Cash Dominion definition

Cash Dominion as defined in subsection 7.2.4.
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Cash Dominion means the control by the Lender of the Loan Parties’ cash receipts and the application thereof to the Exposure in accordance with Article VII of the Security Agreement
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Cash Dominion. The Borrowers shall be required to enter into account control agreements on the Borrowers’ concentration accounts and other accounts to be mutually determined (with exceptions for certain accounts to be agreed) within 90 days after the Closing Date (or such longer period as the Administrative Agent may reasonably agree). The Borrowers shall be required to maintain a main cash concentration account and blocked accounts with a financial institution reasonably acceptable to the Administrative Agent into which all proceeds of the ABL Priority Collateral are deposited (subject to mutually agreeable exceptions). The Administrative Agent shall have the right, during a Liquidity Period, to cause all amounts on deposit in any blocked account to be transferred to the main concentration account at the end of each business day. During a Liquidity Period, the Administrative Agent shall have the right to require that all amounts on deposit in the main concentration account be applied on a daily basis by the Administrative Agent to reduce loans outstanding under the ABL Facility. Amounts so prepaid shall, subject to the terms and conditions of the ABL Facility Documents, be available to be reborrowed.
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Examples of Cash Dominion in a sentence

  • Agent agrees not to issue an Activation Instruction with respect to the Controlled Accounts unless a Cash Dominion Event has occurred at the time such Activation Instruction is issued.

  • After the occurrence and during the continuance of a Cash Dominion Trigger Event, the Administrative Agent may (and, at the request of the Required Lenders, shall) deliver each such DDA Notification and Credit Card Notification to the applicable depository institution and credit card processor.

  • The Loan Parties hereby acknowledge and agree that (i) the Loan Parties have no right of withdrawal from the Dominion Account, (ii) the funds on deposit in the Dominion Account shall at all times be collateral security for all of the Obligations and (iii) the funds on deposit in the Dominion Account shall be applied pursuant to Section 8.02 on a daily basis after the occurrence and during the continuation of a Cash Dominion Period.

  • Each DDA Notification and Credit Card Notification shall be held by the Administrative Agent until the occurrence of a Cash Dominion Trigger Event.

  • Upon the request of the Agent after the occurrence and during the continuance of a Cash Dominion Period, the Loan Parties shall cause bank statements and/or other reports to be delivered to the Agent not less often than weekly, accurately setting forth all amounts deposited in each Blocked Account to ensure the proper transfer of funds as set forth above.

  • Each U.S. Loan Party irrevocably appoints the Agent as such U.S. Loan Party’s attorney-in-fact to collect such balances during a Cash Dominion Period to the extent any such delivery is not so made.

  • The Agent and the other Secured Parties hereby acknowledge and agree that so long as no Cash Dominion Period is continuing the Obligors shall have the right to withdraw or direct the Agent to transfer to Obligors all funds remaining on deposit in any Concentration Account and the Collateral Agent shall no longer be permitted to direct any account bank under any Control Agreement to ACH or wire transfer any Cash Receipts into any Concentration Account.

  • Each Deposit Account Control Agreement relating to a Canadian Collection Account shall (unless otherwise reasonably agreed by the Administrative Agent ) include provisions that allow, during any Cash Dominion Period, for all collected amounts held in such Canadian Collection Account from and after the date requested by the Administrative Agent, to be sent by ACH or wire transfer or similar electronic transfer no less frequently than once per Business Day to the Canadian Dominion Account.

  • Following the occurrence and during the continuance of a Cash Dominion Event, the Collateral Agent may use any convenient or customary means for the purpose of collecting such checks, drafts, money orders or other media of payment.

  • Whether or not a Default or Event of Default or a Cash Dominion Event exists, the Administrative Agent shall have the right at any time, in the name of the Administrative Agent, any designee of the Administrative Agent or any Loan Party, to verify the validity, amount or any other matter relating to any Accounts of the Loan Party by mail, telephone or otherwise.


