Added Letter of Credit definition

Added Letter of Credit has the meaning set forth in Section 2.06(l).
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Examples of Added Letter of Credit in a sentence

  • All fees accrued on a letter of credit that becomes an Added Letter of Credit, to but excluding the Added L/C Effective Date for such Added Letter of Credit shall be for the account of the entity that issued such Added Letter of Credit, and all fees accruing on such letter of credit on and after such Added L/C Effective Date shall be for the account of the relevant Issuing Bank thereof and the Lenders as provided herein.

  • Each Added Letter of Credit (i) shall be deemed to be issued under this Agreement, as of the Added L/C Effective Date for such Added Letter of Credit, at the request of the Borrower that gave the Notice of Letter of Credit in respect of such Added Letter of Credit and (ii) as of such Added L/C Effective Date, shall constitute a Letter of Credit issued hereunder by the Issuing Bank specified in such Notice of Letter of Credit for all purposes (including Section 2.2(b) and Section 2.2(d)).

  • The obligation of any Issuing Bank to add any letter of credit hereto as contemplated by Section 2.2(a)(2) shall be subject to the same conditions applicable under this Section 2.2 (including the conditions set forth in Section 3.2) to the issuance of new Letters of Credit, and no Issuing Bank shall be obligated to make any such addition unless the Added Letter of Credit would have complied with such conditions had it originally been issued hereunder on the date of such addition.

  • In the event of any conflict between any application, agreement or other instrument relating to an Added Letter of Credit and the provisions of this Agreement, the provisions of this Agreement shall control.

  • All fees accrued on a letter of credit that becomes an Added Letter of Credit, to but excluding the Added L/C Effective Date for such Added Letter of Credit shall be for the account of the entity that issued such Added Letter of Credit, and all fees accruing on such letter of credit on and after such Added L/C Effective Date shall be for the account of the relevant Issuing Bank thereof and the Banks as provided herein.

  • Unless otherwise expressly agreed by an Issuing Bank and a Borrower when a Letter of Credit is issued or except as otherwise specifically provided in respect of an Existing Letter of Credit or an Added Letter of Credit, the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc.

  • Unless otherwise expressly agreed by an Issuing Bank and a Borrower when a Letter of Credit is issued or except as otherwise specifically provided in respect of the Additional Letter of Credit or an Added Letter of Credit, the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc.

  • Unless otherwise expressly agreed by an Issuing Bank and a Borrower when a Letter of Credit is issued or except as otherwise specifically provided in respect of the Additional Letter of Credit or an Added Letter of Credit, the rules of the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice, Inc.

Related to Added Letter of Credit

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

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

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • Existing Letter of Credit means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • Letter of Credit means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

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

  • 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.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • 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.

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

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

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

  • Facility Letter of Credit Fee is defined in Section 2A.8.

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

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

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

  • 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 Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Performance Letter of Credit means any standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a nonfinancial or commercial obligation.