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.
For purposes of determining whether any Principal Drawing under the IDB Letter of Credit or an Event of Default under the Letter Credit Agreement has occurred, the Trustee may rely on a notice to such effect from the Holder or Holders of the Senior Notes (Sunbelt IDB).
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.
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.
No commission shall be payable hereunder with respect to the IDB Letter of Credit.
If the Company fails to reimburse BT in full on the day that any drawing on the IDB Letter of Credit is honored in accordance with the immediately preceding sentence, then a portion of the New Senior Note (Sunbelt IDB) in a principal amount equal to the amount of such drawing shall become immediately due and payable.
Section 2.02(ii) of the LOC Agreement will be amended to provide that the Company will pay to BT on the date that any drawing is honored under the IDB Letter of Credit, a sum equal to the amount of such drawing.
Sunbelt's obligation to reimburse Bankers for any drawing under the IDB Letter of Credit has been assumed by Huntway pursuant to the Huntway Assumption Agreement and is evidenced in part by the Senior Note (Sunbelt IDB) and in part hereby.