Acceptable Investment Grade Credit Enhancement with respect to any Account Receivable, (i) a letter of credit in form and substance reasonably acceptable to the Administrative Agent issued by a bank which is Investment Grade and which letter of credit does not terminate earlier than fifteen (15) days after the expected payment date of such Account Receivable; provided, that, upon the request of the Administrative Agent during the continuance of an Event of Default, with respect to each letter of credit described in this clause (i), the applicable Loan Party shall (A) assign the proceeds of such letter of credit to the Administrative Agent, (B) cause the issuing bank of such letter of credit to consent to such assignment and (C) cause any such letter of credit issued to be advised by the Administrative Agent, or (ii) a parent guarantee, insurance policy, surety bond or other customary credit support, in each case, (A) provided by any Person who is Investment Grade and (B) in form and substance reasonably acceptable to the Administrative Agent.
Acceptable Investment Grade Credit Enhancement with respect to any Account Receivable, (i) a letter of credit in form and substance reasonably acceptable to the Administrative Agent issued by a bank which is Investment Grade and which letter of credit does not terminate earlier than fifteen (15) days after the expected payment date of such Account Receivable; provided, that, upon the request of the Administrative Agent during the continuance of an Event of Default, with respect to each letter of credit described in this clause (i), the USActive 56005294.
Acceptable Investment Grade Credit Enhancement. (i) a letter of credit or (ii) a guarantee, credit default swap or other customary credit support, in each case, provided by any Person who is Investment Grade.
More Definitions of Acceptable Investment Grade Credit Enhancement
Acceptable Investment Grade Credit Enhancement means either, (x) a letter of credit or guarantee (in form and substance satisfactory to the Administrative Agent) which is payable in the full amount of the obligation supported thereby, or (y) credit insurance naming the Administrative Agent as sole loss payee covering the related counterparty under the terms of which the credit insurance provider would be obligated to pay at least 90% of the Eligible Account Receivable without setoff, deduction or any defense, in each case ((x) and (y)), issued by an Investment Grade Issuer and in connection with which such Investment Grade Issuer has consented in writing to an assignment of proceeds of such letter of credit or guarantee or credit insurance to the Administrative Agent or otherwise as to which the Administrative Agent has an Agent’s First Lien in the proceeds thereof pursuant to Article 9 of the UCC.
Acceptable Investment Grade Credit Enhancement a guarantee (in form and substance satisfactory to the Administrative Agent) from a financial institution acceptable to the Administrative Agent or an Affiliate that is Investment Grade or that is a Tier I Approved Account Debtor, (b) credit insurance (in form and substance acceptable to the Administrative Agent) and provided by any Person (other than an Affiliate of any Borrower) rated Investment Grade and acceptable to the Administrative Agent, or (c) a letter of credit (in form and substance satisfactory to the Administrative Agent) provided by a bank rated Investment Grade acceptable to the Administrative Agent (other than an Affiliate of any Borrower), in each case to the extent (1) in the case of letter of credit or credit insurance, as applicable, the provider thereof has consented to an assignment of proceeds of letter of credit or credit insurance to the Administrative Agent, (2) with respect any guarantee, the provider thereof has not restricted an assignment of proceeds to the Administrative Agent and such guarantee does not cover any other indebtedness of the underlying obligor, or (3) the Administrative Agent otherwise has a perfected security interest for the benefit of the Lenders, the Issuing Banks, and the Swap Banks pursuant to Article 9 of the Uniform Commercial Code.
Acceptable Investment Grade Credit Enhancement means (i) a guarantee (in form and substance satisfactory to the Administrative Agent) from a financial institution acceptable to the Administrative Agent, (ii) or a letter of credit (in form and substance satisfactory to the Administrative Agent) provided by any Person (other than an Affiliate of the Borrower) rated Investment Grade who has consented to an assignment of proceeds of such letter of credit to the Collateral Agent or otherwise as to which the Collateral Agent has a perfected security interest pursuant to Article 9 of the UCC, or (iii) credit insurance in amounts and from an insurance provider acceptable to the Administrative Agent in its sole discretion that is otherwise in compliance with Section 8.06 of this Agreement or other credit enhancement in form and substance acceptable to the Administrative Agent provided by a Lender covering the creditworthiness of an Account with respect to which the Administrative Agent shall have received such documentation and evidence as it deems necessary or desirable to confirm the existence and direction of payment thereof (provided, however that the Administrative Agent shall not require disclosure of such Lender’s remuneration in connection with any such credit enhancement).
Acceptable Investment Grade Credit Enhancement. (i) a guarantee provided by any Person who is Investment Grade or (ii) a letter of credit issued by a bank which is Investment Grade and which letter of credit does not terminate earlier than twenty (20) days after the date of the most recent calculation of the Consolidated Borrowing Base; provided that, unless otherwise agreed by the Administrative Agent, with respect to each letter of credit described in this clause (ii), the applicable Borrower shall have (A) assigned the proceeds of such letter of credit to the Collateral Agent, (B) caused the issuing bank of such letter of credit to consent to such assignment and (C) such letter of credit shall be advised by the Collateral Agent.
Acceptable Investment Grade Credit Enhancement means either, (x) a letter of credit or guarantee (in form and substance satisfactory to theAdministrative Agent) which is payable in the full amount of the obligation supported thereby, or (y) credit insurance naming the Administrative Agent as sole loss payee covering the related counterparty under the terms of which the credit insurance provider would be obligated to pay at least 90% of the Eligible Account Receivable without setoff, deduction or any defense, in each case ((x) and (y)), issued by an Investment Grade Issuer and in connection with which such Investment Grade Issuer has consented in writing to an assignment of proceeds of such letter of credit or guarantee or credit insurance to the AdministrativeAgent or otherwise as to which the Administrative Agent has an Agent’s First Lien in the proceeds thereof pursuant to Article 9 of the UCC.
Acceptable Investment Grade Credit Enhancement with respect to any Account Receivable, (i) a letter of credit in form and substance reasonably acceptable to the Administrative Agent issued by a bank which is Investment Grade and which letter of credit does not terminate earlier than
Acceptable Investment Grade Credit Enhancement means either, (x) a Standby L/C (in form and substance satisfactory to the Administrative Agent), or (y) credit insurance covering the related counterparty under the terms sold and for no less than the amount due in respect of such sales transaction, in any event ((x) or (y)) issued by an Investment Grade Issuer and in connection with which such Investment Grade Issuer has consented to an assignment of proceeds of such letter of credit or credit insurance to the Administrative Agent or otherwise as to which the Administrative Agent has a perfected security interest in the proceeds thereof for the benefit of the Lenders pursuant to Article 9 of the UCC.