Dividends, Distributions, Etc. Upon the occurrence and during the continuance of an Event of Default: (a) all sums of money and property paid or distributed in respect of the Pledged Securities, whether as a dividend or upon a liquidation, dissolution, recapitalization or reclassification of the Issuer, or otherwise, that are received by the Pledgor shall be paid over and delivered to the Administrative Agent and held or applied, as the case may be, as provided in subsection (b) below. The Pledgor agrees to forthwith endorse, assign and deliver such items to the Administrative Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Administrative Agent may from time to time reasonably specify. (b) all sums of cash or cash equivalents that are delivered to the Administrative Agent pursuant to this Section 3.05 shall be applied to pay the Obligations, or if Letters of Credit are the only outstanding Obligations, shall be deposited into an interest bearing account with the Administrative Agent (the "CASH COLLATERAL ACCOUNT"). All other items of property shall be held by the Administrative Agent as security for the payment and performance in full of the Obligations. Some or all of the funds from time to time in the Cash Collateral Account may be invested in time deposits, including, without limitation, certificates of deposit issued by the Administrative Agent (such certificates of deposit or other time deposits being hereinafter referred to, collectively, as "TIME DEPOSITS"), that are satisfactory to the Administrative Agent after consultation with the Pledgor, provided that, in each such case, arrangements reasonably satisfactory to the Administrative Agent are made and are in place to perfect and to ensure the first priority status of the security interest of the Administrative Agent therein. Interest earned on the Cash Collateral Account and on the Time Deposits, and the principal of the Time Deposits at maturity that is not invested in new Time Deposits, shall be deposited in the Cash Collateral Account. The Cash Collateral Account, all sums from time to time standing to the credit of the Cash Collateral Account, all Time Deposits, all instruments or other writings evidencing Time Deposits, and all Proceeds of any of the foregoing, are hereinafter referred to as the "CASH COLLATERAL". (c) except as otherwise expressly provided in Article 12, the Pledgor shall have no right to withdraw sums from the Cash Collateral Account, to receive any of the Cash Collateral or to require the Administrative Agent to part with possession of any instruments or other writings evidencing any Time Deposits.
Appears in 4 contracts
Samples: Securities Collateral Pledge Agreement (Gamestop Corp), Revolving Credit Agreement (Gamestop Corp), Securities Collateral Pledge Agreement (Gamestop Corp)
Dividends, Distributions, Etc. Upon the occurrence and during the continuance of an Event of Default:
(a) Except to the limited extent provided in Article 4 hereof, all sums of money and property paid or distributed in respect of the Pledged Securities, whether as a dividend or upon a liquidation, dissolution, recapitalization or reclassification of the Issuerissuer, or otherwise, that are received by the Pledgor shall be paid over and delivered to the Administrative Agent and held or applied, as the case may be, as provided in subsection (b) below. The Pledgor agrees to forthwith promptly endorse, assign and deliver such items to the Administrative Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Administrative Agent may from time to time reasonably specifyrequest.
(b) all All sums of cash or cash equivalents that are delivered to the Administrative Agent pursuant to this Section 3.05 shall be applied to pay the Obligations, or if Letters of Credit the Obligations are the only outstanding Obligationsnot then due and payable, shall be deposited into an interest bearing account with the Administrative Agent (the "CASH COLLATERAL ACCOUNTCash Collateral Account")) and held by the Agent as security for the payment and performance in full of the Obligations. All other items of property delivered to the Agent pursuant to this Article 3 shall be held by the Administrative Agent as security for the payment and performance in full of the Obligations. Some or all of the funds from time to time in the Cash Collateral Account may be invested in time deposits, including, without limitation, certificates of deposit issued by the Administrative Agent (such certificates of deposit or other time deposits being hereinafter referred to, collectively, as "TIME DEPOSITSTime Deposits"), that are satisfactory to the Administrative Agent after consultation with the Pledgor, provided that, in each such case, arrangements reasonably satisfactory to the Administrative Agent are made and are in place to perfect and to ensure the first priority status of the security interest of the Administrative Agent therein. Interest earned on the Cash Collateral Account and on the Time Deposits, and the principal of the Time Deposits at maturity that is not invested in new Time Deposits, shall be deposited in the Cash Collateral Account. The Cash Collateral Account, all sums from time to time standing to the credit of the Cash Collateral Account, all Time Deposits, all instruments or other writings evidencing Time Deposits, and all Proceeds proceeds of any of the foregoing, are hereinafter referred to as the "CASH COLLATERALCash Collateral".
(c) except Except as otherwise expressly provided in Article 12, the Pledgor shall have no right to withdraw sums from the Cash Collateral Account, to receive any of the Cash Collateral or to require the Administrative Agent to part with possession of any instruments or other writings evidencing any Time Deposits.
Appears in 1 contract
Samples: Securities Collateral Pledge Agreement (Green Mountain Coffee Inc)