Operation of Collateral Accounts. (a) Funds held in any Cash Collateral Account may, until withdrawn, be invested and reinvested in such Permitted Investments as the Borrower shall request from time to time; provided that if an Event of Default shall have occurred and be continuing, the Agent (in the case of the Collection Account and the Letter of Credit Account) or the Applicable Agent (in the case of all other Cash Collateral Accounts) may select such Permitted Investments. Funds held in any Controlled Deposit Account or Controlled Securities Account may, until withdrawn, be invested and reinvested in such Permitted Investments as the Borrower shall request from time to time; provided that if a Liquidity Trigger Period shall be continuing, the Applicable Agent may select such Permitted Investments. Any investment income received on the Cash Collateral Accounts will be deposited into and become part of the Cash Collateral Accounts.
Appears in 5 contracts
Samples: Revolving Credit Security Agreement, Revolving Credit Security Agreement (Tower International, Inc.), Revolving Credit Security Agreement (Tower International, Inc.)
Operation of Collateral Accounts. (a) Funds held in any Cash Collateral Account may, until withdrawn, be invested and reinvested in such Permitted Investments as the Borrower shall request from time to time; provided that if an Event of Default shall have occurred and be continuing, the Agent (in the case of the Collection Account and the Letter of Credit Account) or the Applicable Agent (in the case of all other Cash Collateral Accounts) may select such Permitted Investments. Funds held in any Controlled Deposit Account or Controlled Securities Account may, until withdrawn, be invested and reinvested in such Permitted Investments as the Borrower shall request from time to time; provided that if a Liquidity Trigger Period shall be continuing, the Applicable Agent may select such Permitted Investments. Any investment income received on the Cash Collateral Accounts will be deposited into and become part of the Cash Collateral Accounts.
Appears in 2 contracts
Samples: Abl Security Agreement, Abl Security Agreement (Tower Automotive, LLC)
Operation of Collateral Accounts. (a) Funds held in any Cash Collateral Account may, until withdrawn, be invested and reinvested in such Permitted Investments as the Borrower shall request from time to time; provided that if an Event of Default shall have occurred and be continuing, the Agent (in the case of the Collection Account and the Letter of Credit Account) or the Applicable Agent (in the case of all other Cash Collateral Accounts) may select such Permitted Investments. Funds held in any Controlled Deposit Account or Controlled Securities Account may, until withdrawn, be invested and reinvested in such Permitted Investments as the Borrower shall request from time to time; provided that (i) prior to the ABL Termination Date, if a Liquidity Trigger Period shall be continuing or (ii) at all other times, if an Event of Default shall have occurred and be continuing, the Applicable Agent may select such Permitted Investments. Any investment income received on the Cash Collateral Accounts will be deposited into and become part of the Cash Collateral Accounts.
Appears in 1 contract
Samples: Term Loan Security Agreement (Tower International, Inc.)
