Other Credit Support definition
Other Credit Support means (i) funds deposited for the satisfaction, discharge, redemption or defeasance of any Series of Priority Lien Debt in accordance with the terms of the applicable Priority Lien Documents, (ii) cash collateral deposited with (or pledged to) any Priority Lien Representative or Priority Lien Secured Party in accordance with the terms of the applicable Priority Lien Documents to secure obligations customarily secured by cash collateral in connection with financings (including without limitation, cash collateral in respect of letters of credit and defaulting lender obligations but excluding, for the avoidance of doubt, (x) each Term Letter of Credit Cash Collateral Account and all funds on deposit therein and (y) cash collateral (1) consisting of all or substantially all cash and cash equivalents of the Grantors or (2) perfected by deposit account or security account control agreements on a material number of the deposit and security accounts of the Grantors or pursuant to a requirement that all or substantially all of the cash and cash equivalents be deposited with the agent, or other applicable secured party, of any Priority Lien Debt) and (iii) cash collateral deposited with any Priority Lien Representative or Priority Lien Secured Party in respect of any Hedging Obligations or Cash Management Obligations which are secured under the applicable Priority Lien Documents, in the case of each of the foregoing clauses (i), (ii) and (iii) to the extent not prohibited by the Priority Lien Documents.
Other Credit Support with respect to any Secured Commodity Hedge and Power Sales Agreement, any (a) Letter of Credit or other letter of credit, (b) guaranty or (c) cash collateral issued or pledged, as applicable, in favor of any Secured Commodity Hedge Counterparty to the extent not shared among all Secured Parties and in each case to the extent permitted under the Credit Agreement and permitted (if addressed herein, or, otherwise, not prohibited) under all of the other applicable Financing Documents, to support the obligations of US Holdings, the Borrower or any Subsidiary Guarantor under such Secured Commodity Hedge and Power Sales Agreement (other than any such guaranty issued by a Loan Party, including the Guarantee) which in any case satisfies the requirements of such Secured Commodity Hedge and Power Sales Agreement with respect to Letters of Credit and other letters of credit, guaranties or cash, as applicable. For the avoidance of doubt, it is expressly understood and agreed that any separate insurance, credit default swap protection or other protection against loss arranged by any Secured Commodity Hedge Counterparty for its own account in respect of any Secured Obligations owed to it shall not be considered “Other Credit Support” hereunder.
Other Credit Support means any letter of credit, guaranty of the relevant Secured Hedge Agreement or cash collateral issued or pledged, as applicable, as contemplated or required by the relevant Secured Hedge Agreement in favor of the applicable Eligible Commodity Hedging Counterparty or Interest Rate Hedge Bank, as applicable, (other than pursuant to the Security Documents) to support the Obligations of the Borrower or any Subsidiary Guarantor under such Secured Hedge Agreement, which letter of credit, guaranty or cash collateral, as applicable, satisfies the requirements of such Secured Hedge Agreement with respect to letters of credit, guaranties or cash, as applicable. For avoidance of doubt, Other Credit Support shall not include separate insurance, credit default swap protection or other protection against loss arranged by the Eligible Commodity Hedging Counterparty or Interest Rate Hedge Bank, as applicable, for its own account or (y) any guarantees provided by one or more Credit Parties or Collateral provided pursuant to the Security Documents.
Examples of Other Credit Support in a sentence
The parties to this Agreement agree that it is their intention that the Priority Liens securing the separate Series of Priority Lien Debt be identical (excluding, for the avoidance of doubt, Liens arising in connection with Other Credit Support and Mined Land Under Permit).
Except in respect of Mined Land Under Permit and Other Credit Support, Additional Secured Debt shall not be secured by Liens upon any property of the Grantors unless the other Priority Lien Obligations are also secured by Liens on such property.
Seller Guarantees and Other Credit Support of the Business 40 Section 5.14.
Notwithstanding anything herein to the contrary, the proceeds of any Collateral shall not be applied to the Secured Obligations until each Secured Commodity Hedging Counterparty shall have applied any Other Credit Support to the Secured Obligations owing to such Secured Commodity Hedging Counterparty, as contemplated by Section 4.4.
Seller Guarantees and Other Credit Support of the Business 44 Section 5.14.
