Cash Secured Letters of Credit definition

Cash Secured Letters of Credit means the aggregate face amount of the Permitted Comerica Letters of Credit and the Permitted PNC Letters of Credit plus the aggregate face amount of any other cash-secured letters of credit with Borrower or any of its Subsidiaries as the applicant.
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Cash Secured Letters of Credit means the aggregate face amount of the Permitted Comerica Letters of Credit plus the aggregate face amount of any other cash-secured letters of credit with Borrower or any of its Subsidiaries as the applicant.
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Cash Secured Letters of Credit means (i) Letter of Credit Number 591516 issued by Bank for the Account of Zicam, with the face amount of $5,000,000 and an expiry date of July 2, 2006, and (ii) any other Letter of Credit that is secured by cash collateral in an amount not less than 100% of the face amount of such Letter of Credit.
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Examples of Cash Secured Letters of Credit in a sentence

  • On the Effective Date, one or more Borrowers shall establish the Cash Secured LC Cash Collateral Account for the benefit of the Collateral Agent on behalf of the Secured Parties on the Effective Date for the purpose of cash collateralizing the Borrowers’ obligations (including Cash Secured Reimbursement Obligations) to each Cash Secured LC Issuer in respect of the Cash Secured Letters of Credit.

  • Promptly after the Filing Date, the Borrower will use its reasonable efforts to seek the return of any cash or cash equivalents securing Cash Secured Letters of Credit issued under the ADA-ES Working Capital Agreement.

  • 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.

  • Bank owns a security interest in a certain “Deposit Account” as described and defined in Paragraph 5 of the Letter of Credit Agreement and in the Amended and Restated Assignment of Deposit Account for Cash Secured Letters of Credit dated as of January 19, 2010, amended by that certain First Amendment to Letter of Credit Agreement made effective November 21, 2011 (as may be further amended, the “Security Agreement”) (collectively, the “Facility Documents”).

  • Bank owns a security interest in a certain “Deposit Account” as described and defined in Paragraph 5 of the Letter of Credit Agreement and in the Amended and Restated Assignment of Deposit Account for Cash Secured Letters of Credit dated as of January 19, 2010 (as amended, the “Security Agreement”) (collectively, the “Facility Documents”).

  • A ratio of (i) Current Assets less Encumbered Cash to (ii) Current Liabilities less Cash Secured Letters of Credit of at least 2.50 to 1.0.

  • Require the Borrower to pay immediately to the Bank, for application against drawings under any outstanding Letters of Credit or Cash Secured Letters of Credit, the outstanding principal amount of any such Letters of Credit or Cash Secured Letters of Credit which have not expired.

  • The Borrowers agree that at all times, they shall immediately cause additional funds to be deposited and held in the Cash Secured LC Cash Collateral Account from time to time in order that the Cash Secured LC Cash Collateral Account Balance shall at least equal 103% of the Cash Secured Letter of Credit Outstandings with respect to all Cash Secured Letters of Credit (the “Cash Secured Letter of Credit Cash Coverage Requirement”).

  • Unrestricted cash and Cash Equivalents of the Parent and its Restricted Subsidiaries (a) Unused Revolving Commitments available for Borrowings pursuant to Section 2.1(b) of the Credit Agreement (b) Amount on deposit in the Cash Secured XX Xxxx Collateral Account in excess of 103% of the sum of (x) the stated amount of all Cash Secured Letters of Credit outstanding and (y) all Cash Secured Reimbursement Obligations (c) Liquidity: a + b + c Minimum Liquidity $ 200,000,000.00 7 Select the lesser amount.

  • For the avoidance of doubt, no fees shall be due under this Section in respect of the Cash Secured Letters of Credit.


