Common use of Delayed Drawdown Collateral Loans Clause in Contracts

Delayed Drawdown Collateral Loans. At any time after any Delayed Drawdown Collateral Loan has become an Ineligible Collateral Loan, the Borrower shall promptly (and in any event within two (2) Business Days) following the Administrative Agent or the Required Lenders’ direction, either (i) divest in full the Unfunded Exposure Amount thereof or (ii) cash collateralize in full the Unfunded Exposure Amount thereof by depositing such cash into a segregated sub-account with the Account Bank subject to the Account Control Agreement, subject to withdrawal at the direction of the Borrower solely to fund such Unfunded Exposure Amount (provided that, for the avoidance of doubt, no such cash collateral amount with respect to any Ineligible Collateral Loan shall be included in the Borrowing Base), it being understood that the decision as to whether to divest or cash collateralize shall be made by the Borrower in its sole discretion.

Delayed Drawdown Collateral Loans. At any time after any Delayed Drawdown Collateral Loan has become an Ineligible Collateral Loan, the Borrower shall promptly (and in any event within two (2) Business Days) following the Administrative Agent Agent’s or the Required Lenders’ direction, either (i) divest in full the Unfunded Exposure Amount thereof or (ii) cash collateralize in full the Unfunded Exposure Amount thereof by depositing such cash into a segregated sub-account with the Account Bank subject to the Account Control Agreement, subject to withdrawal at the direction of the Borrower solely to fund such Unfunded Exposure Amount (provided that, for the avoidance of doubt, no such cash collateral amount with respect to any Ineligible Collateral Loan shall be included in the Borrowing Base), it being understood that the decision as to whether to divest or cash collateralize shall be made by the Borrower in its sole discretion.