Cash Collateralization of Letters of Credit. (a) Amounts held in the XX Xxxx Collateral Account shall be the property of the Senior Facility Agent for the benefit of the Senior Lenders and shall be applied by the Senior Facility Agent to the payment of LC Loans deemed made under any Letters of Credit. (b) The balance, if any, in the XX Xxxx Collateral Account, after (x) all Letters of Credit shall have expired or been fully drawn upon and (y) giving effect to the payment of any LC Loans pursuant to Section 9.05(a), shall be applied to repay the other Obligations according to Section 9.06(d) (Applications of Proceeds).
Appears in 8 contracts
Samples: Common Terms Agreement (Cheniere Energy Partners, L.P.), Common Terms Agreement (Cheniere Energy, Inc.), Common Terms Agreement (Sabine Pass Liquefaction, LLC)
Cash Collateralization of Letters of Credit. (a) Amounts held in the XX Xxxx Collateral Account shall be the property of the Senior LC Facility Administrative Agent for the benefit of the Senior LC Lenders and shall be applied by the Senior LC Facility Administrative Agent to the payment of LC Loans deemed made under any Letters of Credit.
(b) The balance, if any, in the XX Xxxx Collateral Account, after (x) all Letters of Credit shall have expired or been fully drawn upon and (y) giving effect to the payment of any LC Loans pursuant to Section 9.05(a), shall be applied to repay the other Obligations according to Section 9.06(d) (Applications of Proceeds).
Appears in 1 contract
Samples: Senior Letter of Credit and Reimbursement Agreement (Sabine Pass Liquefaction, LLC)
