Guaranty or Letter of Credit in Lieu of Cash Deposit. (a) In lieu of making cash deposits of Required Repair Funds, Tax Funds, Insurance Funds and/or Capital Expenditure Funds, Borrower may deliver to Lender one or more of the following: (i) a guaranty from Guarantor in form and substance reasonably acceptable to Lender (a “Reserve Guaranty”) or (ii) a Letter of Credit in accordance with the provisions of this Section 6.12. Borrower shall be responsible for the payment of all reasonable out-of-pocket costs and expenses incurred by the Servicer in the administration of any Letter of Credit or Reserve Guaranty delivered pursuant to this Section 6.12.
Appears in 4 contracts
Samples: Loan Agreement (Americold Realty Trust), Loan Agreement (Americold Realty Trust), Loan Agreement (Americold Realty Trust)
