Facility B Letter of Credit definition

Facility B Letter of Credit means any letter of credit or similar instrument (including a bank guarantee) issued under this Agreement that is (a) acceptable to the applicable Issuing Bank and (b) issued pursuant to Facility B for the purpose of providing credit support to a Facility B Borrower.
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Facility B Letter of Credit means a performance letter of credit or guarantee issued under the Facility B Credit under the Original Credit Agreement .
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Facility B Letter of Credit means any letter of credit or similar instrument (including a bank guarantee) issued under this Agreement that is (a) acceptable to the applicable Issuing Bank and (b) issued pursuant to Facility B for the purpose of providing credit support for a Facility B Borrower. For the avoidance of doubt, unless the context otherwise requires, references herein to Facility B Letters of Credit shall include any time draft presented under a Facility B Letter of Credit.
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Examples of Facility B Letter of Credit in a sentence

  • Each Facility B Letter of Credit outstanding on the date of this Agreement shall be deemed to be a Facility A Letter of Credit outstanding under the Facility A Credit.

  • On or before the Effective Date, the Borrower shall pay to the Agent, for the Account of the Revolving Credit Facility B Lender, all accrued and unpaid Revolving Credit Facility B Commitment Fees under the Second Amended and Restated Senior Secured Credit Agreement and all accrued and unpaid Letter of Credit Fees relating to any Revolving Credit Facility B Letter of Credit under the Second Amended and Restated Senior Secured Credit Agreement.

  • The Borrower shall pay to the Administrative Agent for the account of each Revolving B Lender in accordance, subject to Section 2.20, with its Applicable Revolving B Credit Percentage a Facility B Letter of Credit Fee (the “Facility B Letter of Credit Fee”) for each REIT L/C equal to the Applicable Rate times the daily amount available to be drawn under such REIT L/C.

  • Such Letter of Credit Fee shall be paid (A) to the Agent, for the account of the Lenders, in the case of any Revolving Credit Facility A Letter of Credit, in accordance with their respective Pro Rata Shares, and (B) to the Agent, for the account of the Revolving Credit Facility B Lender, in the case of any Revolving Credit Facility B Letter of Credit.

  • Except as otherwise set forth herein, this Agreement shall terminate when the Borrower has paid in full all outstanding Obligations and transferred to the Agent for deposit in the cash collateral account described in Section 2.18.5 the Available Amount, if any, under the Facility B Letter of Credit.

  • Concurrently with the receipt by Holdings or the Borrower of the proceeds of an initial public offering of capital stock of Holdings or the Borrower, the Borrower shall pay in full all outstanding Obligations, and shall transfer to the Agent for deposit in the cash collateral account described in Section 2.18.5 the Available Amount, if any, under the Facility B Letter of Credit.

  • Any amounts deposited with the Agent pursuant to Section 2.2.5, 2.2.6, 2.2.7 or 2.18.4 shall be held by the Agent in a special interest bearing cash collateral account as security for the Borrower's reimbursement obligations with respect to the Facility B Letter of Credit.

  • All representations and warranties of the Borrower contained in this Agreement shall survive delivery of the Notes, the making of the Loans and release of the cash collateral for the Facility B Letter of Credit herein contemplated.

  • In addition to (and not in limitation of) any other rights of the Agent and the Lenders under this Agreement or the Security Agreement, upon the occurrence of any acceleration pursuant to Section 8.1 the Borrower shall upon demand immediately deposit with the Agent an amount equal to the Available Amount, if any, under the Facility B Letter of Credit.

  • Facility B Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such REIT L/C, on the Facility B Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears.


More Definitions of Facility B Letter of Credit

Facility B Letter of Credit means any letter of credit or similar instrument (including a bank guarantee) issued under this Agreement that is
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Facility B Letter of Credit means a Letter of Credit issued pursuant to Section 2.1(b).
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Facility B Letter of Credit means any letter of credit then outstanding under Facility B.
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Facility B Letter of Credit means a performance letter of credit or guarantee denominated in CDollars or USDollars, having a term of up to 365 days and an expiry date not later than the Facility B Maturity Date, issued by the Issuing Bank pursuant to Facility B Credit in accordance with Sections 10.1.2 and 10.7 for the account of the Canadian Borrower (a) in which the Lenders under Facility B Credit participate pursuant to Section 10.2, (b) which is a standby letter of credit or letter of guarantee in respect of obligations of an Obligor or of a Person that is the subject of a pending Permitted Acquisition, in each case incurred pursuant to contracts to which such Obligor or such Person is or proposes to become a party in the ordinary course of its business or in respect of other lawful obligations of such Obligor or such Person in the ordinary course of its business, and (c) which may, at the request of the Canadian Borrower, be issued on behalf of a Person that is the subject of a pending Permitted Acquisition.
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Facility B Letter of Credit means the Irrevocable Standby Letter of Credit no. 00324651, dated February 27, 1998 and expiring on August 27, 2000, issued by First Chicago for the benefit of Transfinancial Bank in the amount of $1,250,000 for the account of the Borrower.
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Related to Facility B Letter 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.

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

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

  • 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.

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • Letter of Credit Commitment means, with respect to any Issuing Bank at any time, the amount set forth opposite such Issuing Bank’s name on Schedule I hereto under the caption “Letter of Credit Commitment” or, if such Issuing Bank has entered into one or more Assignment and Acceptances, set forth for such Issuing Bank in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Issuing Bank’s “Letter of Credit Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

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