L/C Cash Collateral Account definition

L/C Cash Collateral Account means an interest bearing cash collateral account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

L/C Cash Collateral Account has the meaning specified in the Security Agreement.

L/C Cash Collateral Account has the meaning specified in Section 7.02(b).

Examples of L/C Cash Collateral Account in a sentence

• If both (x) all Advances have been prepaid and such prepayments are not sufficient to cause Borrower to comply with each of (A), (B), (C), (D) and (E) and (y) there remains Letter of Credit Exposure, the Borrower shall make a deposit in the L/C Cash Collateral Account in an amount equal to the lesser of (I) the amount sufficient to cause the Borrower to comply with each of (A), (B), (C), (D) and (E) or (II) the amount of the Letter of Credit Exposure.

• In addition, the Administrative Agent shall have the right at any time to exchange such Cash Equivalents for similar Cash Equivalents of smaller or larger determinations, or for other Cash Equivalents, credited to the L/C Cash Collateral Account.

• Interest and proceeds that are not invested or reinvested in Cash Equivalents as provided above shall be deposited and held in the L/C Cash Collateral Account.

• Upon the drawing of any Letter of Credit for which funds are on deposit in the L/C Cash Collateral Account, such funds shall be applied to reimburse the applicable Issuing Bank or Lenders, as applicable, to the extent permitted by applicable law.

More Definitions of L/C Cash Collateral Account

L/C Cash Collateral Account has the meaning specified in Section 2.16(g) hereof.

L/C Cash Collateral Account has the meaning specified in the Preliminary Statements to the Security Agreement.

L/C Cash Collateral Account means an account of the Borrower to be maintained with the Administrative Agent, in the name of the Administrative Agent and under the sole control and dominion of the Administrative Agent and subject to the terms of this Agreement.

L/C Cash Collateral Account as defined in Section 3.1(c).

L/C Cash Collateral Account means the account established by the Borrower in the name of the Administrative Agent and under the sole and exclusive control of the Administrative Agent that shall be used solely for the purposes set forth herein.

L/C Cash Collateral Account means any Cash Collateral Account (a) specifically designated as such by Borrowers in a notice to Administrative Agent and (b) from and after the effectiveness of such notice, not containing any funds other than those required under the Loan Documents to be placed therein.

L/C Cash Collateral Account means the letters of credit cash collateral deposit account, Account No. 00000000, with Citibank, as securities intermediary and depository bank, at its office at Xxx Xxxxx Xxx, 0xx Xxxxx, Xxx Xxxxxx, Xxxxxxxx 00000, in the name of the Borrower but under the sole control and dominion of the Administrative Agent and subject to the terms of this Agreement, or such other account as the Administrative Agent shall specify in writing to the Borrower and the Banks.