IDB Letter of Credit definition

IDB Letter of Credit means that certain Irrevocable Letter of Credit No. S04377 dated October 5, 1988 in the original stated amount of $9,510,411.00 issued by Bankers Trust Company to the trustee under that certain Indenture of Trust, dated August 1, 1988, pursuant to which the Sunbelt Bonds were issued.
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IDB Letter of Credit. (a) The "Letter of Credit" described in the 1997 IDB Reimbursement Agreement (the "1997 IDB Letter of Credit"); and (b) the "Letter of Credit" described in the 1998 IDB Reimbursement Agreement (the "1998 IDB Letter of Credit").
Sample 1

Examples of IDB Letter of Credit in a sentence

  • On or after any Principal Drawing under the IDB Letter of Credit if for any reason Senior Notes (Sunbelt IDB) are not exchanged for Senior Notes (Other) in accordance with the provisions of this Section, then from and after the date of such Principal Drawing a principal amount of the Senior Notes (Sunbelt IDB) equal to the amount drawn under the IDB Letter of Credit shall, for all purposes, be deemed to be represented by a Senior Note (Other) in such principal amount.

  • Under the Letter of Credit Agreement, the Company has agreed that upon any Principal Drawing under the IDB Letter of Credit, the Senior Notes (Sunbelt IDB) shall thereupon be automatically exchanged for Senior Notes (Other) in the principal amount of such drawing.

  • No commission shall be payable hereunder with respect to the IDB Letter of Credit.

  • To the full extent authorized by law, the Society shall indemnify any person, made or threatened to be made, a party in any action or proceeding, whether civil or criminal, byreason of the fact that the person, his or her testator or intestate is or was a director or officer of the Society or served in any capacity at the request of the Society any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

  • The New Senior Notes (Sunbelt IDB) shall provide that, upon the occurrence of any drawing under the IDB Letter of Credit that is not reimbursed by the Company on the date of such drawing, a portion of the New Senior Notes (Sunbelt IDB) in the principal amount of such drawing shall immediately and without further action become due and payable.

  • The IDB Letter of Credit shall not be included within the defined term 'Letter of Credit' and the amount available for drawing thereunder shall not be included in determining usage or availability of the Letter of Credit Amount.

  • Upon Borrower's written notice, and compliance by Borrower with all of the terms and conditions of the Bond Documents (including the payment by Borrower of all fees, costs and charges due thereunder) and the Reimbursement Agreement, the Lender shall reduce the face amount of the IDB Letter of Credit.

  • Notwithstanding the foregoing, amounts of the foregoing nature assessed with respect to the IDB Letter of Credit shall be governed solely by the Reimbursement Agreement.

  • On the date of ---------------------------------------- issuance of the IDB Letter of Credit, all conditions precedent to the issuance of the IDB Letter of Credit set forth in the Reimbursement Agreement shall have been satisfied.

  • If the conditions to issuance of the IDB Letter of Credit have not been satisfied on or before March 31, 1999, the obligation of Lender to issue the IDB Letter of Credit shall expire.

Related to IDB Letter of Credit

  • 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.

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

  • 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.

  • 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.

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

  • 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.

  • 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).

  • 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.

  • 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.

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

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • 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.

  • 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.

  • 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.

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

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

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

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • 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.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

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

  • 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.

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.