Outstanding Letter of Credit definition

Outstanding Letter of Credit means a Letter of Credit which has been provided as security for this facility and which remains outstanding, unexpired and in full force and effect.

Outstanding Letter of Credit means at any time an Issued and as yet unexpired Letter of Credit in an amount equal to the undrawn amount of such Letter of Credit.

Outstanding Letter of Credit means any Letter of Credit issued pursuant to the Credit Agreement other than any Letter of Credit outstanding beyond the Revolving Commitment Termination Date and backed by cash collateral or a supporting letter of credit in accordance with Section 2.4 of the Credit Agreement.

Examples of Outstanding Letter of Credit in a sentence

• Each Revolving Lender further agrees to participate in each such Outstanding Letter of Credit in an amount equal to its Pro Rata Share of the Stated Amount of such Outstanding Letters of Credit.

• The aggregate face amount of all Letters of Credit at any one time outstanding and issued by the Lender pursuant to the provisions of this Agreement, plus the amount of any unpaid Letter of Credit Fees accrued or scheduled to accrue thereon, and less the aggregate amount of all drafts issued under or purporting to have been issued under such Letters of Credit that have been paid by the Lender, is herein called the "Outstanding Letter of Credit Obligations".

• Each Lender agrees to participate in each Outstanding Letter of Credit issued by any Facing Agent in an amount equal to its Multicurrency Revolver Pro Rata Share of the Stated Amount of such Outstanding Letter of Credit.

• Each Outstanding Letter of Credit shall be deemed to have been issued under this Agreement.

• The Borrower will not be entitled to obtain a Letter of Credit unless (a) the Borrower is then able to obtain a Revolving Loan from the Lenders in an amount not less than the proposed stated amount of the Letter of Credit requested by the Borrower, and (b) the sum of the then Outstanding Letter of Credit Obligations (including the amount of the requested Letter of Credit) does not exceed Five Million Dollars ($5,000,000) (the "Letter of Credit Committed Amount").

More Definitions of Outstanding Letter of Credit

Outstanding Letter of Credit means a letter of credit listed on Schedule B-2.

Outstanding Letter of Credit means any of the outstanding letters of credit issued for the account of the Company or Sterling Pulp, and identified on Scheduled 1.01A.

Outstanding Letter of Credit means that certain irrevocable letter of credit no. S111300, dated January 21, 1997, as renewed, previously issued by First Union for the account of the Borrower in favor of Goldmick, LLC and 000 Xxxx 00xx Xxxx. and treated pursuant to SECTION 3.2 as having originally been issued under this Agreement.

Outstanding Letter of Credit means that certain irrevocable standby Letter of Credit number SVBSF010920 issued by Bank in the amount of 35,356,000 Brazilian Reals in favor of ltau Unibanco S.A.

Outstanding Letter of Credit. (as defined in the Existing Credit Limit) as of the Effective Date shall automatically be deemed to be an Outstanding Letter of Credit hereunder.

Outstanding Letter of Credit means any of the following: (i) that certain irrevocable letter of credit no. H137120, expiring January 15, 1999, issued for the account of the Borrower in favor of Sage Realty Corp., (ii) that certain irrevocable letter of credit no.YS137119, expiring February 15, 1999, issued for the account of the Borrower in favor of Employers Insurance of Wausau, (iii) that certain irrevocable letter of credit no. H137118, expiring December 31, 1998, issued for the account of the Borrower in favor of Continental Indoor Soccer League, and (iv) that certain irrevocable letter of credit no. H158451, expiring December 15, 1998, issued for the account of the Borrower in favor of Aetna Casualty & Surety, all of which letters of credit were issued under the senior credit facility replaced hereby and treated as having been issued originally hereunder pursuant to Section 3.1 hereof.

Outstanding Letter of Credit means a “Letter of Credit” (as defined in the Existing Bank Credit Agreement) issued under the Existing Bank Credit Agreement that was outstanding on the Amendment and Restatement Effective Date and listed on Appendix IV under the heading “Outstanding Revolving Letters of Credit”.