Common use of Security Interest in Letter of Credit Account Clause in Contracts

Security Interest in Letter of Credit Account. The Borrower and the Guarantors hereby pledge to the Collateral Agent, for its benefit and for the benefit of the other Secured Parties, and hereby grant to the Collateral Agent, for its benefit and for the benefit of the other Secured Parties, a first priority security interest, senior to all other Liens, if any, in all of the Borrower’s and the Guarantors’ right, title and interest in and to the Letter of Credit Account, any direct investment of the funds contained therein and any proceeds thereof. Cash held in the Letter of Credit Account shall not be available for use by the Borrower, and shall be released to the Borrower only as described in Section 2.02(j).

Appears in 7 contracts

Samples: Credit and Guaranty Agreement (American Airlines, Inc.), Security Agreement (American Airlines Inc), SGR Security Agreement (American Airlines Inc)

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Security Interest in Letter of Credit Account. The Borrower and the Guarantors hereby pledge to the Collateral Administrative Agent, for its benefit and for the benefit of the other Secured Parties, and hereby grant to the Collateral Administrative Agent, for its benefit and for the benefit of the other Secured Parties, a first priority security interest, senior to all other Liens, if any, in all of the Borrower’s and the Guarantors’ right, title and interest in and to the Letter of Credit Account, any direct investment of the funds contained therein and any proceeds thereof. Cash held in the Letter of Credit Account shall not be available for use by the Borrower, and shall be released to the Borrower only as described in Section 2.02(j).

Appears in 3 contracts

Samples: Revolving Credit and Guaranty Agreement (United Airlines, Inc.), Revolving Credit and Guaranty Agreement (United Airlines, Inc.), Credit and Guaranty Agreement (United Airlines, Inc.)

Security Interest in Letter of Credit Account. The Borrower and the Guarantors hereby pledge to the Collateral Administrative Agent, for its benefit and for the benefit of the other Secured Parties, and hereby grant to the Collateral Administrative Agent, for its benefit and for the benefit of the other Secured Parties, a first priority security interest, senior to all other Liens, if any, in all of the Borrower’s 's and the Guarantors' right, title and interest in and to the Letter of Credit Account, any direct investment of the funds contained therein and any proceeds thereof. Cash held in the Letter of Credit Account shall not be available for use by the Borrower, and shall be released to the Borrower only as described in clause (i)(B) of Section 2.02(j).

Appears in 2 contracts

Samples: Collateral Trust Agreement (Delta Air Lines Inc /De/), Security Agreement (Delta Air Lines Inc /De/)

Security Interest in Letter of Credit Account. The Borrower and the Guarantors hereby pledge to the Collateral Agent, for its benefit and for the benefit of the other First Priority Secured Parties, and hereby grant to the Collateral Agent, for its benefit and for the benefit of the other First Priority Secured Parties, a first priority security interest, senior to all other Liens, if any, in all of the Borrower’s and the Guarantors’ right, title and interest in and to the Letter of Credit Account, Account and any direct investment of the funds contained therein and any proceeds thereof. Cash held in the Letter of Credit Account shall not be available for use by the Borrower, and shall be released to the Borrower only as described in clause (ii)(B) of Section 2.02(j).

Appears in 2 contracts

Samples: First Lien Security Agreement (Delta Air Lines Inc /De/), Credit and Guaranty Agreement (Delta Air Lines Inc /De/)

Security Interest in Letter of Credit Account. The Borrower and the Guarantors hereby pledge to the Collateral AgentAgents, for its their benefit and for the ratable benefit of the other Secured Parties, and hereby grant to the Collateral AgentAgents, for its their benefit and for the ratable benefit of the other Secured Parties, a first priority security interest, senior to all other Liens, if any, in all of the Borrower’s and the Guarantors’ right, title and interest in and to the Letter of Credit Account, Account and any direct investment of the funds contained therein and any proceeds thereoftherein. Cash held in the Letter of Credit Account shall not be available for use by the Borrower, and shall be released to the Borrower only as described in clause (ii)(B) of Section 2.02(j).

Appears in 1 contract

Samples: Loan and Guaranty Agreement (Ual Corp /De/)

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Security Interest in Letter of Credit Account. The Borrower and the Guarantors hereby pledge to the Collateral Administrative Agent, for its benefit and for the benefit of the other Secured Parties, and hereby grant to the Collateral Administrative Agent, for its benefit and for the benefit of the other Secured Parties, a first priority security interest, senior to all other Liens, if any, in all of the Borrower’s and the Guarantors’ right, title and interest in and to the Letter of Credit Account, any direct investment of the funds contained therein and any proceeds thereof. Cash held in the Letter of Credit Account shall not be available for use by the Borrower, and shall be released to the Borrower only as described in clause (i)(B) of Section 2.02(j).

Appears in 1 contract

Samples: Security Agreement (Delta Air Lines Inc /De/)

Security Interest in Letter of Credit Account. The Borrower and the Guarantors hereby pledge to the Collateral Agent, for its benefit and for the benefit of the other Secured Parties, and hereby grant to the Collateral Agent, for its benefit and for the benefit of the other Secured Parties, a first priority security interest, senior to all other Liens, if any, in all of the Borrower’s and the Guarantors’ right, title and interest in and to the Letter of Credit Account, any direct investment of the funds contained therein and any proceeds thereof. Cash held in the Letter of Credit Account shall not be available for use by the Borrower, and shall be released to the Borrower only as described in Section 2.02(j).. AA (LHR) - Exhibit A to Tenth Amendment (Conformed Credit Agreement)

Appears in 1 contract

Samples: Credit and Guaranty Agreement (American Airlines, Inc.)

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