Bilateral Letter of Credit definition

Bilateral Letter of Credit has the meaning given to it in Clause 4.5(b);
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Bilateral Letter of Credit means any letter of credit issued for the account of the Company or any Restricted Subsidiary from time to time.
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Bilateral Letter of Credit means any letter of credit, bank guarantee or surety instrument (other than any Letter of Credit) issued in the ordinary course of business.
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Examples of Bilateral Letter of Credit in a sentence

  • The Borrower concerned must pay a fee for each Bilateral Letter of Credit at the annual rate agreed between SNC (and, as the case may be, any Additional Borrower) and the Bilateral LC Issuer concerned in a separate agreement.

  • Unless otherwise agreed between such parties, any such fee will be calculated on the face amount of each Bilateral Letter of Credit for any day same is outstanding and any such fee accrued in any quarter must be paid to the Bilateral LC Issuer concerned in arrears no later than the 30th day of the following quarter.

  • From the Effective Date, fees in respect of any Bilateral Letter of Credit listed in the Bilateral LC List will be at the rates agreed between the Bilateral LC Issuer concerned and SNC in the separate agreement referred to in Section 6.5 and, unless otherwise provided in such agreement, will be payable as specified in Section 6.5.

  • At any time after the issue of a Bilateral Letter of Credit by a Declining Lender the Account Party may give the Agent and the Declining Lender not less than fourteen days’ prior written notice of its intention to procure that the liability of the Declining Lender under such Letter of Credit is reduced to zero (whereupon it shall do so).

  • If at any time a Bilateral Letter of Credit is outstanding, the Account Party shall have the right to increase the size of the Facility by up to the principal amount of the Bilateral Letter of Credit(s) outstanding by introducing a new lender (which may be an existing Lender) and on terms that one or more outstanding Bilateral Letters of Credit having an aggregate principal amount at least equal to the increase are cancelled at the time the increase takes effect.

  • Proposal 5: Interest on Deferred Payment Agreements: that interest be charged on deferred payments at the rate set by Government, recoverable at the end of the agreement.

  • Meanwhile, Leroy worked tirelessly to receive approval for a charter school.

  • The pilot is currently in its second year of implementation.The state continues to invest in telehealth strategies for school-aged children.

  • Bank Guarantees and Bilateral Letter of Credit MDR has uncommitted lines of credit in place with Middle Eastern banks in support of our contracting activities in the Middle East.

  • Respondents should explain the evaluation process to be used to determine if they have been successful in attracting those individuals identified as least likely to apply.


