Substitution of Cash Collateral Sample Clauses

Substitution of Cash Collateral. In lieu of, or in replacement of, the Letter of Credit, Tenant may deliver to Landlord at any time during the Term a cash security deposit in the face amount required of the Letter of Credit, provided that Landlord shall have no additional liability or reduced benefits from that which Landlord would have if Tenant provided a Letter of Credit. All terms, conditions and requirements with respect to the Letter of Credit contained in this Paragraph 34, including, without limitation, application of proceeds, reduction of amount, and investment requirements for cash security, shall apply to any such cash security deposit.
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Substitution of Cash Collateral. Borrower may request the release of the Administrative Agent’s security interest in the Aircraft Collateral in exchange for a security interest in Cash Collateral acceptable to the Administrative Agent and Requisite Lenders or a release of Cash Collateral in exchange for a security interest in Aircraft Collateral. Borrower’s right to obtain such release, in the case of Aircraft Collateral, shall be subject to Borrower executing and delivering to Administrative Agent a Cash Pledge Agreement covering the Cash Collateral and Borrower, the Administrative Agent and Requisite Lenders reaching agreement regarding (i) the perfection, priority and valuation of the Cash Collateral; and (iii) the amendments to this Agreement necessary or appropriate in light of such substitution of collateral. Borrower’s right to obtain such release of Cash Collateral shall be subject to Borrower executing and delivering to Administrative Agent a Security Agreement Supplement covering additional Aircraft Collateral that meets all the requirements of (b) above for curing any Collateral Shortfall (assuming that the Agent has released the Cash Collateral that Borrower has requested be released).
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Substitution of Cash Collateral. 2 ARTICLE II
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Substitution of Cash Collateral. The Pledgor may, upon the occurrence of an Event of Default and a demand for registration pursuant to Section 4.3, substitute for the Pledged Stock cash collateral in an amount equal to the fair market value of the Pledged Stock determined as follows (any such determination, an "APPRAISAL"): (a) The Pledgor shall retain, at its own expense, an appraiser (the "PLEDGOR'S APPRAISER") who shall assign a fair market value to the Pledged Stock. If the Collateral Agent is notified by the Requisite Holders that they agree with the fair market value determined by the Pledgor's Appraiser, such market value shall be deemed conclusive. (b) In the event that the Collateral Agent is notified by the Requisite Holders that they do not agree with the fair market value determined by the Pledgor's Appraiser, the Collateral Agent shall retain, at the sole expense of the Pledgor an appraiser (the
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Substitution of Cash Collateral. In lieu of, or in replacement of, the Letter of Credit, Lessee may deliver to Lessor at any time during the Term a cash deposit in the face amount required of the Letter of Credit, provided that Lessor shall have no additional liability or reduced benefits from that which Lessor would have if Lessee provided a Letter of Credit. All terms, conditions and requirements with respect to the Letter of Credit contained in this Section 5, including, without limitation, application of proceeds, reduction of amount, return of deposit, and investment requirements for cash collateral, shall apply to any such cash collateral.
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Substitution of Cash Collateral. In lieu of, or in replacement of, the Letter of Credit, Tenant may deliver to Landlord at any time during the Term a cash security deposit in the face amount required of the Letter of Credit, provided that Landlord shall have no additional liability or reduced benefits from that which Landlord would have if Tenant provided a Letter of Credit. All terms, conditions and requirements with respect to the Letter of Credit contained in this Paragraph 34, including, without limitation, application of proceeds, reduction of amount, and investment requirements for cash security, shall apply to any such cash security deposit. Landlord shall not be required to hold any cash security deposit in a separate account, and no interest will be payable on any such cash security deposit.
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Substitution of Cash Collateral. Such Subsidiary Borrower may at any time request the Loan Administrator to instruct the Collateral Agent to accept Cash Collateral in substitution of Collateral Oil and Gas Properties that such Subsidiary Borrower expects to sell prior to the next Borrowing Base Determination Date, and upon the deposit of such Cash Collateral in such Subsidiary Borrower's Cash Collateral Account in an amount equal to the amount of the Borrowing Base of such Subsidiary Borrower attributable to the Oil and Gas Properties to be released (the "Release Property"), the Loan Administrator shall instruct the Collateral Agent to release its Liens on the Release Property, provided the Loan Administrator is satisfied that (a) the Collateral Agent will have an Acceptable Security Interest in the Cash Collateral so deposited, (b) the Borrowing Base of such Subsidiary Borrower is redetermined to confirm that such substitution of Collateral does not result in a reduction of the Borrowing Base of such Subsidiary Borrower, and (c) after giving effect to any such substitution of Collateral and redetermination of the Borrower Base for such Subsidiary Borrower, such Subsidiary Borrower's Individual Reserve Ratio is not less than 1.25 to 1.0 and the Combined Reserve Ratio is not less than 1.75 to 1.0 (it being agreed that for purposes of determining the Combined Reserve Ratio, the calculation shall be made using the most recent determination of the Borrowing Base for each other Subsidiary Borrower as made by the Loan Administrator pursuant to Section 2.02, and the outstanding balance of the Loan of each other Subsidiary Borrower as of such date as determined by the Loan Administrator).
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Substitution of Cash Collateral. (a) The Company (or with respect to substitutions of Collateral under the Security Documents, the grantor of the Security Interest thereunder) may, at its option, obtain a release of Collateral by delivering to the Trustee, for deposit into the Cash Collateral Account, Cash Collateral in an amount at least equal to the fair value of the Collateral to be released (less, if applicable, the related "First Lien Amount," being the amount equal to aggregate amount, computed as of the date of the Release Request submitted in connection with the proposed substitution, that the Company (or such grantor) would be required to pay to the holders of First Lien Debt secured by such Collateral in order to release such Collateral from any Permitted Liens on such Collateral securing First Lien Debt), all in accordance with the provisions and conditions of Section 12.5 and this Section 12.7. (b) The Company (or with respect to substitutions of Collateral under the Security Documents, the grantor of the Security Interest thereunder), may substitute Cash Collateral pursuant to this Section 12.7, if all of the following conditions are met: (1) the Company (or with respect to substitutions of Collateral under the Security Documents, the grantor of the Security Interest thereunder) complies with Section 12.5(a), and the Company (or with respect to substitutions of Collateral under the Security Documents, the grantor of the Security Interest thereunder) delivers a Release Request to the Trustee stating, in addition to the other requirements of Section 12.5, that the Company (or with respect to substitutions of Collateral under the Security Documents, the grantor of the Security Interest thereunder), as the case may be, intends to substitute the amount of Cash Collateral specifically set forth therein for the Collateral specifically described therein; (2) the amount of the proposed Cash Collateral is at least equal to the fair value of the Collateral to be released (less the related First Lien Amount, if any), and, if and only if the fair value of the Collateral to be released (less the related First Lien Amount, if any), and the fair value of all other Collateral released without an Appraisal pursuant to this Section 12.7 during the then current calendar year (less the respective First Lien Amounts, if any, related thereto), exceeds 1% of the aggregate principal amount of the Notes, the Company (or with respect to substitutions of Collateral under the Security Documents, the gran...
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Related to Substitution of Cash 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).

