[Collateral Support Account] Clause Samples
[Collateral Support Account]. [The Indenture Trustee acknowledges that, pursuant to the provisions of the Swap Agreement, the Swap Counterparty may be required to post collateral with the Indenture Trustee to secure the Swap Counterparty’s obligations under the Swap Agreement. If required under the Swap Agreement, the Servicer or the Administrator shall, in accordance with the provisions of the Swap Agreement, establish and maintain in the name of the Indenture Trustee at an Eligible Institution (which shall initially be the Indenture Trustee) a segregated trust account designated as the Collateral Support Account (the “Collateral Support Account”) to hold such collateral. The Indenture Trustee agrees to follow such written instructions relating to the establishment of, the administration of, and transfers from, the Collateral Support Account as may be delivered by the Servicer or the Administrator. The Servicer and the Administrator, in providing such instructions, shall comply with the provisions of the Swap Agreement.]
[Collateral Support Account]. (i) The Borrower has established, or caused to be established, pursuant to the Collateral Support Account Agreement, for the benefit of the Collateral Agent, on behalf of the Secured Parties, a Collateral Support Account as described in Section 2.12(b) into which (1) the Required Collateral Support Amount shall be on deposit, (2) the Borrower shall deposit any applicable Establishment Fees, to be held in the Collateral Support Account in accordance with Section 2.12(e)(iii), (3) the Borrower shall deposit any applicable Royalty Fees, to be held in the Collateral Support Account in accordance with Section 2.12(e)(iii), (4) in the event of a breach of the Level 1 Minimum Market Capitalization Financial Covenant, the Borrower shall cause the Guarantor, to the extent not already deposited, to deposit in the Collateral Support Account 50% of the remaining amount guaranteed under the Limited Guaranty, and (5) in the event of a breach of the Level 2 Minimum Market Capitalization Financial Covenant, the Borrower shall cause the Guarantor, to the extent not already deposited, to deposit in the Collateral Support Account all of the remaining amount guaranteed under the Limited Guaranty.
(ii) Amounts on deposit in the Collateral Support Account shall be withdrawn as needed on each Settlement Date in accordance with the provisions of Section 2.13. In addition, any amounts paid under the Limited Guaranty shall be deposited into the Collateral Support Account for distribution in accordance with Section 2.13.
(iii) Unless (1) an Event of Default under clauses (a), (f), (g), (h), (p) and (u) of Section 7.1 has occurred and is continuing, (2) any other Event of Default (excluding an Event of Default pursuant to Section 7.1(s)) has occurred and is continuing, and the Administrative Agent has provided the Borrower with written notice of such Event of Default, (3) as of the date of determination, the amount on deposit in the Collateral Support Account is less than the Required Collateral Support Amount, (4) a Performance Trigger has occurred and is continuing, or (5) the Required Receivable Reserve Amount, subject to the Required Receivable Reserve Limit, is not on deposit in the Receivable Reserve Account: (A) the first $25,000 of the Establishment Fees from any F45 Studio on deposit in the Collateral Support Account shall be remitted by the Collateral Support Account Bank to the Borrower (or any designee of the Borrower) after a period of twelve (12) months after such F45 S...