Collateralization. The Company or any Applicable Account Party may at its option at any time and from time to time Collateralize any Letter of Credit issued for the account of such Applicable Account Party at 100% of the undrawn and unexpired amount of such Letter of Credit. In addition, on or prior to the date that is five Business Days prior to the Termination Date then in effect for any Issuing Lender, the Company or such Applicable Account Party shall Collateralize (or, with the consent of the relevant Issuing Lender, in its sole discretion, enter into alternative arrangements on terms satisfactory to such Issuing Lender in respect of) any Letter of Credit issued for the account of such Applicable Account Party with an expiration date occurring after such Termination Date as provided in Section 3.1. Any Letter of Credit that is Collateralized or subject to such alternative arrangements as provided in this Section 3.9 shall cease to be a “Letter of Credit” outstanding hereunder effective on the date of such Collateralization or guarantee and, accordingly, the rights and obligations of Lenders in respect thereof (including pursuant to Sections 3.3 and 3.4) shall terminate and the Dollar Equivalent of the Outstanding Amount of such Letter of Credit shall no longer be included as an “L/C Obligation” or an “Extension of Credit”.
Collateralization. (i) If any Bankers’ Acceptance is outstanding on the Demand Date or the Maturity Date, the Borrower shall on such date pay to the Agent for the account of the Lenders at the Branch in Canadian Dollars an amount equal to the Face Amount of such Bankers’ Acceptance.
(ii) All funds received by the Agent pursuant to Section 2.8(e)(i) shall be held by the Agent for set-off on the maturity date of the Bankers’ Acceptance against the liability of the Borrower to the Lender in respect of such Bankers’ Acceptance and, until then, shall be invested from time to time in such form of investment at the Branch designated by the Borrower and approved by the Agent, for a term corresponding to the maturity date of the applicable Bankers’ Acceptance and shall bear interest at the rate payable by the Agent on deposits of similar currency, amount and maturity. The balance of all such funds (together with interest thereon) held by the Agent will be applied to repayment of all debts and liabilities of the Borrower to the Lender under this Agreement and the Loan Documents and following repayment of all such debts and liabilities any amount remaining shall be paid to the Borrower or as otherwise required by law.
Collateralization. (i) If any Bankers’ Acceptance is outstanding on the Demand Date or the Maturity Date, the Borrower shall on such date pay to the Administrative Agent for the account of the Lenders at the Branch in Canadian Dollars an amount equal to the face amount of such Bankers’ Acceptance.
(ii) All funds received by the Administrative Agent pursuant to this Subsection 2.7(e) shall be held by the Administrative Agent for set-off on the maturity date of the Bankers’ Acceptance against the liability of the Borrower to the Lender in respect of such Bankers’ Acceptance and, until then, shall be invested from time to time in such form of investment at the Branch designated by the Borrower and approved by the Administrative Agent, for a term corresponding to the Maturity Date of the applicable Bankers’ Acceptance and shall bear interest at the rate payable by the Administrative Agent on deposits of similar currency, amount and maturity. The balance of all such funds (together with interest thereon) held by the Administrative Agent will be applied to repayment of all debts and liabilities of the Borrower to the Lender under this Agreement and the Credit Documents and following repayment of all such debts and liabilities any amount remaining shall be paid to the Borrower or as otherwise required by law.
Collateralization. In accordance with the provisions of Section 10 of the GML, all deposits of the New York Liquid Asset Fund (NYLAF), including certificates of deposit and special time deposits, in excess of the amount insured under the provisions of the Federal Deposit Insurance Act shall be secured:
1. By a pledge of “eligible securities” with an aggregate “market value” as provided by Section 10 of the GML, equal to the aggregate amount of deposits from the categories designated in Appendix A to the policy.
2. By an eligible “irrevocable letter of credit” issued by a qualified bank other than the depositary bank in favor of New York Liquid Asset Fund (NYLAF) for a term not to exceed 90 days with an aggregate value equal to 140% of the aggregate amount of deposits and the agreed upon interest, if any. A qualified bank is one whose commercial paper and other unsecured short-term debt obligations are rated in one of the highest rating categories by at least one nationally recognized bank rating agency or by a bank that is in compliance with applicable federal minimum risked-based capital requirements.
Collateralization. In the event that any Letters of Credit shall be drawn and not reimbursed on the Maturity Date, the Borrowers shall Cash Collateralize the Letter of Credit Exposure in an amount not less than the Minimum Collateral Amount.
Collateralization. (a) All amounts required to be deposited as Collateral with the Agent pursuant to subsection 2.6(b) or Section 8 shall be deposited in a collateral account established by CDH with the Agent (the "Collateral Account"), to be held, applied or released for application as provided in this subsection 3.
