Bank Collateral

Example Definitions of "Bank Collateral"
Bank Collateral. Any of the following that become Pledged Collateral in accordance with Section 6 below: (i) any irrevocable standby letter of credit issued to the Secured Party by any Acceptable Bank, which letters of credit (A) shall be delivered to the Secured Party, (B) may be drawn on demand by the Secured Party subject only to the delivery of a certificate to the issuing bank executed by the Secured Party certifying that an Event of Default has occurred under the Settlement Note (and there being no other... conditions to drawing such letter of credit) and (C) require the issuer thereof to provide at least thirty (30) days' notice to the Secured Party of the renewal or non-renewal thereof and provides that the Secured Party may draw the full amount of the letter of credit if it is not renewed or extended, (ii) any cash or cash equivalents held in a designated account of Pledgor with an Acceptable Bank, which account shall be subject to the exclusive dominion and control of the Secured Party pursuant to a customary control agreement which shall provide the Secured Party the right to withdraw any amounts contained therein upon the occurrence of an Event of Default without the need for any notice or consent of the Pledgor and/or (iii) any bank guaranty provided by an Acceptable Bank in form and substance reasonably acceptable to the Secured Party View More
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