Collateral Trigger Date Sample Clauses

Collateral Trigger Date. If at any time following a Collateral Release Date a Collateral Trigger Event occurs, then within 30 days of such Collateral Trigger Event (or such longer period as may be agreed to by the Administrative Agent in its sole discretion so long as the Loan Parties are pursuing delivery of the relevant items in good faith), with respect to each Loan Party, promptly (A) execute and deliver a security agreement and each other collateral document (in each case in substantially the same form as the Security Agreement and each other Collateral Document in effect immediately prior to such Collateral Release Date granting to the Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest in each Loan Party’s right, title, and interest to the property of such Loan Party (other than Excluded Property)), in each case executed by a Responsible Officer of the Loan Parties and a duly authorized officer of each other Person party thereto, (B) take all such other actions necessary to grant to the Administrative Agent for the benefit of the Secured Parties, a perfected first priority security interest in all of such Loan Party’s right, title, and interest to the property of such Loan Party (other than Excluded Property), (C) deliver to the Administrative Agent substantially the same documentation required pursuant to Section 4.01(b), (e), (f), and (h), and (D) deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent.
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Collateral Trigger Date. In the event that the Collateral Trigger Date shall occur, then: (a) The Company, each Subsidiary Guarantor and the Administrative Agent shall, within 15 days, amend and restate the Guarantee Agreement in the form of the Guarantee and Collateral Agreement attached as Exhibit C, with such modifications thereto as may be requested by the Company and agreed to by the Administrative Agent in its Permitted Discretion (the “Guarantee and Collateral Agreement”); (b) On the date on which the Guarantee and Collateral Agreement becomes effective, automatically and without further act of any Person: (i) the definition of “Guarantee Requirement” in Article I shall be replaced with the definition of “Guarantee and Collateral Requirement” set forth in Appendix A, and each of the other definitions set forth in Appendix A shall be incorporated into Article I in its appropriate alphabetical position; (ii) Section 5.09 shall be amended by the insertion at the end thereof of the new paragraphs (b) and (c) set forth in Appendix A; (iii) Section 3.17 set forth in Appendix A shall be incorporated into Article III in its appropriate numerical position; (iv) Sections 5.12, 5.13, 5.14 and 5.15 set forth in Appendix A shall be incorporated into this Article V in their appropriate numerical positions; and
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Related to Collateral Trigger Date

  • Collateral Event In the event that either (a) the Advisor does not make the Fund Reimbursement Payment due in connection with a particular calendar month by the tenth day of the following calendar month or (b) the Board enacts a resolution calling for the liquidation of the Fund (either (a) or (b), a “Collateral Event”), then, in either event, the Board shall have absolute discretion to redeem any shares or other Collateral held in the Collateral Account and utilize the proceeds from such redemptions or such other Collateral to make any required Fund Reimbursement Payment, or to cover any costs or expenses which the Board, in its sole and absolute discretion, estimates will be required in connection with the liquidation of the Fund (the “Liquidation Expenses”). Pursuant to the terms of Paragraph 6 of this Agreement, upon authorization from the Board, but subject to the provisions of the Control Agreement, no further instructions shall be required from the Advisor for the Securities Intermediary to transfer any Collateral from the Collateral Account to the Fund. The Advisor acknowledges that in the event the Collateral available in the Collateral Account is insufficient to cover the full cost of any Fund Reimbursement Payment or Liquidation Expenses, the Fund shall retain the right to receive from the Advisor any costs in excess of the value of the Collateral.