Special Account. If the Credit Facility is terminated for any reason while any Letter of Credit is outstanding, the Borrower shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Any interest earned on amounts deposited in the Special Account shall be credited to the Special Account. The Lender may apply amounts on deposit in the Special Account at any time or from time to time to the Obligations in the Lender's sole discretion. The Borrower may not withdraw any amounts on deposit in the Special Account as long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Borrower when the Lender is required to release its security interest in the Special Account under applicable law.
Appears in 12 contracts
Samples: And Security Agreement (Hc2 Holdings, Inc.), Credit and Security Agreement (2nd Swing Inc), Credit and Security Agreement (Pro Dex Inc)
Special Account. If the Credit Facility is terminated for any reason whatsoever while any Letter of Credit is outstanding, the Borrower shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Any interest earned on amounts deposited in the Special Account shall be credited to the Special Account. The Lender may apply amounts Amounts on deposit in the Special Account may be applied by the Lender at any time or from time to time to the Obligations in the Lender's sole discretion. The , and shall not be subject to withdrawal by the Borrower may not withdraw any amounts on deposit in the Special Account as so long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Borrower when at such time as the Lender is required to release its security interest in the Special Account under applicable law.
Appears in 12 contracts
Samples: Credit and Security Agreement (Sportsmans Guide Inc), Credit and Security Agreement (SPF Energy Inc), Credit and Security Agreement (Micro Component Technology Inc)
Special Account. If the Credit Facility is terminated for any reason while any Letter of Credit is outstanding, the Borrower shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Any interest earned on amounts deposited in the Special Account shall be credited to the Special Account. The Lender may apply amounts on deposit in the Special Account at any time or from time to time to the Obligations in the Lender's ’s sole discretion. The Borrower may not withdraw any amounts on deposit in the Special Account as long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Borrower when the Lender is required to release its security interest in the Special Account under applicable law.
Appears in 7 contracts
Samples: Security Agreement and Fixture Filing (HC2 Holdings, Inc.), Credit and Security Agreement (Digital Angel Corp), Credit and Security Agreement (Digital Angel Corp)
Special Account. If the Credit Facility is terminated for any reason whatsoever while any Letter of Credit is outstanding, the Borrower Borrowers shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Any interest earned on amounts deposited in the Special Account shall be credited to the Special Account. The Lender may apply amounts Amounts on deposit in the Special Account may be applied by the Lender at any time or from time to time to the Obligations in the Lender's sole discretion. The Borrower may , and shall not withdraw any amounts on deposit in be subject to withdrawal by the Special Account as Borrowers so long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Parent Borrower when at such time as the Lender is required to release its security interest in the Special Account under applicable law.
Appears in 2 contracts
Samples: Credit and Security Agreement (Leather Factory Inc), Credit and Security Agreement (Luminant Worldwide Corp)
Special Account. If the Credit Facility Commitment is terminated for any reason whatsoever, while any Letter of Credit is outstanding, the Borrower shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Any interest earned on amounts deposited in the Special Account shall be credited to the Special Account. The Lender may apply amounts Amounts on deposit in the Special Account may be applied by the Lender at any time or from time to time to the Obligations in the Lender's sole discretion. The , and shall not be subject to withdrawal by the Borrower may not withdraw any amounts on deposit in the Special Account as so long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Borrower when at such time as the Lender is required to release its security interest in the Special Account under applicable law.
Appears in 2 contracts
Samples: Credit and Security Agreement (Marquest Medical Products Inc), Credit and Security Agreement (Ultra Pac Inc)
Special Account. If the Credit Facility is terminated for any reason whatsoever while any Letter of Credit is outstanding, the Borrower shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Any interest earned on amounts deposited in the Special Account shall be credited to the Special Account. The Lender may apply amounts Amounts on deposit in the Special Account may be applied by the Lender at any time or from time to time to the Obligations in the Lender's ’s sole discretion. The , and shall not be subject to withdrawal by the Borrower may not withdraw any amounts on deposit in the Special Account as so long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Borrower when at such time as the Lender is required to release its security interest in the Special Account under applicable law.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Zareba Systems Inc), Credit and Security Agreement (Rf Monolithics Inc /De/)
Special Account. If the Credit Facility is terminated for any reason whatsoever while any Letter of Credit is outstanding, the Borrower Borrowers shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Any interest earned on amounts deposited in the Special Account shall be credited to the Special Account. The Lender may apply amounts Amounts on deposit in the Special Account may be applied by the Lender at any time or from time to time to the Obligations in the Lender's sole discretion. The Borrower may , and shall not withdraw any amounts on deposit in be subject to withdrawal by the Special Account as Borrowers so long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Borrower when Borrowers at such time as the Lender is required to release its security interest in the Special Account under applicable law.
