Cash collateralisation Clause Samples
Cash collateralisation. (a) If a Due Date occurs at any time the Letter of Credit is outstanding and clause 9.1 (Illegality) and/or clause 9.5 (Right of cancellation in relation to a Defaulting Lender) has become applicable or an amount of cash collateral has been paid pursuant to clause 9.3 (Right of cancellation and prepayment in relation to a single Lender), an amount equal to the Illegality Payment shall be withdrawn by or paid to the Issuing Bank from the ▇▇ ▇▇▇▇ Collateral Account or other cash collateral provided by the Borrower in accordance with this Agreement and applied by the Issuing Bank in or towards funding the Due Amount payable on that Due Date.
(b) If a Due Date occurs at any time the Letter of Credit is outstanding after any of the events specified in clauses 9.4 (Total Loss) to 9.12 (Automatic cancellation) and/or 31.30 (Acceleration) has occurred, an amount equal to the lesser of (i) the Due Amount in respect of that Due Date and (ii) all amounts of cash cover paid to the ▇▇ ▇▇▇▇ Collateral Account or otherwise received by the Issuing Bank from the Borrower (in respect of the Letter of Credit) pursuant to this Agreement at that Due Date (and not previously applied pursuant to this clause 7.7) shall be withdrawn by or paid to the Issuing Bank from the ▇▇ ▇▇▇▇ Collateral Account or other cash collateral provided by the Borrower in accordance with this Agreement and applied by the Issuing Bank in or towards funding the Due Amount payable on that Due Date.
(c) On or promptly after the LC Termination Date and provided that no LC Demand is outstanding and no Event of Default has occurred and is continuing, all amounts of cash collateral paid into the ▇▇ ▇▇▇▇ Collateral Account or otherwise received by the Issuing Bank from the Borrower (in respect of the Letter of Credit) pursuant to this Agreement and not otherwise applied in accordance with this Agreement shall be paid to the Borrower as it may direct.
(d) Following the occurrence of an Event of Default which is continuing, and provided that the LC Termination Date has occurred, all amounts of cash collateral paid into the ▇▇ ▇▇▇▇ Collateral Account or otherwise received by the Issuing Bank from the Borrower (in respect of the Letter of Credit) pursuant to this Agreement and not otherwise applied in accordance with this Agreement shall be deemed to be Receivables and shall be transferred or be paid by the Issuing Bank at the request of the Facility Agent into the Offshore Revenue Account and applied in accordance...
Cash collateralisation. (A) The Borrower shall deposit and maintain Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts which is in aggregate at least equal to 75 per cent. of the aggregate USD face value of all outstanding Letters of Credit issued under the Facility at any time.
(B) If any Letter of Credit has an expiry date which is after the Termination Date (an “Ongoing Letter of Credit”) and if the Facility has not been extended or otherwise replaced, then during the period between the Termination Date and the expiry date of any Ongoing Letter of Credit, the Borrower shall, for each such Ongoing Letter of Credit, deposit and maintain Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts which is at least equal to 100 per cent. of the USD face value of each Ongoing Letter of Credit. For the avoidance of doubt, this obligation shall survive the occurrence of the Termination Date.
(C) Within five Business Days after a breach of any of the Financial Covenants in clause 18 (Financial Covenants) the Borrower shall, until such breach is no longer continuing, deposit and maintain Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts at least equal to 100 per cent. of the aggregate USD face value of all current outstanding Letters of Credit drawn under the Facility.
(D) The LC Issuing Bank shall (i) every six months from the date of this Agreement, (ii) following notification from the LC Issuing Bank of a significant currency disruption event, or (iii) at the reasonable request of the Lenders (and to the extent that such day is not a Business Day, on the immediately following Business Day), the LC Issuing Bank shall determine and inform the Borrower within five Business Days of the USD face value of the Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts and the USD face value of each current outstanding Letter of Credit (the “Forex Calculation”), such amount to be least equal to 75 per cent. of the aggregate USD face value of such current outstanding Letter of Credit issued under the Facility based on the Facility Agent’s Spot Rate of Exchange on the Business Day on which the Forex Calculation is made.
(E) If at any time there is insufficient Cash Collateral standing to the credit of the ▇▇ ▇▇▇▇ Collateral Accounts pursuant to either clause 6.14(A), 6.14(B), 6.14(C), 6.14(D) or clause 8.2(A)(iii) (Change of Control), the Borrower shall be required to deposit and maintain the required additional Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts within five Business Days of being notified in...
Cash collateralisation. If and for so long as:
Cash collateralisation. At any time the Borrower is obliged to provide or procure provision of and maintain Cash Collateral pursuant to any term of the Finance Documents, the Borrower fails to provide or procure provision of or maintain Cash Collateral with a value at equal to or greater than the Outstandings (or the applicable proportion thereof).
Cash collateralisation. The Bank may by notice to the Company at any time when an Event of Default (as defined in the (pound)80,000,000 credit agreement dated 8th July, 1999 to which the Company and the Bank are party) is subsisting require the Company, in respect of each (or any) letter or credit, to pay to the Bank for crediting to such collateral account (held on such terms) as the Bank may specify an amount equal to the face amount for the time being of the relevant letter(s) of credit and the Company shall immediately comply with such requirement, which shall immediately constitute a liquidated and accrued debt due and payable for the benefit of the Bank";
(b) the Original Ancillary Facility Letter, as amended by paragraph (a) above, shall continue in full force and effect and this letter and the Original Ancillary Facility Letter shall be and construed together as a single document;
(c) for the avoidance of doubt, the Original Ancillary Facility Letter as amended by this letter shall continue to constitute the Ancillary Facility Letter for the purposes of (and as defined in) the (pound)80,000,000 credit agreement dated 8th July, 1999 to which you and we (among others) are party, and accordingly all provisions of that credit agreement (and each of the other Finance Documents, as defined in it) (including, without limitation, Clauses 2.5 (Ancillary Facility) and 18 (Guarantee) shall continue to apply to the Original Ancillary Facility Letter as amended by this letter as they currently do the Ancillary Facility; and
(d) this letter is governed by English law, is supplemental to the Original Facility Letter and is a Finance Document for the purposes of the credit agreement referred to in paragraph (c) above (subject only to its designation as such by the Agent (as defined in that credit agreement) to the extent (if any) such designation is required).
Cash collateralisation. If and for so long as: cviii. the long-term senior unsecured credit rating of a Lender is, or is reduced to, below BBB- (Standard & Poor's) or Baa3 (Moody's); or