Existing Letter of Credit Obligations definition

Existing Letter of Credit Obligations means the “Letter of Credit Obligations” as defined in the Existing DIP Credit Agreement.
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Existing Letter of Credit Obligations means, at any time, the aggregate unfunded amount of the outstanding Existing Letter of Credit.
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Existing Letter of Credit Obligations. (as defined in that certain Payoff Letter, dated as of April 22, 2021 (the “Xxxxx Payoff Letter”), by and between the Credit Parties and Xxxxx Fargo, National Association, as in effect on the Closing Date); and (xvii) Other unsecured Indebtedness in an aggregate principal amount not to exceed $10,000,000 at any one time outstanding. (b)
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Examples of Existing Letter of Credit Obligations in a sentence

  • Whenever the Issuer --------------------------------------------- receives a payment from the Borrower or any guarantor on account of the Existing Letter of Credit Obligations, including any interest thereon, as to which the Issuer has received any payments from First Union pursuant to this Section, the Issuer shall promptly pay to First Union its participating interest therein, in Dollars and in the kind of funds so received, an amount equal to First Union's Existing LC Commitment share thereof.

  • The Borrowers, the Agent, the Collateral Agent and the Lenders agree that the execution and delivery of this Agreement shall not effectuate a novation or refinancing of the Existing Loans and Existing Letter of Credit Obligations, but rather a substitution of certain of the terms governing the payment and performance of the Existing Loans and Existing Letter of Credit Obligations.

  • After the Existing Letter of Credit has been cancelled and all Existing Letter of Credit Obligations have been satisfied, and the Issuer (and First Union as participant) has been reimbursed all amounts funded by the Issuer with respect thereto, any balance remaining in said collateral reserve may be applied to other unpaid obligations of the Borrower hereunder, and, if none, shall be remitted to the Borrower.


More Definitions of Existing Letter of Credit Obligations

Existing Letter of Credit Obligations means the sum of (i) the aggregate Letter of Credit Face Amount for all Existing Letters of Credit then outstanding PLUS (ii) the aggregate amount of each Borrower's unpaid obligations under Existing Credit Agreement and the Existing Letter of Credit Related Documents in respect of the Existing Letters of Credit.
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Existing Letter of Credit Obligations means the irrevocable standby letters of credit described on Schedule 7.02.
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Existing Letter of Credit Obligations means that certain Irrevocable Standby Letter of Credit Nx. XXXX000000 issued to Sprint Spectrum L.P. by Silicon Valley Bank on behalf of and in support of Borrower’s reimbursement obligations to Sprint Spectrum L.P., and the associated cash collateral pledged to Silicon Valley Bank in the amount of $466,443.72 on account thereof.
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Existing Letter of Credit Obligations means that certain irrevocable standby letter of credit number SM237453W, issued on July 1, 2010, by Xxxxx Fargo Bank, N.A., in the face amount of $600,000, for the benefit of Zurich American Insurance Company.
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Related to Existing Letter of Credit Obligations

  • 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.

  • Letter of Credit Obligation means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.

  • Existing Letter of Credit means a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

  • Letter of Credit Liabilities means, at any time and in respect of all Letters of Credit, the sum of (a) the aggregate amount available to be drawn under all such Letters of Credit plus (b) the aggregate unpaid amount of all Reimbursement Obligations then due and payable in respect of previous drawings under such Letters of Credit.

  • 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.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

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

  • Letter of Credit Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

  • Existing Letters of Credit means each of the letters of credit issued under the Existing Credit Agreement outstanding on the Closing Date that are described on Schedule 1.01(b).

  • Credit Obligations means all obligations of the Borrowers to the Lender Parties arising under or in connection with or in respect of the Credit Documents, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due.

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

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

  • Revolving Credit Obligations means, at any particular time, the sum of (i) the outstanding principal amount of the Revolving Loans at such time, plus (ii) the outstanding principal amount of the Swing Line Loans at such time, plus (iii) the outstanding L/C Obligations at such time.

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • Letter of Credit Collateralization means either (a) providing cash collateral (pursuant to documentation reasonably satisfactory to Agent, including provisions that specify that the Letter of Credit Fees and all commissions, fees, charges and expenses provided for in Section 2.11(k) of the Agreement (including any fronting fees) will continue to accrue while the Letters of Credit are outstanding) to be held by Agent for the benefit of the Revolving Lenders in an amount equal to 105% of the then existing Letter of Credit Usage, (b) delivering to Agent documentation executed by all beneficiaries under the Letters of Credit, in form and substance reasonably satisfactory to Agent and Issuing Bank, terminating all of such beneficiaries’ rights under the Letters of Credit, or (c) providing Agent with a standby letter of credit, in form and substance reasonably satisfactory to Agent, from a commercial bank acceptable to Agent (in its sole discretion) in an amount equal to 105% of the then existing Letter of Credit Usage (it being understood that the Letter of Credit Fee and all fronting fees set forth in the Agreement will continue to accrue while the Letters of Credit are outstanding and that any such fees that accrue must be an amount that can be drawn under any such standby letter of credit).

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

  • Letter of Credit Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

  • 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.

  • Revolving Loan Obligations means any Obligations with respect to the Revolving Loans (including without limitation, the principal thereof, the interest thereon, and the fees and expenses specifically related thereto).

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.

  • Letter of Credit Undrawn Amounts means, at any time, the aggregate undrawn face amount of all Letters of Credit outstanding at such time.

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • Letter of Credit Commitment means, with respect to the Issuer, the Issuer's obligation to issue Letters of Credit pursuant to Section 2.1.3 and, with respect to each of the other Lenders that has a Revolving Loan Commitment, the obligation of each such Lender to participate in such Letters of Credit pursuant to Section 2.6.1.

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