Letter of Credit Collateral definition

Letter of Credit Collateral has the meaning specified in Section 6.02(b).

Letter of Credit Collateral has the meaning provided in Section 6.4.

Letter of Credit Collateral is defined in Section 8.4(b).

Examples of Letter of Credit Collateral in a sentence

• Such deposit shall be held by the Administrative Agent as collateral in the first instance for the LC Exposure under this Agreement and thereafter for the payment of the Secured Obligations, and for these purposes the Borrower hereby grants a security interest to the Administrative Agent for the benefit of the Lenders in the Letter of Credit Collateral Account and in any financial assets (as defined in the Uniform Commercial Code) or other property held therein.

• For the avoidance of doubt, the Borrower shall not have access to the funds in the Letter of Credit Collateral Account and no portion of such funds shall constitute property of the Borrower or the Borrower’s estate.

• Amounts paid under the preceding subsections (b)(i) and (b)(ii) shall be applied to pay all amounts of principal outstanding on the Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2 and if any Letters of Credit are outstanding at such time, the remainder, if any, shall be deposited into the Letter of Credit Collateral Account for application to any Reimbursement Obligations.

• The balances from time to time in the Letter of Credit Collateral Account shall not constitute payment of any Letter of Credit Liabilities until applied by the Issuing Bank as provided herein.

• All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in the Letter of Credit Collateral Account.

More Definitions of Letter of Credit Collateral

Letter of Credit Collateral has the meaning given in clause 21.3(a)(iv).

Letter of Credit Collateral means all Letters of Credit that relate to the use, operation or enjoyment of the Property, including those that secure the payment of any Accounts comprising Account Collateral or arising from the sale or other disposition of all or part of the Property.

Letter of Credit Collateral shall have the meaning given such term in Section 1.4(11) of the Credit Agreement.

Letter of Credit Collateral has the meaning provided in Section 11.3.

Letter of Credit Collateral. As defined in Section 13.12(c).

Letter of Credit Collateral has the meaning set forth in Section --------------------------- 6.4.

Letter of Credit Collateral has the meaning set forth in Section 2.14.