More Definitions of Bilateral Letter of Credit

Bilateral Letter of Credit means (i) any commercial documentary letter of credit issued for the account of any Loan Party or any Subsidiary, (ii) any irrevocable letter of credit issued pursuant to which the issuing institution agrees to make payments for the account of Loan Party or any Subsidiary in respect of obligations of such Person incurred pursuant to contracts made or performances undertaken or to be undertaken or like matters relating to contracts to which such Person is or proposes to become a party in furtherance of such Person’s good faith business purposes, or (iii) any bank guarantee issued for the account of any Loan Party or any Subsidiary for a purpose described in clause (i) or (ii), in the case of each of clauses (i), (ii) and (iii), that is issued by a Lender or any of its Affiliates and is listed on Schedule 1.01(b) hereto or has been designated by Capri Holdings or the Company in writing to the Administrative Agent as a “Bilateral Letter of Credit” and in an aggregate principal amount not to exceed $50,000,000 at any time outstanding for all Bilateral Letters of Credit. The Bilateral Letters of Credit on the Second Amendment Effective Date are identified as such in Schedule 1.01(b) hereto.
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Bilateral Letter of Credit means (i) any commercial documentary letter of credit issued for the account of any Loan Party or any Subsidiary, (ii) any irrevocable letter of credit issued pursuant to which the issuing institution agrees to make payments for the account of Loan Party or any Subsidiary in respect of obligations of such Person incurred pursuant to contracts made or performances undertaken or to be undertaken or like matters relating to contracts to which such Person is or proposes to become a party in furtherance of such Person’s good faith business purposes, or (iii) any bank guarantee issued for the account of any Loan Party or any Subsidiary for a purpose described in clause (i) or (ii), in the case of each of clauses (i), (ii) and (iii), that is issued by a Lender or any of its Affiliates and is listed on Schedule 1.01(b) hereto or has been designated by Capri Holdings or the Company in writing to the Administrative Agent as a “Bilateral Letter of Credit” and in an aggregate principal amount not to exceed $50,000,000 at
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Bilateral Letter of Credit has the meaning given to such term in Section 6.1; “Bilateral LC Issuer” has the meaning given to such term in Section 6.1; “Bilateral LC Limit” has the meaning given to such term in Section 6.2;
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Bilateral Letter of Credit means any standby letter of credit issued by a Lender or an Affiliate of a Lender (such issuer, the “Bilateral L/C Issuer”) for the account of the Company or any Restricted Subsidiary thereof pursuant to a bilateral letter of credit facility (other than, for the avoidance of doubt, this Agreement) by and between the applicable Bilateral L/C Issuer and the Company or any Restricted Subsidiary thereof that is permitted under Section 7.3. For the avoidance of doubt, Bilateral Letters of Credit shall not constitute Letters of Credit hereunder.
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Bilateral Letter of Credit has the meaning specified in the Existing OMI Credit Agreement.
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Bilateral Letter of Credit means any letter of credit, bank guarantee or surety instrument (other than any Letter of Credit) issued in the ordinary course of business. “Bilateral Letter of Credit Bank” means any Person in its capacity as an issuer of a Bilateral Letter of Credit that (a) at the time it issues such Bilateral Letter of Credit for the benefit of a CreditLoan Party or any Restricted Subsidiary, is a Lender, an Affiliate of a Lender, an Agent or an Affiliate of an Agent, (b) in the case of any Bilateral Letter of Credit for the benefit of a Loan Party or any Restricted Subsidiary in effect on or prior to the Closing Date, is, as of the Closing Date or within thirty (30) days thereafter, a Lender, an Affiliate of a Lender, an Agent or an Affiliate of an Agent or (c) within thirty (30) days after the time it issues a Bilateral Letter of Credit for the benefit of a Loan Party or any Restricted Subsidiary, becomes a Lender, an Affiliate of a Lender, an Agent or an Affiliate of an Agent; provided that for any of the foregoing to be included as a “Secured Bilateral Letter of Credit” on any date of determination by the Collateral Agent, the applicable Bilateral Letter of Credit Bank (other than an Agent or an Affiliate of an Agent) must have delivered a Secured Party Designation Notice to the Collateral Agent prior to such date of determination. “Bilateral Letter of Credit Obligations” means all obligations of any Loan Party or any Restricted Subsidiary owing to a Bilateral Letter of Credit Bank in respect of any Secured Bilateral Letter of Credit (including, but not limited to, any interest or other amount accruing after the occurrence of a Bankruptcy Event with respect to any Loan Party or any Restricted Subsidiary, regardless of whether such interest or other amount is an allowed claim under the Bankruptcy Code); provided that (a) such Bilateral Letters of Credit shall otherwise be permitted pursuant to this Agreement, and (b) the aggregate amount of all Bilateral Letter of Credit Obligations shall not exceed an amount equal to the greater of (i) $50,000,000, and (ii) 15% of Consolidated EBITDA (determined as of the end of the most recent fiscal quarter of the Parent Borrower for which financial statements have been delivered pursuant to Section 6.01(a) or (b)). “Borrower Materials” has the meaning specified in Section 6.02. “Borrowers” means (a) the U.S. Borrowers, and (b) the Foreign Borrowers. “Borrowing” means Loans of the same Class and Type, made, converted or continue...
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Related to Bilateral Letter of Credit

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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

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

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

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Letter of Credit Limit means $5,000,000.