Credit Enhancements. (a) Borrower and the Co-Borrowers have delivered to Lender a letter of credit (the "L/C") in the amount of $5,000,000 as additional security for the Loan. The L/C shall be maintained in form, substance and with an institution acceptable to Lender and shall be renewed automatically each year for an additional year during the term of the Loan (and notice of such renewal shall be delivered to Lender not later than thirty days prior to the expiration of the L/C being renewed). The issuing institution shall notify Lender at least thirty days prior to the end of any year that the L/C has not been renewed, and such notice of non-renewal (or the failure of Lender to receive timely notice of renewal) shall entitle Lender to draw upon the L/C and apply the proceeds to the repayment of the Loan.
(b) Borrower will maintain, and will cause Sponsor to maintain, in good standing all credit enhancement documents delivered to Lender in connection with the Loan, including, without limitation the L/C, throughout the Term or such shorter period as Borrower and Lender may have agreed to in writing. Credit enhancement documents include any letters of credit, cash deposits, pledges, guarantees or indemnities delivered to Lender in connection with the Loan but excluding any letters of credit, promissory notes or cash deposits delivered to Lender as good faith or standby fees in connection with Lender's agreement to make the Loan. If the provider of any credit enhancement document becomes insolvent, commences or is the target of a Proceeding in bankruptcy or ceases to exist or if Lender determines that the provider's insolvency is imminent, Borrower will deliver or cause Sponsor to deliver, to Lender a replacement credit enhancement document within 5 Business Days of the date insolvency is known, the Proceeding in bankruptcy is filed, the cessation occurs or Lender gives Borrower notice that Lender has determined the provider's insolvency is imminent. The replacement credit enhancement document will be satisfactory to Lender from an alternate provider satisfactory to Lender. Upon receipt of the replacement, Lender will deliver promptly to Borrower the credit enhancement document being replaced.
Credit Enhancements. If the Term Loan Agent or any holder of Term Loan Debt receives any additional guaranty, letter of credit, collateral or any other credit enhancement after the Closing Date from any Loan Party or any of their Subsidiaries, each Loan Party shall, and shall cause each of its Subsidiaries to, cause the same to be granted to the Administrative Agent, for the benefit of the Secured Parties, subject to the terms of the Term Loan Intercreditor Agreement. If any Person is included (or added) as a guarantor or borrower under the Term Loan Documents or any assets are included (or added) as collateral under the Term Loan Documents, each Loan Party shall, and shall cause each of its Subsidiaries to, cause such Person or assets, as applicable, to be included (or added) substantially concurrently with such inclusion (addition) under the Term Loan Documents as a Loan Party or Collateral, as applicable, under the Loan Documents in accordance with this Agreement.
Credit Enhancements. Borrower will maintain in good standing all credit enhancement documents delivered to Lender in connection with the Loan throughout the Term or such shorter period as Borrower and Lender may have agreed to in writing. Credit enhancement documents include any letters of credit, cash deposits, pledges, guarantees or indemnities delivered to Lender in connection with the Loan but excluding any letters of credit, promissory notes or cash deposits delivered to Lender as good faith or standby fees in connection with Lender’s agreement to make the Loan. If the provider of any credit enhancement document becomes insolvent, commences or is the target of a Proceeding in bankruptcy or ceases to exist or if Lender determines that the provider’s insolvency is imminent, Borrower will deliver to Lender a replacement credit enhancement document within 15 Business Days of the date insolvency is known, the Proceeding in bankruptcy is filed, the cessation occurs or Lender gives Borrower notice that Lender has determined the provider’s insolvency is imminent. The replacement credit enhancement document will be satisfactory to Lender from an alternate provider satisfactory to Lender. Upon receipt of the replacement, Lender will deliver promptly to Borrower the credit enhancement document being replaced.
Credit Enhancements. If the ABL Agent or any holder of the ABL Indebtedness receives any additional guaranty, letter of credit, collateral or any other credit enhancement after the Closing Date from any Credit Party or any of its Subsidiaries, each Credit Party shall, and shall cause each of its Subsidiaries to, cause the same to be granted to Collateral Agent, for the benefit of the Secured Parties, subject to the terms of the Intercreditor Agreement. If any Person is included (or added) as a guarantor or borrower under the ABL Credit Documents or any assets are included (or added) as collateral under the ABL Credit Documents, each Credit Party shall, and shall cause each of its Subsidiaries to, cause such Person or assets, as applicable, to be included (or added) substantially concurrently with such inclusion (or addition) under the ABL Credit Documents) as a Credit Party or Collateral, as applicable, under the Credit Documents in accordance with this Agreement.
Credit Enhancements. The Company shall, or shall cause MDE to, use commercially reasonable efforts to procure letters of credit to replace the credit enhancements listed on Schedule 6.6 of the disclosure schedule to the Chicago Stock Purchase Agreement prior to Closing.
Credit Enhancements. Borrower and Subsidiary Guarantors shall not permit the Broker Entity to provide credit enhancements in any form (including, without limitation, in the form of guaranties, liens, cash, securities or Indebtedness) in excess of Five Million Dollars ($5,000,000) in the aggregate at any time.
Credit Enhancements. If (a) the Second Lien Agent or any Second Lien Noteholder or (b) any other holder of Specified Junior Debt, in their capacity as such, receives any additional guaranty, Lien, letter of credit or similar credit support after the Second Amendment Effective Date with respect to the Second Lien Note Obligations or other obligations with respect to the Specified Junior Debt owed to them under the Second Lien Note Documents or the documentation governing the Specified Junior Debt, the Loan Parties shall cause, and shall cause the Parent Loan Guarantors to cause, the same to be granted to the Administrative Agent for the benefit of the Secured Parties (on a senior priority basis to the same extent provided in the Second Lien Intercreditor and Subordination Agreement). In furtherance of the foregoing, any parent company of Holdings that, in addition to Parent and Intermediate Parent, guarantees the Second Lien PIK Notes or any other Specified Junior Debt shall become a Parent Loan Guarantor, and substantially concurrently with providing such guaranty of the Second Lien PIK Notes and/or such Specified Junior Debt shall become a party to the Parent Loan Guaranty as a “Parent Loan Guarantor”, execute a Joinder Agreement and comply with the requirements set forth in clause (b) of the definition of “Collateral and Guarantee Requirement”.
Credit Enhancements. Such documents, instruments and agreements (including without limitation, security agreements, non‑competition agreements and guarantees) executed and delivered to Lessor as shall be necessary to provide Lessor with comparable rights, credit enhancements and security as are provided in the Other Agreements and the Letter of Credit, as determined in Lessor's reasonable discretion.
Credit Enhancements. The Company or MDE shall have procured the letters of credit to replace the credit enhancements specified in Section 5.11, or received waivers of such credit enhancements satisfactory to the Purchaser.
Credit Enhancements. If the Second Lien Trustee or any holder of the Second Lien Notes receives any additional guaranty or any additional collateral agreement after the date hereof (other than in the case of any guaranty of the obligations of a Foreign Subsidiary), the Borrower shall cause the same to be granted to the Administrative Agent to guarantee or secure as applicable, for its own benefit and the benefit of the Secured Parties (subject to the terms of the Intercreditor Agreement).