More Definitions of Cash Secured Letters of Credit

Cash Secured Letters of Credit. Amounts on deposit in the Cash Collateral Account for the benefit of the Funded LC Issuing Lenders will secure (i) the Borrower’s obligations in respect of Term Letters of Credit on a super-priority basis and (ii) the other obligations of the Borrower and the Guarantors under the Senior Credit Facilities on a second-priority basis for the secured parties under the Senior Credit Facilities Documentation. The Borrower shall cause the balance of the Cash Collateral Account at all times to equal at least 103% of the face amounts of all undrawn Term Letters of Credit plus all unpaid reimbursement obligations with respect thereto (the “Senior Funded LC Exposure Amount”). Term Letters of Credit will be issued by one or more Lenders (or affiliates of such Lenders) under any of the Senior Credit Facilities which have agreed in writing to be an issuing bank and to issue Term Letters of Credit and that are reasonably acceptable to the Company and the Term Loan Administrative Agent (each in such capacity, a “Funded LC Issuing Lender”); provided that no Funded LC Issuing Lender shall be required to issue trade or commercial letters of credit or bank guarantees without its consent and each Term Letter of Credit must comply with the relevant Funded LC Issuing Lender’s internal policies with respect thereto. Each Term Letter of Credit shall expire not later than the earlier of (a) 12 months after its date of issuance or such longer period of time as may be agreed by the applicable Funded LC Issuing Lender and (b) the fifth business day prior to the Term Maturity Date; provided that any Term Letter of Credit may provide for renewal thereof for additional periods of up to 12 months or such longer period as may be agreed by the applicable Funded LC Issuing Lender (which in no event shall extend beyond the date referred to in clause (b) above, except pursuant to arrangements reasonably acceptable to the relevant Funded LC Issuing Lender). Drawings under any Term Letters of Credit shall be reimbursed by the Borrower on the next succeeding business day if notice of such drawing is received prior to 11:00 a.m. or not later than 10:00 a.m. on the second business day following the date of such notice if such notice is received after 11:00 a.m. To the extent that the Borrower does not reimburse the applicable Funded LC Issuing Lender by such time, funds shall be drawn from the Cash Collateral Account to so reimburse the applicable Funded LC Issuing Lender. The Borrower shall have t...
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Cash Secured Letters of Credit means the following letters of credit previously issued under the Credit Agreement and fully cash collateralized pursuant to Loans with respect thereto: (i) letter of credit number S00052005 issued by The Bank of New York (guaranteed by Macquarie Bank Limited) to the Louisiana Office of Conservation in a stated amount of $1,925,360.00; (ii) letter of credit number 278/08/05 issued by Macquarie Bank Limited to Chevron USA Inc. in a stated amount of $7,000,000.00; and (iii) letter of credit number 295/05/06 issued by Macquarie Bank Limited to the Estate of Xxxxxxx X. Helis in a stated amount of $750,000.00.
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Cash Secured Letters of Credit have the meanings described in Section 2.3.1(b) (Terms of Letters of Credit).
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Cash Secured Letters of Credit means Letters of Credit secured by cash collateral pursuant to Section 3.6(a) of this Agreement.
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Related to Cash Secured Letters of Credit

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • Trade Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

  • Existing Letters of Credit means the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22.

  • Commercial Letters of Credit means those letters of credit subject to the UCP payable in Dollars and issued or caused to be issued by Lender on behalf of Borrower under a Loan Facility for the benefit of a supplier(s) of Borrower in connection with Borrower's purchase of goods or services from the supplier in support of the export of the Items.

  • Letters of Credit as defined in Section 3.1(a).

  • Discharge of Credit Agreement Obligations means, with respect to any Shared Collateral, the Discharge of the Credit Agreement Obligations with respect to such Shared Collateral; provided that the Discharge of Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing of such Credit Agreement Obligations with an Additional Senior Debt Facility secured by such Shared Collateral under one or more Additional Senior Debt Documents which has been designated in writing by the Administrative Agent (under the Credit Agreement so Refinanced) to the Designated Senior Representative as the “Credit Agreement” for purposes of this Agreement.

  • 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 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.

  • Letters of Credit Outstanding means, at any time, the sum of, without duplication, (a) the aggregate Stated Amount of all outstanding Letters of Credit and (b) the aggregate principal amount of all Unpaid Drawings in respect of all Letters of Credit.

  • Borrower Credit Agreement Obligations the collective reference to the unpaid principal of and interest on the Loans and Reimbursement Obligations and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and Reimbursement Obligations and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, this Agreement, or the other Loan Documents, or any Letter of Credit, or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the foregoing agreements).

  • 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 Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • 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).

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

  • Revolving Loan Obligations means any Obligations with respect to the Revolving Loans (including without limitation, the principal thereof, the interest thereon, and the fees and expenses specifically related thereto).

  • 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 Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

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

  • 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.

  • Credit Agreement Obligations means the “Obligations” as defined in the Credit Agreement.

  • Letter of Credit Undrawn Amounts means, at any time, the aggregate undrawn face amount of all Letters of Credit outstanding at such time.

  • Revolving Loan Documents means the “Loan Documents” as defined in the Revolving Credit Agreement.

  • Revolving Credit Obligations means, at any particular time, the sum of (i) the outstanding principal amount of the Revolving Loans at such time, plus (ii) the outstanding principal amount of the Swing Line Loans at such time, plus (iii) the outstanding L/C Obligations at such time.

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

  • Letter of Credit Accommodations means the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Lender for the account of Borrower or any Obligor or (b) with respect to which Lender has agreed to indemnify the issuer or guaranteed to the issuer the performance by Borrower of its obligations to such issuer.

  • Senior Credit Facility shall include any agreement (i) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (ii) adding Subsidiaries of the Company as additional borrowers or guarantors thereunder, (iii) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (iv) otherwise altering the terms and conditions thereof.