Acquired Letter of Credit definition

Acquired Letter of Credit means, in connection with any permitted acquisition of, or other permitted Investment in, a person that becomes a subsidiary thereof as a result of such transaction or is merged into or consolidated with Holdings, the Borrower or a subsidiary pursuant to such transaction, any outstanding letter of credit issued for the account of such person under any credit facility in existence prior to the closing date of such permitted acquisition or other permitted Investment (such date, the “Acquisition Closing Date”) meeting the following requirements:
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Acquired Letter of Credit means, in connection with any permitted acquisition of, or other permitted Investment in, a person that becomes a subsidiary thereof as a result of such transaction or is merged into or consolidated with Holdings, theany Borrower or a subsidiary pursuant to such transaction, any outstanding letter of credit issued for the account of such person under any credit facility in existence prior to the closing date of such permitted acquisition or other permitted Investment (such date, the “Acquisition Closing Date”) meeting the following requirements:
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Examples of Acquired Letter of Credit in a sentence

  • Each Acquired Letter of Credit may be subject to any separate agreement between the Borrower and a Secondary Issuing Bank providing for the original issuance of, and renewals and extensions of, Acquired Letters of Credit, provided that if any such terms and conditions are inconsistent with this Agreement, this Agreement shall control.

  • Notwithstanding any document or agreement to the contrary, the Borrower specifically agrees and assumes all liability related to each of the Acquired Letters of Credit, regardless of the original obligor with respect to each such Acquired Letter of Credit.

  • Each Lender agrees, notwithstanding any document or agreement to the contrary, that each such Acquired Letter of Credit shall be subject to the terms and conditions of this Agreement, and each Issuing Bank shall be entitled to the rights and benefits available under this Agreement and the Loan Papers.

Related to Acquired Letter of Credit

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • Trade Letter of Credit shall have the meaning provided in Section 2.01(a).

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

  • U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Existing Letter of Credit means a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Auto-Extension Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Commercial Letter of Credit means any letter of credit which is a commercial letter of credit issued in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.