More Definitions of Cash Dominion

Cash Dominion. All cash of the Borrower and its Subsidiaries will be subject to cash dominion (a) at all times during the period beginning on the Closing Date and ending on the date the Borrower’s consolidated monthly financial statements for the 6th month ending after the Closing Date have been delivered to the Exit ABL Agent and (b) at any other time that a Covenant/Dominion Trigger Period has occurred and is continuing
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Cash Dominion. Required when excess availability falls below the greater of (i) $20,000,000 and (ii) the lesser of (a) 18% of Facility and (b) 18% of the Borrowing Base. Availability: Pricing: Arrangement Fee: Closing Fee: Unused Fee: Pricing Grid: The Revolver will be undrawn at close other than letters of credit. 1.5% of allocated commitment amount. 2.0% of allocated commitment amount. 1.0% if usage < 50% of Facility, otherwise 0.75%. LIBOR Grid: 425 to 475bps, opening at 450bps. Base Rate Grid: 325 to 375bps, opening at 350bps.
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Cash Dominion shall have the meaning set forth in Section 6.3(a)(ii).
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Cash Dominion. The Borrower will continue its current cash management system. Upon the occurrence of trigger events to be agreed by the Agents and the Borrower, the Collateral Agent, upon its determination or upon request by the Majority Banks, may deliver cash sweep notices, requiring funds in the blocked accounts to be swept to a single concentration account. After delivery of cash sweep notices, unless required to do otherwise pursuant to intercreditor arrangements, the Collateral Agent will use each day's proceeds to reduce outstanding obligations under the Revolving Facility and thereafter to deposit into a cash sweep cash collateral account for the benefit of the Senior Facility secured parties, as collateral for the payment and performance of the Senior Facility obligations. As long as no default or event of default shall have occurred and be continuing, the Borrower will have access to the Revolving Facility during a cash sweep period. The Collateral Agent may send a cash sweep notice on each occasion of the occurrence of a trigger event. During a cash sweep period, upon the occurrence of certain events to be agreed by the Agents and the Borrower, the Collateral Agent shall automatically rescind any Cash Sweep Notice.
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Related to Cash Dominion

  • Cash Dominion Period means (a) each period beginning on a date when Total Excess Availability shall have been less than the greater of (i) 10% of the Line Cap and (ii) $20,000,000, in either case for five consecutive Business Days, and ending on such date as Total Excess Availability shall have been at least equal to the greater of (i) 10% of the Line Cap and (ii) $20,000,000 for a period of 30 consecutive calendar days or (b) upon the occurrence of an Event of Default, the period that such Event of Default shall be continuing.

  • Cash Dominion Event means any of the following: (i) the occurrence and continuance of an Event of Default under clause (a), (f) or (g) of Section 8.01; (ii) the occurrence and continuance of an Event of Default under clause (b)(i)(B) or (e) of Section 8.01; (iii) the occurrence and continuance of an Event of Default under subclause (ii) of clause (c) of Section 8.01; (iv) the occurrence and continuance of an Event of Default under subclause (i) of clause (c) of Section 8.01 (to the extent such Event of Default results from a failure to comply with Section 6.01(i) or 6.01(ii)); or (v) the failure of the Loan Parties to maintain, for four consecutive Business Days, Excess Availability of at least $7,500,000. For purposes of this Agreement, the occurrence of any particular Cash Dominion Event shall be deemed continuing (a) if such Cash Dominion Event arises under clause (i) above, from the date of the occurrence of such Event of Default and for so long as such Event of Default is continuing and has not been cured or waived, (b) if such Cash Dominion Event arises under clause (ii), (iii) or (iv) above, from the date of the delivery by the Administrative Agent of a notice to the Lead Borrower of its intent to initiate a Cash Dominion Event based on such Event of Default and for so long as such Event of Default is continuing and has not been cured or waived and/or (c) if such Cash Dominion Event arises under clause (v) above, until Excess Availability is equal to or greater than $7,500,000 for 30 consecutive calendar days, in which case such Cash Dominion Event shall no longer be deemed to be continuing for purposes of this Agreement.

  • Cash Dominion Trigger Period means the period commencing on the occurrence of a Cash Dominion Trigger Event, and continuing until the date that (a) no Event of Default shall be continuing and (b) Excess Availability is greater than or equal to the greater of (i) 15.0% of the Line Cap and (ii) $6,250,000, in each case, for a period of at least three (3) consecutive Business Days.

  • Dominion Period has the meaning given to such term in the Intercreditor Agreement.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.