Cash Secured Letter of Credit definition

Cash Secured Letter of Credit means each letter of credit issued pursuant to Section 2.6 and shall include the Existing Cash Secured Letters of Credit.
Sample 1Sample 2Sample 3
Cash Secured Letter of Credit means any letter of credit to the extent that the account party or applicant’s reimbursement obligations with respect thereto are secured solely by a pledge of cash, Cash Equivalents in an amount equal to at least 100% of the undrawn amount of such letter of credit.
Sample 1Sample 2Sample 3
Cash Secured Letter of Credit means a Letter of Credit, which, at the option of the Borrower, has been Cash Collateralized in an amount equal to 100% (or in the case of a Letter of Credit denominated in an Alternative Currency, 110%) of the Dollar Equivalent of the maximum amount drawable thereunder; provided, however, that, so long as no Event of Default has occurred and is continuing, the Borrower shall have the option to require the release of any Cash Collateral securing a Letter of Credit pursuant to this definition by giving notice to the Administrative Agent, whereupon such Cash Collateral shall be released within three (3) Business Days, and upon such release, such Letter of Credit shall continue to be a Letter of Credit for purposes hereof but shall cease to be a Cash Secured Letter of Credit.
Sample 1Sample 2Sample 3

Examples of Cash Secured Letter of Credit in a sentence

  • With respect to any proposed Issuance of a Revolving Letter of Credit, there shall be insufficient capacity to issue a Cash Secured Letter of Credit assuming that such Revolving Letter of Credit was Issued as a Cash Secured Letter of Credit.

  • I have shown how both air and light, in so far as they unify the cosmic and the affective, can be understood as atmospheric phenomena.

  • Upon the repayment of the then outstanding Term Loans on the Term Maturity Date, the Cash Secured Letter of Credit Issuer Commitment shall be reduced to zero and the Borrowers shall be permitted to withdraw the amount deposited in the Cash Secured LC Cash Collateral Account to complete such repayment; provided that after giving effect to such withdrawal, the Cash Secured Letter of Credit Cash Coverage Requirement shall be satisfied.

  • Cause the issuer of each Cash Secured Letter of Credit to execute and deliver to the Administrative Agent a Cash Secured LC Direction Letter.

  • Notwithstanding anything in this Agreement to the contrary, no Cash Secured LC Issuer shall be under any obligation to Issue any Cash Secured Letter of Credit at any time.

  • A paediatric investigation plan for enasidenib, film-coated tablet, age-appropriate oral solid dosage form, oral use, gastric use, the details of which are set out in the opinion of the Paediatric Committee of the European Medicines Agency annexed hereto, together with its appendices, is hereby agreed.

  • Upon the Bank’srequest, the Borrower or the relevant Eligible Borrower shall promptly pay to the Bank issuance fees and such other fees, commissions, costs and any out-of-pocket expenses charged or incurred by the Bank with respect to any Cash Secured Letter of Credit.

  • At the time of application for the issuance of each Letter of Credit, Borrowers shall pay to Lender, a letter of credit fee (each a “Letter of Credit Fee” and collectively the “Letter of Credit Fees”) in an amount equal to two percent (2%) per annum of the face amount of each Letter of Credit or if a Cash Secured Letter of Credit, in an amount equal to one percent (1%) per annum of the face amount of each Cash Secured Letter of Credit.

  • A new Section 2.3A is hereby added to the Credit Agreement to read in its entirety as follows: “2.3A CASH SECURED LETTER OF CREDIT FACILITY2.3A.1 Cash Secured Letter of Credit Facility: The Bank agrees to issue commercial and/or standby letters of credit secured by cash of the Borrower being held by the Bank (each a “Cash Secured Letter of Credit”) on behalf of the Borrower or any Eligible Borrower of up to $4,000,000.00.

  • Prior to the issuance of each Cash Secured Letter of Credit, but in no event later than 10:00 am (California time) on the day such Cash Secured Letter of Credit is to be issued (which shall be a Business Day), the Borrower or the relevant Eligible Borrower shall deliver to the Bank a duly executed form of the Bank’s standard form of application for issuance of a Cash Secured Letter of Credit with proper insertions.


