Examples of Collateral Letter of Credit in a sentence
While any Event of Default exists under the Loan Documents, Administrative Agent shall have the right to draw on such Collateral Letter of Credit for reduction of the principal balance of the Loans and to apply the amount of any such cash deposit to reduce the principal balance of the Loans.
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.
Borrower’s failure to (i) pay any regularly scheduled installment of principal, interest, the Agency Fee or other amount due under the Loan Documents or (ii) make a deposit of cash, and/or deliver a Collateral Letter of Credit required under the Loan Documents, within five (5) days of (and including) the date when due, or Borrower’s failure to pay the Loans at the Maturity Date, whether by acceleration or otherwise.
Borrower’s failure to (i) pay any regularly scheduled installment of principal, interest, the Administrative Fee or other amount due under the Loan Documents or (ii) make a deposit of cash, and/or deliver a Collateral Letter of Credit required under the Loan Documents, within five (5) days of (and including) the date when due, or Borrower’s failure to pay the Loans at the Maturity Date, whether by acceleration or otherwise.
Bank Tower Lease Takeover Agreement Cash Collateral or Collateral Letter of Credit.