Secured Letters of Credit. The Company may from time to time designate any Letter of Credit issued at its request for the account of a Subsidiary (as contemplated by paragraph (a) of this Section) as a Secured Letter of Credit by written notice to the Administrative Agent and the applicable LC Issuer; provided that at the time of or prior to such designation (A) the Company shall have executed and delivered to the Administrative Agent a Secured Letter of Credit Agreement and (B) the Company shall have caused the applicable Subsidiary to (1) execute and deliver to the Administrative Agent a Joinder Agreement under which it shall become a party to the Secured Letter of Credit Agreement and (2) deliver, pursuant to such Secured Letter of Credit Agreement and for deposit in such LC Security Account as the Administrative Agent shall specify, as security for the reimbursement of LC Disbursements under such Secured Letter of Credit and the payment of accrued interest thereon, Collateral with an aggregate Adjusted Collateral Value at least equal to the portion of the LC Exposure attributable to such Secured Letter of Credit. If any drawing shall be made under a Secured Letter of Credit then, unless the applicable Subsidiary (or the Company) shall have reimbursed such LC Disbursement directly, the Administrative Agent shall liquidate Collateral deposited by such Subsidiary in the applicable LC Security Account and apply the proceeds thereof to reimburse the applicable LC Issuer or the Lenders, as the case may be, for such LC Disbursement and any interest accrued thereon; provided that the Company shall remain fully obligated for any portion of any such LC Disbursement for which the LC Issuer or the Lenders shall not be reimbursed through the application of Collateral or proceeds thereof as provided herein, whether as a result of any insufficiency of such Collateral, any defect in the rights of the Administrative Agent with respect thereto or otherwise. In the event that any Secured Letter of Credit is cash collateralized as required by the last sentence of Section 2.06(c), then any non-cash Collateral provided for such Secured Letter of Credit under this paragraph (q) shall be released by the Administrative Agent to the applicable Subsidiary and such Secured Letter of Credit shall thenceforth be a Standard Letter of Credit.
Secured Letters of Credit. The Borrower may from time to time irrevocably designate any Letter of Credit to be a Secured Letter of Credit by notice to the Agent (with a copy to the applicable Issuing Bank). Upon any drawing under any Secured Letter of Credit, to the extent cash is on deposit in the Secured L/C Account, such cash shall, at the Borrower’s option, be applied to reimburse the applicable Issuing Bank to the extent permitted by applicable law and to the extent the Borrower elects not to reimburse such drawing as provided in Section 2.03(c). Subject to Section 6.02, to the extent any Secured Letters of Credit shall have expired or been drawn upon, any excess amounts in such Secured L/C Account shall be returned to the Borrower at the Borrower’s request.
Secured Letters of Credit. Except as otherwise provided herein, at the election of the applicable Account Party prior to the time of issuance, any Letter of Credit issued for the account of such Account Party may be secured by Collateral; provided that the aggregate Secured Letter of Credit Exposure attributable to such Account Party shall not at any time exceed the Borrowing Base of such Account Party. Once per calendar quarter, the Account Parties shall collectively have the right to elect, by delivering written notice (signed by all Account Parties making such election) to the Administrative Agent and the LC Administrator, not later than 11:00 a.m. five Business Days in advance, (A) with respect to any Secured Letter of Credit, that such Letter of Credit no longer be secured by Collateral and (B) with respect to any Unsecured Letter of Credit, that such Letter of Credit be secured by Collateral, and such election shall become effective on the Business Day following such five-Business Day notice period, provided, that (i) with respect to each election under clause (A) above, no Event of Default shall have occurred and be continuing at such time and (ii) with respect to each such Account Party making such election in relation to an election under clause (B) above, the Borrowing Base of each such Account Party shall equal or exceed the Secured Letter of Credit Exposure attributable to such Account Party after giving effect to such election.
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Secured Letters of Credit. (i) Prior to the issuance of any Secured Letter of Credit, the applicable Letter of Credit Obligor shall have pledged and deposited with or delivered to the Custodian for deposit in its Custodial Account L/C Collateral pursuant to the Security Documents so that the L/C Collateral Balance of the applicable Letter of Credit Obligor shall not be less than the aggregate L/C Obligations attributable to such Letter of Credit Obligor after giving effect to such issuance; provided that no L/C Collateral (including, without limitation, cash) shall be included in the calculation of the L/C Collateral Balance of such Letter of Credit Obligor unless the Administrative Agent has a first lien perfected Lien on and security interest in such L/C Collateral. Each Letter of Credit Obligor hereby grants to the Administrative Agent, for the benefit of the L/C Issuer and the Lenders, a security interest in all L/C Collateral and all proceeds of the foregoing to secure all obligations of such Letter of Credit Obligor hereunder in respect of Secured Letters of Credit issued for its account.
Secured Letters of Credit. 9.2.1 Without prejudice to the remainder of this Clause 9, the Borrower shall ensure that at all times, the Borrowing Base is equal to or greater than the Secured Outstandings.
Secured Letters of Credit. The Borrower may from time to time designate any Letter of Credit to be a Secured Letter of Credit by notice to the Agent (with a copy to the applicable Issuing Bank). Upon the drawing of any Secured Letter of Credit, to the extent cash and/or Permitted Investments are on deposit in the L/C Securities Account, such cash and/or Permitted Investments shall, at the Borrower’s option, be applied to reimburse the applicable Issuing Bank to the extent permitted by applicable law and to the extent the Borrower elects not to reimburse such drawing (to avoid liquidating Permitted Investments) as provided in Section 2.03(c). Subject to Section 6.02, to the extent any Secured Letters of Credit shall have expired or been drawn upon, any excess amounts in such L/C Securities Account shall be returned to the Borrower at the Borrower’s request.