  • Cash Collateral Pledge Upon (i) the request of the Agent, (A) if the Issuing Lender 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 2.7(a) requiring the Company to Cash Collateralize Letters of Credit, then, the Company shall immediately Cash Collateralize the Obligations in an amount equal to the L/C Obligations.

  • Cash Collateral Account Notwithstanding anything to the contrary contained herein, no notice given or declaration made by the Administrative Agent pursuant to this Article VI shall affect (i) the obligation of any LC Issuing Bank to make any payment under any Letter of Credit in accordance with the terms of such Letter of Credit or (ii) the obligations of each Lender in respect of each such Letter of Credit; provided, however, that if an Event of Default has occurred and is continuing, the Administrative Agent shall at the request, or may with the consent, of the Majority Lenders, upon notice to the Borrower, require the Borrower to deposit with the Administrative Agent an amount in the cash collateral account (the “Cash Collateral Account”) described below equal to the LC Outstandings on such date. Such Cash Collateral Account shall at all times be free and clear of all rights or claims of third parties. The Cash Collateral Account shall be maintained with the Administrative Agent in the name of, and under the sole dominion and control of, the Administrative Agent, and amounts deposited in the Cash Collateral Account shall bear interest at a rate equal to the rate generally offered by Citibank for deposits equal to the amount deposited by the Borrower in the Cash Collateral Account, for a term to be determined by the Administrative Agent, in its sole discretion. The Borrower hereby grants to the Administrative Agent for the benefit of the LC Issuing Banks and the Lenders a Lien in and hereby assigns to the Administrative Agent for the benefit of LC Issuing Banks and the Lenders all of its right, title and interest in, the Cash Collateral Account and all funds from time to time on deposit therein to secure its reimbursement obligations in respect of Letters of Credit. If any drawings then outstanding or thereafter made are not reimbursed in full immediately upon demand or, in the case of subsequent drawings, upon being made, then, in any such event, the Administrative Agent may apply the amounts then on deposit in the Cash Collateral Account, toward the payment in full of any of the LC Outstandings as and when such obligations shall become due and payable. Upon payment in full, after the termination of the Letters of Credit, of all such obligations, the Administrative Agent will repay and reassign to the Borrower any cash then in the Cash Collateral Account and the Lien of the Administrative Agent on the Cash Collateral Account and the funds therein shall automatically terminate.

