Cash Collateralized definition

Cash Collateralized and “Cash Collateralization” shall have a meaning analogous to the foregoing and shall include the proceeds of such cash collateral and other credit support.

Cash Collateralized means, with respect to any Letter of Credit, as of any date, that the Applicable Borrower shall have deposited in the LC Collateral Account, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to 102% of the LC Exposure as of such date plus any accrued and unpaid interest thereon pursuant to such documentation and arrangements as are reasonably satisfactory to the Administrative Agent. “Cash Collateralize” shall have the correlative meaning.

Cash Collateralized and “Cash Collateralization” have correlative meanings.

Examples of Cash Collateralized in a sentence

• Any Letter of Credit outstanding after the earlier of the applicable Stated Termination Date that is Cash Collateralized for the benefit of an Issuing Lender shall be the sole responsibility of such Issuing Lender.

• Upon payment in full of the Secured Obligations (other than Letter of Credit Obligations which have been Cash Collateralized, contingent obligations for which no claim has been made and other obligations which constitute indemnity or by their terms survive termination of the Credit Agreement), this Agreement shall be of no further force or effect.

• For the avoidance of doubt, this Credit Agreement shall remain in full force and effect after the Maturity Date if any Letters of Credit remain outstanding, even if Cash Collateralized.

• Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any other Loan Party or any Defaulting Lender that has provided Cash Collateral) to reimburse the L/C Issuer or the Revolving Lenders, as applicable.

• Except as provided in Section 10.11 with respect to the collateralization of the Other Liabilities, the Borrowers shall repay to the Lenders on the Termination Date all Obligations outstanding on such date (other than contingent indemnification claims for which a claim has not been asserted) and shall cause each Letter of Credit to be returned to the L/C Issuer undrawn or shall Cash Collateralize all L/C Obligations (to the extent not previously Cash Collateralized as required herein).

More Definitions of Cash Collateralized

Cash Collateralized shall have the meaning given such term in Section 2.02(j).

Cash Collateralized shall have meanings correlative to the foregoing.

Cash Collateralized. “Cash Collateralization”: with respect to any Letter of Credit, to pledge and deposit as collateral for the Obligations Cash Collateral in an amount equal to 105% of the undrawn face amount of such Letter of Credit plus unpaid fees associated with such Letter of Credit (including any letter of credit commissions) then due and payable or to be owed with respect to such Letter of Credit for the period from the time such Cash Collateral is deposited as collateral until the expiration date of such Letter of Credit, pursuant to documentation substantially in the form of Exhibit I or such other substantially similar form reasonably satisfactory to the Collateral Agent.

Cash Collateralized with respect to any Letter of Credit, the deposit by the Borrower of cash in a cash collateral account opened by the Administrative Agent (or by the applicable Revolving Facility Issuing Bank) in an amount at all times equal to 102.5% of the Available Amount of such Letter of Credit on terms and conditions reasonably satisfactory to the Administrative Agent and the applicable Revolving Facility Issuing Bank issuing such Letter of Credit. “Cash Collateral”, “Cash Collateralize” and “Cash Collateralization” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

Cash Collateralized means, with respect to any Letter of Credit, as of any date, that the Borrower shall have deposited with the Collateral Agent for the benefit of the Revolving Lenders, an amount in cash equal to 103% of the LC Exposure as of such date plus any accrued and unpaid interest thereon. “Cash Collateralize” shall have the correlative meaning.

Cash Collateralized means, with respect to any Letter of Credit, the deposit by the Borrower of cash in a cash collateral account opened by the Administrative Agent (or by the applicable Issuing Bank) in an amount at all times equal to 102.5% of the available amount of such Letter of Credit on terms and conditions reasonably satisfactory to the Administrative Agent and the applicable Issuing Bank issuing such Letter of Credit. “Cash Collateral”, “Cash Collateralize”, and “Cash Collateralization” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

Cash Collateralized means either (a) providing cash collateral (pursuant to documentation reasonably satisfactory to the Revolving Administrative Agent (including that the Revolving Administrative Agent has a first priority perfected Lien in such cash collateral), including provisions that specify that the Letter of Credit Fees and all commissions, fees, charges and expenses provided for in Section 2.04 of this Agreement (including any fronting fees payable pursuant to Section 2.04(j)) will continue to accrue while the Letters of Credit are outstanding) to be held by the Revolving Administrative Agent for the benefit of the Lenders in an amount equal the sum of (i) 103% of the then existing L/C Exposure denominated in Dollars, and (ii) 105% of the then existing L/C Exposure denominated in any other currency, (b) delivering to the Revolving Administrative Agent documentation executed by all beneficiaries under the Letters of Credit, in form and substance reasonably satisfactory to the Revolving Administrative Agent and the applicable L/C Issuer, terminating all of such beneficiaries’ rights under the Letters of Credit, or (c) providing the Revolving Administrative Agent with a standby letter of credit, in form and substance reasonably satisfactory to the Revolving Administrative Agent, from a nationally recognized commercial bank in an amount equal to sum of (i) 103% of the then existing L/C Exposure denominated in dollars, and (ii) 105% of the then existing L/C Exposure denominated in any other currency (it being understood that the Letter of Credit Fee set forth in this Agreement and all fronting fees payable pursuant to Section 2.04(j) will continue to accrue while the Letters of Credit are outstanding and that any such fees that accrue must be an amount that can be drawn under any such standby letter of credit). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such Cash Collateral and other credit support.