Permitted Cash Pooling definition
Permitted Cash Pooling means (subject to the compliance with Clause 24.29 (Collection Account and Cash Pooling Arrangement)) any cash pooling, netting or set-off arrangement entered into by any Obligor or Group Member in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances of Obligor(s) and/or Group Member(s) (including an overdraft comprising more than one account).
Permitted Cash Pooling means (i) cash pooling undertaken by Midco and in respect of which Midco holds all central cash pool accounts and in which only Midco and its Restricted Subsidiaries (other than any Fund Co-Investment Vehicle and its Subsidiaries) participate and (ii) for a period of six months following the Issue Date (which period may be extended in accordance with the terms of the RCF Facility Agreement), cash pooling undertaken by the Company and in respect of which the Company holds all central cash pool accounts or in which the Company participates; provided that if the amount standing to the credit of any central cash pool account held by the Company shall at any time exceed €10.0 million (the difference between the actual amount standing to the credit of such account and €10.0 million being the “Excess Amount”) for 10 consecutive Business Days, the Company shall deposit, or cause to be deposited, as soon as practicable following the 10th Business Day, the Excess Amount to a central cash pool account held by Midco and provided further that, to the extent the Company or the Issuer have any claims against Midco or any Restricted Subsidiary (on a net basis) arising under the cash pooling undertaken by the Company (“Net Downstream ICLs”), the Company or the Issuer will ensure that such Net Downstream ICLs are extinguished when the cash pool is terminated and/or are otherwise discharged substantially concurrently with the termination of the relevant cash pool.
Permitted Cash Pooling means any cash pooling, netting or set-off arrangement entered into by any Group Company in the ordinary course of its banking arrangements with an Approved Bank for the purpose of netting debit and credit balances of Group Companies (including an overdraft comprising more than one account) but only so long as such arrangement is not established with the primary intention of preferring any Lender including Entrustment Loans and, provided that, subject to the Agreed Security Principles, reasonable endeavours are made to grant a Security Interest in favour of the Security Agent in respect of the relevant cash pooling account.
More Definitions of Permitted Cash Pooling
Permitted Cash Pooling has the meaning given to that term in Schedule 14 (Covenants).
Permitted Cash Pooling means any cash pooling, netting or set-off arrangement provided to Group Members in the Ordinary Course of the Group's cash management arrangements.