Specific Pledge of Cash Collateral Sample Clauses

Specific Pledge of Cash Collateral. The Borrower shall establish a bank account with the Agent and shall deposit and maintain funds in such account (the “Cash Collateral”) in an amount estimated by the Required Lenders to be equal to the aggregate of all scheduled principal and interest payments in respect of Facility A during the one (1) year period immediately following the Closing Date, which amount shall be adjusted immediately following each Advance under Facility A and advised by the Agent to the Borrower in writing. At any time after the Conversion Date the Borrower may by written notice to the Agent request the release of the Cash Collateral, provided that at such time all representations and warranties contained herein continue to be true and correct in all material respects and no Default, Event of Default or Material Adverse Change has occurred and is continuing; and the Lenders agree to act reasonably in considering any such request. Any such release of the Cash Collateral shall become effective only upon delivery of a release executed by the Agent upon the instructions of all of the Lenders.
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Specific Pledge of Cash Collateral. The Borrower shall establish a bank account with the Agent and shall deposit and maintain funds in such account (the “Cash Collateral”) in an amount equal to [Redacted:
Sample 1
Specific Pledge of Cash Collateral. The Borrower shall establish a bank account with the Agent and shall deposit and maintain funds in such account (in this section called the "Cash Collateral") in an amount estimated by the Required Lenders to be equal to the aggregate of all scheduled principal and interest payments in respect of Facility B during the two (2) year period immediately following the Closing Date, which amount shall be adjusted immediately following each Advance under Facility B and advised by the Agent to the Borrower in writing. By way of example, if Facility B were to be fully advanced on the Closing Date the Cash Collateral would be $39,765,234 based on an interest rate of 4.75% per annum. At any time after the date which is two (2) years after the Closing Date the Borrower may request the release of the Cash Collateral, provided that at such time all representations and warranties contained herein continue to be true and correct in all material respects and no Default, Event of Default or Material Adverse Change has occurred and is continuing; and the Lenders agree to act reasonably in considering any such request.
Sample 1
Specific Pledge of Cash Collateral. The Borrower shall establish a bank account with the Agent and shall deposit and maintain funds in such account (in this section called the "Cash Collateral") in the amount of Forty-Five Million Dollars ($45,000,000), being an amount estimated by the Required Lenders to be equal to the aggregate of all scheduled principal and interest payments in respect of the Non-Revolving Facilities during the one (1) year period immediately following the Amendment Closing Date. At any time after August 29, 2020 the Borrower may request the release of the Cash Collateral, provided that at such time all representations and warranties contained herein continue to be true and correct in all material respects and no Default, Event of Default or Material Adverse Change has occurred and is continuing; and the Lenders agree to act reasonably in considering any such request. For greater certainty, in accordance with section 11.01(a) the release of all or any portion of the Cash Collateral shall require the unanimous consent of the Lenders.
Sample 1
Specific Pledge of Cash Collateral. The Borrower shall establish a bank account with the Agent and shall deposit and subject to section 3.06(c) maintain funds in such account (the "Cash Collateral") in the amount of Fifty Million Dollars ($50,000,000). Except as set out in section 3.06(c), in accordance with section 11.01(a), the release of all or any portion of the Cash Collateral shall require the unanimous consent of the Lenders. The Borrower and Guarantors each acknowledge and agree as follows: (a) it is the mutual intention of the Borrower, the Guarantors and the Lenders that from and after the occurrence of an Event of Default (whether or not an Insolvency Event has occurred) the Cash Collateral is to be used solely for the prompt repayment of the Outstanding Principal Amount under Facility B and is not to be used or available for use by the Borrower for any other purpose, (b) from and after the occurrence of an Event of Default (whether or not an Insolvency Event has occurred) the Borrower shall not (i) use the Cash Collateral for any purpose other than the prompt repayment of the Outstanding Principal Amount under Facility B, or (ii) seek to defeat, delay or hinder the application of such amounts by any party in repayment of the Outstanding Principal Amount under Facility B, and (c) the Lenders are relying upon the foregoing in entering into this Agreement.
Sample 1

