Existing Fronted Letter of Credit definition

Existing Fronted Letter of Credit shall have the meaning provided in Section 2.10.
Sample 1Sample 2
Existing Fronted Letter of Credit means each letter of credit described in Part I of Schedule 3.
Sample 1Sample 2
Existing Fronted Letter of Credit means each letter of credit listed in Part A of Annex VII, which Part A shall include each letter of credit issued under the Existing Credit Agreement and outstanding immediately prior to the Effective Date that is a “Tranche 1 Fronted Letter of Credit” (under and as defined in the Existing Credit Agreement) and which is intended to be a Letter of Credit hereunder.
Sample 1

Examples of Existing Fronted Letter of Credit in a sentence

  • Effective on the Effective Date, each Existing Letter of Credit shall be deemed to be a Fronted Letter of Credit or a Multi-Bank Letter of Credit, as applicable, issued and outstanding under this Agreement (and without limiting the foregoing, effective from and after the Effective Date, Section 2.01(b) shall be deemed to apply to each such Existing Fronted Letter of Credit as if each such Existing Fronted Letter of Credit, for this purpose, were issued on the Effective Date).

  • Following the Effective Date, after consultation with the relevant Designated Subsidiary Borrower, each Non-Continuing Existing Issuing Lender shall give a Notice of Non-Extension with respect to each Specified Existing Fronted Letter of Credit issued by it and will send a copy of each such Notice of Non-Extension to the respective Designated Subsidiary Borrower and the Administrative Agent concurrently with delivery thereof to the respective beneficiary, unless prohibited by law from doing so.

  • Subject to the terms and conditions hereof, as of the Effective Date, each Continued Existing Fronted Letter of Credit shall automatically be deemed issued and continued as a Fronted Letter of Credit hereunder by JPMCB as the applicable Fronting Issuing Bank with respect thereto, and each Bank shall have a participation in each Continued Existing Fronted Letter of Credit equal to such Bank's Applicable Percentage of the aggregate amount available to be drawn thereunder in accordance with the terms hereof.

  • Subject to the terms and conditions hereof, as of the Effective Date, each Continued Existing Fronted Letter of Credit shall automatically be deemed issued and continued as a Fronted Letter of Credit hereunder by JPMCB as the applicable Fronting Issuing Bank with respect thereto, and each Bank shall have a participation in each Continued Existing Fronted Letter of Credit equal to such Bank’s Applicable Percentage of the aggregate amount available to be drawn thereunder in accordance with the terms hereof.

  • Until a Specified Existing Fronted Letter of Credit has been replaced and canceled in accordance with this Section 1.09(f), the rights and obligations of an Issuing Lender pursuant to the last sentence of Section 1.02(c), Sections 1.03, 1.04, 1.09, 11.05 and 11.08, and the last sentence of Section 11.11(a) shall apply to such Non-Continuing Existing Issuing Lender with respect to such Specified Existing Fronted Letter of Credit.

Related to Existing Fronted 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).

  • 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.

  • 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.

  • 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.

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

  • 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.

  • 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.

  • 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).

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

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

  • 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.

  • Auto-Renewal 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).

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

  • 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.

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

  • 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.

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

  • 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.

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

  • 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.

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Letter of Credit Liability means, all reimbursement and other liabilities of Borrower or any of its Subsidiaries with respect to each Lender Letter of Credit, whether contingent or otherwise, including: (a) the amount available to be drawn or which may become available to be drawn; (b) all amounts which have been paid or made available by any Lender issuing a Lender Letter of Credit or any bank issuing a Bank Letter of Credit to the extent not reimbursed; and (c) all unpaid interest, fees and expenses related thereto.

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