Collateralization Amount

Collateralization Amount. As of any date of determination, the sum of (x) sixty six and two-thirds percent (66.67%) of the Pledged Note Applicable Value under each Pledged Note as of such date of determination in which Secured Party has a valid and enforceable first priority lien plus (y) the value of any Pledged Collateral that consists of Bank Collateral in which the Secured Party has a valid and enforceable first priority lien. For purposes of determining the Collateralization Amount, the value of Bank Collateral... shall equal the face amount of any undrawn letter of credit or bank guaranty, or the amount of cash or cash equivalent of any deposit accounts, in each case that are pledged to the Secured Party as Bank Collateral as of such date of determination in accordance with the terms of this Agreement View More