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

Security Interest in Letter of Credit Account. Pursuant --------------------------------------------- to Section 364(c)(2) of the Bankruptcy Code, the Borrowers hereby assign and pledge to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, and hereby grant to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, a first priority security interest, senior to all other Liens, if any, in all of the Borrowers' right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the Borrowers, whether pursuant to Section 363 of the Bankruptcy Code or otherwise.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Bethlehem Steel Corp /De/), Credit and Guaranty Agreement (Bethlehem Steel Corp /De/)

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Security Interest in Letter of Credit Account. Pursuant --------------------------------------------- to Section 364(c)(2) of the Bankruptcy Code, the Borrowers Borrower and the Guarantors hereby assign and pledge to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, and hereby grant to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, a first priority security interest, senior to all other Liens, if any, in all of the BorrowersBorrower's and the Guarantors' right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the BorrowersBorrower, whether pursuant to Section 363 of the Bankruptcy Code or otherwiseotherwise and shall be released to the Borrower as described in clause (ii)(y) of Section 2.03(b).

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Act Manufacturing Inc), Credit and Guaranty Agreement (Guilford Mills Inc)

Security Interest in Letter of Credit Account. (a) Pursuant --------------------------------------------- to Section 364(c)(2) of the Bankruptcy Code, the Borrowers US Borrower hereby assign assigns and pledge pledges to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, and hereby grant grants to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, a first priority security interest, senior to all other Liens, if any, in all of the Borrowers' US Borrower's right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by any of the BorrowersCredit Parties, whether pursuant to Section 363 of the Bankruptcy Code or otherwiseotherwise and shall be released to the US Borrower as described in Section 2.13(b).

Appears in 1 contract

Samples: Credit, Guarantee and Security Agreement (Gentek Inc)

Security Interest in Letter of Credit Account. Pursuant --------------------------------------------- to Section 364(c)(2) of the Bankruptcy Code, the Borrowers Borrower and the Guarantors hereby assign and pledge to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, and hereby grant to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, a first priority prio rity security interest, senior to all other Liens, if any, in all of the Borrowers' Borrower’s and the Guarantors’ right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the BorrowersBorrower, whether pursuant to Section 363 of the Bankruptcy Code or otherwise, and shall be released to the Borrower only as described in clause (ii)(y) of Section 2.26.

Appears in 1 contract

Samples: Loan and Guaranty Agreement

Security Interest in Letter of Credit Account. Pursuant --------------------------------------------- to Section --------------------------------------------- 364(c)(2) of the Bankruptcy Code, the Borrowers Borrower and the Guarantors hereby assign and pledge to the Administrative Agent, for its benefit and for the ratable benefit of the LendersBanks, and hereby grant to the Administrative Agent, for its benefit and for the ratable benefit of the LendersBanks, a first priority security interest, senior to all other Liens, if any, in all of the BorrowersBorrower's and the Guarantors' right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the BorrowersBorrower, whether pursuant to Section 363 of the Bankruptcy Code or otherwise.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Armstrong World Industries Inc)

Security Interest in Letter of Credit Account. Pursuant --------------------------------------------- to Section 364(c)(2) of the Bankruptcy Code, the Borrowers and the Guarantors hereby assign and pledge to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, and hereby grant to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, a first priority security interest, senior to all other Liens, if any, in all of the Borrowers' ’ and the Guarantors’ right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the Borrowersany Borrower, whether pursuant to Section 363 of the Bankruptcy Code or otherwiseotherwise and shall be released to the Borrowers upon the expiration, cancellation or other termination or satisfaction of such Borrower’s reimbursement obligations.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Kaiser Aluminum & Chemical Corp)

Security Interest in Letter of Credit Account. Pursuant --------------------------------------------- to Section 364(c)(2) of the Bankruptcy Code, the Borrowers Borrower and the Guarantors hereby assign and pledge to the Administrative Agent, for its benefit and for the ratable benefit of the LendersBanks, and hereby grant to the Administrative Agent, for its benefit and for the ratable benefit of the LendersBanks, a first priority security interest, senior to all other Liens, if any, in all of the Borrowers' Borrower’s and the Guarantors’ right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the BorrowersBorrower, whether pursuant to Section 363 of the Bankruptcy Code or otherwiseotherwise and shall be released to the Borrower as described in clause (ii)(y) of Section 2.03(b).

