Eligible Supporting Letter of Credit means, with respect to any Pool Receivables of an Obligor, an unconditional (except for any draft or documentation required to be presented as a condition to drawings thereunder), irrevocable standby or commercial letter of credit, at all times in form and substance acceptable to the Administrative Agent in its sole discretion, issued or confirmed by an Eligible Supporting Letter of Credit Provider, which letter of credit (i) supports the payment of such Pool Receivables, (ii) names the Originator of such Pool Receivables as the sole beneficiary thereof and (iii) is payable in U.S. Dollars.
Eligible Supporting Letter of Credit means, with respect to any Pool Receivables of an Obligor, an unconditional (except for any draft or documentation required to be presented as a condition to drawings thereunder), irrevocable standby or commercial letter of credit, at all times in form and substance reasonably acceptable to the Administrator, issued or confirmed by an Eligible Supporting Letter of Credit Provider, which letter of credit (i) supports the payment of such Pool Receivables, (ii) names the Originator of such Pool Receivables as the sole beneficiary thereof, (iii) is payable in U.S. dollars and (iv) unless otherwise agreed in writing by the Administrator, by its terms requires proceeds of all drawings thereunder to be sent by the issuer thereof (or, if applicable, the confirming bank) directly to a Lock-Box Account designated therein.
Eligible Supporting Letter of Credit means an unconditional and irrevocable standby or commercial letter of credit, in form and substance acceptable to the Administrative Agent (in its reasonable discretion) when contributed to the Borrower, which is issued or confirmed by an Eligible Supporting Letter of Credit Provider, and which letter of credit as of any date of determination (i) has a remaining term not less than the lesser of (x) 12 months as of such date of determination and (y) the period from such date of determination to the six (6) month anniversary of the Scheduled Termination Date, (ii) names the Administrative Agent as the sole beneficiary thereof, (iii) is payable in Dollars, (iv) is in full force and effect and is the legal, valid and binding obligation of the related Supporting Letter of Credit Provider which continues to be an Eligible Supporting Letter of Credit Provider, (v) allows the Administrative Agent to draw thereunder when permitted under Section 7.09 of this Agreement, (vi) unless otherwise agreed in writing by the Administrative Agent, by its terms requires proceeds of all drawings thereunder to be sent by the issuer thereof (or, if applicable, the confirming bank) directly to the Administrative Agent’s Account and (vii) has been contributed by Prime Security Services Borrower, LLC or The ADT Security Corporation to the Borrower.
Examples of Eligible Supporting Letter of Credit in a sentence
Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of U.S. issuers.
On any date that the Seller or Servicer is then delivering Interim Reports, if such Interim Report indicates that a Capital Coverage Deficit exists, the Seller shall promptly (within two (2) Business Days) make a reduction of Capital, deposit (or cause to be deposited) cash in the Cash Collateral Account or cause an Eligible Supporting Letter of Credit to be issued or confirmed, in each case, in an amount equal to or exceeding the amount of such Capital Coverage Deficit.
More Definitions of Eligible Supporting Letter of Credit
Eligible Supporting Letter of Credit means, with respect to any Pool Receivables of an Obligor, an unconditional (except for any draft or documentation required to be presented as a condition to drawings thereunder), irrevocable standby or commercial letter of credit, at all times in form and substance reasonably acceptable to the Administrative Agent in its sole discretion, issued or confirmed by an Eligible Supporting Letter of Credit Provider, which letter of credit (a) supports the payment of such Pool Receivable, (b) names the Originator of such Pool Receivable as the sole beneficiary thereof and (c) is payable in Dollars. In the event that any Eligible Supporting Letter of Credit is drawn on with respect to a Pool Receivable and the Borrower or related Originator is required to subrogate or assign its rights, claims, guaranties, security, collateral or defenses to the applicable Eligible Supporting Letter of Credit Provider in respect of such Pool Receivable or in respect of any Eligible Supporting Letter of Credit issued by an Eligible Supporting Letter of Credit Provider (in circumstances where a confirmation issued in respect of that Eligible Supporting Letter of Credit is drawn on with respect to a Pool Receivable), the Borrower shall (and the Servicer shall cause the Borrower to) so subrogate or assign such rights, claims, guaranties, security, collateral or defenses in accordance with the terms of such Eligible Supporting Letter of Credit (or take such steps as are necessary so that the related Originator can effect such subrogation or assignment in accordance with such terms). Simultaneously with receipt of such a payment in a Collection Account and upon such subrogation or assignment, the Administrative Agent shall be automatically deemed to have released and reconveyed to the Borrower, and the Borrower shall be automatically deemed to have released and reconveyed to the related Originator, any ownership or security interest it may have hereunder or otherwise (in the Administrative Agent’s case, on behalf of itself and the Lenders) in such rights, claims, guaranties, security, collateral or defenses so subrogated or assigned, to the extent necessary to permit such subrogation or assignment and shall execute such documents to evidence the same as shall be reasonably requested by the Borrower, in each case at the sole expense of the Borrower; provided, however, that (x) the Administrative Agent shall not be deemed to have released any such security interest it may have in related ...
