Definition of Credit-Enhanced Account


Credit-Enhanced Account means an Account to the extent that it is (a) backed by a letter of credit which is in the possession of, has been assigned to and is directly drawable by the Administrative Agent; provided that such letter of credit and the issuer thereof shall each be satisfactory to the Administrative Agent in its sole discretion or (b) insured pursuant to a policy of credit insurance in respect of which the Administrative Agent is an additional insured and the loss payee; provided that such credit insurance policy and the issuer thereof shall each be satisfactory to the Administrative Agent in its sole discretion.
Sample 1