Extended Facility Letters of Credit. Notwithstanding the contrary provisions of Section 2.05(a), Letters of Credit may be Issued with expiry dates later than the fifth Business Day prior to the Stated Termination Date upon the terms and conditions set forth in this Section 2.05(j) (any such Letter of Credit, an “Extended Facility Letter of Credit”). No Extended Facility Letter of Credit shall have an expiry date later than one year after the Stated Termination Date. From the date of Issuance of any Extended Facility Letter of Credit, the Company will maintain cash collateral in the Letter of Credit Collateral Account in an amount equal to 105% of the Letter of Credit Obligations relating to Extended Facility Letters of Credit, and at all times when any Extended Facility Letters of Credit are outstanding, the Company will maintain cash collateral in the Letter of Credit Collateral Account in an amount not less than 105% of the Letter of Credit Obligations relating to such Extended Facility Letters of Credit then outstanding.
Appears in 3 contracts
Samples: Multicurrency Credit Agreement (Ecolab Inc.), Multicurrency Credit Agreement (Ecolab Inc), Multicurrency Credit Agreement (Ecolab Inc)
Extended Facility Letters of Credit. Notwithstanding the contrary provisions of Section Section 2.05(a), Letters of Credit may be Issued with expiry dates later than the fifth Business Day prior to the Stated Termination Date upon the terms and conditions set forth in this Section Section 2.05(j) (any such Letter of Credit, an “Extended Facility Letter of Credit”). No Extended Facility Letter of Credit shall have an expiry date later than one year after the Stated Termination Date. From the date of Issuance of any Extended Facility Letter of Credit, the Company will maintain cash collateral in the Letter of Credit Collateral Account in an amount equal to 105% of the Letter of Credit Obligations relating to Extended Facility Letters of Credit, and at all times when any Extended Facility Letters of Credit are outstanding, the Company will maintain cash collateral in the Letter of Credit Collateral Account in an amount not less than 105% of the Letter of Credit Obligations relating to such Extended Facility Letters of Credit then outstanding.
Appears in 2 contracts
Samples: Multicurrency Credit Agreement (Ecolab Inc.), Multicurrency Credit Agreement (Ecolab Inc.)
Extended Facility Letters of Credit. Notwithstanding the contrary provisions of Section 2.05(a2.02C(a), Letters of Credit may be Issued with expiry dates later than the fifth Business Day prior to the Stated Termination Date upon the terms and conditions set forth in this Section 2.05(j2.02C(j) (any such Letter of Credit, an “Extended Facility Letter of Credit”). No Extended Facility Letter of Credit shall have an expiry date later than one (1) year after the Stated Termination Date. From the date of Issuance of any Extended Facility Letter of Credit, the Company Borrower will maintain cash collateral in the Letter of Credit Collateral Account in an amount equal to 105% of the Letter of Credit Obligations relating to Extended Facility Letters of Credit, and at all times when any Extended Facility Letters of Credit are outstanding, the Company Borrower will maintain cash collateral in the Letter of Credit Collateral Account in an amount not less than 105% of the Letter of Credit Obligations relating to such Extended Facility Letters of Credit then outstanding.
Appears in 1 contract
Extended Facility Letters of Credit. Notwithstanding the contrary provisions of Section 2.05(a2.02C(a), Letters of Credit may be Issued with expiry dates later than the fifth Business Day prior to the Stated Termination Date upon the terms and conditions set forth in this Section 2.05(j2.02C(j) (any such Letter of Credit, an “Extended Facility Letter of Credit”). No Extended Facility Letter of Credit shall have an expiry date later than one year after the Stated Termination Date. From the date of Issuance of any Extended Facility Letter of Credit, the Company Borrower will maintain cash collateral in the Letter of Credit Collateral Account in an amount equal to 105% of the Letter of Credit Obligations relating to Extended Facility Letters of Credit, and at all times when any Extended Facility Letters of Credit are outstanding, the Company Borrower will maintain cash collateral in the Letter of Credit Collateral Account in an amount not less than 105% of the Letter of Credit Obligations relating to such Extended Facility Letters of Credit then outstanding.
Appears in 1 contract