Eligible Supporting Letter of Credit means an unconditional (except for any draft or documentation required to be presented as a condition to drawings thereunder), irrevocable standby or commercial letter of credit, in form and substance acceptable to the Administrative Agent (in its sole discretion), issued or confirmed by an Eligible Supporting Letter of Credit Provider, which letter of credit as of any date of determination (i) has a remaining term not less than 12 months as of such date of determination, (ii) names the Administrative Agent as the sole beneficiary thereof, (iii) is payable in Dollars, (iv) is in full force and effect and is the legal, valid and binding obligation of the related Eligible Supporting Letter of Credit Provider, (v) unless otherwise agreed in writing by the Administrative Agent, by its terms requires proceeds of all drawings thereunder to be sent by the issuer thereof (or, if applicable, the confirming bank) directly to the Cash Collateral Account and (vi) has been contributed by American Marketing to the Seller in accordance with the U.S. Purchase and Sale Agreement.
Eligible Supporting Letter of Credit means, at any time on or after the Look Through Effective Date, with respect to any Pool Receivables of an Obligor, an unconditional (except for any draft or documentation required to be presented as a condition to drawings thereunder), irrevocable standby or commercial letter of credit, at all times in form and substance reasonably acceptable to the Administrator, issued (and, if applicable, confirmed) by an Eligible Supporting Letter of Credit Provider, which letter of credit (i) supports the payment in full of such Pool Receivables, (ii) names the Seller as the sole beneficiary thereof and (iii) is payable in U.S. dollars.
Eligible Supporting Letter of Credit means, with respect to any Pool Receivables of an Obligor, an unconditional (except for any draft or documentation required to be presented as a condition to drawings thereunder), irrevocable standby or commercial letter of credit, at all times in form and substance acceptable to the Administrator in its sole discretion, issued or confirmed by an Eligible Supporting Letter of Credit Provider, which letter of credit (i) supports the payment of such Pool Receivables, (ii) names the Originator of such Pool Receivables as the sole beneficiary thereof and (iii) is payable in (a) with respect to any Pool Receivable denominated in U.S. Dollars, U.S. Dollars and (b) with respect to any Pool Receivable denominated in Australian Dollars, Australian Dollars.
Eligible Supporting Letter of Credit means, with respect to any Pool Receivables of an Obligor, an unconditional (except for any draft or documentation required to be presented as a condition to drawings thereunder), irrevocable standby or commercial letter of credit, at all times in form and substance acceptable to the Administrator in its sole discretion, issued or confirmed by an Eligible Supporting Letter of Credit Provider, which letter of credit (i) supports the payment of such Pool Receivables, (ii) names the Originator of such Pool Receivables as the sole beneficiary thereof and (iii) is payable in (a) with respect to any Pool Receivable denominated in U.S. Dollars, U.S. Dollars and (b) with respect to any Pool Receivable denominated in Australian Dollars, Australian Dollars. In the event that any Eligible Supporting Letter of Credit is drawn on with respect to a Pool Receivable and the Seller or related Originator is required to subrogate or assign its rights, claims, guaranties, security, collateral or defenses to the applicable Eligible Supporting Letter of Credit Provider in respect of such Pool Receivable or in respect of any Eligible Supporting Letter of Credit issued by an Eligible Supporting Letter of Credit Provider (in circumstances where a confirmation issued in respect of that Eligible Supporting Letter of Credit is drawn on with respect to a Pool Receivable), the Seller shall (and the Servicer shall cause Seller to) so subrogate or assign such rights, claims, guaranties, security, collateral or defenses in accordance with the terms of such Eligible Supporting Letter of Credit (or take such steps as are necessary so that the related Originator can effect such subrogation or assignment in accordance with such terms). Simultaneously with receipt of such a payment in a Lock-Box Account and upon such subrogation or assignment, the Administrator shall be automatically deemed to have released and reconveyed to the Seller, and the Seller shall be automatically deemed to have released and reconveyed to the Contributor (for reconveyance to the related Originator), any ownership or security interest it may have hereunder or otherwise (in the Administrator’s case, on behalf of itself and the Purchasers) in such rights, claims, guaranties, security, collateral or defenses so subrogated or assigned, to the extent necessary to permit such subrogation or assignment and shall execute such documents to evidence the same as shall be reasonably requested by the Seller, in each case at the so...
Eligible Supporting Letter of Credit appearing in Exhibit I to the Agreement is hereby deleted and replaced with the following:
Eligible Supporting Letter of Credit means, with respect to any Pool Receivables of an Obligor, an unconditional (except for any draft or documentation required to be presented as a condition to drawings thereunder), irrevocable standby or commercial letter of credit, at all times in form and substance reasonably satisfactory to the Administrative Agent, issued or confirmed by an Eligible Supporting Letter of Credit Provider, which letter of credit (i) supports the payment of such Pool Receivables, (ii) names the Originator of such Pool Receivables as the sole beneficiary thereof, (iii) is payable in U.S. dollars and (iv) unless otherwise agreed in writing by the Administrative Agent, by its terms requires proceeds of all drawings thereunder to be sent by the issuer thereof (or, if applicable, the confirming bank) directly to a Lock-Box Account designated therein.