IDRB Letter of Credit definition

IDRB Letter of Credit means that certain Irrevocable Transferrable Letter of Credit No. S98/95374 that was issued on or about May 7, 1998 in favor of The Huntington National Bank, as trustee, by KeyBank for the benefit of Core Molding, including amendments thereto, if any, in the amount, as of the Closing Date, of IDRB Letter of Credit Commitment, which letter of credit matures on April 17, 2013, as such letter of credit may from time to time be amended or replaced.
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IDRB Letter of Credit means any standby Letter of Credit issued under or pursuant to or rolled into this Agreement as security for (i) the Borrowers’ existing industrial development revenue bonds (or similar bonds) as described on Schedule 9.13, (ii) any industrial development revenue bonds (or similar bonds) issued after the Closing Date, (iii) any industrial development revenue bonds (or similar bonds) issued by any Person prior to the time such Person becomes a Subsidiary (as long as such bond was not incurred in contemplation of such Person becoming a Subsidiary), or (iv) any permitted refinancing of the foregoing.
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IDRB Letter of Credit means the Irrevocable Standby Letter of Credit No. SB 4792 dated October 1, 1986 issued by Norwest in favor of First Trust Company, Inc. for the account of Fluoroware, as the same is now and may hereafter be amended from time to time.
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Examples of IDRB Letter of Credit in a sentence

  • No Company shall take any action that would result in any non-compliance of the Loans, the IDRB Letter of Credit or the Letters of Credit with Regulations T, U or X, or any other applicable regulation, of the Board of Governors of the Federal Reserve System.

  • Prior to the Closing Date, KeyBank issued the IDRB Letter of Credit for the account of Core Molding.

  • If the maturity of the Obligations shall be accelerated pursuant to Section 8.1 or 8.2 hereof, Core Molding shall immediately deposit with Agent, as security for the obligations of Core Molding and any Domestic Guarantor of Payment to reimburse Agent and the Lenders for any then outstanding Letters of Credit and the IDRB Letter of Credit, cash equal to the sum of the aggregate undrawn balance of any then outstanding Letters of Credit and the IDRB Letter of Credit.

  • The aggregate unpaid amount of Loans, types of Loans, Interest Periods and similar information with respect to the Loans, the Letters of Credit and the IDRB Letter of Credit set forth on the records of Agent shall be rebuttably presumptive evidence with respect to such information, including the amounts of principal, interest and fees owing to each Lender.

  • If (a) interest on any Loan or any facility or other fee shall not be paid in full when due and payable or within five Business Days thereafter, or (b) the principal of any Loan or any obligation under any Letters of Credit or the IDRB Letter of Credit shall not be paid in full when due and payable.

  • Borrowers shall have terminated the Loan Agreement (and any documents executed in connection therewith (other than any document related to the IDRB Letter of Credit)), dated as of December 30, 2003, as amended, between Core Molding and KeyBank, which terminations shall be deemed to have occurred upon payment in full of all of the Indebtedness outstanding thereunder.

  • Whenever the IDRB Letter of Credit shall be drawn, the amount drawn shall be reimbursed by Core Molding in accordance with the terms of the Reimbursement Agreement.

  • Agent and the Lenders are hereby authorized, at their option, to deduct any and all such amounts from any deposit balances then owing by any Lender (or any affiliate of such Lender, wherever located) to or for the credit or account of Core Molding or any Domestic Guarantor of Payment, as security for the obligations of Core Molding and any Domestic Guarantor of Payment to reimburse Agent and the Lenders for any then outstanding Letters of Credit and the IDRB Letter of Credit.

  • Core Molding agrees that it is receiving or will receive a direct pecuniary benefit for the each Loan made and each Letter of Credit and the IDRB Letter of Credit issued hereunder.

  • Subject to the terms and conditions of this Agreement, the IDRB Letter of Credit is part of the Commitment; in the amount of the IDRB Letter of Credit Commitment, and the Fronting Lender shall have the obligations of KeyBank under the IDRB Letter of Credit.


More Definitions of IDRB Letter of Credit

IDRB Letter of Credit means any standby Letter of Credit issued under or pursuant to this Agreement as security for the Borrowers' existing industrial development revenue bonds as described on SCHEDULE 8.8, in an aggregate undrawn amount not to exceed at any time $20,000,000.
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Related to IDRB 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.

  • 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.

  • 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.

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

  • 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).

  • 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.

  • 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.

  • 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.

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

  • 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.

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

  • 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.

  • 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 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.

  • 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.

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

  • 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 Request shall have the meaning provided in Section 2.03(a).

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

  • 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.