Eligible Cash Sample Clauses
The 'Eligible Cash' clause defines what types of cash are considered acceptable for use within the context of the agreement, typically as collateral or for settlement purposes. In practice, this clause specifies criteria such as the currency, the source of funds, and any restrictions on the use or transfer of the cash, ensuring that only certain, pre-approved forms of cash qualify. Its core function is to provide clarity and reduce risk by ensuring that all parties agree on what constitutes acceptable cash, thereby preventing disputes over the validity or sufficiency of cash provided under the contract.
Eligible Cash. [The Company does not intend to seek Borrowing Base credit for Eligible Cash at the Closing Date but reserves its right to do so at any time and from time to time thereafter.] [* * *]
Eligible Cash. At all times, Eligible Cash shall be at least $25,000,000.
Eligible Cash. The amount of the Credit Parties’ Eligible Cash on the Effective Date shall be not less than $14,454,279.43.
Eligible Cash cash of a Borrower held in a segregated restricted Deposit Account maintained with and pledged to the Administrative Agent, for the benefit of the Secured Parties, as security for the Obligations, and in which the Administrative Agent, for the benefit of the Secured Parties, has a first priority perfected security interest, and subject to a Deposit Account Control Agreement.
Eligible Cash. 1. readily and immediately available cash and Cash Equivalents7, in each case, in Dollars and Canadian Dollars held in deposit accounts located in the United States and Canada owned by any Loan Party or any Canadian Subsidiary thereof (other than the Cash Collateral) as of the month end immediately preceding the date hereof: $
2. (without duplication) the sum of cash which is:
a. held in a deposit account that is encumbered and not free and clear of all Liens and other third party rights other than (i) a Lien in favor of the Administrative Agent securing the Obligations, if any or (ii) a Lien in favor of the depositary institution holding such deposit accounts arising solely by virtue of such depositary institution’s standard account documentary or any statutory or common law provision relating to banker’s liens, rights or set-off or similar rights and remedies and burdening only such deposit account $
3. Eligible Cash = D.1 – D.2 $
Eligible Cash. Eligible Cash may not be withdrawn from the applicable Deposit Account at any time, except if the following conditions are satisfied at such time: (a) no Default or Event of Default has occurred and is continuing, (b) the Borrowers have delivered a pro forma Borrowing Base Certificate to the Agent on the day such withdrawal is to be made, (c) (i) during the existence of a Cash Dominion Period, Aggregate Outstanding Exposure (excluding LC Exposure subject to Letter of Credit Collateralization) at the time of such withdrawal is $0 (provided that if a Cash Dominion Period exists and Aggregate Outstanding Exposure (excluding LC Exposure subject to Letter of Credit Collateralization) at the time of such withdrawal is greater than $0, the Borrowers may request in writing to the Agent that Eligible Cash be applied in whole or in part to repay the outstanding Obligations) or (ii) at any other time other than during the existence of a Cash Dominion Period, Eligible Cash may be freely withdrawn, subject to clauses (a), (b) and (d) of this Section 2.18 and (d) upon such withdrawal or transfer pursuant to Section 2.18, no Line Deficiency would result therefrom. Upon such written request and subject to the foregoing conditions, the Agent shall promptly transfer such cash as directed by the Borrowers.
Eligible Cash cash of a Borrower held in a segregated restricted Deposit Account maintained with and pledged to the Administrative Agent, for the benefit of the Secured Parties, as security for the Obligations, and in which the Administrative Agent, for the benefit of the Secured Parties, has a first priority perfected security interest, and subject to a Deposit Account Control Agreement. Eligible Credit Card Receivables: on any date, all Credit Card Receivables denominated in Dollars, that have been earned and represent the bona fide amounts due to a Borrower from a credit card processor and/or credit card issuer, and that are deemed by the Administrative Agent in its Permitted Discretion to be Eligible Credit Card Receivables. Without limiting the foregoing, the following shall not constitute Eligible Credit Card Receivables:
Eligible Cash. Notwithstanding the foregoing or anything to the contrary contained herein, so long as (a) no Default or Event of Default has occurred and is continuing and (b) no Cash Dominion Trigger Period is in effect (and such proposed withdrawal would not cause a Cash Dominion Trigger Period to be in effect), Eligible Cash may be withdrawn upon the request of the Borrower Representative, subject to (i) the Borrower Representative’s delivery of a pro forma Borrowing Base Certificate concurrently with such transfer or withdrawal, (ii) Eligible Cash being reduced by the amount of such transferred or withdrawn assets and (iii) pro forma Excess Availability (after giving effect to such proposed transfer or withdrawal and the corresponding reduction of Eligible Cash in the Borrowing Base) being not less than $0. Upon such written request and subject to the foregoing conditions, the Administrative Agent shall promptly transfer such liquid assets (or direct such liquid assets to be transferred) as directed by the Borrower Representative and the Borrower Representative shall provide a pro forma Borrowing Base Certificate and information in connection therewith concurrently with such request for release of Eligible Cash.
Eligible Cash the sum of (i) cash balances on deposit in an account with Bank and/or KeyBank subject to a first priority perfected security interest in favor of Agent and (ii) up to $5,000,000 in the aggregate of cash balances and/or Cash Equivalents on deposit with Bank and/or KeyBank that are not subject to a first priority perfected security interest in favor of Agent. Environmental Laws - all federal, state and local laws, rules, regulations, codes, ordinances, programs, permits, guidance documents promulgated by regulatory agencies, orders and consent decrees, now or hereafter in effect and relating to human health and safety or the protection or pollution of the environment, including CERCLA. Environmental Release - a release as defined in CERCLA or under any applicable Environmental Laws. Equipment - all of Borrower’s machinery, apparatus, equipment, fittings, furniture, fixtures, motor vehicles and other tangible personal Property (other than Inventory) of every kind and description, whether now owned or hereafter acquired by a Borrower and wherever located, and all parts, accessories and special tools therefor, all accessions thereto, and all substitutions and replacements thereof. Equity Interest - the interest of (i) a shareholder in a corporation, (ii) a partner (whether general or limited) in a partnership (whether general, limited or limited liability), (iii) a member in a limited liability company, or (iv) any other Person having any other form of equity security or ownership interest. ERISA - the Employee Retirement Income Security Act of 1974, and all rules and regulations from time to time promulgated thereunder. Event of Default - as defined in Section 11 of the Agreement. Extraordinary Expenses - all costs, expenses, fees or advances that Agent or any Lender may suffer or incur, whether prior to or after the occurrence of an Event of Default, and whether prior to, after or during the pendency of an Insolvency Proceeding of an Obligor, on account of or in connection with (i) the audit, inspection, repossession, storage, repair, appraisal, insuring, completion of the manufacture of, preparing for sale, advertising for sale, selling, collecting or otherwise preserving or realizing upon any Collateral; (ii) the defense of Agent’s Lien upon any Collateral or the priority thereof or any adverse claim with respect to the Loans, the Loan Documents or the Collateral asserted by any Obligor, any receiver or trustee for any Obligor or any creditor or representa...