Related to Specific Pledge of Cash Collateral

  • Cash Collateral Pledge Upon (i) the request of the Agent, (A) if the Issuing Bank has honored any full or partial drawing request on any Letter of Credit and such drawing has resulted in an L/C Borrowing hereunder, or (B) if, as of the Revolving Termination Date, any Letters of Credit may for any reason remain outstanding and partially or wholly undrawn, or (ii) the occurrence of the circumstances described in subsection 2.10(b) requiring the Company to Cash Collateralize Letters of Credit, then, the Company shall immediately Cash Collateralize the L/C Obligations in an amount equal to such L/C Obligations.

  • Certain Cash Collateral Notwithstanding anything in this Agreement or any other Senior Lender Documents or Second Priority Documents to the contrary, collateral consisting of cash and deposit account balances pledged to secure Obligations under the Credit Agreement consisting of reimbursement obligations in respect of letters of credit or otherwise held by the First Lien Agent pursuant to Section 2.05 of the Credit Agreement (or any equivalent successor provision) shall be applied as specified in the Credit Agreement and will not constitute Common Collateral.

  • Investment of Cash Collateral Pursuant to the SLA, the Client shall have the right to invest Cash Collateral received in respect of any loan, subject to an obligation, upon the termination of the loan, to return to the Approved Borrower the amount of cash initially pledged (as adjusted for any interim marks-to-market).

  • Pledge of Collateral Borrower hereby pledges, assigns and grants to Collateral Agent, for the ratable benefit of the Lenders, a security interest in all the Shares, together with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as security for the performance of the Obligations. On the Effective Date, or, to the extent not certificated as of the Effective Date, within ten (10) days of the certification of any Shares, the certificate or certificates for the Shares will be delivered to Collateral Agent, accompanied by an instrument of assignment duly executed in blank by Borrower. To the extent required by the terms and conditions governing the Shares, Borrower shall cause the books of each entity whose Shares are part of the Collateral and any transfer agent to reflect the pledge of the Shares. Upon the occurrence and during the continuance of an Event of Default hereunder, Collateral Agent may effect the transfer of any securities included in the Collateral (including but not limited to the Shares) into the name of Collateral Agent and cause new (as applicable) certificates representing such securities to be issued in the name of Collateral Agent or its transferee. Borrower will execute and deliver such documents, and take or cause to be taken such actions, as Collateral Agent may reasonably request to perfect or continue the perfection of Collateral Agent’s security interest in the Shares. Unless an Event of Default shall have occurred and be continuing, Borrower shall be entitled to exercise any voting rights with respect to the Shares and to give consents, waivers and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create any violation of any of such terms. All such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and continuance of an Event of Default.

  • Pledge of Credit Now or hereafter pledge Agent’s or any Lender’s credit on any purchases or for any purpose whatsoever or use any portion of any Advance in or for any business other than such Borrower’s business as conducted on the date of this Agreement.

  • Cash Collateral for Letters of Credit If an Event of Default has occurred and is continuing, this Agreement (or the Revolving Loan Commitment) shall be terminated for any reason or if otherwise required by the terms hereof, Agent may, and upon request of Required Revolving Lenders, shall, demand (which demand shall be deemed to have been delivered automatically upon any acceleration of the Loans and other obligations hereunder pursuant to Section 7.2), and the Borrower shall thereupon deliver to Agent, to be held for the benefit of the applicable L/C Issuers, Agent and the Lenders entitled thereto, an amount of cash equal to 105% of the amount of Letter of Credit Obligations as additional collateral security for Obligations in respect of any outstanding Letter of Credit. Agent may at any time apply any or all of such cash and cash collateral to the payment of any or all of the Credit Parties’ Obligations in respect of any Letters of Credit. Pending such application, Agent may (but shall not be obligated to) invest the same in an interest bearing account in Agent’s name, for the benefit of the applicable L/C Issuers, Agent and the Lenders entitled thereto, under which deposits are available for immediate withdrawal, at such bank or financial institution as the applicable L/C Issuers and Agent may, in their discretion, select.

