Chips Letter of Credit definition

Chips Letter of Credit means an irrevocable direct pay letter of credit issued by Chase Manhattan Bank Delaware, or any successor issuer, to support the payment of principal of and up to 6.22% interest on the Chips Loan Notes, as amended, extended, renewed, replaced or otherwise modified from time to time.
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Chips Letter of Credit the irrevocable direct pay letter of credit issued by Chase Manhattan Bank Delaware to support the payment of principal of and up to 6.22% interest on the Chips Loan Notes.
Sample 1
Chips Letter of Credit as defined in the recitals hereto.
Sample 1

Examples of Chips Letter of Credit in a sentence

  • Each Specified Accommodation shall (i) be (w) the Chips Letter of Credit, (x) a Standby L/C, (y) a Trade L/C or (z) a bankers' acceptance, to the extent included in the Specified Accommodation Commitment and (ii) expire or mature no later than five (5) Business Days prior to the Scheduled Revolving Credit Commitment Termination Date.

  • Such installments shall be applied first to repay any outstanding Chips Limited Term Loans and second to cash collateralize the reimbursement obligations of the US Borrower under the Chips Letter of Credit.

  • Such installments shall be applied first to repay any outstanding Chips Acquisition Term Loans and second to cash collateralize the reimbursement obligations of the US Borrower under the Chips Letter of Credit.

  • Use the Chips Limited Term Loans solely to refinance the reimbursement obligations of the US Borrower under the Chips Letter of Credit in respect of an amount up to $249,250,000 of principal drawings.

  • The US Borrower agrees to reimburse the Issuing Lender on each date on which the Issuing Lender notifies the US Borrower of the date and amount of a draft presented under the Chips Letter of Credit and paid by the Issuing Lender for the amount of (a) such draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by the Issuing Lender in connection with such payment.

  • Chips Holdings' other direct subsidiary, Bisto Funding, Inc., a Delaware corporation intended to be a bankruptcy remote entity ("Bisto"), has assumed reimbursement obligations in respect of the Chips Letter of Credit relating to the first $118,250,000 of principal of Chips Loan Notes and a corresponding proportion of interest and letter of credit commissions (not to exceed the investment earnings on the cash collateral account described below less $1,000).

  • In reliance upon the foregoing and the agreements and obligations of the Tranche A Chips Lenders herein, the Issuing Lender releases the Existing Lenders from any obligations with respect to the Chips Letter of Credit and agrees to maintain the Chips Letter of Credit outstanding pursuant hereto.

  • In the event that the principal portion of the Chips Letter of Credit referred to in subsection 4.5 has been cash collateralized on terms satisfactory to the Administrative Agent, each reference in this paragraph to "1/8" shall automatically be changed to "1/16".

  • Use the New Tranche C Term Loans to finance the Hong Kong Acquisition, a prepayment of the Revolving Credit Loans (but not a reduction of the Revolving Credit Commitments), a prepayment of certain installments of the Chips Limited Term Loans and the Chips Acquisition Term Loans and the related reimbursement obligations in respect of the Chips Letter of Credit.

  • Use the Chips Term Loans solely to refinance reimbursement obligations of the US Borrower under the Chips Letter of Credit.

Related to Chips Letter of Credit

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

  • 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.

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

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

  • 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.

  • 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.

  • 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 each Letter of Credit issued hereunder for the account of the Canadian Borrower.

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

  • 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.

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

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

  • 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.

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

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

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

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

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or any of its Subsidiaries in the ordinary course of its business.

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

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

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

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

  • 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.

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

  • 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.