Initial Second Priority Debt Proceeds Collateral Account definition
Initial Second Priority Debt Proceeds Collateral Account means a Collateral Account established by the Administrative Agent pursuant to the Security Agreement or an existing or new deposit or securities account of the Borrower satisfactory to the Administrative Agent, which shall be used solely for purposes specified in Section 6.13(b).
Examples of Initial Second Priority Debt Proceeds Collateral Account in a sentence
If at any time the sum of cash and Permitted Investments of the Borrower and its Subsidiaries (excluding amounts held in the Initial Second Priority Debt Proceeds Collateral Account) shall exceed $25,000,000 for a period of 10 consecutive days, the Borrower shall, not later than the third Business Day following each such period, prepay Revolving Loans and/or Swing Line Loans in the amount of such excess.