Definition of HQ Letter of Credit


HQ Letter of Credit means the letter of credit issued by Bank in favor of HCP LS Redwood City, LLC, in the face amount of Six Hundred Eighty-Six Thousand Three Hundred Twenty and 46/100 Dollars ($686,320.46), to secure Borrower's lease obligations under the Britannia Seaport Centre Lease related to its headquarters located at 100 Cardinal Way, Redwood City, CA 94063.

Examples of HQ Letter of Credit in a sentence

In satisfaction of its indemnification obligations under this Section 5.12, Purchaser Guarantor shall secure and maintain in place at all times during the duration of the underlying HQ Guarantees one or more irrevocable stand-by letters of credit, to be issued by one or more banks reasonably acceptable to HQ, to be delivered at the Closing to HQ in the aggregate face amount of $15,000,000 ("HQ Letter of Credit").
The defined term Permitted Liens in Section 13.1 of the Loan Agreement is amended by deleting the word and from the end of clause (k), replacing the period at the end of clause (l) with ; and and adding new clause (m) as follows: (m) Liens in favor of SVB on the HQ Cash Collateral to secure Borrowers obligations in respect of the HQ Letter of Credit.
HQ shall have received the HQ Letter of Credit from the Purchaser Guarantor.
The following terms and their definitions are added to Section 13.1 of the Loan Agreement in their proper alphabetical positions: HQ Cash Collateral means, collectively, the money market account number ******5826 maintained with SVB solely to hold cash collateral in the amount of the HQ Letter of Credit solely to secure the reimbursement obligations of Borrower with respect to the HQ Letter of Credit, and such cash collateral and the interest accruing thereon and credited to such money market account.
The defined term Permitted Indebtedness in Section 13.1 of the Loan Agreement is amended by deleting the word and from the end of clause (h), replacing the period at the end of clause (i) with ; and and adding new clause (j) as follows: (j) the HQ Letter of Credit.