Facility B Letter of Credit definition

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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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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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.

  • 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.

  • 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.

  • On and after the Closing Date, the Facility B Letter of Credit shall be (i) deemed to be issued under Facility B and in the event that any provisions of the Facility B L/X Xecurity and Reimbursement Agreement are inconsistent with the provisions of this Agreement, the provisions of this Agreement shall govern and (ii) secured pursuant to the Collateral Documents.

  • Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities ("Participants") participating interests in any Loan owing to such Lender, any Note held by such Lender, any Commitment or Facility B Letter of Credit Participation Amount of such Lender or any other interest of such Lender under the Transaction Documents, provided that any such sale shall be at no cost to the Borrower.

  • 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.

  • Each Facility B Letter of Credit shall be in form and substance satisfactory to the Administrative Agent and the Issuing Bank.

  • 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.


More Definitions of Facility B Letter of Credit

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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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 any letter of credit then outstanding under Facility B.
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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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Related to Facility B Letter of Credit

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

  • 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.

  • 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 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).

  • 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).

  • 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.

  • 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.

  • 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.

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

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

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

  • 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.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

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

  • 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 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 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.

  • 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 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 Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • 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.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

  • 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.