Collateral Letter of Credit means any irrevocable unconditional Letter of Credit issued in the name of the Administrative Agent for the benefit of the Lenders in form and substance satisfactory to the Administrative Agent and drawn on a bank having a rating of at least AA by S&P and otherwise satisfactory to the Administrative Agent.
Collateral Letter of Credit. The standby letter of credit issued on or after the date hereof by General Electric Capital Corporation or such other issuer as shall be approved by the Agent in writing in advance, in favor of the Agent for the benefit of the Agent and the Institutions, having a Maximum Drawing Amount of ten percent (10%) of the Fair Market Value of the Consigned Precious Metal outstanding at any time, which Collateral Letter of Credit is being issued to secure the Obligations of the Consignees hereunder, as the same may be replaced, amended, increased, modified, extended or renewed from time to time upon terms and conditions approved by the Agent in writing in advance and otherwise in accordance with the provisions hereof, provided that such Collateral Letter of Credit shall either (a) have an expiry date not earlier than the Maturity Date or (b) be drawable without condition by the Agent no later than thirty (30) days prior to the stated expiry thereof (if not previously renewed). Furthermore, the Maximum Drawing Amount of the Collateral Letter of Credit shall not be available for inclusion in determination of the availability under the Consignment Limit."
Collateral Letter of Credit means a clean, irrevocable and unconditional standby letter of credit that is (a) issued for the account of an applicant other than Borrower, (b) issued in favor of Administrative Agent (on behalf of the Lenders) in the amount of any cash required pursuant to the terms of this Agreement or any other Loan Document pursuant to which it is being issued, (c) issued by an issuer having a paying office in the City of New York (or, with respect to Bank of America, N.A. only, such other office as is acceptable to Administrative Agent in its reasonable discretion) and having a rating with respect thereto of “AA” or better by S&P (or any equivalent rating from Xxxxx’x) or such other issuer as shall be approved by Administrative Agent in its sole and absolute discretion (Bank of America, N.A. is hereby approved by Administrative Agent, provided that the letter of credit is in form and substance acceptable to Administrative Agent in its reasonable discretion), (d) drawable, in whole or in part from time to time, by Administrative Agent upon the presentment to the issuer of a clean sight-draft demanding such payment, (e) an “evergreen” letter of credit that initially has an expiration date of at least one (1) year from the date of deposit and is automatically renewed from year to year or one which does not expire until at least thirty (30) Business Days after the Maturity Date, and (f) freely assignable upon presentation of customary documents by Administrative Agent at no cost and expense to Administrative Agent.
Examples of Collateral Letter of Credit in a sentence
Consultant operating a motor vehicle in the implementation of this agreement is required to carry automobile coverage in the amount of at least $100,000/$300,000 and uninsured motorist coverage.
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.
Borrowers shall cause the issuer of such Collateral Letter of Credit not later than sixty (60) days prior to such expiry date, to furnish, if applicable, a notice that such Collateral Letter of Credit will not be renewed or extended.
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.
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) may be applied by Administrative Agent to the payment of the Loans in such manner as Administrative Agent may determine.
More Definitions of Collateral Letter of Credit
Collateral Letter of Credit means each Letter of Credit issued by an Approved Bank pursuant to Section 16.2 in the amount of Ten Million Dollars ($10,000,000) in favor of Lender.
Collateral Letter of Credit means a clean, irrevocable and unconditional standby letter of credit that is (a) issued in favor of the Administrative Agent (on behalf of the Lenders) in the amount of any cash required pursuant to the terms of this Agreement or any other Loan Document it is being substituted for, (b) issued by (i) an issuer reasonably satisfactory to the Administrative Agent and which has a paying office in the City of New York and a senior unsecured debt rating with respect thereto of “A+” or better by S&P or (ii) such other issuer as shall be approved by the Administrative Agent in its sole and absolute discretion, (c) drawable, in whole or in part from time to time, by the Administrative Agent upon the presentment to the issuer of a clean sight draft demanding such payment, (d) an “evergreen” letter of credit that initially has an expiration date of at least one (1) year from the date of deposit and is automatically renewed from year to year or one which does not expire until at least thirty (30) Business Days after the Maturity Date, (e) freely assignable by the Administrative Agent at no cost and expense, and (f) otherwise reasonably satisfactory to the Administrative Agent.