Collateralization. Promptly after the date hereof, the parties hereto shall meet and negotiate in good faith towards securing the Bridge Facility Promissory Note with the assets referred to in the license agreement related thereto in the circumstances where STC is required to borrow under Section 7.12(b). Such good faith negotiations shall involve negotiating a customary security interest and security agreement. CGI and STC shall use all reasonable efforts to conclude such negotiations by January 31, 1997.
Collateralization. Notwithstanding Section 4.02(d) of the Master Guarantee Agreement, for any Loan Facility made pursuant to its Delegated Authority, Lender shall have the option to separately collateralize the portion of any Loan Facility which is not guaranteed by EXIM Bank (ten percent (10%) of the Guaranteed Amount plus any Loan Facility Obligations not included in the Guaranteed Amount, jointly the “Unguaranteed Portion”) provided, further, that Lender may not separately collateralize the Unguaranteed Portion with cash, cash equivalents or marketable securities from Borrower, any Affiliate of Borrower, any Guarantor or any other third party. A Lender choosing this option shall (i) disclose the specific collateral securing the Unguaranteed Portion in Section 6.G. of the Loan Authorization Notice, (ii) follow the amended Section 5.06 (a) – (e) of the Master Guarantee Agreement stated in Section (2)(d) herein and (iii) execute separate promissory notes or other evidence of debt for 1. the ninety percent portion of the Guaranteed Amount guaranteed by EXIM Bank and 2. the Unguaranteed Portion. Notwithstanding Section 5.04(a) of the Master Guarantee Agreement, if the credit and security documents relating to the Unguaranteed Portion can be completely separated from the Loan Documents governing the ninety percent (90%) portion of the Guaranteed Amount guaranteed by EXIM Bank, such documents do not have to be assigned to EXIM Bank upon Claim Payment.
Collateralization. All funds on deposit with Bank to the credit of City shall be secured by collateral as provided for in the Public Funds Investment Act (Chapter 2256 of the Texas Government Code as amended), the Public Funds Collateral Act (Chapter 2257 of the Texas Government Code), City’s Investment Policy, and Bank’s Application. If marketable securities are pledged, the total market value of the securities securing such deposits will be in an amount at least equal to 102% of deposits plus accrued interest, less the amount insured by the FDIC. The market value of any pledged securities (collateral) will be obtained from non-Bank- affiliated sources. Bank will monitor and maintain the required collateral margins and levels at all times. The City will inform the Bank of any changes in the amount or activity of deposits, that may exceed the entity’s current Collateral value, within a reasonable time before the change occurs. Bank has heretofore, or will promptly hereafter, deliver to Custodian collateral of the kind and character above mentioned of sufficient amount and market value to provide adequate collateral for the funds of City deposited with Bank. Custodian will accept said collateral and hold the same in trust for the purposes herein stated. Said collateral or substitute collateral, as hereinafter provided for, shall be kept and retained by Custodian in trust so long as deposits of City remain with Bank. Bank hereby grants a security interest in such collateral to City. If at any time the collateral in the hands of Custodian shall have a market value in excess of the required balances, City may authorize the withdrawal of a specified amount of collateral, and Custodian shall deliver this amount of collateral (and no more) to Bank. If surety bonds or letters of credit are utilized, City shall agree as to the issuer and form of contract prior to the pledge. The amount of surety bonds or letters of credit will be at least equal to 100% of deposits plus accrued interest, less the amount insured by the FDIC. The termination or expiration of any surety bond or letter of credit shall be a minimum of two (2) business days after City anticipates withdrawing the secured deposit.
Collateralization. On or prior to the date hereof, Reinsurer shall establish, pursuant to the trust agreement attached hereto as EXHIBIT B (the "Trust Agreement"), a grantor trust of Reinsurer naming Cedent as beneficiary with a Delaware bank that is a member of the Federal Reserve System which is reasonably satisfactory to Cedent (the "Trust Account"). The aggregate amount of assets (consisting of cash and other investment assets permitted by the Trust Agreement) required to be maintained by Reinsurer in the Trust Account in accordance with Section 9.3 hereof shall be, at all times on and after the Closing Date, an amount equal to the sum of (i) at all times Cedent is an Affiliate of RIC, Reinsurer's aggregate obligations to Cedent under this Landmark Quota Share Reinsurance Agreement, net of collectible Reinsurance Recoverables and collectible Net Premium Receivables, plus (ii) Reinsurer's aggregate obligations under the RIC Quota Share Reinsurance Agreement, net of collectible Reinsurance Recoverables and collectible Net Premium Receivables (as such terms are defined in such agreement), plus (iii) Reinsurer's aggregate obligations under the RSLIC Quota Share Reinsurance Agreement, net of collectible Reinsurance Recoverables and collectible Net Premium Receivables (as such terms are defined in such agreement), less (iv) RIC's aggregate obligations to Cedent under the RIC (Landmark) Quota Share Reinsurance Agreement (such amount, the "Required Balance").
