Account Control Event definition

Account Control Event means the occurrence and continuance of (i) any Event of Default, or (ii) any Liquidity Event (A) for which a Liquidity Event Cure Notice has not been properly delivered in accordance with Section 8.2 within three (3) days after the occurrence thereof, (B) for which a Liquidity Event Cure Notice was timely delivered and a Liquidity Event Cure did not timely occur in accordance with Section 8.2 or (C) for which no Liquidity Event Cure Notice is available. For purposes of this Agreement, the occurrence of an Account Control Event shall be deemed continuing at the Administrative Agent’s or Collateral Agent’s option (x) so long as such Event of Default exists, and/or (y) if the Account Control Event arises as a result of a Liquidity Event described in clause (ii) above, until Excess Availability is $6.0 million or more for thirty (30) consecutive days (unless the Account Control Event has ceased to exist as provided in Section 8.2), in which case an Account Control Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Account Control Event shall be deemed continuing (even if an Event of Default is no longer continuing and/or such Liquidity Event has ceased to exist for thirty (30) consecutive days) at all times after an Account Control Event has occurred and been discontinued on six (6) occasions after the Closing Date.

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Account Control Event means (i) an Event of Default has occurred in accordance with the terms of the Agreement, (ii) the occurrence of an Event of Default under Section 9.1(e), (f) or (g) or (iii) the determination by the Agent that Availability under the Agreement is less than $50,000,000.

Account Control Event means (a) the occurrence of an Event of Default or (b) at any time of determination, that Excess Availability is less than the greater of (i) twelve and one-half percent (12.5%) of the Commitments and (ii) $28,125,000.

Examples of Account Control Event in a sentence

If the Borrower shall fail to reimburse a Letter of Credit Issuer for a drawing under a Letter of Credit issued by such Letter of Credit Issuer by 12:00 noon on the date of demand therefor, or immediately without demand if such draw shall occur at any time after an Account Control Event Notice has been given, the Borrower shall be deemed to have requested a Borrowing of a Base Rate Refunding Loan in the amount of such drawing.
The Administrative Agent shall have the right at any time after a Transaction Account Control Event has occurred to assume exclusive control over each Lockbox in the name of the Originator.
If the Borrowers shall fail to reimburse a Letter of Credit Issuer for a drawing under a Letter of Credit issued by such Letter of Credit Issuer by 12:00 noon (Eastern Time) on the date of demand therefor, or immediately on demand if such draw shall occur at any time after an Account Control Event Notice has been given, the Borrowers shall be deemed to have requested a Borrowing of a Base Rate Refunding Loan in the amount of such drawing.
Unless an Account Control Event Notice has been delivered and has not been rescinded by the Agent, the Credit Parties may access the Collection Account and direct the disposition of funds contained therein from time to time.
On the Closing Date, none of the Borrower, the Servicer, any Seller or any Originator has consented to any Bank complying with instructions of any Person (other than prior to the occurrence of an Account Control Event, the Servicer, and following the occurrence of an Account Control Event, the Administrative Agent) with respect to any Account.

More Definitions of Account Control Event

Account Control Event means the occurrence and continuance of (i) any Event of Default, or (ii) any Liquidity Event. For purposes of this Agreement, the occurrence of an Account Control Event shall be deemed continuing at the Administrative Agent’s or Collateral Agent’s option (x) so long as such Event of Default exists, and/or (y) if the Account Control Event arises as a result of a Liquidity Event described in clause (ii) above, until Excess Availability is $15,000,000 or more for 30 consecutive days, in which case an Account Control Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that an Account Control Event shall be deemed continuing (even if an Event of Default is no longer continuing and/or such Liquidity Event has ceased to exist for 30 consecutive days) at all times after an Account Control Event has occurred and been discontinued on six occasions after the Restatement Effective Date.

Account Control Event means the Lender shall have the right to take control of a Collateral Account, as a result of:

Account Control Event means any time during a Dominion Period;

Account Control Event means the occurrence of any of the following events on any day: (i) the Funding Availability Adjusted Amount is less than 15% of the Maximum Revolving Commitment Amount as of such day and such condition continues beyond the next Business Day, (ii) the Applicable Liquidity is less than $300,000,000, or (iii) a Termination Event.

Account Control Event means the opening of business on April 15, 2019.

Account Control Event means the Administrative Agent shall have the right to take control of the Collateral Account, as a result of: (a) the following Mandatory Prepayment Events: (i) Section 3.4(b)(ii) (Borrowing Base Deficiency); (ii) Section 3.4(b)(iii) (Operative Document Debt Limitations); (iii) Section 3.4(c) (Mandatory Prepayment Events - Full Repayments); or (b) an Event of Default, irrespective of whether any payment is due or any grace period has expired. “Administrative Agent” means ▇▇▇▇▇▇▇ ▇▇▇▇▇ Bank USA, as administrative agent for the Lenders and as collateral agent for the benefit of the Lenders.

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