Procedures for Depositing and Returning of Cash Collateral Sample Clauses

Procedures for Depositing and Returning of Cash Collateral. Any ---------------------------------------------------------- cash collateral amounts received by Administrative Agent pursuant to the provisions of Section 2.05(c)(iii) (the "Cash Collateral") shall be deposited in a separate interest bearing cash collateral account maintained at the offices of Administrative Agent or another Bank designated by Administrative Agent under the sole dominion and control of Administrative Agent and shall be retained by Administrative Agent for the pro rata benefit of Banks in accordance with their Percentage of the Loan and LC Obligations as collateral security for, and Company hereby grants to Administrative Agent for the benefit of the Banks a security interest in such Cash Collateral including all interest accruing thereon and the proceeds thereof to secure, first the payment of the Obligation of Company under or in connection with its Letters of Credit, and then the remaining Obligation of Company under and in connection with this Loan Agreement and the other Loan Papers, pro rata to each Bank in accordance with its Percentage of the Loan and all LC Obligations. All Cash Collateral delivered to Administrative Agent may be applied by Administrative Agent from time to time against any of Company's reimbursement obligations with respect to any Letter of Credit as to which a draw is made. If and to the extent that the Event of Default giving rise to the demand for Cash Collateral has been cured to the reasonable satisfaction of Agents or (a) the Obligation has been fully paid and satisfied and (b) no Letters of Credit remain outstanding, Administrative Agent shall promptly return to Company, upon Company's request therefor, all amounts previously paid to Administrative Agent pursuant to this Section 2.05(c)(iv) and not theretofore returned by Administrative Agent to Company or applied by Administrative Agent to reduce amounts payable by Company to Banks under or with respect to the Letters of Credit or other amounts due to Banks or Agents hereunder or under the other Loan Papers.
Sample 1
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Related to Procedures for Depositing and Returning of Cash Collateral

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