Cash Collateralized Letter of Credit definition

Cash Collateralized Letter of Credit has the meaning specified in Section 2.03(o).

Cash Collateralized Letter of Credit means a Letter of Credit requested to be issued as a Cash Collateralized Letter of Credit in accordance with Section 2.06(b) or converted into a Cash Collateralized Letter of Credit pursuant to Section 2.06(l) and otherwise issued in accordance with the conditions hereunder applicable to a Cash Collateralized Letter of Credit, provided that upon effectiveness of the conversion of any Cash Collateralized Letter of Credit in accordance with Section 2.06(l), such Letter of Credit shall no longer be a “Cash Collateralized Letter of Credit” for purposes of this Agreement.

Cash Collateralized Letter of Credit means a Letter of Credit for which cash collateral has been provided pursuant to clause (a) of the definition of “Letter of Credit Collateralization.”

Examples of Cash Collateralized Letter of Credit in a sentence

• Except during a Collateral Release Period, at all times own, pledge and grant a first-priority security interest to the Collateral Trustee, for the benefit of the Secured Parties, in 100% of the Equity Interests of any Funded L/C SPV then in existence owned directly or indirectly by the Borrower (other than any preferred interests owned by any LC Issuer or other Persons on behalf of, or at the request of, any LC Issuer in connection with Cash Collateralized Letter of Credit Facilities).

• Each Lender’s obligation to pay its proportionate share of all draws under the Letters of Credit (including, without limitation, any Cash Collateralized Letter of Credit or Post Termination Letter of Credit), absent gross negligence or willful misconduct by the Issuing Lender in honoring any such draw, shall be absolute, unconditional and irrevocable and in each case shall be made without counterclaim or set-off by such Lender.

• At all times own, pledge and grant a first-priority security interest to the Collateral Trustee, for the benefit of the Secured Parties, in 100% of the Equity Interests of the Funded L/C SPV owned directly or indirectly by the Borrower (other than any preferred interests owned by any LC Issuer or other Persons on behalf of, or at the request of, any LC Issuer in connection with Cash Collateralized Letter of Credit Facilities).

• Cash Collateral provided with respect to a Cash Collateralized Letter of Credit solely in accordance with the provisions of Section 2.15(a)(iv) shall be promptly released to the Collection Account to be applied in accordance with Section 2.07(c) following the expiration or termination of such Cash Collateralized Letters of Credit.

• In the case of any Letter of Credit which is to be Cash Collateralized, prior to the issuance of such Letter of Credit, the Borrower shall deposit the Minimum Collateral Amount with respect to such Letter of Credit into a collateral account to be maintained with the Lender and execute and deliver to the Lender such documents as the Lender may require to cause such account to be pledged to the Lender as collateral for such Cash Collateralized Letter of Credit.

More Definitions of Cash Collateralized Letter of Credit

Cash Collateralized Letter of Credit means those Letters of Credit that are secured by Borrowers’ deposits to the Cash Collateral Account as required pursuant to Section 2.13(B), Section 3.2(B) and Section 8.1(B).

Cash Collateralized Letter of Credit means a Letter of Credit requested to be issued as a Cash Collateralized Letter of Credit in accordance with Section 2.06(b) or converted into a Cash Collateralized Letter of Credit pursuant to Section 2.06 (l) and otherwise issued in accordance with the conditions hereunder applicable to a Cash Collateralized Letter of Credit, provided that upon

Cash Collateralized Letter of Credit means a Letter of Credit in relation to which the Borrower has deposited an amount in cash or Cash Equivalents equal to the face amount of such Letter of Credit in the Cash Collateralized Letter of Credit Account.

Cash Collateralized Letter of Credit means any letter of credit that is 100% cash collateralized.

Cash Collateralized Letter of Credit or “Cash Collateralized Letters of Credit” shall mean, singularly or collectively, as the context may require, any Letter of Credit, with respect to which the Borrower, at its sole discretion, has deposited with the Issuing Bank on behalf of the Lenders in same day funds at the Issuing Bank’s office designated by the Issuing Bank, for deposit in the Pre-Default L/C Cash Collateral Account, an amount equal to the applicable outstanding Letter of Credit issued by the Issuing Bank which are to be Cash Collateralized Letters of Credit.

Cash Collateralized Letter of Credit means any Letter of Credit that is fully Cash Collateralized as described in Section 2.03 after the Maturity Date in accordance with the terms of this Agreement.

Cash Collateralized Letter of Credit to read in full as follows: