Cash Collateral Use definition
Examples of Cash Collateral Use in a sentence
The balance of any such proceeds (after giving effect to the repayment of the Obligations owing the Bank Group and the Teacher's Note as required above) (the "Excess Funds") shall be deposited with the Collateral Agent under the Cash Collateral Use Agreement and held in a separate Cash Collateral Account (as defined in the Cash Collateral Use Agreement).
In that event, the FMN Security Representatives hereby agree that none of them will raise any objection to such Cash Collateral Use, but only to the extent such Cash Collateral Use is limited to proceeds of the Revolving Collateral.
No Last Out Lender shall propose, nor shall any Last Out Lender permit any of its Affiliates or Related Funds to propose, any Cash Collateral Use in any Insolvency Proceeding so long as the Required First Out Lenders have approved any Cash Collateral Use that complies with the proviso to Section 3(c)(i).
Subject to Section 2.5(c), to the extent that DIP Financing or Cash Collateral Use has been approved pursuant to Section 2.5(b)(i) and (ii) and such DIP Financing Liens rank pari passu with the Liens on any such Shared Collateral, each Senior Claimholder will confirm the ratable treatment of such DIP Financing Obligations and the Senior Obligations hereunder secured by such Shared Collateral.
Subject to Section 2.5(c), to the extent that such DIP Financing or Cash Collateral Use has been approved pursuant to Section 2.5(b)(i) or (ii) and such DIP Financing Liens are senior to the Liens on any such Shared Collateral, each Senior Claimholder will subordinate its Liens (if any) with respect to such Shared Collateral on the same terms as the Liens on such Shared Collateral are subordinated with respect to such DIP Financing Liens.
If the Borrower is in compliance with the Minimum Cumulative EBITDA requirements contained in paragraph 11 5 hereof through December 31, 2001 and provided that the Standstill Period has not ended, the Collateral Agent is authorized to transfer the Excess Funds from the Cash Collateral Account to the extent permitted by the Cash Collateral Use Agreement.
The Borrower and the Bank Group acknowledge and consent to the application of $400,000 from the Cash Collateral Account (as defined in the Cash Collateral Use Agreement) on or about March 25, 2003 as and for a pay down on the Obligations and the Teachers' Notes and agree that only $298,548 of such amount shall be included in computing the aggregate amount of mandatory prepayments made pursuant to this paragraph with the balance applied to the Obligations and the Teachers' Notes pro rata.
The Payees agree that no Offering Claimholder shall proceed with any proposed DIP Financing, Exit Financing or Cash Collateral Use unless the non-offering Payees either (x) agree to participate in such DIP Financing, Exit Financing or Cash Collateral Use or (y) consent in writing in their sole and absolute discretion to the making of such DIP Financing, Exit Financing or Cash Collateral Use without the participation of the non-offering Payees.