Collateral Reserve definition

Collateral Reserve set forth in Section 1.1 of the Loan Agreement is amended and restated in its entirety, as follows:

Collateral Reserve means an amount equal to $5,000,000. "

Collateral Reserve means a reserve in the amount of $3,000,000.00, as such amount may be increased or decreased from time to time in the commercially reasonable credit judgment of the Administrative Agent.

Examples of Collateral Reserve in a sentence

• In accordance with and as more fully set forth in the Security Agreement, the Borrower and each Guarantor shall: (1) establish and maintain a lockbox; and (2) upon the request of the Required Banks, establish and maintain with the Agent a Collateral Reserve Account.

• On each Business Day, the Collateral Agent shall cause all funds on deposit in such Domestic Collateral Reserve Accounts to be transferred to the Domestic Concentration Account.

• If applicable, that agreement between Bank and Borrower whereby Borrower agrees that all remittances in payment of Accounts which are deposited to the Collateral Reserve Account will be applied to the outstanding Line of Credit, as well as other provisions of the Loan Documents.

• Participants entering into a Collateral Reserve Account arrangement will be required to comply with the Account Security Requirements as set out in G.1.5 of the Code.

• In the event any items or payment described in this Section 7.16 are inadvertently received by any of the Credit Parties or any other Person, whether or not in accordance with the terms of this Agreement, such Credit Party or such Person shall be deemed to hold the same in trust for the benefit of the Collateral Agent and promptly forward them to the Collateral Agent for deposit in a Domestic Collateral Reserve Account or the Domestic Concentration Account.

More Definitions of Collateral Reserve

Collateral Reserve means an amount equal to $10,000,000.

Collateral Reserve means a reserve in an amount equal to $25,000,000 which shall remain in place until Agent has completed, to its reasonable satisfaction, a collateral review including, without limitation, completion of field exams and receipt of inventory appraisals. Agent hereby agrees that it will use its commercially reasonable efforts to complete such field exams and inventory appraisals no later than the date of the entry of the Final Order.

Collateral Reserve means $850,000.

Collateral Reserve means $2,000,000; provided, however, in the event Borrower achieves positive EBITDA from operations for two consecutive calendar quarters from and after the date of this Agreement, Collateral Reserve shall at all times thereafter mean $1,500,000.

Collateral Reserve means an amount equal to $11,500,000; provided, that upon a sale and leaseback transaction with respect to the Real Property owned by Electric and located at 0000 Xxxxx Xxxx Xxxxxx in Anaheim, California that is consummated in compliance with each of the requirements set forth in clause (m) of the definition of Permitted Disposition, such amount shall be reduced to $10,000,000."

Collateral Reserve as defined in Section 1 of the Loan Agreement is hereby deleted in its entirety, and in lieu thereof, the following is inserted:

Collateral Reserve means the reserve established from funds deducted from each Revolving Advance and/or otherwise pursuant to Section 2.4 hereof that are established as a cash collateral reserve to be held in the Collateral Reserve Account.