More Definitions of Cash Secured Letter of Credit

Cash Secured Letter of Credit set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Sample 1
Cash Secured Letter of Credit means a Letter of Credit, which, at the option of the Borrower, has been Cash Collateralized in an amount equal to 100% of the maximum amount drawable thereunder; provided, however, that, so long as no Event of Default has occurred and is continuing, the Borrower shall have the option to require the release of any Cash Collateral securing a Letter of Credit pursuant to this definition by giving notice to the Administrative Agent, whereupon such Cash Collateral shall be released within three (3) Business Days, and upon such release, such Letter of Credit shall continue to be a Letter of Credit for purposes hereof but shall cease to be a Cash Secured Letter of Credit.
Sample 1
Cash Secured Letter of Credit means any Letter of Credit issued pursuant to Section 2.03 which is secured by cash pledged and deposited with the Administrative Agent pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the L/C Issuer.
Sample 1
Cash Secured Letter of Credit means the letter of credit issued by Bank on Borrower’s behalf in March 2003, which is 105% cash secured in a money market account at Bank.
Sample 1
Cash Secured Letter of Credit and “Cash Secured Letters of Credit” have the meanings described in Section 2.3.1(b) (Terms of Letters of Credit).
Sample 1
Cash Secured Letter of Credit means each letter of credit issued for the account of the Borrower, any other Loan Party or any Subsidiary thereof that (to the extent secured) is secured by cash or cash equivalents, including letters of credit issued under the ADA-ES Working Capital Agreement and the Settlement Agreement. “Cash Secured LC Direction Letter” has the meaning set forth in subsection (a)(xv) of Article IV. “CCS” means Clean Coal Solutions, LLC, a Colorado limited liability company. “CCS Consent Agreement” has the meaning set forth in clause (a)(xiv) of Article IV. “CCS License Agreement” means that certain Technology License Agreement between ADA-ES and CCS dated as of July 27, 2012. “CCS Working Capital Agreement” means that certain Credit Agreement dated as of March 30, 2011 between CCS, as borrower, and CoBiz Bank (d/b/a Colorado Business Bank), as lender, as amended by the First Amendment to 2011 Loan and Security Agreement dated as of March 7, 2012, the Second Amendment to 2011 Loan and Security Agreement dated as of May 21, 2012, and the Third Amendment to 2011 Loan and Security Agreement dated as of November 30, 2012. “CCSS” means Clean Coal Solutions Services, LLC, a Colorado limited liability company. “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980. “CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental Protection Agency. “Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, ...
Sample 1

Related to Cash Secured Letter of Credit

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • Facility Letter of Credit means a Letter of Credit issued by an Issuer pursuant to Section 2.15.

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Letter of Credit Collateralization means either (a) providing cash collateral (pursuant to documentation reasonably satisfactory to Agent, including provisions that specify that the Letter of Credit Fees and all commissions, fees, charges and expenses provided for in Section 2.11(k) of the Agreement (including any fronting fees) will continue to accrue while the Letters of Credit are outstanding) to be held by Agent for the benefit of the Revolving Lenders in an amount equal to 105% of the then existing Letter of Credit Usage, (b) delivering to Agent documentation executed by all beneficiaries under the Letters of Credit, in form and substance reasonably satisfactory to Agent and Issuing Bank, terminating all of such beneficiaries’ rights under the Letters of Credit, or (c) providing Agent with a standby letter of credit, in form and substance reasonably satisfactory to Agent, from a commercial bank acceptable to Agent (in its sole discretion) in an amount equal to 105% of the then existing Letter of Credit Usage (it being understood that the Letter of Credit Fee and all fronting fees set forth in the Agreement will continue to accrue while the Letters of Credit are outstanding and that any such fees that accrue must be an amount that can be drawn under any such standby letter of credit).

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Letter of Credit Obligation means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Letter of Credit Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Letter of Credit Collateral Account means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Lenders, and under its sole dominion and control.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Existing Letter of Credit means each letter of credit previously issued (or deemed issued) for the account of the Borrower, the Company or any of their respective Subsidiaries under the Existing Credit Facilities that (a) is outstanding on the Closing Date and (b) is listed on Schedule 1.01C.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Commercial Letter of Credit means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan Party in the ordinary course of business of such Loan Party.

  • Letter of Credit Advance means an advance made by the Issuing Bank or any Revolving Credit Lender pursuant to Section 2.03(c).

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • Letter of Credit Default means with respect to a Letter of Credit, the occurrence of any of the following events:

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Agent maintained at the office of the Agent at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the "Family Golf Centers, Inc. Letter of Credit Account" that shall be used solely for the purposes set forth in Sections 2.02(b) and 2.10(a) and (c).

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.