Seller Security definition
Examples of Seller Security in a sentence
In the event Buyer draws upon or makes a claim on Seller Security pursuant to Section 9.3, Seller shall replenish the amount of Seller Security required by Section 9.1 or Section 9.2 within ten (10) Days.
If Seller shall have previously provided, but shall no longer be required to maintain, certain Seller Security hereunder, then ▇▇▇▇▇ shall return, in the same manner as described above, the applicable Seller Security previously posted on behalf of Seller but which is no longer required to be maintained.
In the event of such termination, Seller will be entitled to a return of any Seller Security provided to Buyer.
If the applicable substitute Seller Security shall be replacing a Guaranty, then Buyer shall execute such release documentation as may be reasonably requested by Seller.
Upon termination of this Agreement due to a Seller Event of Default, Buyer shall have the right to draw upon or make a claim on Seller Security for any undisputed amounts owed to Buyer under this Agreement.
In addition to the foregoing, this Guaranty shall be terminated and released upon and to the extent that there shall have been a substitution under the Agreement of substitute Seller Security satisfying the requirements of the Agreement to the extent permitted by the Agreement.
If Seller fails to provide such substitute Seller Security more than five (5) Business Days before the expiration of the Letter of Credit, Buyer may draw the full amount of the Letter of Credit and hold the proceeds in escrow until the end of the Term or such time as the Seller Security satisfying the requirements of this Agreement is provided by Seller to Buyer, at which time all such escrowed funds will be released to Buyer.
If Seller fails to provide such substitute Seller Security more than five (5) Business Days before the expiration of the Letter of Credit, Buyer may draw the full amount of the Letter of Credit and hold the proceeds until Seller Security satisfying the requirements of this Agreement is provided by Seller to Buyer.
If the applicable substitute Seller Security shall be replacing a Letter of Credit, then Buyer shall promptly mark such Letter of Credit as “cancelled” and return the original of same to Seller and shall take such other actions as reasonably may be requested by the issuer of such letter of credit to evidence the cancellation thereof.
The Seller Parent Security Agreement, substantially in the form of Exhibit C, and the Seller Security Agreement, substantially in the form of Exhibit D, shall have been duly executed and delivered to Purchaser.