Common use of Certain Cash Distributions Clause in Contracts

Certain Cash Distributions. Cash Distributions with respect to Permitted Investments held in a Cash Collateral Account shall be deposited and held therein, or withdrawn therefrom, as provided in Section 6 and Section 7. If a Specified Event of Default shall have occurred and be continuing, Cash Distributions (other than amounts less than $3,000,000) with respect to any Pledged Equity Interest (whether held in the name of a Lien Grantor or in the name of the Collateral Agent or its nominee) shall be deposited, as soon as practicable upon receipt thereof, in a "Pledged Deposit Account" (as defined in the Canadian Security Agreement) of the relevant Lien Grantor if such account exists at such time and if not in a Cash Collateral Account (provided that if the Collateral Agent has not established at such time a Cash Collateral Account with respect to such Lien Grantor, such Lien Grantor shall be required to deposit such Cash Distributions as soon as practicable after such an account is established), and, if applicable, applied in accordance with the prepayment provisions of the 2001 364-Day Agreements and any other applicable Credit Agreements.

Appears in 4 contracts

Samples: Pledge Agreement (Nortel Networks LTD), Pledge Agreement (Nortel Networks Corp), Foreign Pledge Agreement (Nortel Networks LTD)

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Certain Cash Distributions. Cash Distributions with respect to Permitted Investments held in a Cash Collateral Account shall be deposited and held therein, or withdrawn therefrom, as provided in Section 6 and Section 7. If a Specified Event of Default shall have occurred and be continuing, Cash Distributions (other than amounts less than $3,000,000) with respect to any Pledged Equity Interest (whether held in the name of a Lien Grantor or in the name of the Collateral Agent or its nominee) shall be deposited, as soon as practicable upon receipt thereof, in a "Pledged Deposit Account" (as defined in the Canadian Security Agreement) of the relevant Lien Grantor if such account exists at such time and if not otherwise in a Cash Collateral Account (provided that if the Collateral Agent has not established at such time a Cash Collateral Account with respect to such Lien Grantor, such Lien Grantor shall be required to deposit such Cash Distributions as soon as practicable after such an account is established), ) and, if applicable, applied in accordance with the prepayment provisions of the 2001 364-Day Agreements and any other applicable Credit Agreements.

Appears in 2 contracts

Samples: Foreign Pledge Agreement (Nortel Networks Corp), Foreign Pledge Agreement (Nortel Networks LTD)

Certain Cash Distributions. Cash Distributions with respect to Permitted Investments held in a Cash Collateral Account shall be deposited and held therein, or withdrawn therefrom, as provided in Section 6 and Section 7. If a Specified Event of Default shall have occurred and be continuing, Cash Distributions (other than in amounts less than $3,000,000) with respect to any Pledged Equity Interest (whether held in the name of a Lien Grantor or in the name of the Collateral Agent or its nominee) shall be deposited, as soon as practicable upon receipt thereof, in a "Pledged Deposit Account" (as defined in the Canadian Security Agreement) of the relevant Lien Grantor if such account exists at such time and if not otherwise, in a Cash Collateral Account (provided that if the Collateral Agent has not established at such time a Cash Collateral Account with respect to such Lien Grantor, such Lien Grantor shall be required to deposit such Cash Distributions as soon as practicable after such an account is established), and, ) and if applicable, applied in accordance with the prepayment provisions of the 2001 364-Day Agreements and in any other applicable Credit AgreementsAgreement.

Appears in 2 contracts

Samples: Pledge Agreement (Nortel Networks LTD), Pledge Agreement (Nortel Networks Corp)

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Certain Cash Distributions. Cash Distributions with respect to Permitted Investments held in a Cash Collateral Account shall be deposited and held therein, or withdrawn therefrom, as provided in Section 6 7 and Section 78. If a Specified Event of Default shall have occurred and be continuing, Cash Distributions (other than amounts less than $3,000,000) with respect to any Pledged Equity Interest (whether held in the name of a Lien Grantor or in the name of the Collateral Agent or its nominee) shall be deposited, as soon as practicable upon receipt thereof, in a "Pledged Deposit Account" (as defined in the Canadian Security Agreement) of the relevant Lien Grantor if such account exists at such time and if not otherwise in a Cash Collateral Account (provided that if the Collateral Agent has not established at such time a Cash Collateral Account with respect to such Lien Grantor, such Lien Grantor shall be required to deposit such Cash Distributions as soon as practicable after such an account is established), ) and, if applicable, applied in accordance with the prepayment provisions of the 2001 364-Day Agreements and any other applicable Credit Agreements.

Appears in 2 contracts

Samples: NNL Foreign Pledge Agreement (Nortel Networks Corp), NNL Foreign Pledge Agreement (Nortel Networks LTD)

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