Fleet Letters of Credit definition

Fleet Letters of Credit means (a) the Letter of Credit issued by Fleet Bank in connection with the $5,500,000 original aggregate principal amount of Economic Development Revenue Bonds (PVC Container Corporation Project) Series 1996 issued by the South Carolina Jobs - Economic Development Authority, and (b) the Letter of Credit issued by Fleet Bank in connection with the $7,250,000 Hazexxxx Xxxa Industrial Development Authority Revenue Note (PVC Container Corporation Project) Series of 1998.
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Fleet Letters of Credit is defined in Section 2.4(a).
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Fleet Letters of Credit means Letters of Credit procured by Fleet Capital from Fleet National Bank for any Borrower's account after the Petition Date.
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Examples of Fleet Letters of Credit in a sentence

  • The parties hereby agree that the Fleet Letters of Credit and the Existing Letters of Credit shall not constitute Letters of Credit for purposes of this Agreement to the extent such Fleet Letters of Credit and Existing Letters of Credit are supported by cash collateral or other letters of credit in a manner satisfactory to the Agents.

  • Any duties or obligations undertaken by Fleet Capital with respect to any Fleet Letters of Credit or undertaken by Congress with respect to the Congress Letters of Credit to any issuer or correspondent in any application for any Letter of Credit Accommodation, shall be deemed to have been undertaken by Borrowers to Fleet Capital with respect to Fleet Letters of Credit and undertaken by Borrowers to Congress with respect to the Congress Letters of Credit and to apply in all respects to Borrowers.

  • The Existing Fleet Letters of Credit were deemed to be Letters of Credit pursuant to the Original UK Credit Agreement.

  • Any payment made by Fleet Capital, with respect to Fleet Letters of Credit, or by Congress, with respect to the Congress Letters of Credit, in connection with any Letter of Credit Accommodation shall be repaid by Borrowers on Fleet Capital's or Congress' demand.

  • Borrowers shall be bound by any interpretation made in good faith by Fleet Capital, with respect to Fleet Letters of Credit, or Congress, with respect to Congress Letters of Credit, or any other issuer or correspondent under or in connection with any Letter of Credit Accommodation or any documents, drafts or acceptances thereunder, notwithstanding that such interpretation may be inconsistent with any instructions of Borrowers.

  • A portion of such Letter of Credit Fees equal to (i) 1/4% per annum of the average daily Maximum Drawing Amount under all Fleet Letters of Credit shall be payable to Fleet for its own account, and (ii) 1/4% per annum of the average daily Maximum Drawing Amount under all Letters of Credit other than the Fleet Letters of Credit shall be payable to LaSalle for its own account.

  • As of the Closing Date, the Fleet Letters of Credit shall be deemed to be Letters of Credit issued pursuant and subject to the conditions of this Section 4 and the Borrower hereby affirms its obligations thereunder.

  • Any payments made by Fleet Capital, with respect to Fleet Letters of Credit, or by Congress, with respect to Congress Letters of Credit, to any issuer thereof and/or related parties in connection with the Letter of Credit Accommodations shall constitute additional Revolving Loans to Borrowers pursuant to this SECTION 2.

  • Waste Management has heretofore and may from time to time hereafter request Fleet National Bank (the "Fleet"), to issue from time to time certain letters of credit ("Fleet Letters of Credit") for or on behalf of Waste Management and its subsidiaries and other affiliates.

  • Determinations as to whether Executive has met these mutually agreed upon set of goals will be determined in the sole discretion of the Compensation Committee.


More Definitions of Fleet Letters of Credit

Fleet Letters of Credit means letters of credit, denominated in United States dollars and issued directly or indirectly for the account of Waste Management or any of its subsidiaries or affiliates by Fleet.
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Fleet Letters of Credit means the letters of credit described in Schedule 6.01(q)(ii) issued by Fleet.
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Related to Fleet Letters of Credit

  • Trade Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

  • Existing Letters of Credit means the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22.

  • Commercial Letters of Credit means those letters of credit subject to the UCP payable in Dollars and issued or caused to be issued by Lender on behalf of Borrower under a Loan Facility for the benefit of a supplier(s) of Borrower in connection with Borrower's purchase of goods or services from the supplier in support of the export of the Items.

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

  • Dollar Letters of Credit means Letters of Credit that utilize the Dollar Commitments.

  • 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.

  • Letters of Credit as defined in Section 3.1(a).

  • Multicurrency Letters of Credit means Letters of Credit that utilize the Multicurrency Commitments.

  • 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 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.

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

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

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

  • 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.

  • Standby Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

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

  • Letter of Credit Accommodations means, collectively, the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Agent or any Lender for the account of any Borrower or Obligor or (b) with respect to which Agent or Lenders have agreed to indemnify the issuer or guaranteed to the issuer the performance by any Borrower or Obligor of its obligations to such issuer; sometimes being referred to herein individually as "Letter of Credit Accommodation".

  • 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).

  • Performance Letter of Credit means any standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a nonfinancial or commercial obligation.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • 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.

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

  • 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.

  • 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.

  • 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.