Common use of Administrative Agent’s Account Clause in Contracts

Administrative Agent’s Account. The Borrowers and the Administrative Agent shall establish a Collateral Account and each Borrower shall execute any documents and agreements, including the Administrative Agent’s standard form assignment of deposit accounts, that the Administrative Agent reasonably requests in connection therewith to establish the Collateral Account and grant the Administrative Agent an Acceptable Security Interest in such account and the funds therein. Each Borrower hereby pledges to the Administrative Agent and grants the Administrative Agent a security interest in the Collateral Account, all funds held therein from time to time, and all proceeds thereof as security for the payment of the Obligations. Funds held in the Collateral Account shall be held as cash collateral for the Obligations and promptly applied by the Administrative Agent to any outstanding Obligations for Revolving Advances, Letter of Credit Exposure, or Swing Line Advances that exist or occur. After the occurrence and continuance of an Event of Default, funds held in the Collateral Account shall be held as cash collateral for the Obligations and promptly applied by the Administrative Agent to any outstanding Obligations that exist or occur. Provided that no Default or Event of Default has occurred and is continuing, to the extent that any surplus funds are held in the Collateral Account above the sum of the outstanding Revolving Advance and Swing Line Advances, the Administrative Agent may release to the Borrowers at either Borrower’s written request any funds held in the Collateral Account. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which the Administrative Agent accords its own property, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any such funds. Funds held in the Administrative Agent’s Account shall be invested in Cash Equivalents maintained with, and under the sole dominion and control of, the Administrative Agent or in another investment if mutually agreed upon by the Borrowers and the Administrative Agent, but the Administrative Agent shall have no other obligation to make any other investment of the funds therein. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Administrative Agent’s Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which the Administrative Agent accords its own property, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any such funds.

Administrative Agent’s Account. The Borrowers and the Administrative Agent shall establish a Collateral Account and each Borrower shall execute any documents and agreements, including the Administrative Agent’s standard form assignment of deposit accounts, that the Administrative Agent reasonably requests in connection therewith to establish the Collateral Account and grant the Administrative Agent an Acceptable Security Interest in such account and the funds therein. Each Borrower hereby pledges to the Administrative Agent and grants the Administrative Agent a security interest in the Collateral Account, all funds held therein from time to time, and all proceeds thereof as security for the payment of the Obligations. Funds held in the Collateral Account shall be held as cash collateral for the Obligations and promptly applied by the Administrative Agent to any outstanding Obligations for Revolving Advances, Letter of Credit Exposure, or Swing Line Advances that exist or occurpursuant to Section 7.06. After the occurrence and continuance of an Event of Default, funds held in the Collateral Account shall be held as cash collateral for the Obligations and promptly applied by the Administrative Agent to any outstanding Obligations that exist or occur. Provided that no Default or Event of Default has occurred and is continuing, to the extent that any surplus funds are held in the Collateral Account above the sum of the outstanding Revolving Advance Advances, Letter of Credit Exposure, and Swing Line AdvancesBridge Loans, the Administrative Agent may release to the Borrowers at either Borrower’s written request any funds held in the Collateral Account. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which the Administrative Agent accords its own property, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any such funds. Funds held in the Administrative Agent’s Account shall be invested in Cash Equivalents maintained with, and under the sole dominion and control of, the Administrative Agent or in another investment if mutually agreed upon by the Borrowers and the Administrative Agent, but the Administrative Agent shall have no other obligation to make any other investment of the funds therein. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Administrative Agent’s Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which the Administrative Agent accords its own property, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any such funds.

Administrative Agent’s Account. The Borrowers Borrower and the Administrative Agent shall establish a Collateral Account and each the Borrower shall execute any documents and agreements, including the Administrative Agent’s standard form assignment of deposit accounts, that the Administrative Agent reasonably requests in connection therewith to establish the Collateral Account and grant the Administrative Agent an Acceptable Security Interest in such account and the funds therein. Each The Borrower hereby pledges to the Administrative Agent and grants the Administrative Agent a security interest in the Collateral Account, all funds held therein from time to time, and all proceeds thereof as security for the payment of the Obligations. Funds held in the Collateral Account shall be held as cash collateral for the Obligations and promptly applied by the Administrative Agent to any outstanding Obligations for Revolving Advances, Letter of Credit Exposure, or Swing Line Advances that exist or occur. After the occurrence and during the continuance of an Event of Default, funds held in the Collateral Account shall be held as cash collateral for the Obligations and promptly applied by the Administrative Agent to any outstanding Obligations that exist or occur. Provided that no Default or Event of Default has occurred and is continuing, to the extent that any surplus funds are held in the Collateral Account above the sum of the outstanding Revolving Advance and Swing Line AdvancesAdvance, the Administrative Agent may release to the Borrowers Borrower at either the Borrower’s written request any funds held in the Collateral Account. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which the Administrative Agent accords its own property, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any such funds. Funds held in the Administrative Agent’s Account shall be invested in Cash Equivalents maintained with, and under the sole dominion and control of, the Administrative Agent or in another investment if mutually agreed upon by the Borrowers Borrower and the Administrative Agent, but the Administrative Agent shall have no other obligation to make any other investment of the funds therein. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Administrative Agent’s Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which the Administrative Agent accords its own property, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any such funds.