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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Examples of Acquired Letter of Credit in a sentence

  • 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.

  • 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.

Related to Acquired Letter of Credit

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

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.