Examples of Other Letter of Credit in a sentence
The Borrower will provide the Agent with a copy of each Other Letter of Credit on the day such Other Letter of Credit is issued.
Upon failure by any such Other Letter of Credit Obligor to pay punctually any such amount, the Borrower shall forthwith on demand by the Administrative Agent pay the amount not so paid at the place and in the currency and otherwise in the manner specified in this Agreement or any applicable Letter of Credit Document.
The proceeds of the Term Loans shall be used by the Borrower, on the Closing Date, solely (a) to fund the Closing Date Distribution, (b) to pay transaction costs, fees and expenses related to the Facilities (including any application towards purchase of the CoBank Service Share) and (c) to fund the Debt Service Reserve Account, to the extent not financed with a Letter of Credit or an Other Letter of Credit.
The Debt Service Reserve Account shall have been (or shall contemporaneously on the Closing Date be) funded in an amount equal to the Debt Service Reserve Required Amount with an Other Letter of Credit, cash or a combination thereof.
Other Letter of Credit Facilities We have an LOC facility with a financial institution in the aggregate amount of $100.0 million available for the issuance of LOC to support reinsurance obligations of our reinsurance subsidiaries.
In consideration of each Letter of Credit Guaranty of the Agent, the Borrower shall pay the Agent for the benefit of the Lenders the Letter of Credit Guaranty Fee which shall be an amount equal to the then Applicable Letter of Credit Margin per annum, payable monthly, on the outstanding face amount of each outstanding Other Letter of Credit.
Upon failure by any such Other Letter of Credit Obligor to pay punctually any such amount, the Company shall forthwith on demand by the Administrative Agent pay the amount not so paid at the place and in the currency and otherwise in the manner specified in this Agreement or any applicable Letter of Credit Document.
The acceptance by the Borrower of the proceeds of any Revolving Credit Loan or Term Loan or the issuance of any Other Letter of Credit shall be deemed to constitute, as of the date of such acceptance, (a) a representation and warranty by the Borrower that the applicable conditions in this Section 4 have been satisfied and (b) a confirmation by the Borrower of the granting and continuance of the Liens granted to the Agent for the benefit of the Lenders pursuant to this Agreement.
The Borrower will not, and will not permit any of its Subsidiaries to, renew or otherwise extend the Existing Other Letters of Credit and all Existing Other Letter of Credit shall terminate or expire in accordance with their respective terms.
At least 2 Domestic Business Days before the effective date for any Other Letter of Credit, the Borrower shall give the Agent a written notice containing the original signature of an authorized officer or employee of the Borrower.