Held Cash definition
Held Cash means all cash (denominated in any currency) and Permitted Investments at any time actually held directly by, or credited to a Deposit Account or Securities Account of, Holdings or any of its Subsidiaries, in each case other than any such cash or Permitted Investments that (i) would appear as “restricted” on a consolidated balance sheet of Holdings or any of its Subsidiaries, or (ii) are held in or credited to any Excluded Account of the types described in clause (e) of the definition thereof, but only to the extent that such amounts held in or credited to such Excluded Accounts are (x) not in excess of $2,000,000 in the aggregate, (y) maintained for the benefit of Persons that are not Subsidiaries or Controlled Affiliates of Holdings and (z) maintained consistent with the Loan Parties’ past practices.
Examples of Held Cash in a sentence
Fail, at all times, to have pledged to Agent Held Cash Collateral in an amount equal to or greater than the amount by which the Obligations exceed the Borrowing Base.
Fail at all times during the term of this Agreement to cause Agent to hold Held Cash Collateral in an amount equal to no less than the amount by which the Obligations exceed the Borrowing Base; provided, however, that at all times during the Conditional Waiver Period, Held Cash Collateral shall be no less than $20,000,000.
Borrowing Base shall mean an amount equal to the sum of: (a) Eighty percent (80%) of the Net Amount of Eligible Accounts; plus (b) the aggregate amount of Held Cash Balances; less (c) any Availability Reserves.