Assignment of Letter of Credit Rights. In the case of any Letter-of-Credit Rights of any U.S. Grantor not constituting Excluded Assets acquired following the Closing Date and constituting Security Collateral, such U.S. Grantor shall use its commercially reasonable efforts to promptly obtain the consent of the issuer thereof and any nominated person thereon to the assignment of the proceeds of the related letter of credit in accordance with Section 5-114(c) of the Code.
Appears in 3 contracts
Samples: Assumption and Supplemental Agreement (Veritiv Corp), Assumption Agreement (Veritiv Corp), Guarantee and Collateral Agreement (Veritiv Corp)
Assignment of Letter of Credit Rights. In the case of any Letter-of-Credit Rights of any U.S. Grantor not constituting Excluded Assets acquired following the Closing Restatement Effective Date and constituting Security Collateral, such U.S. Grantor shall use its commercially reasonable efforts to promptly obtain the consent of the issuer thereof and any nominated person thereon to the assignment of the proceeds of the related letter of credit in accordance with Section 5-114(c) of the Code.
Appears in 1 contract
Samples: Assumption Agreement (Veritiv Corp)