XX Xxxx Collateral Accounts definition

XX Xxxx Collateral Accounts has the meaning specified in Section 6.2.
Sample 1Sample 2Sample 3
XX Xxxx Collateral Accounts means the bank accounts which are established and maintained by the Original Borrower pursuant to clause 26 (Bank Accounts) of this Agreement with the Account Bank and which are secured in favour of the Security Agent, details of which are set out at Schedule 11 (Details of the XX Xxxx Collateral Accounts).
Sample 1Sample 2
XX Xxxx Collateral Accounts in respect of such Borrower). Each Borrower hereby pledges, and grants to the Agent for the ratable benefit of each Issuing Bank and the Banks, a security interest in all funds held in the XX Xxxx Collateral Accounts in respect of such Borrower from time to time and all proceeds thereof, as security for the payment of the outstanding Letter of Credit Liabilities in respect of Letters of Credit issued at the request of such Borrower. The Agent shall from time to time withdraw funds then held in the XX Xxxx Collateral Accounts in respect of any Borrower to satisfy the payment of any Reimbursement Obligations owing by such Borrower to any Issuing Bank as shall have become or shall become due and payable by such Borrower to such Issuing Bank under this Agreement in connection with the Letters of Credit issued at the request of such Borrower. The Agent shall exercise reasonable care in the custody and preservation of any funds held in the XX Xxxx Collateral Accounts and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which the Agent accords its own property, it being understood that the Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any such funds or for investing such funds. If at any time (a) no Event of Default exists and (b) the funds in the XX Xxxx Collateral Accounts in respect of any Borrower exceed the aggregate amount of all Letter of Credit Liabilities in respect of Letters of Credit issued at the request of such Borrower, the Agent shall, upon request of such Borrower, return such excess to such Borrower.
Sample 1

Examples of XX Xxxx Collateral Accounts in a sentence

  • No Guarantor shall have any liability under this clause 16 nor shall any Guarantor otherwise be required to make any payment to any Finance Party or to any trustee or agent on its behalf in respect of any liability of the Borrower which may, at that time, be satisfied by amounts standing to the credit of the XX Xxxx Collateral Accounts.

  • The borrower shall establish and maintain the XX Xxxx Collateral Accounts with the Account Bank.

  • If at any time (a) no Event of Default exists and (b) the funds in the XX Xxxx Collateral Accounts in respect of any Borrower exceed the aggregate amount of all Letter of Credit Liabilities in respect of Letters of Credit issued at the request of such Borrower, the Agent shall, upon request of such Borrower, return such excess to such Borrower.

  • XX Xxxx Collateral Accounts may also be created as contemplated by Section 2.5(c) whether or not an Event of Default exists.

  • The Agent shall exercise reasonable care in the custody and preservation of any funds held in the XX Xxxx Collateral Accounts and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which the Agent accords its own property, it being understood that the Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any such funds or for investing such funds.

  • Each Borrower hereby pledges, and grants to the Agent for the ratable benefit of each Issuing Bank and the Banks, a security interest in all funds held in the XX Xxxx Collateral Accounts in respect of such Borrower from time to time and all proceeds thereof, as security for the payment of the outstanding Letter of Credit Liabilities in respect of Letters of Credit issued at the request of such Borrower.

  • Each Borrower hereby pledges, and grants to the Collateral Agent for the ratable benefit of each Issuing Bank and the Banks, a security interest in all funds held in the XX Xxxx Collateral Accounts in respect of such Borrower from time to time and all proceeds thereof, as security for the payment of all Letter of Credit Liabilities in respect of Letters of Credit issued at the request of such Borrower.

  • The Agent shall from time to time withdraw funds then held in the XX Xxxx Collateral Accounts in respect of any Borrower to satisfy the payment of any Reimbursement Obligations owing by such Borrower to any Issuing Bank as shall have become or shall become due and payable by such Borrower to such Issuing Bank under this Agreement in connection with the Letters of Credit issued at the request of such Borrower.

  • If at any time (a) no Event of Default exists and (b) the funds in the XX Xxxx Collateral Accounts in respect of any Borrower deposited pursuant to this Section 6.2 exceed the aggregate amount of all Letter of Credit Liabilities in respect of Letters of Credit issued at the request of such Borrower, the Collateral Agent shall, upon request of such Borrower, return such excess to such Borrower.

  • Evidence that all sums required to be deposited into the XX Xxxx Collateral Accounts pursuant to clause 6.15 (Cash Collateralisation) have been deposited.


More Definitions of XX Xxxx Collateral Accounts

XX Xxxx Collateral Accounts means, collectively, the Canadian XX Xxxx Collateral Account and the U.S. XX Xxxx Collateral Account.
Sample 1
XX Xxxx Collateral Accounts in respect of such Borrower). Each Borrower hereby pledges, and grants to the Agent for the ratable benefit of each Issuing Bank and the Banks, a security interest in all funds held in the XX Xxxx Collateral Accounts in respect of such Borrower from time to time and all proceeds thereof, as security for the payment of all Letter of Credit Liabilities in respect of Letters of Credit issued at the request of such Borrower. The Agent may from time to time withdraw funds then held in the XX Xxxx Collateral Accounts in respect of any Borrower and apply such funds to reimburse the Agent for all costs, fees, expenses and other amounts to the extent provided in the relevant Credit Document and, second, to the payment of any Reimbursement Obligations owing by such Borrower to any Issuing Bank as shall have become or shall become due and payable by such Borrower to such Issuing Bank under this Agreement in connection with the Letters of Credit issued at the request of such Borrower. The Agent shall exercise reasonable care in the custody and preservation of any funds held in the XX Xxxx Collateral Accounts and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which the Agent accords its own property, it being understood that the Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any such funds or for investing such funds. If at any time (a) no Event of Default exists and (b) the funds in the XX Xxxx Collateral Accounts in respect of any Borrower deposited pursuant to this Section 6.2 exceed the aggregate amount of all Letter of Credit Liabilities in respect of Letters of Credit issued at the request of such Borrower, the Agent shall, upon request of such Borrower, return such excess to such Borrower. XX Xxxx Collateral Accounts may also be created as contemplated by Section 2.5(c) whether or not an Event of Default exists.
Sample 1

