Existing LC Obligations definition

Existing LC Obligations means any obligations of the Borrower or any Consolidated Subsidiary in respect of any letters of credit (or any bankers acceptances resulting therefrom) outstanding on the Restatement Effective Date that were issued by any Lender or any Affiliate of a Lender, and identified to the Collateral Agent and the Borrower within three Business Days after the Restatement Effective Date.
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Existing LC Obligations. If, by Closing, Seller has not paid in full Existing LC Obligations, then Purchaser shall receive a credit for such remaining costs, and Purchaser shall be responsible for paying such Existing LC Obligations.
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Existing LC Obligations shall have the meaning assigned to such term in Section 12.17.
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Examples of Existing LC Obligations in a sentence

  • In addition, on or prior to December 15, 2000, the Existing L/C Obligations shall be reduced by no less than $400,000.00.

  • If, by Closing, Seller has not paid in full Existing LC Obligations, then Purchaser shall receive a credit for such remaining costs, and Purchaser shall be responsible for paying such Existing LC Obligations.

  • After all such Letters of Credit and Existing Letters of Credit shall have expired or been fully drawn upon, all L/C Obligations and Existing L/C Obligations shall have been satisfied and all other obligations of each Borrower hereunder and under the Notes and the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to each Borrower that deposited such cash collateral to be applied by the Borrowers as their interests may appear.

  • From and after the Effective Date, no Lender shall have any obligation hereunder with respect to Existing L/C Obligations, it being understood that the Existing L/C Obligations shall be on the Closing Date deemed outstanding pursuant to, and shall constitute "Letters of Credit" for all purposes of, the Priority Credit Agreement.

  • From and after the Effective Date, no Lender shall have any obligation hereunder with respect to Existing L/C Obligations, it being understood that the Existing L/C Obligations shall be on the Closing Date deemed outstanding pursuant to, and shall constitute “Letters of Credit” for all purposes of, the Priority Credit Agreement.

  • The Existing L/C Obligations are refinanced under this Agreement and, to the extent then outstanding, shall be included in any calculation of L/C Obligations, and Existing L/Cs shall for all purposes constitute Letters of Credit issued under this Agreement.

  • If, by Closing, Seller has not paid in full the Existing LC Obligations, then Buyer shall receive a credit for such remaining costs, and Buyer shall be responsible for paying such Existing LC Obligations.

  • The Existing L/C Obligations are refinanced under this Agreement and, to the extent then outstanding, shall be included in any calculation of L/C Obligations, and such Existing L/Cs shall for all purposes constitute Letters of Credit issued under this Agreement.

  • The Lenders acknowledge and agree that the assignment, transfer and conveyance of the Existing LC Obligations is without recourse to the Lenders under the Existing Credit Agreement and without any warranties whatsoever by any Lender under the Existing Credit Agreement.

Related to Existing LC Obligations

  • LC Obligations means, at any time, the sum, without duplication, of (i) the aggregate undrawn stated amount under all Facility LCs outstanding at such time plus (ii) the aggregate unpaid amount at such time of all Reimbursement Obligations.

  • L/C Obligations means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

  • 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.

  • Letter of Credit Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

  • Credit Obligations means all principal, interest, fees, reimbursements, indemnifications, and other amounts now or hereafter owed by the Borrower to the Agent and the Banks (or with respect to the Interest Hedge Agreements, any Affiliates of the Banks) under this Agreement, the Notes, the Letter of Credit Documents, and the other Credit Documents and any increases, extensions, and rearrangements of those obligations under any amendments, supplements, and other modifications of the documents and agreements creating those obligations.