More Definitions of Other Credit Support
Other Credit Support means any (a) letter of credit, (b) guaranty (other than any such guaranty issued by the Borrower) or (c) cash collateral issued or pledged, as applicable, in favor of any Secured Party to support the obligations of the Borrower under the applicable Transaction Document.
Other Credit Support means (i) funds deposited for the satisfaction, discharge, redemption or defeasance of any Series of First-Lien Obligations (as defined in the First-Lien Intercreditor Agreement) in accordance with the terms of the applicable Secured Credit Documents, (ii) cash collateral deposited with (or pledged to) any First Lien Secured Party (as defined in the First-Lien Intercreditor Agreement) in accordance with the terms of the applicable Secured Credit Documents, and (iii) cash collateral deposited with any First Lien Secured Party in respect of any swap obligations or cash management obligations which are secured under the applicable Secured Credit Documents.
Other Credit Support with respect to any Secured Commodity Hedging Agreement, any (a) Letter of Credit or other letter of credit, (b) guaranty or (c) cash collateral issued or pledged, as applicable, in favor of any Secured Commodity Hedging Counterparty to the extent not shared among all Secured Parties and in each case to the extent permitted under the Credit Agreement and permitted (if addressed herein, or, otherwise, not prohibited) under all of the other applicable Financing Documents, to support the obligations of either Borrower or any Subsidiary Grantor under such Secured Commodity Hedging Agreement (other than any such guaranty issued by a Loan Party, including the guarantees given under the Guarantee Agreement) which in any case satisfies the requirements of such Secured Commodity Hedging Agreement with respect to Letters of Credit and other letters of credit, guaranties or cash, as applicable. For the avoidance of doubt, it is expressly understood and agreed that any separate insurance, credit default swap protection or other protection against loss arranged by any Secured Commodity Hedging Counterparty for its own account in respect of any Secured Obligations owed to it shall not be considered “Other Credit Support” hereunder.
Other Credit Support means any letter of credit, guaranty of the relevant Secured Hedge Agreement or Additional First-Lien Indebtedness that is in the form of a secured trading facility, including the Secured Trading Facility, or cash collateral issued or pledged, as applicable, as contemplated or required by the relevant Secured Hedge Agreement or Additional First-Lien Indebtedness that is in the form of a secured trading facility, including the Secured Trading Facility, in favor of the applicable Eligible Commodity Hedging Counterparty, Interest Rate Hedge Bank or First-Lien Secured Party, as applicable, (other than pursuant to the Security Documents) to support the Obligations of the Borrower or any Subsidiary Guarantor under such Secured Hedge Agreement or Additional First-Lien Indebtedness that is in the form of a secured trading facility, including the Secured Trading Facility, which letter of credit, guaranty or cash collateral, as applicable, satisfies the requirements of such Secured Hedge Agreement or Additional First-Lien Indebtedness Agreement that is in the form of a secured trading facility, including the Secured Trading Facility, with respect to letters of credit, guaranties or cash, as applicable. For avoidance of doubt, Other Credit Support shall not include separate insurance, credit default swap protection or other protection against loss arranged by the Eligible Commodity Hedging Counterparty, Interest Rate Hedge Bank or First-Lien Secured Party, as applicable, for its own account or (y) any guarantees provided by one or more Credit Parties or Collateral provided pursuant to the Security Documents.
Other Credit Support shall have the meaning provided in the definition of “Cash Collateral”.
Other Credit Support means, with respect to any Second Lien Secured Hedge Agreement, any (a) letter of credit, (b) guaranty or (c) cash collateral issued or pledged, as applicable, in favor of any Second Lien Commodity Hedge Counterparty to support the obligations of the Company or any other Subsidiary Guarantor under such Second Lien Secured Hedge Agreement (other than any such guaranty issued by an Obligor) which in any case satisfies the requirements of such Second Lien Secured Hedge Agreement with respect to letters of credit, guaranties or cash, as applicable.
Other Credit Support means, with respect to any First Lien Commodity Hedge and Power Sale Agreement, any (a)(i) letter of credit, (ii) guaranty or (iii) cash collateral issued or pledged, as applicable, in favor of any First Lien Commodity Hedge Counterparty to support the Obligations of the Loan Party Counterparty under such First Lien Commodity Hedge and Power Sale Agreement (other than any such guaranty issued by a Loan Party) which (b) satisfies the requirements of such First Lien Commodity Hedge and Power Sale Agreement with respect to letters of credit, guaranties or cash, as applicable.