Applicable Account Party definition

Applicable Account Party with respect to any outstanding or proposed Letter of Credit means the Account Party for the account of which such Letter of Credit was or is proposed to be issued.

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Applicable Account Party has the meaning set forth in Section 2.20(a).

Applicable Account Party has the meaning assigned to such term in Section 3.1(a).

Examples of Applicable Account Party in a sentence

Whenever an Applicable Account Party desires the issuance or amendment of a Letter of Credit, it shall deliver to each of the Administrative Agent and the applicable Issuing Bank an Application in use by the applicable Issuing Bank at that time no later than 1:00 p.m. (New York City time) at least five Business Days in advance of the proposed date of issuance or amendment or such shorter period as may be agreed to by the applicable Issuing Bank in any particular instance.
In the event that the Borrower or the Applicable Account Party shall fail for any reason to reimburse the applicable Issuing Bank as provided in Section 2.20(d), the applicable Issuing Bank shall promptly notify the Administrative Agent who will notify each Participating Lender of the unreimbursed amount of such honored drawing and of such Lender’s respective participation therein based on such Lender’s Applicable Percentage of the Revolving Commitments.
As between the Borrower, the Applicable Account Party and the applicable Issuing Bank, the Borrower and the Applicable Account Party assume all risks of the acts and omissions of, or misuse of the Letters of Credit issued by the applicable Issuing Bank, by the respective beneficiaries of such Letters of Credit; provided, however, the foregoing does not limit any of the Borrower’s or the Applicable Account Party’s rights against any such beneficiary.
The Company or any Applicable Account Party may at its option at any time and from time to time Collateralize any Letter of Credit issued for the account of such Applicable Account Party at 100% of the undrawn and unexpired amount of such Letter of Credit.
The responsibility of the relevant Issuing Lenders to the Company or any other such Applicable Account Party in connection with any draft or demand presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft or demand) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit.
The relevant Issuing Lender shall furnish a copy of such Letter of Credit to the Applicable Account Party promptly following the issuance thereof.
The obligations of the Company and each Applicable Account Party under this Section 3 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Company or any Applicable Account Party may have or have had against any Issuing Lender, any beneficiary of a Letter of Credit or any other Person.
The Company and each Applicable Account Party agree that any action taken or omitted by any Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence or willful misconduct, shall be binding on the Company and such Applicable Account Party, as the case may be, and shall not result in any liability of such Issuing Lender to the Company or such Applicable Account Party.
Unless otherwise expressly agreed by the applicable Issuing Bank, the Borrower and the Applicable Account Party when a Letter of Credit is issued, the rules of the ISP 98 shall apply to each Letter of Credit.
The Company or any Applicable Account Party may request that a Letter of Credit contain modifications to, or that modify or exclude the application of specific provisions of, the ISP, the UCP or the URDG.

More Definitions of Applicable Account Party

Applicable Account Party means (i) in respect of any Letters of Credit issued for the account of the Existing Account Parties (including any such Letters of Credit issued prior to the Effective Date), such Existing Account Party, and (ii) in respect of any Letters of Credit issued for the account of the New Account Party, the New Account Party. “Applicable Currency” means, with respect to any Letter of Credit, the Available Currency in which such Letter of Credit is denominated. “Applicable Rate” means [*****]. “Applicable Time” means, with respect to any payments in any Alternative Currency, the local time in the place of settlement for such Alternative Currency as may be determined by Bank to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment. “Application” has the meaning set forth in Section 2(a). “Auto-Extension Letter of Credit” has the meaning given to such term in Section 2(g). “Available Currency” means Dollars or an Alternative Currency. “Bankruptcy Law” means the United States Bankruptcy Code (11 U.S.C. § 101 et seq.), as amended, modified, succeeded or replaced from time to time, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, examinership or similar debtor relief laws of the United States or any state thereof, Bermuda (including, without limitation, the Bermuda Companies Law), Ireland or any other foreign or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

Applicable Account Party has the meaning set forth in Section 2.20(a). “Applicable Foreign Jurisdiction” has the meaning set forth in Section 5.10.

Applicable Account Party means, (i) with respect to any Letter of Credit other than a Foreign Letter of Credit, Company, and (ii) with respect to any Foreign Letter of Credit, one or more Acquisition Newcos; provided that no Acquisition Newco shall be an Applicable Account Party unless and until such Acquisition Newco (a) executes and delivers to Administrative Agent counterparts of this Agreement and the Acquisition Newco Collateral Account Agreement and (b) delivers to Administrative Agent the documents (other than the O-I Subsidiary Guaranty) required to be delivered by Subsidiary Guarantors pursuant to subsection 3.1B together with an opinion of counsel satisfactory to Agents, satisfactory in form and substance to Agents and their counsel, with respect to the enforceability of this Agreement and the Acquisition Newco Collateral Account Agreement against such Acquisition Newco and such other matters as Agents may reasonably request.

Applicable Account Party means (i) in respect of any Letters of Credit issued for the account of the Initial Account Party (including any such Letters of Credit issued prior to the Effective Date), the Initial Account Party, and (ii) in respect of any Letters of Credit issued for the account of the New Account Party, the New Account Party.