  • 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 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.

  • Substitution of Collateral A Fund may substitute securities for any securities identified as Collateral by delivery to the Custodian of a Pledge Certificate executed by such Fund on behalf of the applicable Portfolio, indicating the securities pledged as Collateral.

  • 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, the Administrative 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 the Administrative Agent, to be held for the benefit of the L/C Issuer, the Agents 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. The Administrative 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, the Administrative Agent may (but shall not be obligated to) invest the same in an interest bearing account in the Administrative Agent’s name, for the benefit of the L/C Issuers, the Agents and the Lenders entitled thereto, under which deposits are available for immediate withdrawal, at such bank or financial institution as the L/C Issuer and the Administrative Agent may, in their discretion, select.

  • Lien on Deposit Accounts Cash Collateral 7.2.1. Deposit Accounts. Xxxxxx’s Lien encumbers all amounts credited to any Deposit Account of an Obligor (other than Excluded Deposit Accounts), including sums in any blocked, lockbox, sweep or collection account. Each Obligor hereby authorizes and directs each bank or other depository to deliver to Lender, upon request, all balances in any Deposit Account (other than Excluded Deposit Accounts) maintained for such Obligor, without inquiry into the authority or right of Lender to make such request.

  • Letter of Credit Collateral Account (a) As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities and the other Obligations, the Borrower hereby pledges and grants to the Administrative Agent, for the ratable benefit of the Administrative Agent, the Issuing Bank and the Lenders as provided herein, a security interest in all of its right, title and interest in and to the Letter of Credit Collateral Account and the balances from time to time in the Letter of Credit Collateral Account (including the investments and reinvestments therein provided for below). The balances from time to time in the Letter of Credit Collateral Account shall not constitute payment of any Letter of Credit Liabilities until applied as provided herein. Anything in this Agreement to the contrary notwithstanding, funds held in the Letter of Credit Collateral Account shall be subject to withdrawal only as provided in this Section. (b) Amounts on deposit in the Letter of Credit Collateral Account shall be invested and reinvested by the Administrative Agent in such Cash Equivalents as the Administrative Agent shall determine in its sole discretion. All such investments and reinvestments shall be held in the name of and be under the sole dominion and control of the Administrative Agent for the ratable benefit of the Administrative Agent, the Issuing Bank and the Lenders; provided, that all earnings on such investments will be credited to and retained in the Letter of Credit Collateral Account. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Letter of Credit Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which the Administrative Agent accords other funds deposited with the Administrative Agent, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any funds held in the Letter of Credit Collateral Account. (c) If a drawing pursuant to any Letter of Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower and the Lenders authorize the Administrative Agent to use the monies deposited in the Letter of Credit Collateral Account to reimburse the Issuing Bank for the payment made by the Issuing Bank to the beneficiary with respect to such drawing. (d) If an Event of Default exists, the Administrative Agent may (and, if instructed by the Requisite Lenders, shall) in its (or their) discretion at any time and from time to time elect to liquidate any such investments and reinvestments and apply the proceeds thereof to the Obligations in accordance with Section 11.5. (e) So long as no Default or Event of Default exists, and to the extent amounts on deposit in or credited to the Letter of Credit Collateral Account exceed the aggregate amount of the Letter of Credit Liabilities then due and owing, the Administrative Agent shall, from time to time, at the request of the Borrower, deliver to the Borrower within ten (10) Business Days after the Administrative Agent’s receipt of such request from the Borrower, against receipt but without any recourse, warranty or representation whatsoever, such amount of the credit balances in the Letter of Credit Collateral Account as exceeds the aggregate amount of Letter of Credit Liabilities at such time. When all of the Obligations shall have been paid in full and no Letters of Credit remain outstanding, the Administrative Agent shall deliver to the Borrower, against receipt but without any recourse, warranty or representation whatsoever, the balances remaining in the Letter of Credit Collateral Account. (f) The Borrower shall pay to the Administrative Agent from time to time such fees as the Administrative Agent normally charges for similar services in connection with the Administrative Agent’s administration of the Letter of Credit Collateral Account and investments and reinvestments of funds therein.

  • Application of Collateral The proceeds of any sale, or other realization (other than that received from a sale or other realization permitted by the Credit Agreement) upon all or any part of the Pledged Collateral pledged by the Pledgors shall be applied by the Secured Party as set forth in Section 7.06 of the Credit Agreement.

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