COLLATERAL IN THE EVENT OF DEFAULT. If the Credit Facilities terminate or expire for any reason or the Agent accelerates the entire principal and interest and all other amounts due from the Company pursuant to this Credit Agreement as a result of any Event of Default, then the Company shall, on demand of the Agent, deposit with the Agent in cash, for deposit in the Cash Collateral Account, an amount equal to the Standby Letter of Credit Obligations as of such date. The Agent shall have no obligation to make any of such funds available to the Company pursuant to Section 3.2, below. The Agent may also deposit to the Cash Collateral Account any payments received by it from the collection of the Obligations and the sale or other disposition of the Collateral which the Agent, in its discretion, designates as being held against Standby Letter of Credit Obligations and other Obligations related thereto.
Appears in 5 contracts
Samples: Credit, Reimbursement and Security Agreement (Multi Color Corp), Credit, Reimbursement and Security Agreement (Multi Color Corp), Credit, Reimbursement and Security Agreement (Multi Color Corp)
