Collateral Letter definition

Collateral Letter means that certain letter agreement, dated as of the Closing Date, by and among the Borrower, Holdings, each Person that was a Lender or an Issuer on the Closing Date and the Administrative Agent relating to certain Enforcement Actions with respect to the Collateral, as amended pursuant to Section 11.20 (Amendments to Certain Loan Documents).
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Examples of Collateral Letter in a sentence

  • Without limiting the foregoing, Administrative Agent shall also be entitled to draw on a Collateral Letter of Credit if the credit rating or financial condition of the issuing bank is no longer meets the minimum rating contained in the definition of Collateral Letter of Credit.

  • No delay or omission of Administrative Agent or the Lenders in exercising any right to draw on a Collateral Letter of Credit shall impair any such right, or shall be construed as a waiver of, or acquiescence in, any Event of Default.

  • Proceeds of any draw upon a Collateral Letter of Credit (after reimbursement of any costs and expenses, including attorneys’ fees and reimbursements, incurred by Administrative Agent in connection with such draw), other than a draw made in accordance with Section 9.14(4), may be applied by Administrative Agent to the payment of the Obligations in such manner as Administrative Agent may determine.

  • If Administrative Agent draws upon a Collateral Letter of Credit pursuant to the terms of this subsection (3), then Administrative Agent shall hold the proceeds thereof in the Additional Cash Collateral Account as additional collateral for the Obligations, to be applied in accordance with subsections (4) and (5) below.

  • If Lender draws upon a Collateral Letter of Credit pursuant to the terms hereof, then Lender shall hold the proceeds thereof in a Controlled Account as cash collateral.

  • Following a draw by Administrative Agent on a Collateral Letter of Credit solely because of the deterioration of the creditworthiness of the issuing bank, Administrative Agent will deposit such proceeds in a Controlled Account as security for the purposes for which such Letter of Credit was delivered and Administrative Agent shall be entitled to draw upon such proceeds to the same extent it would have been entitled to make a draw under the applicable Letter of Credit.

  • Any optional election by Borrower to deliver such cash collateral or Collateral Letter of Credit to Lender shall be irrevocable.

  • If any of the institutions providing the Collateral Letters of Credit should, for whatever reason, fail to honor its portion of any pro rata drawing, then the obligation of the other institutions to honor their respective portion of such pro rata drawing is not removed and continues as an absolute obligation pursuant to the applicable Collateral Letter of Credit.

  • In the event Borrower pays Lender in the form of a Collateral Letter of Credit, the provisions of Section 10.5.4 shall apply.

  • Lenders may draw on the Collateral Letter of Credit and apply the proceeds thereof to the repayment of the Obligations.

Related to Collateral Letter

  • Collateral Access Agreement means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor, warehouseman, processor, consignee, or other Person in possession of, having a Lien upon, or having rights or interests in Parent’s or its Subsidiaries’ books and records, Equipment, or Inventory, in each case, in form and substance reasonably satisfactory to Agent.

  • Collateral Loan means a loan, debt obligation, debt security or participation therein acquired by the Borrower.

  • Investment Property Control Agreement means an agreement in writing, in form and substance satisfactory to Agent, by and among Agent, any Borrower or Guarantor (as the case may be) and any securities intermediary, commodity intermediary or other person who has custody, control or possession of any investment property of such Borrower or Guarantor acknowledging that such securities intermediary, commodity intermediary or other person has custody, control or possession of such investment property on behalf of Agent, that it will comply with entitlement orders originated by Agent with respect to such investment property, or other instructions of Agent, and has such other terms and conditions as Agent may require.

  • Collateral Assignment Agreement has the meaning set forth in Section 9.05.

  • Collateral Assignment means, with respect to any Contracts, the original instrument of collateral assignment of such Contracts by the Company, as Seller, to the Collateral Agent, substantially in the form included in Exhibit A hereto.