Use of Cash Collateral. Notwithstanding anything to the contrary contained herein, the Borrower shall not be permitted to request a Borrowing under Section 2.04 or request the issuance of a Letter of Credit under 2.03 unless the Bankruptcy Court shall have entered the Approval Order and shall at that time have granted to the Borrower use of all cash collateral, subject to the Approval Order, for the purposes described in Section 3.09.
Use of Cash Collateral. Subject to the terms and conditions set forth in this Interim Order, the Borrower is authorized, pursuant to section 363(c)(2)(B) of the Bankruptcy Code, to use the Prepetition Lenders’ Cash Collateral for the period of time from the date hereof until the occurrence of a “Termination Event,” which shall mean the earliest to occur of (i) 30 days after the date of entry of this Interim Order if the Final Order has not been entered by such date, (ii) the occurrence of the Maturity Date, (iii) the determination by the Postpetition Lender to terminate the DIP Financing following the occurrence of an Event of Default, (iv) the date on which neither this Interim Order nor the Final Order is in full force and effect, (v) the date on which any Cash Collateral is not expended in accordance with the provisions of this Interim Order, the DIP Budget (as in effect on the date hereof), or the DIP Financing Term Sheet (as in effect on the date hereof), (vi) the date on which the Borrower seeks or receives authorization from this Court to borrow more than the principal amount of $5,000,000.00 (inclusive of borrowings authorized under this Interim Order) under the Postpetition Financing Documents or any other financing arrangements prior to, on or after entry of the Final Order without being authorized, directed and required, as a condition to such additional borrowings, to immediately and indefeasibly repay and satisfy in full, in cash all of the Postpetition Obligations from the proceeds of such additional borrowings, (vii) the date on which the Borrower’s Chapter 11 Case is converted to a case under chapter 7 of the Bankruptcy Code, (viii) the date on which a trustee or examiner with expanded powers is appointed in the Borrower’s Chapter 11 Case, or (ix) the date on which the Borrower fails to make any payments to the Prepetition Lenders when due in accordance with this Interim Order.
Use of Cash Collateral. The Administrative Agent shall apply Cash Collateral from time to time (i) in the manner provided under Section 10.22 and (ii) to the repayment of Loans on the Latest Maturity Date or to the prepayment thereof, including, without limitation, pursuant to Section 2.6(c) (including, in each case, each related required interest payment), as the Company shall request in writing, upon receipt by the Administrative Agent of the following:
(1) resolutions of the Board of Directors of the Company directing the application pursuant to this Section 10.20 of a specified amount of Cash Collateral and, in case any such moneys are to be applied to prepayment, designating the Loans so to be prepaid;
(2) cash in the maximum amount of the accrued interest, if any, required to be paid in connection with any such prepayment, which cash shall be held by the Administrative Agent in trust for such purpose;
(3) an Officer’s Certificate, dated not more than five Business Days prior to the date of the relevant application stating
(i) that no Default exists unless such Default would be cured thereby; and
(ii) that all conditions precedent and covenants herein provided for relating to such application of Cash Collateral have been complied with. Upon compliance with the foregoing provisions of this Section 10.20, the Administrative Agent shall apply Cash Collateral as directed and specified by such resolution of the Board of Directors, up to, but not exceeding, the aggregate principal amount of the Loans prepaid, using the cash deposited pursuant to clause (b) of this Section 10.20, to the extent necessary, to pay any accrued and unpaid interest required in connection with such purchase. A resolution of the Board of Directors expressed to be irrevocable directing the application of Cash Collateral under this Section 10.20 to the prepayment of Loans shall for all purposes of this Agreement be deemed the equivalent of the deposit of money with the Administrative Agent in trust for such purpose. Such Cash Collateral and any cash deposited with the Administrative Agent pursuant to clause (b) of this Section 10.20 for the payment of accrued interest shall not, after compliance with the foregoing provisions of this Section 10.20, be deemed to be part of the Collateral or Cash Collateral. With respect to any Cash Collateral to be released by the Administrative Agent to the Company in connection with any substitution of Collateral, the requisite amount of Cash Collateral (in each instance, th...
Use of Cash Collateral. Notwithstanding anything to the contrary contained herein, the Borrower shall not be permitted (i) to request a Borrowing under Section 2.06 or request the issuance of a Letter of Credit under Section 2.04 unless the Bankruptcy Court shall have entered the relevant Order or (ii) to request a Borrowing under Section 2.06 unless the Borrower and the Guarantors shall at that time have the use of all cash collateral subject to the Orders for the purposes described in Section 3.10.
Use of Cash Collateral. Notwithstanding anything to the contrary contained herein, neither the U.S. Borrower nor the Canadian Borrower shall be permitted to request a Borrowing under Section 2.7 unless the Loan Parties shall at that time have the use of substantially all cash collateral subject to the Orders for the purposes described in Section 3.10.
Use of Cash Collateral. Prior to the Forbearance Date, absent a Forbearance Default under this Agreement, Lender will permit a portion of Collections, in such amounts as determined by Lender in its good faith discretion from time to time, to be used by the Loan Parties for Approved Expenses necessary to continue the operations of the same and in accordance with the terms of this Agreement. The Loan Parties shall provide expense reconciliations on the last Business Day of the month for expenses incurred in the immediately prior month, and may request, subject to the approval of Lender in its good faith discretion, amounts in excess of the budgeted amount for anticipated operating expenses. If such reconciliation indicates that monthly expenses were less than the budgeted amount, the difference between the actual expenses and the budgeted amount shall be returned to Lender or retained and applied against the next month’s expenses, in Lender’s sole discretion. Lender shall have no obligation to advance any sums pursuant to this Agreement at any time when a set of facts or circumstances exist, which, by themselves, upon the giving of notice, the lapse of time, or any one or more of the foregoing would constitute a Forbearance Default.
Use of Cash Collateral. Any use of Collateral constituting cash collateral by the Borrower;
Use of Cash Collateral. Notwithstanding anything to the contrary contained herein, no Borrower shall be permitted to request a Credit Event unless all Loan Parties shall at that time have the use of all cash collateral subject to the Orders for the purposes described in Section 3.10.
Use of Cash Collateral. Prior to the Forbearance Date, absent a Forbearance Default under this Agreement, Lender will permit a portion of Collections, in such amounts as determined by Lender in its good faith discretion from time to time, to be used by Guarantor and the Borrowers for Approved Expenses necessary to continue the operations of the same and in accordance with the terms of this Agreement. Lender shall have no obligation to advance any sums pursuant to this Agreement at any time when a set of facts or circumstances exist, which, by themselves, upon the giving of notice, the lapse of time, or any one or more of the foregoing would constitute a Forbearance Default.
Use of Cash Collateral. Pursuant to the terms of the Existing DIP Order, the Debtors were, and remain, authorized to use Cash Collateral subject to the terms of the Existing DIP Documents and the Existing DIP Order. Upon the occurrence of the Effective Date, the Debtors will continue to be authorized, subject to the terms and conditions of the DIP Documents and this Order, to use all Cash Collateral of any of the Pre-Petition Secured Creditors and each of the Pre-Petition Secured Creditors are directed promptly to turn over to the Debtors all Cash Collateral received or held by them; provided that the applicable Pre-Petition Secured Creditors are granted adequate protection as hereinafter set forth.