Appears in 2 contracts
Samples: Credit and Security Agreement (Sportsmans Guide Inc), Credit and Security Agreement (Eagle Geophysical Inc)
Special Account. If the Credit Facility is terminated for any reason while any Letter of Credit is outstanding, the Borrower shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Wells Fargo Bank West N.A. Any interest earned on amounts deposited dxxxxxted in the Special Account shall be credited to the Special Account. The Lender may apply amounts on deposit in the Special Account at any time or from time to time to the Obligations in the Lender's sole discretion. The Borrower may not withdraw any amounts on deposit in the Special Account as long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Borrower when the Lender is required to release its security interest in the Special Account under applicable law."
Appears in 1 contract
Special Account. If the Credit Facility is terminated for any reason whatsoever while any Letter of Credit is outstanding, the Borrower shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Any interest earned on amounts deposited in the Special Account Account' shall be credited to the Special Account. The Lender may apply amounts Amounts on deposit in the Special Account may be applied by the Lender at any time or from time to time to the Obligations in the Lender's sole discretion. The , and shall not be subject to withdrawal by the Borrower may not withdraw any amounts on deposit in the Special Account as so long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Borrower when at such time as the Lender is required to release its security interest in the Special Account under applicable law.
Appears in 1 contract
Special Account. If the Credit Facility is ----------------- terminated for any reason while any Letter of Credit is outstanding, the Borrower shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Any interest earned on amounts deposited in the Special Account shall be credited to the Special Account. The Lender may apply amounts on deposit in the Special Account at any time or from time to time to the Obligations in the Lender's sole discretion. The Borrower may not withdraw any amounts on deposit in the Special Account as long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Borrower when the Lender is required to release its security interest in the Special Account under applicable law, or upon expiration of all of the outstanding Letters of Credit.
Appears in 1 contract
Samples: Credit and Security Agreement (Primesource Healthcare Inc)
Special Account. If the Credit Facility is terminated for any reason whatsoever while any Letter of Credit is outstanding, the Borrower shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Any interest earned on amounts deposited in the Special Account shall be credited to the Special Account. The Lender may apply amounts Amounts on deposit in the Special Account may be applied by the Lender at any time or from time to time to the Obligations in the Lender's sole discretion. The , and shall not be subject to withdrawal by the Borrower may not withdraw any amounts on deposit in the Special Account as so long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Borrower when at such time as the Lender is required to release its security interest in the Special Account under applicable law."
Appears in 1 contract
Samples: Credit and Security Agreement (Spectrum Organic Products Inc)
Special Account. If the Credit Facility is terminated for --------------- any reason whatsoever while any Letter of Credit is outstanding, the Borrower shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Any interest earned on amounts deposited in the Special Account shall be credited to the Special Account. The Lender may apply amounts Amounts on deposit in the Special Account may be applied by the Lender at any time or from time to time to the Obligations in the Lender's sole discretion. The , and shall not be subject to withdrawal by the Borrower may not withdraw any amounts on deposit in the Special Account as so long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Borrower when at such time as the Lender is required to release its security interest in the Special Account under applicable law.
Appears in 1 contract
Samples: Credit and Security Agreement (Rf Monolithics Inc /De/)
Special Account. If the Credit Facility is terminated for --------------- any reason whatsoever while any Letter of Credit is outstanding, the Borrower shall thereupon pay the Lender in immediately available funds for deposit in the Special Account an amount equal to the L/C Amount. The Special Account shall be an interest bearing account maintained for the Lender by any financial institution acceptable to the Lender. Any interest earned on amounts deposited in the Special Account shall be credited to the Special Account. The Lender may apply amounts Amounts on deposit in the Special Account may be applied by the Lender at any time or from time to time to the Obligations in the Lender's sole discretion. The , and shall not be subject to withdrawal by the Borrower may not withdraw any amounts on deposit in the Special Account as so long as the Lender maintains a security interest therein. The Lender agrees to transfer any balance in the Special Account to the Borrower when at such time as the Lender is required to release its security interest in the Special Account under applicable lawlaw or at such time as no Letters of Credit remain outstanding.
Appears in 1 contract
