Fully Cash Collateralized definition
Fully Cash Collateralized means, with respect to any Contingent Senior Debt, that such Senior Debt shall have been fully secured by a first priority Lien on cash collateral in an amount equal to the amount of such Senior Debt.
Fully Cash Collateralized means, with respect to any Letter(s) of Credit, the Administrative Agent has received and is maintaining Cash Collateral from the Borrower in an amount equal to the Minimum Collateral Amount; provided that for purposes of determining the Applicable Rate, the Letters of Credit shall be deemed Fully Cash Collateralized if the Administrative Agent has received Cash Collateral in an amount equal to 100% of the Outstanding Amount of all L/C Obligations.
Fully Cash Collateralized means that the contingent obligation of the Borrower to reimburse FANB for any subsequent drawings shall be fully secured beforehand by cash collateral specifically held by FANB for such purposes in an amount equal to the undrawn amount of such Letters of Credit or otherwise secured in a manner acceptable to FANB.
Examples of Fully Cash Collateralized in a sentence
If there is any change in the Applicable Rate during any quarter (including as a result of the Letters of Credit ceasing to be or becoming Fully Cash Collateralized on such date), the daily amount available to be drawn under each standby Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.