Original Letters of Credit definition
Examples of Original Letters of Credit in a sentence
The parties hereto agree that all Original Letters of Credit and Original Letter of Credit Obligations shall be deemed, respectively, Letters of Credit and Letter of Credit Obligations issued or existing under and subject to and governed by and entitled to the benefits of the terms of this Agreement.
All Original Letters of Credit shall remain outstanding as Letters of Credit issued hereunder on the terms set forth herein.
On and with effect from the Effective Date, all outstanding Original Letters of Credit shall be cancelled and replaced by the Letters of Credit issued after the Commencement Date.
On the Restatement Effective Date, all Original Letters of Credit shall be deemed to have been issued under this Agreement and shall for all purposes constitute "Letters of Credit" hereunder.
The Borrower, Lenders and the L/C Issuer agree that on the Closing Date, the Original Letters of Credit shall be deemed to be Letters of Credit issued by the L/C Issuer under this Agreement.