Examples of IRB Letter of Credit in a sentence
Each Letter of Credit shall be denominated in dollars and shall be a either a direct pay IRB Letter of Credit, a direct pay letter of credit supporting bond related Indebtedness similar to the IRB Letters of Credit or a standby letter of credit issued to support the obligations of Borrower in connection with Permitted Developments.
The Borrower hereby authorizes the Agent to debit the IRB Indebtedness Account on each Drawing Date as necessary to reimburse the Agent for each draft paid by the Agent pursuant to any IRB Letter of Credit.
On or before each date on which there is scheduled to be a Drawing under any IRB Letter of Credit pursuant to the IRB Documents, the Borrower will deposit in the IRB Indebtedness Account sufficient funds such that there will be available therein on the applicable Drawing Date the amount needed to reimburse the Agent for the amount of such Drawing.
The Borrower shall cause Norwest Bank Colorado, National Association, a national banking association ("Norwest"), to execute and maintain in effect for so long as the IRB Letter of Credit is outstanding an intercreditor agreement with Silicon in form and substance acceptable to Silicon in its discretion.
Upon any reduction in the stated amount of the IRB Letter of Credit (or any replacement Letter of Credit issued by the Agent for the account of the Borrower in respect of its obligations under the Bond Documents) in accordance with the terms thereof, the Letter of Credit Limit shall be reduced automatically on the date of such reduction in stated amount by an amount equal to the amount of such reduction.