borrowers (the “Cash Collateral Reserve Account”). Substantially concurrently (and in any event, within one (1) Business Day) with the consummation of the July 2023 Offering, the Borrowers shall deposit into the Cash Collateral Reserve Account an amount equal to $20,000,000. The Cash Collateral Reserve Account is subject to the sole dominion, control and discretion of Administrative Agent, its authorized agents or designees, subject to the terms of the Loan Documents. Neither any Borrower nor any other party shall have the right of withdrawal with respect to the Cash Collateral Reserve Account, except in accordance with the provisions of, and for the purposes stated in, this Section 5.21. So long as no Default or Event of Default shall have occurred and be continuing, amounts on deposit in the Cash Collateral Reserve Account may be made available to the Borrowers in accordance with this Section 5.21 to (i) pay the Internalization Transaction Deferred Compensation upon satisfaction of the Internalization Transaction Payment Conditions in accordance with Section 6.05(f), (ii) to pay the fees and expenses of the Lenders’ Financial Advisor, and (iii) for other working capital needs of the Loan Parties that are approved by (x) the Administrative Agent in its sole but reasonable discretion; provided that the Administrative Agent may not approve use of more than $5,000,000 on deposit in the Cash Collateral Account (excluding amounts permitted pursuant to clauses (i) and (ii) above) without the consent of the Required Lenders or (y) otherwise, the Required Lenders (collectively, “Permitted Operating Uses”). Borrower may request that the Administrative Agent agree to release a portion of the funds in the Cash Collateral Reserve Account to be used for Permitted Operating Uses. In connection therewith, the Borrower will submit a written request therefor no later than five (5) Business Days prior to the request release, together with a description of the proposed uses and such supporting information as the Administrative Agent or the Required Lenders may reasonably request to make its determination. The Administrative Agent and Required Lenders will use commercially reasonable efforts to respond to such request and confirm whether the requested uses are Permitted Ope...
Sample 1
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Cash Collateral Reserve Account. Concurrently with the funding of each Mortgage Loan, CRIIMI MAE shall deposit with CRE, in the Cash Collateral Reserve Account, the related Cash Collateral Reserve Amount determined as provided in this Section 4.01. The Cash Collateral Reserve Amount with respect to any Mortgage Loan shall be subject to subordination levels generated via the CRE model, and shall be not less than 5% of the greater of the outstanding principal balance and the purchase price paid by CRE for Mortgage Loans with less than a 16% subordination level to the BBB using the CRE model. For Mortgage Loans with a subordination level above 16% to the BBB using the CRE model, the Cash Collateral Reserve Amount will equal 5% plus half the difference between the level generated via the CRE model and 16% (e.g., for a 20% subordination level to the BBB it would be 20%-16% times 50% equals 2.0% additional subordination reserve for a total of 7.0%). In the event that any Mortgage Loan, while in the Program, performs in such a manner that this subordination model reflects a subordination level below 16% to the BBB, and provided that no Event of Default shall have occurred and be continuing, any excess Cash Collateral Reserve Amounts shall be promptly refunded to CRIIMI MAE; PROVIDED, HOWEVER, that in no event shall the Cash Collateral Reserve Amount at any time be less than 5% of the outstanding principal balance of the Portfolio. Upon the sale by CRE of any Mortgage Loan, CRE may apply amounts in the Cash Collateral Reserve Account in satisfaction in whole or in part of CRIIMI MAE's obligation to pay the Purchase Price and other amounts due CRE with respect thereto. Any amounts remaining in the Cash Collateral Reserve Account with respect to any Mortgage Loan after disposition thereof by CRE and the satisfaction by CRIIMI MAE of all of its obligations hereunder, with respect thereto, including any amounts representing interest on such funds, shall be promptly released by CRE to
Sample 1

Related to Cash Collateral Reserve Account

  • 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).

  • LC Collateral Account (i) The Administrative Agent is hereby authorized to establish and maintain at the Notice Office, in the name of the Administrative Agent and pursuant to a dominion and control agreement, a restricted deposit account designated “The Lead Borrower LC Collateral Account.” Each Credit Party shall deposit into the LC Collateral Account from time to time the Cash Collateral required to be deposited under Section 2.13(j) hereof.

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Lien on Deposit Accounts Cash Collateral (i) To further secure the prompt payment and performance of the Obligations, the Borrower and each Guarantor hereby grants to the Administrative Agent a continuing security interest in and Lien upon all amounts credited to any Deposit Account and Securities Account of such Borrower or Guarantor, including sums in any blocked, lockbox, sweep or collection account, to the extent such amounts constitute the Property of such Borrower or Guarantor. The Borrower and each Guarantor hereby authorizes and directs each bank or other depository to deliver to the Administrative Agent, upon request, all balances and assets in any Deposit Account or Securities Account maintained for such Borrower or Guarantor, without inquiry into the authority or right of the Administrative Agent to make such request.

  • Facility LC Collateral Account The Borrower agrees that it will, upon the request of the Agent or the Required Lenders and until the final expiration date of any Facility LC and thereafter as long as any amount is payable to the LC Issuer or the Lenders in respect of any Facility LC, maintain a special collateral account pursuant to arrangements satisfactory to the Agent in its Permitted Discretion (the “Facility LC Collateral Account”) at the Agent’s office at the address specified pursuant to Article XIII, in the name of the Borrower but under the sole dominion and control of the Agent, for the benefit of the Lenders and in which the Borrower shall have no interest other than as set forth in Section 8.1. Nothing in this Section 2.1.2(j) shall either obligate the Agent to require the Borrower to deposit any funds in the Facility LC Collateral Account or limit the right of the Agent to release any funds held in the Facility LC Collateral Account in each case other than as required by Section 8.1. The Borrower hereby pledges, assigns and grants to the Agent, on behalf of and for the ratable benefit of the Lenders and the LC Issuer, a security interest in all of the Borrower’s right, title and interest in and to all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Secured Obligations. The Agent will invest any funds on deposit from time to time in the Facility LC Collateral Account in certificates of deposit of Chase having a maturity not exceeding thirty days.

  • Reserve Account Property (i) The Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and (ii) the Reserve Account Deposit and all proceeds thereof (other than the Investment Earnings thereon).

  • Collateral Account Party B shall open and maintain a segregated account, which shall be an Eligible Account, and hold, record and identify all Posted Collateral in such segregated account.

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

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