Letter of Credit Collateral Account definition

Letter of Credit Collateral Account has the meaning assigned to such term in Section 2.05(k).
Letter of Credit Collateral Account means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Lenders, and under the sole dominion and control of the Administrative Agent.
Letter of Credit Collateral Account is defined in Section 2A.9.

Examples of Letter of Credit Collateral Account 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 Account

Letter of Credit Collateral Account has the meaning specified in Section 6.02(a).
Letter of Credit Collateral Account means a special deposit account maintained by the Administrative Agent and under its sole dominion and control.
Letter of Credit Collateral Account is defined in Section 3.9.
Letter of Credit Collateral Account has the meaning provided in Section 6.4.
Letter of Credit Collateral Account means a deposit account to be maintained at Wells Fargo in the name of the Administrative Agent, for the benefit of the Lenders, which account shall be held as collateral for any and all Obligations incurred by Borrower or its Subsidiaries in connection with any Letter of Credit outstanding subsequent to the Maturity Date.
Letter of Credit Collateral Account means a deposit account to be maintained at Xxxxx Fargo in the name of the Administrative Agent, for the benefit of the Lenders, which account shall be held as collateral for any and all Obligations incurred by Borrower or its Subsidiaries in connection with any Letter of Credit outstanding subsequent to the Maturity Date.
Letter of Credit Collateral Account means a special cash collateral account pledged to the Agent containing cash deposited pursuant to Sections 2.2(d) or 6.4 to be maintained with the Agent in accordance with Section 2.2(g).