Letter of Credit Reserve Account definition

Letter of Credit Reserve Account means any account maintained by the Administrative Agent the proceeds of which shall be applied as provided in Section 8.2(d).
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Letter of Credit Reserve Account. The meaning specified in Section 7.16(h).
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Letter of Credit Reserve Account means any account maintained by the Administrative Agent for the benefit of the Issuing Bank, the proceeds of which shall be applied as provided in Section 8.2(f) hereof.
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Examples of Letter of Credit Reserve Account in a sentence

  • Amounts held in such Letter of Credit Reserve Account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other Obligations in the manner set forth in Section 2.11.

  • After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied, and all other Obligations shall have been paid in full, the balance, if any, in such Letter of Credit Reserve Account shall be returned to the Borrowers.

  • Notwithstanding the foregoing, however, in the event that at any time and for any reason there shall exist an Overadvance, the Borrowers shall pay to the Administrative Agent, on demand, an amount equal to the Overadvance, which payment shall constitute a mandatory payment of the Revolving Loans, Agent Advances, Swing Loans and Letter of Credit Reserve Account, as appropriate.

  • After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied, and all other Obligations shall have been paid in full, the balance, if any, in such Letter of Credit Reserve Account shall be returned to the Borrower.

  • Amounts held in such Letter of Credit Reserve Account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other Secured Obligations in the manner set forth in Section 2.27.


More Definitions of Letter of Credit Reserve Account

Letter of Credit Reserve Account shall have the meaning given such term in Section 4.7(b).
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Letter of Credit Reserve Account means any account maintained by the Agent for the benefit of the Issuing Bank, the proceeds of which shall be applied as provided SECTION 9.2(D) hereof.
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Letter of Credit Reserve Account means the special collateral account, if any, established by the Company with the Agent pursuant to the provisions of Article 11. hereof.
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Letter of Credit Reserve Account means any account maintained by the
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Letter of Credit Reserve Account means that certain account established by the Security Agent pursuant to Section 4.01 of the Security Agreement.
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Letter of Credit Reserve Account means any account maintained by the Administrative Agent for the benefit of the Issuing Bank pursuant to the
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Letter of Credit Reserve Account means any account maintained by the Bank, the proceeds of which shall be held by Bank as cash collateral for any Letter of Credit repayment obligations. “Letters of Credit” shall mean, collectively, standby Letters of Credit and commercial Letters of Credit issued by the Bank on behalf of the Borrower or its Subsidiaries from time to time in accordance with the terms hereof. “LIBOR Business Day” means a Business Day which is also a London Banking Day. “LIBOR Rate” is, as of any date of determination in accordance with this Agreement, the rate of interest fixed by ICE Benchmark Administration Limited (or any successor thereto, or replacement thereof, approved by Bank, each an “Alternate LIBOR Source”) at approximately 11:00 a.m., London, England time (or the relevant time established by ICE Benchmark Administration Limited, an Alternate LIBOR Source, or Bank, as applicable), two (2) Business Days prior to such date of determination, relating to quotations for the one month London InterBank Offered Rates on U.S. Dollar deposits, as displayed by Bloomberg LP (or any successor thereto, or replacement thereof, as approved by Bank, each an “Approved Bloomberg Successor”), or, if no longer displayed by Bloomberg LP (or any Approved Bloomberg Successor), such rate as shall be determined in good faith by Bank from such sources as it shall determine to be comparable to Bloomberg LP (or any Approved Bloomberg Successor), all as determined by Bank in accordance with this Note and Bank’s loan systems and procedures periodically in effect. Notwithstanding anything to the contrary contained herein, in no event shall the LIBOR Rate be less than 0% as of any date (the “LIBOR Rate Minimum”); provided that, at any time during which a Swap Contract with Bank is then in effect with respect to all or a portion of the Obligations, the LIBOR Rate Minimum, the Rounding Adjustment and the Adjustment Protocol (as defined below) shall all be disregarded and no longer of any force and effect with respect to such portion of the Obligations subject to such Swap Contract. Each determination by Bank of the LIBOR Rate shall be binding and conclusive in the absence of manifest error. The rate shall be adjusted on the first Interest Rate Determination Date and each subsequent Interest Rate Determination Date thereafter (the “Adjustment Protocol”). For purposes herein, the Libor Rate shall never be deemed to be below 0.00% regardless of the actual rate reported by the Bloomberg reporting serv...
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