Cash Secured Letter of Credit definition

Cash Secured Letter of Credit means each letter of credit issued pursuant to Section 2.6 and shall include the Existing Cash Secured Letters of Credit.

Cash Secured Letter of Credit means any letter of credit to the extent that the account party or applicant’s reimbursement obligations with respect thereto are secured solely by a pledge of cash, Cash Equivalents in an amount equal to at least 100% of the undrawn amount of such letter of credit.

Cash Secured Letter of Credit means a Letter of Credit, which, at the option of the Borrower, has been Cash Collateralized in an amount equal to 100% (or in the case of a Letter of Credit denominated in an Alternative Currency, 110%) of the Dollar Equivalent of the maximum amount drawable thereunder; provided, however, that, so long as no Event of Default has occurred and is continuing, the Borrower shall have the option to require the release of any Cash Collateral securing a Letter of Credit pursuant to this definition by giving notice to the Administrative Agent, whereupon such Cash Collateral shall be released within three (3) Business Days, and upon such release, such Letter of Credit shall continue to be a Letter of Credit for purposes hereof but shall cease to be a Cash Secured Letter of Credit.

Examples of Cash Secured Letter of Credit in a sentence

• I have shown how both air and light, in so far as they unify the cosmic and the affective, can be understood as atmospheric phenomena.

• Notwithstanding anything in this Agreement to the contrary, no Cash Secured LC Issuer shall be under any obligation to Issue any Cash Secured Letter of Credit at any time.

• With respect to any proposed Issuance of a Revolving Letter of Credit, there shall be insufficient capacity to issue a Cash Secured Letter of Credit assuming that such Revolving Letter of Credit was Issued as a Cash Secured Letter of Credit.

• Upon the repayment of the then outstanding Term Loans on the Term Maturity Date, the Cash Secured Letter of Credit Issuer Commitment shall be reduced to zero and the Borrowers shall be permitted to withdraw the amount deposited in the Cash Secured LC Cash Collateral Account to complete such repayment; provided that after giving effect to such withdrawal, the Cash Secured Letter of Credit Cash Coverage Requirement shall be satisfied.

• The Borrower or the relevant Eligible Borrower shall, upon the Bank’s request, promptly pay to and reimburse the Bank for all costs incurred and payments made by the Bank by reason of any future assessment, reserve, deposit or similar requirement or any surcharge, tax or fee imposed upon the Bank or as a result of the Bank’s compliance with any directive or requirement of any regulatory authority pertaining or relating to any Cash Secured Letter of Credit.

More Definitions of Cash Secured Letter of Credit

Cash Secured Letter of Credit means each letter of credit issued for the account of the Borrower, any other Loan Party or any Subsidiary thereof that (to the extent secured) is secured by cash or cash equivalents, including letters of credit issued under the ADA-ES Working Capital Agreement and the Settlement Agreement.

Cash Secured Letter of Credit means any Letter of Credit issued pursuant to Section 2.03 which is secured by cash pledged and deposited with the Administrative Agent pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the L/C Issuer.

Cash Secured Letter of Credit means the letter of credit issued by Bank on Borrower’s behalf in March 2003, which is 105% cash secured in a money market account at Bank.

Cash Secured Letter of Credit means each letter of credit issued for the account of the Borrower, any other Loan Party or any Subsidiary thereof that (to the extent secured) is secured by cash or cash equivalents, including letters of credit issued under the ADA-ES Working Capital Agreement and the Settlement Agreement. “Cash Secured LC Direction Letter” has the meaning set forth in subsection (a)(xv) of Article IV. “CCS” means Clean Coal Solutions, LLC, a Colorado limited liability company. “CCS Consent Agreement” has the meaning set forth in clause (a)(xiv) of Article IV. “CCS License Agreement” means that certain Technology License Agreement between ADA-ES and CCS dated as of July 27, 2012. “CCS Working Capital Agreement” means that certain Credit Agreement dated as of March 30, 2011 between CCS, as borrower, and CoBiz Bank (d/b/a Colorado Business Bank), as lender, as amended by the First Amendment to 2011 Loan and Security Agreement dated as of March 7, 2012, the Second Amendment to 2011 Loan and Security Agreement dated as of May 21, 2012, and the Third Amendment to 2011 Loan and Security Agreement dated as of November 30, 2012. “CCSS” means Clean Coal Solutions Services, LLC, a Colorado limited liability company. “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980. “CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental Protection Agency. “Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, ...

Cash Secured Letter of Credit set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

Cash Secured Letter of Credit and “Cash Secured Letters of Credit” have the meanings described in Section 2.3.1(b) (Terms of Letters of Credit).

Cash Secured Letter of Credit means each letter of credit issued pursuant to Section 2.6.