Crack Spread Hedging Support LC definition
Crack Spread Hedging Support LC means one or more letters of credit in an aggregate face amount permitted under Section 4.09(b)(9)(a) issued for the benefit of one or more counterparties to any Permitted Crack Spread Hedge Agreement as support for the obligations of the Company and/or any Guarantor under such Permitted Crack Spread Hedge Agreement.
Crack Spread Hedging Support LC means one or more letters of credit issued for the benefit of a Crack Spread Hedging Counterparty as support for the Borrower’s obligations under any Crack Spread Hedging Agreement in the aggregate face amount not to exceed the lesser of (a) $50,000,000, or (b) the sum of (i) the net proceeds retained by the Borrower from issuance of the Notes following repayment of the Term Loan Facility and (ii) cash collateral contributed by Parent and its Affiliates (other than Holdings and its subsidiaries, except to the extent such cash collateral was originally contributed to Holdings or its subsidiaries by Parent and its Affiliates (other than Holdings and its subsidiaries)) to support reimbursement obligations in respect of such letters of credit.
Crack Spread Hedging Support LC means a letter of credit in a face amount of not more than $50,000,000 issued for the benefit of the Crack Spread Hedging Counterparty as support for the Borrower’s obligations under the Crack Spread Hedging Agreement.
More Definitions of Crack Spread Hedging Support LC
Crack Spread Hedging Support LC shall be as defined in the Intercreditor Agreement.
Crack Spread Hedging Support LC means one or more letters of credit issued for the benefit of a Crack Spread Hedging Counterparty as support for the obligations of the Borrower or any other Grantor under any Crack Spread Hedging Agreement; provided that the aggregate face amount of all Crack Spread Hedging Support LCs shall not exceed an amount equal to the excess of (x) $50,000,000 over (y) the aggregate amount of Crack Spread Hedging Cash Collateral (other than any interest and income thereon) that secures all Crack Spread Hedging Obligations.