Common use of Controlled Account Clause in Contracts

Controlled Account. The Borrower shall maintain on deposit in the Controlled Account (i) from October 28, 2011, through May 31, 2012, an amount not less than $37,000,000, and (ii) from June 1, 2012, and thereafter, until the Senior Subordinated Notes have been redeemed in full, an amount not less than 50% of the outstanding principal balance of the Senior Subordinated Notes as of June 1, 2012.

Appears in 1 contract

Sources: Credit Agreement (Trex Co Inc)

Controlled Account. The Borrower shall maintain on deposit in the Controlled Account (i) from October 28, 2011, the Closing Date through May 31June 5, 2012, an amount not less than $37,000,00025,000,000, and (ii) from June 16, 2012, and thereafter, until the Senior Subordinated Notes have been redeemed retired in full, an amount not less than 50% of the outstanding principal balance of the Senior Subordinated Notes as of June 15, 2012.

Appears in 1 contract

Sources: Credit Agreement (Trex Co Inc)