Common use of Limitation on Withdrawals Clause in Contracts

Limitation on Withdrawals. Without the prior written consent of the Administrative Agent, none of the Borrowers or the Borrower General Partners shall, nor shall they permit any other Credit Party to, make or cause the making of any withdrawal or transfer of funds constituting Collateral from any Collateral Account if the Administrative Agent has notified the Borrowers or a Responsible Officer of a Borrower has actual knowledge that a Cash Control Event has occurred and is continuing unless (i) such withdrawal shall be applied to any payment of Obligations or to eliminate or reduce the circumstances giving rise to the Cash Control Event or (ii) provided that no Event of Default under Section 10.1(a), Section 10.1(j) or Section 10.1(k) is continuing and the Obligations have not been accelerated, such withdrawal shall be applied to a Permitted Distribution. The Administrative Agent is authorized to give notice of its exclusive control of the Collateral Accounts to the depository bank or securities intermediary, only if a Cash Control Event has occurred and is continuing.

Limitation on Withdrawals. Without the prior written consent of the Administrative Agent, none of the Borrowers or the Borrower General Partners shall, nor shall they permit any other Credit Party to, make or cause the making of any withdrawal or transfer of funds constituting Collateral from any Collateral Account if the Administrative Agent has notified the Borrowers or a Responsible Officer of a Borrower has actual knowledge that a Cash Control Event has occurred and is continuing or if a mandatory prepayment pursuant to Section 2.1(e) is due and owing unless (i) such withdrawal shall be applied to any payment of Obligations or to eliminate or reduce the circumstances giving rise to the Cash Control Event or mandatory prepayment (or in the case of a pending mandatory prepayment, applied to Anticipated Expenses, in compliance with this Credit Agreement) or (ii) provided that no Event of Default under Section 10.1(a), Section 10.1(j) or Section 10.1(k) is continuing and the Obligations have not been acceleratedcontinuing, such withdrawal shall be applied to a Permitted Distribution. The Administrative Agent is authorized to give notice of its exclusive control of the Collateral Accounts to the depository bank or securities intermediary, only if a Cash Control Event has occurred and is continuing.