Common use of Maintenance of Cash Management System Clause in Contracts

Maintenance of Cash Management System. Maintain a cash management system satisfactory to the Lender, pursuant to which all collections of the Credit Parties would be deposited into accounts maintained with the Lender or with third-party institutions, governed by account control agreements to which Lender, the applicable third-party institution and the applicable Credit Party(ies) are parties (“blocked accounts”). Such cash management system would permit the Lender to exercise full dominion over any and all blocked accounts, whether maintained with the Lender or any other third-party institution, in the event (i) that an Event of Default occurs and is continuing or (ii) Unused Availability declines below (A) $500,000 at any time prior to or on Xxxxx 0, 0000, (X) $1,500,000 after April 1, 2016 and prior to or on July 1, 2016 or (C) $4,000,000 after July 1, 2016 (an event under clause (i) or (ii), a “Dominion Trigger Event”). Upon the occurrence of a Dominion Trigger Event, full dominion by the Lender over cash collections of the Credit Parties shall commence and continue and remain in effect (x) if the Dominion Trigger Event arises under clause (i) above, until all Events of Default have been cured or waived, (y) if the Dominion Trigger Event arises under clause (ii) above, until Unused Availability is equal to or greater than the applicable dollar threshold set forth above (as the same may change as a result of date changes) for ninety (90) consecutive days, in which case a Dominion Trigger Event shall no longer be deemed to be continuing and (z) if Dominion Trigger Events occur under both clauses (i) and (ii) above, then until both events set forth in clauses (x) and (y) above have occurred.

Maintenance of Cash Management System. Maintain a cash management system satisfactory to the Lender, pursuant to which all collections of the Credit Parties would be deposited into accounts maintained with the Lender or with third-party institutions, governed by account control agreements to which Lender, the applicable third-party institution and the applicable Credit Party(ies) are parties (“blocked accounts”). Such cash management system would permit the Lender to exercise full dominion over any and all blocked accounts, whether maintained with the Lender or any other third-party institution, in the event (i) that an Event of Default occurs and is continuing or (iiii)(A) Unused Availability declines below $2,500,000 for a period of three (A3) $500,000 at any time prior to or on Xxxxx 0consecutive Business Days, 0000, (X) $1,500,000 after April 1, 2016 and prior to or on July 1, 2016 or (CB) Unused Availability declines below $4,000,000 after July 1, 2016 2,500,000 on four (4) separate occasions during any consecutive thirty (30) day period (an event under clause (i) or (ii), a “Dominion Trigger Event”). Upon the occurrence of a Dominion Trigger Event, full dominion by the Lender over cash collections of the Credit Parties shall commence and continue and remain in effect (x) if the Dominion Trigger Event arises under clause (i) above, until all Events of Default have been cured or waived, (y) if the Dominion Trigger Event arises under clause (ii) above, until Unused Availability is equal to or greater than the applicable dollar threshold set forth above (as the same may change as a result of date changes) $2,500,000 for ninety (90) consecutive days, in which case a Dominion Trigger Event shall no longer be deemed to be continuing and (z) if Dominion Trigger Events occur under both clauses (i) and (ii) above, then until both events set forth in clauses (x) and (y) above have occurred.”

Maintenance of Cash Management System. Maintain a cash management system satisfactory to the LenderLender at all times, pursuant to which all collections of the Credit Parties would be deposited into accounts either maintained with the Lender or with third-party institutions, institutions (which accounts are governed by account control agreements to which Lender, the applicable third-party institution and the applicable Credit Party(ies) are parties parties) or with the Lender (“blocked accounts”). Such cash management system would permit the Lender to exercise full dominion over any and all blocked accounts, whether maintained with the Lender or any other third-party institution, in the event (i) that an Event of Default occurs and is continuing or and/or (ii) Unused Availability declines below (A) $500,000 at any time prior to or on Xxxxx 0, 0000, (X) $1,500,000 after April 1, 2016 and prior to or on July 1, 2016 or (C) $4,000,000 after July 1, 2016 a Springing Period commences (an event under clause (i) or (ii), a “Dominion Trigger Event”). Upon the occurrence of a Dominion Trigger Event, full dominion by the Lender over cash collections of the Credit Parties shall commence and continue and remain in effect (x) if the Dominion Trigger Event arises under clause (i) above, until all Events of Default have been cured or waived, (y) if the Dominion Trigger Event arises under clause (ii) above, until Unused Availability is equal to or greater than the applicable dollar threshold set forth above (as the same may change as a result of date changes) for ninety (90) consecutive days, in which case a Dominion Trigger Event shall no longer be deemed to be continuing Springing Period terminates and (z) if Dominion Trigger Events occur under both clauses (i) and (ii) above, then until both events set forth in clauses (x) and (y) above have occurred.

