Core Concentration Account Sample Clauses
Core Concentration Account. The Borrower will maintain a Deposit Account with DBTCA or a financial institution reasonably acceptable to the Administrative Agent in the name of the Borrower (the “Core Concentration Account”), which shall be under the “control” (as defined in Section 9-104 of the UCC) of the Administrative Agent. No amounts shall be deposited in the Core Concentration Account except as expressly contemplated by Section 5.01(r)(i), Section 5.01(r)(iv) and Section 5.01(s). During any Dominion Period, the Cash Management Control Agreement relating to the Core Concentration Account shall provide that all collected amounts held in the Core Concentration Account shall be sent by ACH or wire transfer no less frequently than once per Business Day to an account maintained by the Administrative Agent for application pursuant to the instructions of the Administrative Agent towards repayment of First Out Advances or Last Out Advances, as applicable, or towards satisfaction of the First Out Obligations (but not to cash collateralize Letters of Credit unless an Event of Default is continuing) or Last Out Obligations, as applicable, in all cases subject to and as required under Section 2.06(b)(iii) and, so long as no Event of Default shall then be continuing, any balance remaining after such application shall be released to the Borrower subject to and in accordance with Section 2.06(b)(iii). Each Loan Party agrees that it will not cause any proceeds of the Core Concentration Account to be otherwise redirected.
Core Concentration Account. (A) The Borrower will maintain a Deposit Account with DBTCA or a financial institution reasonably acceptable to the Administrative Agent (DBTCA or such financial institution, the “Core Concentration Account Bank”) in the name of the Borrower (the “Core Concentration Account”), which shall be under the “control” (as defined in Section 9-104 of the UCC) of the Security Agent. The Loan Parties agree that (A) no amounts shall be deposited in the Core Concentration Account except as expressly contemplated by Section 5.15(b) and Section 5.15(e); (B) at any time in which no Dominion Period exists or an Event of Default exists and is continuing, the Funds Administrator may cause the amounts held in the Core Concentration Account to be withdrawn and applied in accordance with this Agreement; (C) during any Dominion Period, the Cash Management Control Agreement relating to the Core Concentration Account shall provide that upon notice from the Security Agent to the Core Concentration Account Bank, all collected amounts held in the Core Concentration Account shall be sent by ACH or wire transfer no less frequently than once per Business Day to an account maintained by the Administrative Agent for application pursuant to the instructions of the Administrative Agent towards repayment of Advances or towards satisfaction of the Obligations (but not to cash collateralize Letters of Credit unless an Event of Default is continuing) in all cases subject to and as required under Section 2.06(b)(ii); and, so long as the Core Concentration Account Bank has not received notice that any Event of Default shall then be continuing, any balance remaining after such application shall be released to the Borrower subject to and in accordance with Section 2.06(b)(ii); and (D) at any time when an Event of Default exists and is continuing, the Cash Management Control Agreement relating to the Core Concentration Account shall provide that upon notice from the Security Agent to the Core Concentration Account Bank, all collected amounts held in the Core Concentration Account shall be sent by ACH or wire transfer no less frequently than once per Business Day to an account maintained by the Administrative Agent for application pursuant to the instructions of the Administrative Agent in accordance with the requirements set forth in this Agreement and (to the extent applicable) the Intercreditor Agreement towards repayment of Advances or towards satisfaction of the Obligations (including to cash c...