Springing Control Agreement definition
Springing Control Agreement means an agreement in which a Credit Party, Collateral Agent, and Cash Management Bank maintaining the Deposit Account have agreed that the Cash Management Bank will comply with instructions originated by the Collateral Agent directing disposition of the funds in the Deposit Account without further consent by the Credit Party pursuant to terms reasonably satisfactory to the Collateral Agent and Administrative Borrower. Terms of the agreement shall provide control (within the meaning of Section 9-104 of the UCC) reasonably satisfactory to Collateral Agent.
Springing Control Agreement. “Swingline Advance”, “Swingline Loan Limit”, “Waterfall Trigger Event”; or (H) shorten the maturity or weighted average life to maturity of the Term Loans or require that any payment on the Term Loans be made earlier than the date originally scheduled for such payment.
Springing Control Agreement. “Swingline Advance,” “Swingline Loan Limit,” “Conforming Term Lender DIP Financing,” and “Waterfall Trigger Event;” (H) shorten the maturity or weighted average life to maturity of the Term Loans or require that any payment on the Term Loans be made earlier than the date originally scheduled for such payment; or (I) reduce the principal amount of any Loan or reduce the rate of interest thereon (provided, the cash pay interest amount may not be reduced by more than 50% without all directly affected Lenders), or reduce any fees payable hereunder (including any Prepayment Premium); and
Examples of Springing Control Agreement in a sentence
Within sixty (60) days of the Closing Date (or such later date as Collateral Agent may reasonably agree in its sole discretion), each Credit Party will enter into a Springing Control Agreement with the applicable Cash Management Bank for each Deposit Account of Credit Parties (other than a Monitored Account or other Excluded Account).
Within ninety (90) days of the Closing Date (or such later date as Collateral Agent may reasonably agree in its sole discretion), each Credit Party will enter into a Springing Control Agreement with the applicable Cash Management Bank for each Deposit Account of Credit Parties (other than a Monitored Account or other Excluded Account).
More Definitions of Springing Control Agreement
Springing Control Agreement. “Swingline Advance,” “Swingline Loan Limit,” “Conforming Term Lender DIP Financing,” and “Waterfall Trigger Event;” (H) shorten the maturity or weighted average life to maturity of the Term Loans or require that any payment on the Term Loans be made earlier than the date originally scheduled for such payment; or (I) reduce the principal amount of any Loan or reduce the rate of interest thereon (provided, the cash pay interest amount may not be reduced by more than 50% without all directly affected Lenders), or reduce any fees payable hereunder (including any Prepayment Premium); and