Examples of LC Account Agreement in a sentence
No Letter of Credit shall be issued by NationsBank with an expiry date or payment date occurring subsequent to the earlier to occur of one year from the date of its issuance or the fifth Business Day preceding the Revolving Credit Termination Date unless the Borrower shall have furnished cash collateral therefor under the LC Account Agreement.
The Agent has a valid first perfected security interest in all Collateral furnished pursuant to the L/C Account Agreement.
The New Borrower acknowledges and agrees that it is a party to and bound by, and shall observe, perform and fulfill all of the obligations, undertakings and liabilities of any "Borrower" or "Pledgor" under the Agreement, the Notes, the Security Agreement and the LC Account Agreement to the same extent as if it were an original signatory thereto.
The New Borrower acknowledges and agrees that it is a party to and bound by, and shall observe, perform and fulfill all of the obligations, undertakings and liabilities of NHL under the Agreement, the Notes, the LC Account Agreement and each other Loan Document to the same extent as if it were an original signatory thereto.
SAKS INCORPORATED By: Authorized Representative EXHIBIT O Form of LC Account Agreement LC ACCOUNT AGREEMENT This LC ACCOUNT AGREEMENT (the "Agreement") is dated as of ___________, 1999, and made between SAKS INCORPORATED, a Tennessee corporation (the "Pledgor") and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity herein and together with any successors in such capacity, the "Agent") for the Lenders (the "Lenders") party to the Credit Agreement referenced below.
By: --------------------------------- Authorized Representative Name: ------------------------------- Title: ------------------------------ 136 EXHIBIT P Form of LC Account Agreement See attached.
No Letter of Credit shall have an expiry date (including all rights of the Borrower or any beneficiary named in such Letter of Credit to require renewal) or payment date occurring later than the fifth Business Day prior to the Stated Termination Date unless the Issuing Bank shall hold cash or cash equivalents as security for the undrawn amount of Letters of Credit pursuant to the LC Account Agreement.
Pursuant to the L/C Account Agreement, the Company shall cause all L/C Obligations to be at all times Cash Collateralized in an amount equal to or greater than such L/C Obligations.
K-1 EXHIBIT L Form of LC Account Agreement.........................................
J-1 EXHIBIT K-1 Form of LC Account Agreement..........................................