  • Cash Collateral If the reallocation described in clause (a)(iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.14.

  • Cash Collateralization of Letters of Credit If (i) effective immediately, without demand or other notice of any kind, as of any expiration date of a Letter of Credit, such Letter of Credit may for any reason remain outstanding and partially or wholly undrawn, (ii) effective immediately, without demand or other notice of any kind, as of the occurrence of any Event of Default under paragraph (h) or (i) of Section 7.01, or (iii) any Event of Default under paragraph (a) or (b) of Section 7.01 shall occur and be continuing, on the Business Day on which the Revolving Borrowers receive notice from the Administrative Agent, the applicable Issuing Bank or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC Exposure representing more than 50% of the aggregate LC Exposure of all Revolving Lenders) demanding the deposit of cash collateral pursuant to this paragraph, the Revolving Borrowers shall deposit in an account with a depositary bank that is a Lender reasonably satisfactory to the Collateral Agent, in the name of the Administrative Agent and for the benefit of the Secured Parties (or in the case of any Letters of Credit that expire later than the fifth (5th) Business Day prior to the Revolving Maturity Date and are cash collateralized on or after the fifth (5th) Business Day prior to the Revolving Maturity Date, for the benefit of the applicable Issuing Bank), an amount of cash in dollars or an Alternative Currency equal to the portions of the LC Exposure attributable to Letters of Credit, as of such date plus any accrued and unpaid interest thereon. The Revolving Borrowers also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Section 2.10(b). Each such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Revolving Borrowers under this Agreement and the other Loan Documents. At any time that there shall exist a Defaulting Lender, if any Defaulting Lender Fronting Exposure remains outstanding (after giving effect to Section 2.21(a)(iv)), then promptly upon the request of the Administrative Agent or the Issuing Bank or the Swingline Lender, the Revolving Borrowers shall deliver to the Administrative Agent cash collateral in an amount sufficient to cover such Defaulting Lender Fronting Exposure (after giving effect to any cash collateral provided by the Defaulting Lender). The Administrative Agent (for the benefit of the Secured Parties) shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent in Cash Equivalents and at the Revolving Borrowers’ risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Notwithstanding anything to the contrary set forth in this Agreement, moneys in such account shall be applied by the Administrative Agent first to reimburse the Issuing Banks for LC Disbursements for which they have not been reimbursed and, to the extent not so applied, the balance shall be held for the satisfaction of the reimbursement obligations of the Revolving Borrowers for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing more than 50% of the aggregate LC Exposure of all the Revolving Lenders), such balance shall be applied to satisfy other obligations of the Revolving Borrowers under this Agreement. If the Revolving Borrowers are required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default or the existence of a Defaulting Lender, such amount (to the extent not applied as aforesaid) shall be returned to the Revolving Borrowers within three Business Days of request for such return after all Events of Default have been cured or waived or after the termination of Defaulting Lender status, as applicable. If the Revolving Borrowers are required to provide an amount of cash collateral hereunder pursuant to Section 2.10(b), such amount (to the extent not applied as aforesaid) shall be returned to the Revolving Borrowers as and to the extent that, after giving effect to such return, the Revolving Borrowers would remain in compliance with Section 2.10(b) and no Event of Default shall have occurred and be continuing.

  • Cash Collateral Accounts Maintain, and cause each of the other Loan Parties to maintain, all Cash Collateral Accounts with Bank of America or another commercial bank located in the United States, which has accepted the assignment of such accounts to the Administrative Agent for the benefit of the Secured Parties pursuant to the terms of the Security Agreement.

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