Modification of Article III Sample Clauses

Modification of Article III. (a) On or prior to the Closing Date, the Servicer shall cause to be established and maintained in the name of the Collateral Agent on behalf of the Secured Parties, with a Qualified Institution designated by the Servicer, a segregated trust account within the corporate trust department of such Qualified Institution (the "Cash Collateral Account"), bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Secured Parties. The Collateral Agent shall possess all right, title and interest in all funds on deposit from time to time in the Cash Collateral Account and in all proceeds thereof. On the Closing Date, the Servicer will deposit or cause to be deposited the Initial Cash Collateral Amount in the Cash Collateral Account. (b) Each of Triad and Inter-Tel is obligated to deliver to the Servicer its respective Required Payment on the related Remittance Date. The Servicer shall deposit each Required Payment received from Triad or Inter-Tel into the Collection Account, in each case, within two Business Days of the date of processing thereof. On each Determination Date, the Servicer shall calculate the Cash Collateral Required Amount for the Collection Period during which such Determination Date occurs. (c) Upon the occurrence of (i) an Insolvency Event with respect to either Triad or Inter-Tel, (ii) the failure by either Triad or Inter-Tel to deliver a Required Payment to the Servicer on the applicable Remittance Date or (iii) except as set forth in the last sentence of this paragraph, any event of default by Triad under the Loan Agreement or by Inter-Tel under the Letter Agreement (each of such events, a "Cash Collateral Draw Event"), the Collateral Agent shall withdraw from the Cash Collateral Account and deposit into the Collection Account an amount, as identified by the Servicer in an Officer's Certificate, equal to the product of (a) the amount on deposit in the Cash Collateral Account at the time of the occurrence of the Cash Collateral Draw Event and (b) a fraction, the numerator of which is (x) if the Cash Collateral Draw Event occurred in respect of Triad, the ADCB of the Triad Contracts at such time or (y) if the Cash Collateral Draw Event occurred in respect of Inter-Tel, the ADCB of the Inter-Tel Contracts at such time, and the denominator of which is the sum of the ADCB of the Triad Contracts and the ADCB of the Inter-Tel Contracts at such time. It is expressly understood and agreed by the par...
Sample 1
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Modification of Article III. Article III of the Existing Credit Agreement is hereby amended in accordance with Section 2.3.1. SECTION 2.3.1. Clause (g) of Section 3.1.1 of the Existing Credit Agreement is hereby amended by deleting the words "July 31" in the first line thereof and inserting the words "April 30" in replacement therefor.
Sample 1

Related to Modification of Article III

  • Application of Article This Article is intended only as a basis of calculating overtime payments, and nothing in this Agreement shall be construed as a guarantee of hours of work per day, week, tour of duty, work period or year.

  • Applicability of Article Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for such Securities) in accordance with this Article.

  • Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance If, pursuant to Section 3.1, provision is made for either or both of (a) Defeasance of the Securities of a series under Section 13.2 or (b) Covenant Defeasance of the Securities of a series under Section 13.3, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article XIII, shall be applicable to the Securities of such series, and the Company may at its option by Board Resolution or in any other manner specified as contemplated by Section 3.1, at any time, with respect to the Securities of such series, elect to have either Section 13.2 (if applicable) or Section 13.3 (if applicable) be applied to the Outstanding Securities of such series upon compliance with the conditions set forth below in this Article XIII.

  • Titles of Articles, Sections and Subsections All titles or headings to articles, sections, subsections or other divisions of this Agreement and the other Loan Documents or the exhibits hereto and thereto are only for the convenience of the parties and shall not be construed to have any effect or meaning with respect to the other content of such articles, sections, subsections or other divisions, such other content being controlling as to the agreement between the parties hereto.

  • Amendment to Article I Article I of the Existing Credit Agreement is hereby amended as follows: SECTION 2.1.1. Section 1.1 of the Existing Credit Agreement is hereby amended by inserting the following definitions in the appropriate alphabetical order:

  • Applicability of This Article Redemption of Securities of any series (whether by operation of a sinking fund or otherwise) as permitted or required by any form of Security issued pursuant to this Indenture shall be made in accordance with such form of Security and this Article; provided, however, that if any provision of any such form of Security shall conflict with any provision of this Article, the provision of such form of Security shall govern.

  • Modification to Article III, Section 2 of the DPA Article III, Section 2 of the DPA (Annual Notification of Rights.) is amended as follows:

  • Modification to Article IV, Section 7 of the DPA Article IV, Section 7 of the DPA (Advertising Limitations) is amended by deleting the stricken text as follows: Provider is prohibited from using, disclosing, or selling Student Data to (a) inform, influence, or enable Targeted Advertising; or (b) develop a profile of a student, family member/guardian or group, for any purpose other than providing the Service to LEA. This section does not prohibit Provider from using Student Data (i) for adaptive learning or customized student learning (including generating personalized learning recommendations); or (ii) to make product recommendations to teachers or LEA employees; or (iii) to notify account holders about new education product updates, features, or services or from otherwise using Student Data as permitted in this DPA and its accompanying exhibits.

  • Titles of Articles and Sections Any titles of the several parts, Articles, and Sections of this Agreement are inserted for convenience of reference only and shall be disregarded in construing or interpreting any of its provisions.

  • Modification to Article V, Section 4 of the DPA Article V, Section 4 of the DPA (Data Breach.) is amended with the following additions: (6) For purposes of defining an unauthorized disclosure or security breach, this definition specifically includes meanings assigned by Texas law, including applicable provisions in the Texas Education Code and Texas Business and Commerce Code.

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