Common use of Investment of Funds on Deposit in the Unfunded Exposure Account Clause in Contracts

Investment of Funds on Deposit in the Unfunded Exposure Account. All amounts on deposit in the Unfunded Exposure Account shall be invested (and reinvested) at the written direction of the Company (or the Servicer on its behalf) delivered to the Collateral Agent in Eligible Investments; provided that, following the occurrence and during the continuance of an Event of Default or following a Market Value Cure Failure, all amounts on deposit in the Unfunded Exposure Account shall be invested, reinvested and otherwise disposed of at the written direction of the Administrative Agent delivered to the Collateral Agent. In the absence of any such written direction from the Company (or the Servicer on its behalf) or the Administrative Agent, as applicable, amounts on deposit in the Unfunded Exposure Account shall remain uninvested.

Appears in 3 contracts

Samples: Loan and Security Agreement (Bain Capital Private Credit), Loan and Security Agreement (Bain Capital Specialty Finance, Inc.), Loan and Security Agreement (Bain Capital Private Credit)

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Investment of Funds on Deposit in the Unfunded Exposure Account. All amounts on deposit in the Unfunded Exposure Account shall be invested (and reinvested) at the written direction of the Company (or the Servicer Portfolio Manager on its behalf) delivered to the Collateral Agent in Eligible Investments; provided that, following the occurrence and during the continuance of an Event of Default or following a Market Value Cure FailureEvent, all amounts on deposit in the Unfunded Exposure Account shall be invested, reinvested and otherwise disposed of at the written direction of the Administrative Agent delivered to the Collateral Agent. In the absence of any such written direction from the Company (or the Servicer Portfolio Manager on its behalf) or the Administrative Agent, as applicable, in accordance with this paragraph, amounts on deposit in the Unfunded Exposure Account shall remain uninvested. Income earned on such Eligible Investments shall be deposited into the Interest Proceeds Account.

Appears in 1 contract

Samples: Loan and Security Agreement (Manulife Private Credit Fund)

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