Pledge of Credit Support for Credit Enhancement Sample Clauses

Pledge of Credit Support for Credit Enhancement. CSO shall pledge and does hereby pledge to Lender that amount of cash having a value equal to [ ( %)] of the total amount of principal of all Loans outstanding from time to time (such percentage to be modified only upon the mutual agreement of both parties) as collateral for CSO’s obligations under its Credit Enhancement. Such pledge shall be in form and substance reasonably acceptable to Lender. On a weekly basis, CSO and Lender shall determine whether the amounts pledged to or held by Lender pursuant to this Section 11(c) shall equal the amount required above. In the event of any shortfall, CSO shall promptly pledge to Lender additional cash in an aggregate amount equal to such shortfall. In the event of any excess and provided that CSO is not in default under any Credit Enhancement or in default under Section 18 hereof, Lender shall promptly release cash in an aggregate amount equal to such excess. In order for Lender to have and maintain a first priority perfected security interest in the cash pledged to Lender pursuant to this section but only to the extent of actual sums due and owing, from time to time to Lender, CSO hereby authorizes Lender to file UCC financing statements and amendments with such governmental offices and in such jurisdictions as Lender may deem appropriate from time to time to perfect and maintain its security interests herein granted in such pledged cash. Stated otherwise for further clarification, CSO shall be entitled to full refund of the pledged cash upon settlement and payment in full of all outstanding Loans, irrespective of Senior Lender’s security interest in such pledged cash. Under no circumstances may a Senior Lender receive more than the Lender would have received, absent some default by Lender or other occurrence, which results in Senior Lender acceding to Lender’s position. CSO hereby further agrees to undertake reasonable actions as requested by Lender from time to time in order to perfect, protect or otherwise preserve the security interest herein granted to Lender in such pledged cash. To the extent that CSO pledges to Lender any cash pursuant to this section, then in connection with the pledge of such cash, CSO shall deposit such cash into a bank account as Lender may direct CSO in writing, which account shall be owned and subject to the exclusive control by Lender. In lieu of the pledge required hereby, CSO may provide Lender with a letter of credit issued by a third party or other security having a value equal...
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Pledge of Credit Support for Credit Enhancement. CSO shall pledge and does hereby pledge to Lender that amount of cash and/or CSO Entitlements having a value equal to [****] of the total amount of principal of all Loans outstanding and originated on or after October 1, 2016 from time to time (such percentage to be modified only upon the mutual agreement of both parties) as collateral for CSO’s obligations under its Credit Enhancement. CSO shall pledge and does hereby pledge to Lender that amount of cash and/or CSO Entitlements having a value equal to [****] of the total amount of principal of all Loans outstanding and originated prior to October 1, 2016 from time to time (such percentage to be modified only upon the mutual agreement of both parties) as collateral for CSO’s obligations under its Credit Enhancement. Such pledge shall be in form and substance reasonably acceptable to Lender. The term “
Sample 1
Pledge of Credit Support for Credit Enhancement. CSO shall pledge and does hereby pledge to Lender that amount of cash and/or CSO Entitlements having a value equal to some certain percentage of the total amount of principal of all Loans outstanding from time to time as collateral for CSO’s obligations under its Credit Enhancement. The percentages agreed upon by the parties are set forth herein based upon the amount of Loans outstanding, and such percentages shall be modified only upon the mutual agreement of both parties. So long as Lender’s portfolio is zero dollars ($0.00) to five million dollars ($5,000,000.00), CSO’s pledge shall be [***]. If the Lender’s portfolio is five million and one dollars ($5,000,001.00) to ten million dollars ($10,000,000.00), CSO’s pledge shall be [***]. If the Lender’s portfolio is ten million and one dollars ($10,000,001.00) to fifteen million dollars ($15,000,000.00), CSO’s pledge shall be [***]. If the Lender’s portfolio is fifteen million and one dollars ($15,000,001.00) to twenty million dollars ($20,000,000.00), CSO’s pledge shall be [***]. If the Lender’s portfolio is greater than twenty million dollars ($20,000,000.00) CSO’s pledge shall be [***]. The percentages set forth herein shall be applied for each tranche of the Lender’s portfolio in accordance with the size of the portfolio. By way of example, if the Lender’s portfolio is twelve million five hundred thousand dollars ($12,500,000.00), CSO’s pledge shall be [***] for the first five million dollars ($5,000,000.00) and [***] for the next five million dollars ($5,000,000.00) and [***] for the next two million five hundred thousand dollars ($2,500,000.00).
Sample 1

Related to Pledge of Credit Support for Credit Enhancement

  • Credit Enhancement 55 SECTION 12.

  • Credit Support A Credit Support Document between the Parties may apply to obligations governed by the Agreement. If the Parties have executed a Credit Support Document, such Credit Support Document shall be subject to the terms of the Agreement and is hereby incorporated by reference in the Agreement. In the event of any conflict between a Credit Support Document and the Agreement, the Agreement shall prevail, except for any provision in such Credit Support Document in respect of governing law.

  • Pledge of Credit Now or hereafter pledge Agent’s or any Lender’s credit on any purchases or for any purpose whatsoever or use any portion of any Advance in or for any business other than such Borrower’s business as conducted on the date of this Agreement.

  • Credit Support Obligations (i) Delivery Amount, Return Amount and Credit Support Amount.

  • Collateral for Undrawn Letters of Credit (a) If the prepayment of the amount available for drawing under any or all outstanding Letters of Credit is required under Section 1.8(b), Section 1.14, Section 9.2 or Section 9.3 above, the Borrower shall forthwith pay the amount required to be so prepaid, to be held by the Administrative Agent as provided in subsection (b) below.

  • Credit Support Provider Credit Support Provider means in relation to Party A, not applicable. Credit Support Provider means in relation to Party B, not applicable.

  • Certain Credit Support Events If (i) the L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to Section 2.05 or 8.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (iii) above) or within one (1) Business Day (in all other cases) following any request by the Administrative Agent or the L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (iv) above, after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by the Defaulting Lender).

  • Letter of Credit Accommodations (a) Subject to and upon the terms and conditions contained herein, at the request of Borrower, Lender agrees to provide or arrange for Letter of Credit Accommodations for the account of Borrower containing terms and conditions acceptable to Lender and the issuer thereof. Any payments made by Lender to any issuer thereof and/or related parties in connection with the Letter of Credit Accommodations shall constitute additional Revolving Loans to Borrower pursuant to this Section 2.

  • Ratification of Credit Agreement Each Loan Party acknowledges and consents to the terms set forth herein and agrees that this Amendment does not impair, reduce or limit any of its obligations under the Loan Documents, as amended hereby. This Amendment is a Loan Document.

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