IRB Letter of Credit definition

IRB Letter of Credit means one or more Letters of Credit securing the Company's obligations in respect of outstanding City of Salem, Massachusetts Flexible Mode Industrial Development Revenue Bonds (Applied Extrusion Technologies, Inc. Issue), in form and substance satisfactory to JPMorgan Chase.
IRB Letter of Credit means the PNC Letter of Credit attached hereto as Schedule 9.2 and any replacement letter of credit issued by the Issuing Lender as set forth in subsection 9.2A.

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.


More Definitions of IRB Letter of Credit

IRB Letter of Credit means that certain Letter of Credit No. A-304726 dated March 1, 1993, as amended by that Irrevocable Letter of Credit No. S304726PGH dated October 23, 1998, and as further amended, issued by PNC Bank, National Association in favor of The Bank of New York, successor to Irving Trust Company, in its capacity as Trustee under the Indenture of Trust dated as of January 1, 1988, between the Trustee and the County of Belmont, Ohio, for the account of LESCO, Inc. in the face amount of $6,230,720.
IRB Letter of Credit means that certain Letter of Credit issued by the Bank on behalf of the Borrower pursuant to the Reimbursement Agreement, as the same may be amended, modified, restated, refinanced, refunded or renewed from time to time in whole or in part. "LC Administrative Fee" - see Section 3.10. ------------
IRB Letter of Credit is defined in the preamble.
IRB Letter of Credit means one or more letters of credit issued by NationsBank, in its discretion and pursuant to documentation satisfactory in form and substance to it for the account of one or more Borrowers to support Industrial Revenue Bonds issued to finance an IRB Project. "IRB Letter of Credit Obligations" means, at any time, the sum of (a) the reimbursement obligations of the Borrowers with respect to drawings under all IRB Letters of Credit at such time, plus, (b) the aggregate of the maximum amount that is available for drawing at the time under all IRB Letters of Credit.
IRB Letter of Credit means the irrevocable direct-pay letter of credit issued by the Domestic L/C Issuer hereunder in support of the Albuquerque Series 2005A Bonds in an aggregate maximum amount not to exceed Seventy-Five Million Nine Hundred Thousand Dollars ($75,900,000). The IRB Letter of Credit will be in a maximum stated amount equal to the sum of a principal amount equal to the principal amount of the Albuquerque Series 2005A Bonds then outstanding plus an interest coverage amount equal to 35 days interest at an assumed rate of 12% per annum based on a 365 day year. The IRB Letter of Credit will be amended and increased to support Additional Bonds that may be issued from time to time under the Albuquerque Bond Indenture. A form of the IRB Letter of Credit, as required under the Albuquerque Bond Indenture is attached as Exhibit 2.03.
IRB Letter of Credit is defined in Section 2.2.2.
IRB Letter of Credit the Letter of Credit, dated May 12, 1999, -------------------- issued by First Union National Bank for the account of Cybex International, Inc. in favor of the holders of the $4,300,000 aggregate principal amount Massachusetts Finance Agency Industrial Revenue Bonds - United Medical Corporation Issue - Series 1992, in the original amount of $3,166,247 or any successor letter of credit thereto.