Eligible Cash definition

Eligible Cash means unrestricted cash of a Borrower held in a Deposit Account maintained in the United States with a member of the Lender Group as security for the Obligations, and in which Agent has a first-priority perfected security interest and which is subject to a Control Agreement.

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Eligible Cash means any cash and Cash Equivalents held by (a) the Borrower or a Subsidiary Guarantor or (b) any Non-Guarantor Subsidiary, but only to the extent that such cash and Cash Equivalents held by such Non-Guarantor Subsidiary in excess of the amount of Indebtedness of such Non-Guarantor Subsidiary included in Consolidated Total Net Debt (before subtracting Eligible Cash) are reduced by the amount of taxes (if any) that would be incurred (as determined assuming a tax rate of 35% or, if less, the highest U.S. corporate tax rate then in effect at that time) if such cash and Cash Equivalents were to be transferred to (i) the Borrower or a Subsidiary Guarantor or (ii) another Non-Guarantor Subsidiary; provided that, in the case of clause (ii), any such after-tax cash and Cash Equivalents will only qualify as “Eligible Cash” hereunder to the extent that the amount of cash and Cash Equivalents that would be held by such other Non-Guarantor Subsidiary after giving effect to such deemed transfer is not in excess of the amount of its Indebtedness included in Consolidated Total Net Debt (before subtracting Eligible Cash). In determining any taxes that would be incurred for these purposes, the Borrower may select among the group of eligible transferees (and the manner in which transfers could be effected) so as to minimize any taxes that would be deemed incurred.

Eligible Cash means cash of a Borrower Party held in a segregated restricted deposit account maintained with the Administrative Agent or another financial institution acceptable to the Administrative Agent in its sole discretion, 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 which is (unless held by the Administrative Agent) subject to a deposit account control agreement reasonably satisfactory to the Administrative Agent; provided that in no event shall any cash held in any Excluded Account be included in Eligible Cash.

Examples of Eligible Cash in a sentence

• Upon the cash proceeds no longer being held by the qualified intermediary pursuant to the Regulations or otherwise qualifying under the Regulations for like-kind exchange treatment, such proceeds shall cease being Eligible Cash 1031 Proceeds.

• Upon Shareholder’s pledge of such Eligible Cash Equivalents, such Eligible Cash Equivalents shall replace the options, rights or warrants as Exchange Property, and the options, rights or warrants shall be released from the Collateral and delivered by the Collateral Agent to Shareholder.

• No later than 4:00 p.m. on the earlier to occur of the (i) third Business Day after delivery of such notice and (ii) the date of such distribution, the Borrower shall cause Cash, Cash Equivalents and/or Shares that will constitute Eligible Cash Collateral and/or Eligible Pledged Shares, as applicable, upon such delivery, to be delivered to the Collateral Account of each Applicable Lender in accordance with Section 3 of the Security Agreement, in an amount equal to the LTV Event Amount.

• Such Eligible Cash Equivalents shall be held by the Collateral Agent as a part of the Collateral, subject to the same provisions hereof as the cash used by it to purchase such Eligible Cash Equivalents.

• Notwithstanding anything to the contrary contained herein, so long as no Default or Event of Default has occurred and is continuing, the Company may request that all or a portion of Eligible Cash Collateral be transferred to another Controlled Account of the Credit Parties that is not fully-blocked, it being understood that upon such transfer, Eligible Cash Collateral shall be reduced by the amount of such transferred cash.

More Definitions of Eligible Cash

Eligible Cash means, with respect to any Person, unrestricted cash and Cash Equivalents of such Person in each case that is (i) on deposit in a Deposit Account that is subject to a Lien and control agreement (where applicable) in favor of the Collateral Agent in a form acceptable to the Collateral Agent in its Permitted Discretion and (ii) not subject to any Liens (other than Permitted Borrowing Base Liens and junior priority Liens in favor of or pursuant to the Cash Flow Credit Agreement and the credit documents related thereto, the Secured Notes Indenture and the documents related thereto, the Pari Passu Loan Documents and the documents related thereto, the Pari Passu Note Documents and the documents related thereto, any Credit Document, and any Permitted Junior Debt Documents (to the extent such cash and Cash Equivalents also secure the Indebtedness hereunder on a senior priority basis)); provided that if the subject account is held at an institution other than Administrative Agent or its affiliates or branches, (x) the Lead Borrower shall be required to provide daily reporting of cash and Cash Equivalents balances to the Administrative Agent in the event that Adjusted Availability is less than the greater of (1) 10% of the Line Cap and (2) $10,000,000 and (y) at any time that (i) a Credit Extension is requested, (ii) the Payment Conditions or the Distribution Conditions are tested, or (iii) a Borrowing Base Certificate is delivered, the Collateral Agent reserves the right to verify the balance of such account (it being understood that the amount of Eligible Cash included in the Borrowing Base on any relevant date of determination shall be based on current account balances as of such date); provided, further, that failure to provide such daily reporting shall not be a Default or Event of Default in itself, but rather shall result in the relevant cash and Cash Equivalents not being included in the Borrowing Base.

Eligible Cash means cash comprising the CSA Posted Collateral.

Eligible Cash means any cash and Cash Equivalents held by the Company or any Restricted Subsidiary.

Eligible Cash. Unrestricted cash and unrestricted Cash Equivalents of the Borrower that are (i) in Deposit Accounts, Commodity Accounts or Securities Accounts that are subject to a control agreement in favor of Lender in form and substance satisfactory to Lender in all respects and maintained by a branch office of a financial institution located within the United States of America, (ii) subject to a valid, perfected and first-priority security interest and Lien in favor of L▇▇▇▇▇ and (iii) free and clear of any adverse claim thereupon. If any cash or Cash Equivalents at any time cease to be Eligible Cash, such cash and Cash Equivalents shall be immediately excluded from the calculation of Eligible Cash. For the avoidance of doubt, “Eligible Cash” shall exclude all unrestricted cash and unrestricted Cash Equivalents of FTRAF Sub1 LLC.

Eligible Cash means, with respect to each Borrower, cash and Cash Equivalents maintained with Regions Bank in a separate controlled account for the benefit of Lenders.

Eligible Cash means, as of the date of determination thereof, without duplication, cash of a Borrowing Base Party, that is either:

Eligible Cash means Unrestricted Cash of a Loan Party held in a segregated deposit account or securities account that is cash denominated in Dollars and either (a) maintained with the Collateral Agent, for the benefit of the Secured Parties, as security for the Obligations or (b) if not maintained with the Collateral Agent, maintained with a Lender and subject to a Control Agreement; provided that in no event shall any cash held in any Excluded Account be included in Eligible Cash.