Appears in 1 contract

Samples: Revolving Credit and Guaranty Agreement (Kmart Corp)

Security Interest in Letter of Credit Account. Pursuant --------------------------------------------- to Section 364(c)(2) of the Bankruptcy Code, the Borrowers hereby assign and pledge to the Administrative Agent, for its benefit and for the ratable benefit of the Revolving Credit Lenders, and hereby grant to the Administrative Agent, for its benefit and for the ratable benefit of the Revolving Credit Lenders, a first priority security interest, senior to all other Liens, if any, in all of the Borrowers' right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the Borrowers, whether pursuant to Section 363 of the Bankruptcy Code or otherwise.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Federal Mogul Corp)

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Security Interest in Letter of Credit Account. Pursuant --------------------------------------------- to Section 364(c)(2) of the Bankruptcy Code, the Borrowers Borrower and the Guarantors hereby assign and pledge to the Administrative Agent, for its benefit and for the ratable benefit of the LendersBanks, and hereby grant to the Administrative Agent, for its benefit and for the ratable benefit of the LendersBanks, a first priority security interest, senior to all other Liens, if any, in all of the BorrowersBorrower's and the Guarantors' right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the BorrowersBorrower, whether pursuant to Section 363 of the Bankruptcy Code or otherwise.

Appears in 1 contract

Samples: Revolving Credit and Guaranty Agreement (Family Golf Centers Inc)

Security Interest in Letter of Credit Account. Pursuant to --------------------------------------------- to Section 364(c)(2) of the Bankruptcy Code, the Borrowers Borrower and the Guarantors hereby assign and pledge to the Administrative Agent, for its benefit and for the ratable benefit of the LendersBanks, and hereby grant to the Administrative Agent, for its benefit and for the ratable benefit of the LendersBanks, a first priority security interest, senior to all other Liens, if any, in all of the BorrowersBorrower's and the Guarantors' right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the BorrowersBorrower, whether pursuant to Section 363 of the Bankruptcy Code or otherwise.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Mariner Post Acute Network Inc)

Security Interest in Letter of Credit Account. Pursuant --------------------------------------------- to Section 364(c)(2) of the Bankruptcy Code, the Borrowers Borrower hereby assign assigns and pledge pledges to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, and hereby grant grants to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, a first priority security interest, senior to all other Liens, if any, in all of the Borrowers' Borrower's right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the BorrowersBorrower, whether pursuant to Section 363 of the Bankruptcy Code or otherwise.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Hayes Lemmerz International Inc)

Security Interest in Letter of Credit Account. Pursuant to --------------------------------------------- to Section 364(c)(2) of the Bankruptcy Code, the Borrowers hereby assign and pledge to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, and hereby grant to the Administrative Agent, for its benefit and for the ratable benefit of the Lenders, a first priority security interest, senior to all other Liens, if any, in all of the Borrowers' right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the Borrowers, whether pursuant to Section 363 of the Bankruptcy Code or otherwise.

Appears in 1 contract

Samples: Loan and Guaranty Agreement (Federal Mogul Corp)

Security Interest in Letter of Credit Account. Pursuant --------------------------------------------- to Section 364(c)(2) of The Borrower and the Bankruptcy Code, the Borrowers Guarantors hereby assign and pledge to the Administrative AgentCollateral Agents, for its their benefit and for the ratable benefit of the Lendersother Secured Parties, and hereby grant to the Administrative AgentCollateral Agents, for its their benefit and for the ratable benefit of the Lendersother Secured Parties, a first priority security interest, senior interest (subject with respect to all other priority solely to Permitted Liens, if any), in all of the Borrowers' Borrower’s and the Guarantors’ right, title and interest in and to the Letter of Credit Account and any direct investment of the funds contained therein. Cash held in the Letter of Credit Account shall not be available for use by the BorrowersBorrower, whether pursuant and shall be released to the Borrower only as described in clause (ii)(B) of Section 363 of the Bankruptcy Code or otherwise2.02(j).

Appears in 1 contract

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

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