Collateral Letter of Credit means the standby letter of credit dated on or about the date hereof issued for the account of LSB Industries, Inc. ("LSB") by Bank America Los Angeles (or another issuer acceptable to Lender) in the amount of $1,000,000 for the benefit of Lender substantially in the form of Exhibit B.
Collateral Letter of Credit means a clean, irrevocable and unconditional standby letter of credit that is (a) issued in favor of Lender in the amount required pursuant to Section 10.5, (b) issued by (i) an issuer reasonably satisfactory to Lender and which has a paying office in the City of New York and a senior unsecured debt rating with respect thereto of “A+” or better by S&P or (ii) such other issuer as shall be approved by Lender in its sole and absolute discretion, (c) drawable, in whole or in part from time to time, by Lender upon the presentment to the issuer of a clean sight draft demanding such payment, (d) an “evergreen” letter of credit that initially has an expiration date of at least one (1) year from the date of deposit and is automatically renewed from year to year or one which does not expire until at least thirty (30) Business Days after the Maturity Date, (e) assignable by Lender in the ordinary course and in compliance with the issuer’s usual and customary procedures for assignment at no cost and expense that is not required to be reimbursed by Borrower pursuant to Section 11.13 hereof, and (f) otherwise reasonably satisfactory to Lender.
Collateral Letter of Credit means a clean, irrevocable and unconditional standby letter of credit that is (a) issued for the account of an applicant other than Borrower, (b) issued in favor of Administrative Agent (on behalf of the Lenders), (c) issued by an issuer having a paying office in the City of New York and having a rating with respect thereto of “A” or better by S&P and an equivalent rating from Mxxxx’x, or such other issuer as shall be approved by the Administrative Agent in its sole and absolute discretion, (d) drawable, in whole or in part, from time to time, by Administrative Agent upon the presentment to the issuer of a clean sight-draft demanding such payment, (e) an “evergreen” letter of credit that initially has an expiration date of at least one (1) year from the date of deposit and is automatically renewed from year to year or one which does not expire until at least thirty (30) Business Days after the Maturity Date, and (f) freely assignable upon presentation of customary documents by Administrative Agent at no cost and expense to Administrative Agent.
Collateral Letter of Credit. The term "Collateral Letter of Credit" shall have the meaning given such term in Section 3.5.
Collateral Letter of Credit means a letter of credit which is: (a) an irrevocable standby letter of credit issued in favor of Administrative Agent by a financial institution acceptable to Administrative Agent, which secures payment of the LC Exposure and may be drawn upon the drawing of any LC issued hereunder which remains unreimbursed for one Business Day; (b) which is in the form and substance reasonably satisfactory to Administrative Agent; (c) whose expiry date is 30 Business Days following the latest expiry date of any LC issued hereunder; (d) which shall be freely assignable and transferable, subject to payment of customary fees; (e) which shall provide for partial draws thereunder; and (f) shall be in the face amount equal to at least 105% of the LC Exposure existing on the date it is delivered. COMMITTED SUM shall mean (a) as to any Lender, such Lender's Revolver Commitment (including without duplication the Swing Line Lender's Swing Line Commitment) as set forth on the signature page to the Agreement or in the most recent Assignment Agreement executed by such Lender and (b) as to all Lenders, all Lenders' Revolver Commitments (including without duplication the Swing Line Lender's Swing Line Commitment) which aggregate commitment shall be Sixty-Five Million Dollars ($65,000,000.00) on the Closing Date, as such amount may be adjusted, if at all, from time to time in accordance with the Agreement.