Assignment of Letter of Credit Rights. In the case of any Letter-of-Credit Rights of the Grantor in any letter of credit exceeding $5,000,000 in value acquired following the Closing Date, the Grantor shall use its commercially reasonable efforts to promptly obtain the consent of the issuer thereof and any nominated person thereon to the assignment of the proceeds of the related letter of credit, pursuant to an agreement in form and substance reasonably satisfactory to the Canadian Administrative Agent.
Appears in 3 contracts
Samples: Canadian Security Agreement (RSC Equipment Rental, Inc.), Credit Agreement (RSC Holdings Inc.), Canadian Security Agreement (RSC Holdings Inc.)
Assignment of Letter of Credit Rights. In the case of any Letter-of-Credit Rights of the any Grantor in any letter of credit exceeding $5,000,000 in value acquired following the Closing Date, the such Grantor shall use its commercially reasonable efforts to promptly obtain the consent of the issuer thereof and any nominated person thereon to the assignment of the proceeds of the related letter of credit, pursuant to an agreement in form and substance reasonably satisfactory to the Canadian Administrative Agent.
Appears in 1 contract
Samples: Canadian Guarantee and Collateral Agreement (Hertz Corp)
Assignment of Letter of Credit Rights. In the case of any Letter-of-Credit Rights of the any Grantor in any letter of credit exceeding $5,000,000 3,000,000 in value acquired following the Closing Date, the such Grantor shall use its commercially reasonable efforts to promptly obtain the consent of the issuer thereof and any nominated person thereon to the assignment of the proceeds of the related letter of credit, pursuant to an agreement in form and substance reasonably satisfactory to the Canadian Administrative Agent.
Appears in 1 contract
Samples: Canadian Guarantee and Collateral Agreement (New Sally Holdings, Inc.)