Related to XX Xxxx Collateral Accounts

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • LC Collateral Account has the meaning assigned to such term in Section 2.06(j).

  • Swap Collateral Account means a single, segregated trust account in the name of the Indenture Trustee, which shall be designated as the “Swap Collateral Account” which shall be held in trust for the benefit of the Noteholders established pursuant to Section 4.8(e) of the Sale and Servicing Agreement.]

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.

  • Facility LC Collateral Account is defined in Section 2.19.11.

  • Cash Collateral Accounts shall have the meaning given such term in Section 9(a).

  • Collateral Proceeds Account a non-interest bearing cash collateral account established and maintained by the relevant Grantor at an office of the Collateral Account Bank in the name, and in the sole dominion and control of, the Collateral Agent for the benefit of the Secured Parties.

  • Collateral Account Agreement means the Collateral Account Agreement executed and delivered by Company and Administrative Agent on the Closing Date, substantially in the form of EXHIBIT XXIII annexed hereto, as such Collateral Account Agreement may hereafter be amended, supplemented or otherwise modified from time to time.

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

  • L/C Cash Collateral Account means an account of the Borrower to be maintained with the Administrative Agent, in the name of the Administrative Agent and under the sole control and dominion of the Administrative Agent and subject to the terms of this Agreement.

  • Collateral Deposit Account shall have the meaning set forth in Section 7.1(a).

  • Cash Collateral Account means a blocked account at a commercial bank specified by the Administrative Agent in the name of the Administrative Agent and under the sole dominion and control of the Administrative Agent, and otherwise established in a manner reasonably satisfactory to the Administrative Agent.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Cash Collateral Account Agreement With respect to any Mortgage Loan, the cash collateral account agreement, if any, between the originator of such Mortgage Loan and the related Mortgagor, pursuant to which the related Cash Collateral Account, if any, may have been established.

  • Letter of Credit Collateral Account means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Lenders, and under the sole dominion and control of the Administrative Agent.

  • Collateral Account Bank a bank which at all times is a Collateral Agent or a Lender or an affiliate thereof as selected by the relevant Grantor and consented to in writing by the Collateral Agent (such consent not to be unreasonably withheld or delayed).

  • Class A Cash Collateral Account means, in respect of the Class A Liquidity Facility, an Eligible Deposit Account in the name of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if it so qualifies, into which amounts shall be deposited as referred to in Section 3.05(f).

  • Account Collateral means, with respect to each Account, such Account, together with all cash, securities, Financial Assets and investments and other property from time to time deposited or credited to such Account and all proceeds thereof, including, with respect to the Reserve Fund, the Reserve Fund Deposit and the Reserve Fund Amount.

  • Excluded Accounts means any deposit account or securities account used exclusively as (a) payroll and other employee wage and benefit accounts, (b) tax accounts, including sales tax accounts, (c) escrow, fiduciary or trust accounts, (d) zero balance accounts and (e) the funds or other property held in or maintained in any such account identified in clauses (a) through (d).

  • Additional Collateral Any of the following held, in addition to the related Mortgaged Property, as security for a Mortgage Loan: (i) all money, securities, security entitlements, accounts, general intangibles, payment rights, instruments, documents, deposit accounts, certificates of deposit, commodities contracts and other investment property and other property of whatever kind or description now existing or hereafter acquired which is pledged as security for the repayment of such Mortgage Loan, (ii) third-party guarantees, and (A) all money, securities, security entitlements, accounts, general intangibles, payment rights, instruments, documents, deposit accounts, certificates of deposit, commodities contracts and other investment property and other property of whatever kind or description now existing or hereafter acquired which is pledged as collateral for such guarantee or (B) any mortgaged property securing the performance of such guarantee, or (iii) such other collateral as may be set forth in the Series Supplement.

  • Designated Account Property The Designated Accounts, all cash, investments, Financial Assets, securities and investment property held from time to time in any Designated Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities or otherwise), including the Reserve Account Deposit, and all proceeds of the foregoing but excluding all Investment Earnings thereon.

  • Initial Collateral Amount means $1,000,000,000, which equals the sum of (i) the Class A Note Initial Principal Balance, (ii) the Class B Note Initial Principal Balance, (iii) the Class C Note Initial Principal Balance and (iv) the Initial Excess Collateral Amount.

  • Securities Accounts (i) shall mean all “securities accounts” as defined in Article 8 of the UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.4(A) under the heading “Securities Accounts” (as such schedule may be amended or supplemented from time to time).

  • Blocked Accounts shall have the meaning set forth in Section 6.3 hereof.

  • Excluded Account means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees and (b) any Xxxxx Cash Accounts.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.