Collateralization of Obligations Sample Clauses

Collateralization of Obligations. To reflect the agreement of the parties hereto that the Obligations under the Credit Agreement and the L/C Obligations under (as that term is defined in) the Bond Financing Reimbursement Agreement be at all times either unsecured or equally and ratably secured, the Company hereby agrees to execute such documents, instruments and agreements in connection with the provision of collateral security under either of the Credit Agreement or the Bond Financing Reimbursement Agreement as may be deemed necessary or appropriate by the Agent to assure such that the Lenders and the Credit Support Providers hold any and all Liens pro rata and pari passu.
Sample 1
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Collateralization of Obligations. Within 60 days of the occurrence of the Collateralization Event, the Borrower shall deliver, or cause to be delivered, all of the following to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent and legal counsel for the Collateral Agent (unless otherwise specified or unless the Collateral Agent otherwise agrees) and in compliance with the requirements of the Note Agreement (as defined in the Security Agreement): (a) the Security Agreement executed by Borrower, each Domestic Subsidiary, the Required Secured Parties, the Collateral Agent and the Agent, together with the Pledged Securities accompanied by appropriate stock powers endorsed in blank, which Security Agreement shall grant to the Collateral Agent on behalf of the Secured Parties a security interest in substantially all domestic accounts receivable and inventory of the Borrower and the Domestic Subsidiaries, the capital stock of all Domestic Subsidiaries and 60% of the capital stock of all Material Foreign Subsidiaries; (b) such financing statements on Form UCC-1 executed by Borrower and each Domestic Subsidiary with respect to the Security Agreement as the Collateral Agent may request; (c) a favorable opinion of counsel to Borrower and the Domestic Subsidiaries confirming, among other things, that (i) the Secured Parties' security interest in the Collateral is duly perfected, (ii) each Loan Party's obligations under the Collateral Documents to which it is a party are legal, valid, binding and enforceable against such Loan Party (iii) the execution, delivery and performance of the Collateral Documents by each Loan Party will not violate any law, decree or judgment or violate the Note Agreement (as defined in the Security Agreement) to which such Loan Party is a party or by which its assets are bound and (iv) except for the filing of a financing statement with respect to Collateral covered by Division 9 of the Uniform Commercial Code, no government approvals, consents, registrations or filings, are required by any Loan Party; PROVIDED that such opinion shall be subject to such modifications as are acceptable to the Collateral Agent in its sole discretion; and (d) such other assurances, certificates, documents, consents or opinions as the Collateral Agent may reasonably require.
Sample 1
Collateralization of Obligations. If Borrower opts to secured to Lender’s satisfaction its obligations with respect to any Letters of Credit, or ongoing Cash Management Services, then, effective as of such date, the balance in any deposit accounts held by Lender and the certificates of deposit or time deposit accounts issued by Lender in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or accounts), shall automatically secure such obligations to the extent of the then continuing or outstanding Letters of Credit and Cash Management Services. If, after opting to secure such obligations, at such time there are insufficient balances in Borrower’s accounts held with Lender fully to secure such obligations, Borrower shall immediately deposit funds with Lender to equal at least 105% of the aggregate Letters of Credit and Cash Management Services then outstanding. Borrower grants Lender a security interest in and authorizes Lender to hold such balances in pledge and to decline to honor any drafts thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the applicable Letters of Credit or Cash Management Services are outstanding or continuing. Notwithstanding the foregoing, (i) the aggregate amount of Advances plus the amount of all Letters of Credit and Cash Management Services shall at no time exceed the Credit Limit, (ii) the aggregate amount of all Letters of Credit shall not exceed the Letter of Credit Sublimit, and (iii) the aggregate amount of Cash Management Services shall not exceed the Cash Management Sublimit at any time.
Sample 1

Related to Collateralization of Obligations

  • Repayment of Obligations Notwithstanding anything to the contrary contained herein, the Borrower shall repay the Advances Outstanding, all accrued and unpaid Yield, any Breakage Fees, Increased Costs, all accrued and unpaid costs and expenses of the Administrative Agent and Lenders and all other Obligations (other than unmatured contingent indemnification obligations) in full on the Facility Maturity Date.

  • Acceleration of Obligations Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, including (i) any accrued and unpaid interest, (ii) the amounts which would have otherwise come due under Section 2.3(b)(ii) if the Loans had been voluntarily prepaid, (iii) the unpaid principal balance of the Loans and (iv) all other sums, if any, that shall have become due and payable hereunder, immediately due and payable (provided that upon the occurrence of an Event of Default described in Section 8.12 or 8.13 all Obligations shall become immediately due and payable without any action by Lender);

  • Satisfaction of Obligations The Borrower shall pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves with respect thereto have been provided on the books of the Borrower.

  • Cross-Collateralization No Mortgage Loan is cross-collateralized or cross-defaulted with any other mortgage loan that is outside the Mortgage Pool, except in the case of a Mortgage Loan that is part of a Whole Loan.

  • Payment of Obligations Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the Borrower or its Subsidiaries, as the case may be.

  • Termination of Obligations Termination of this Agreement pursuant to Section 10.1 hereof shall terminate all obligations of the parties hereunder, except for the obligations under Article IX, Article X, and Sections 11.4, 11.7, 11.14, 11.15 and 11.16 hereof; provided, however, that termination pursuant to paragraphs (b) or (c) of Section 10.1 shall not relieve the defaulting or breaching party or parties from any liability to the other parties hereto.

  • Duration of Obligations The Manager’s obligation to provide Disentanglement Services will continue during the period commencing on the date that a Termination Notice is delivered and ending on the date on which the Successor Manager or the re-engaged Manager assumes all of the obligations of the Manager hereunder (the “Disentanglement Period”).

  • Mitigation of Obligations If any Lender requests compensation under Section 2.18, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.20, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the sole judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable under Section 2.18 or Section 2.20, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all costs and expenses incurred by any Lender in connection with such designation or assignment.

  • 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.

  • Reinstatement of Obligations If at any time all or any part of any payment made by Indemnitor or received by Lender from Indemnitor under or with respect to this Agreement is or must be rescinded or returned for any reason whatsoever (including, but not limited to, the insolvency, bankruptcy or reorganization of Indemnitor or Borrower), then the obligations of Indemnitor hereunder shall, to the extent of the payment rescinded or returned, be deemed to have continued in existence, notwithstanding such previous payment made by Indemnitor, or receipt of payment by Lender, and the obligations of Indemnitor hereunder shall continue to be effective or be reinstated, as the case may be, as to such payment, all as though such previous payment by Indemnitor had never been made.

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