Certain Covenants Regarding Pledged Share Collateral Sample Clauses
Certain Covenants Regarding Pledged Share Collateral. All Pledged Share Collateral shall at all times be owned by a Pledged Share Collateral Guarantor. In the event any Pledged Share Collateral is acquired by the Company, it shall, within five (5) Business Days of such acquisition of Pledged Share Collateral, cause such Pledged Share Collateral to be transferred to a Pledged Share Collateral Guarantor.
SECTION 12.01. “Trust Monies” Defined. All cash or Cash Equivalents received by the Collateral Trustee as, or in respect of, Collateral:
(a) upon the release of property from the Lien of any of the Security Documents, including all moneys received in respect of the principal of all purchase money, governmental and other obligations; or
(b) as compensation for, or proceeds of the sale of all or any part of the Collateral taken by eminent domain or purchased by, or sold pursuant to an order of, a governmental authority or otherwise disposed of; or
(c) as proceeds of insurance upon any, all or part of the Collateral (other than proceeds under any protection and indemnity or other third-party liability insurance); or
(d) pursuant to any of the Security Documents; or
(e) as proceeds of any other sale or other disposition of all or any part of the Collateral by or on behalf of the Collateral Trustee or any collection, recovery, receipt, appropriation or other realization of or from all or any part of the Collateral pursuant to the Security Documents or otherwise; or
(f) consisting of the cash or Cash Equivalents component of Qualified Collateral; or
(g) any money held from time to time in the Collateral Account; or
(h) for application under this Article Twelve as elsewhere provided in this Indenture or any Security Document, or whose disposition is not elsewhere otherwise specifically provided for herein or in any Security Document;
Certain Covenants Regarding Pledged Share Collateral. (a) All Pledged Share Collateral (other than cash and Cash Equivalents) shall not be directly owned by the Company, but instead shall at all times be directly owned by a Pledged Share Collateral Guarantor. In and pledged to the Collateral Agent for the benefit of the Holders. Except as otherwise provided in Section 11.18(b) with respect to Specified Proceeds, all Pledged Share Collateral that consists of cash or Cash Equivalents (including, for the avoidance of doubt, “proceeds” thereof) shall be deposited with the Collateral Trustee as Trust Monies for the benefit of the Holders. Subject to Section 11.18(b) below, in the event any Pledged Share Collateral is acquired by the Company, it from time to time, the Company shall, within five (5) Business Days of such acquisition, (i) in the case of Pledged Share Collateralcash or Cash Equivalents, deposit such cash with the Collateral Trustee as Trust Monies for the benefit of the Holders or (ii) otherwise, cause such Pledged Share Collateral to be transferred to a Pledged Share Collateral Guarantor. and pledged to the Collateral Trustee for the benefit of the Holders. Notwithstanding any other provision of the Indenture to the contrary, for so long as a Pledged Share Collateral Guarantor owns any Pledged Share Collateral, such Pledged Share Collateral Guarantor (x) may not be designated as an Unrestricted Subsidiary and (y) the Note Guarantee of such Guarantor shall not be automatically released other than pursuant to Section 4.16(b)(1), (4) or (6).
(b) So long as no Default or Event of Default shall have occurred and be continuing, Specified Proceeds shall not constitute Trust Monies and the Co-Issuers and the Restricted Subsidiaries may receive, retain and utilize Specified Proceeds for any purpose not prohibited by this Indenture (and, for the avoidance of doubt, Specified Proceeds shall not constitute Collateral at such time as they are no longer owned or retained by the Co-Issuers or a Restricted Subsidiary); provided, that upon the occurrence and during the continuation of a Default or Event of Default, Specified Proceeds shall constitute Trust Monies subject to Article 12 hereof. Any Future Navios Logistics Cash Dividend and the Net Proceeds of any Future Navios Logistics Property Dividend shall be deposited in the Collateral Account and shall at all times constitute Trust Monies subject to Article 12 hereof.
(c) Any Future Property Dividend shall be pledged to the Collateral Trustee for the benefit of t...