Maintenance of Cash Management System. Maintain a cash management system satisfactory to the Lender, pursuant to which all collections of the Credit Parties would be deposited into accounts maintained with the Lender or with third-party institutions, governed by account control agreements to which Lender, the applicable third-party institution and the applicable Credit Party(ies) are parties (“blocked accounts”). Such cash management system would permit the Lender to exercise full dominion over any and all blocked accounts, whether maintained with the Lender or any other third-party institution, in the event (i) that an Event of Default occurs and is continuing or (ii) Unused Availability declines below (A) $500,000 2,000,000 at any time prior to or on Xxxxx 0, 0000, (X) $1,500,000 after April 1, 2016 and prior to or on July 1, 2016 or (C) $4,000,000 after July 1, 2016 (an event under clause (i) or (ii), a “Dominion Trigger Event”). Upon the occurrence of a Dominion Trigger Event, full dominion by the Lender over cash collections of the Credit Parties shall commence and continue and remain in effect (x) if the Dominion Trigger Event arises under clause (i) above, until all Events of Default have been cured or waived, (y) if the Dominion Trigger Event arises under clause (ii) above, until Unused Availability is equal to or greater than the applicable dollar threshold set forth above (as the same may change as a result of date changes) $2,000,000 for ninety (90) consecutive days, in which case a Dominion Trigger Event shall no longer be deemed to be continuing and (z) if Dominion Trigger Events occur under both clauses (i) and (ii) above, then until both events set forth in clauses (x) and (y) above have occurred.”

Maintenance of Cash Management System. Maintain a cash management system satisfactory to the LenderLender at all times, pursuant to which all collections of the Credit Parties would be deposited into accounts either maintained with the Lender or with third-party institutions, institutions (which accounts are governed by account control agreements to which Lender, the applicable third-party institution and the applicable Credit Party(ies) are parties parties) or with the Lender (“blocked accounts”). Such cash management system would permit the Lender to exercise full dominion over any and all blocked accounts, whether maintained with the Lender or any other third-party institution, in the event (i) that an Event of Default occurs and is continuing or (iiii)(A) Unused Availability declines below 12.5% of the Revolving Credit Commitment for a period of three (A3) $500,000 at any time prior to or on Xxxxx 0consecutive Business Days, 0000, (X) $1,500,000 after April 1, 2016 and prior to or on July 1, 2016 or (CB) $4,000,000 after July 1, 2016 Unused Availability declines below 12.5% of the Revolving Credit Commitment on four (4) separate occasions during any consecutive thirty (30) day period (an event under clause (i) or (ii), a “Dominion Trigger Event”). Upon the occurrence of a Dominion Trigger Event, full dominion by the Lender over cash collections of the Credit Parties shall commence and continue and remain in effect (x) if the Dominion Trigger Event arises under clause (i) above, until all Events of Default have been cured or waived, (y) if the Dominion Trigger Event arises under clause (ii) above, until Unused Availability is equal to or greater than 12.5% of the applicable dollar threshold set forth above (as the same may change as a result of date changes) Revolving Credit Commitment for ninety (90) consecutive days, in which case a Dominion Trigger Event shall no longer be deemed to be continuing and (z) if Dominion Trigger Events occur under both clauses (i) and (ii) above, then until both events set forth in clauses (x) and (y) above have occurred.”