Processor Letter means any letter agreement substantially in the form attached hereto as Exhibit H between any Loan Party and any Credit Card Issuer or Credit Card Processor in favor of the Collateral Agent acknowledging the Collateral Agent's first priority security interest in the monies due and to become due to such Loan Party (including, without limitation, credits and reserves) under the applicable Credit Card Agreement between such Loan Party and such Credit Card Issuer or Credit Card Processor, and agreeing to transfer all such amounts to a Cash Management Account subject to a Control Agreement, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced.
Processor Letter means any letter agreement between any Obligor and any Credit Card Issuer or Credit Card Processor of such Obligor which is a party to Credit Card Agreement in favor of Agent acknowledging Agent’s first priority security interest in the monies due and to become due to such Borrower (including, without limitation, credits and reserves) under such Credit Card Agreement, and agreeing to transfer all such amounts to a Majority Account, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced.
Processor Letter means any direction letter duly executed and delivered by any Obligor to any Credit Card Issuer or Credit Card Processor of the Obligors, pursuant to the requirements of the Existing Credit Agreement or this Agreement, substantially in the form of Exhibit O hereto or as otherwise approved by the Agents.
Examples of Processor Letter in a sentence
The Contractor shall require waste tire processors providing crumb rubber to sign a California Waste Tire Processor Letter similar to that used in the TIP grant.
Producers further agree to make any transfer of any Dedicated Lease subject to the terms and conditions of this Agreement and not to transfer Producer's interest in a Dedicated Lease without first requiring the transferee to execute and deliver to Producer and Processor Letter of Attornment in the form attached as Exhibit F.
More Definitions of Processor Letter
Processor Letter means a letter agreement, in form and substance reasonably satisfactory to Agent, from the Borrowers to any Credit Card Issuer or Credit Card Processor informing such Credit Card Issuer and/or Credit Card Processor of Agent’s first priority security interest in the monies due and to become due to the Borrowers (including, without limitation, credits and reserves) under the applicable Credit Card Agreement among the Borrowers and such Credit Card Issuer or Credit Card Processor and instructing such Credit Card Issuer or Credit Card Processor to transfer all such amounts in accordance with Section 4.8, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced (which letter agreement shall, upon request of Agent, be acknowledged in writing by the applicable Credit Card Issuer or Credit Card Processor). “Projections” shall have the meaning set forth in Section 5.5(b) hereof. “Properly Contested” shall mean, in the case of any Indebtedness, Lien or Taxes, as applicable, of any Person that are not paid as and when due or payable by reason of such Person’s bona fide dispute concerning its liability to pay the same or concerning the amount thereof: (a) such Indebtedness, Lien or Taxes, as applicable, are being properly contested in good faith by appropriate proceedings promptly instituted and diligently conducted; (b) such Person has established appropriate reserves as shall be required in conformity with GAAP and (c) the non-payment of such Indebtedness or Taxes could not reasonably be expected to result in a Material Adverse Effect. “Protective Advances” shall have the meaning set forth in Section 16.2(e) hereof. “PTE” shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. “Purchasing CLO” shall have the meaning set forth in Section 16.3(d) hereof. “Purchasing Lender” shall have the meaning set forth in Section 16.3(c) hereof. “Qualified Cash” shall mean, as of any date of determination, the amount of cash of the Loan Parties that (a) is on deposit in a bank account maintained at PNC or in a deposit account in the United 38 074658.00041/136182926v.10074658.00041/150851455v.1 074658.00041/136182926v.11074658.00041/150851455v.4
Processor Letter means a letter agreement, in form and substance reasonably satisfactory to Agent, from the Borrowers to any Credit Card Issuer or Credit Card Processor informing such Credit Card Issuer and/or Credit Card Processor of Agent’s first priority security interest in the monies due and to become due to the Borrowers (including, without limitation, credits and reserves) under the applicable Credit Card Agreement among the Borrowers and such Credit Card Issuer or Credit Card Processor and instructing such Credit Card Issuer or Credit Card Processor to transfer all such amounts in accordance with Section 4.8, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced (which letter agreement shall, upon request of Agent, be acknowledged in writing by the applicable Credit Card Issuer or Credit Card Processor).
Processor Letter means an acknowledgment letter to be duly executed and delivered by debit and credit card processor of the Obligors in accordance with Sections 5.1.23 and 7.1.10(d) substantially in the form of Exhibit O hereto or as otherwise approved by the Agents.