Credit-Linked LC Deposits Clause Samples

Credit-Linked LC Deposits. (i) On the Credit-Linked LC Facility Effective Date, each Credit-Linked LC Lender shall pay to the Administrative Agent such Lender’s Credit-Linked LC Deposit in the amount of its Credit-Linked LC Commitment. The Credit-Linked LC Deposits shall be held by the Administrative Agent in (or credited to) the Credit-Linked LC Deposit Account, and no Person other than the Administrative Agent shall have a right of withdrawal from the Credit-Linked LC Deposit Account or any other right or power with respect to the Credit-Linked LC Deposits. Notwithstanding anything herein to the contrary, the funding obligation of each Lender in respect of its participation in Credit-Linked Letters of Credit and Credit-Linked LC Loans shall be satisfied in full upon the funding of its Credit-Linked LC Deposit. Each of the Administrative Agent, each Issuing Lender and each Credit-Linked LC Lender hereby acknowledges and agrees (i) that each Credit-Linked LC Lender is funding its Credit-Linked LC Deposit to the Administrative Agent for application in the manner contemplated by Sections 2.03 and 2.05, (ii) the Administrative Agent shall invest the Credit-Linked LC Deposits in such investments as may be reasonably determined from time to time by the Administrative Agent and (iii) the Administrative Agent shall pay to each Lender a return on its Credit-Linked LC Deposit (except (A) for the avoidance of doubt, during periods when such Credit-Linked LC Deposits are used to fund Credit-Linked LC Loans or (B) as otherwise provided in Sections 2.01(d)(ii) and (iii)) for each calendar quarter (or portion thereof) during which such Credit-Linked LC Deposit is outstanding, such return to accrue at a rate equal to the three-month Adjusted Eurocurrency Rate in effect for such calendar quarter (or portion thereof), as applicable, less the Credit-Linked LC Deposit Cost Amount at such time. Such payment shall be made by the Administrative Agent in arrears on each Interest Payment Date applicable to the Credit-Linked LC Deposits. For the avoidance of doubt, the obligation of the Administrative Agent to make the payments to the Credit-Linked LC Lenders as provided in clause (iii) above shall be solely the obligation of the Administrative Agent and no Loan Party shall have any obligation in respect of such payments. (ii) No Loan Party shall have any right, title or interest in or to the Credit-Linked LC Deposit Account or the Credit-Linked LC Deposits and no obligations with respect thereto (other tha...