Excess Cash Account; Cash Collateral Account. (a) The Company shall deposit, or cause to be deposited, cash in the Excess Cash Account at the times and in the amounts required by Section 5.09 of the Credit Agreement. Amounts deposited in the Excess Cash Account shall be held therein as Collateral for the Secured Obligations, provided that the Collateral Agent shall, to the extent required by (and otherwise on the terms set forth in) the proviso to Section 5.09 of the Credit Agreement, release and pay over to the Company free of the Transaction Liens such amounts as provided in such proviso. If an Event of Default shall have occurred and be continuing, the Collateral Agent may, at the direction of the Majority Lenders, apply funds in the Excess Cash Account in accordance with Section 6.02.
Appears in 10 contracts
Samples: Security Agreement (El Paso Corp/De), Security Agreement (Tennessee Gas Pipeline Co), Security Agreement (Southern Natural Gas Co)
