Parent Letter of Credit definition

Parent Letter of Credit means any letter of credit issued by an issuing bank under the Parent Credit Facilities.
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Parent Letter of Credit as defined in Section 2.9(a).
Sample 1

Examples of Parent Letter of Credit in a sentence

  • It is acknowledged that the Parent had previously requested, and the Administrative Agent has issued, a Parent Letter of Credit in the amount of 5,000,000 Swedish Krona (LaSalle Bank National Association letter of credit #S605274 and Bank of America, N.A. letter of credit #68030846) (as same may be modified from time to time, the “Swedish Letter of Credit”).

  • In the event such Replacement Letter of Credit is not delivered to Purchaser by such date, then Purchaser shall have the right to draw on the Seller Parent Letter of Credit pursuant to the terms thereof the amount of the Pending Claims, in which case Purchaser shall retain such drawn funds until the Pending Claims are resolved pursuant to the terms hereof.

  • As part of Purchaser’s commercially reasonable efforts, Purchaser shall offer to obtain and deliver to the beneficiary of each Parent Letter of Credit a substitute letter of credit or other form of security acceptable to the beneficiary in an amount equal to the amount of the Parent Letter of Credit that it is intended to replace.

  • At the Closing, Seller shall, at its cost, deliver to Purchaser the Seller Parent Letter of Credit.

  • Purchaser shall have (i) obtained and delivered to Parent a full and unconditional release of all of the obligations of Parent and its Affiliates (other than the Companies) with respect to each Parent Letter of Credit, each of which releases shall be reasonably acceptable to Parent or (ii) delivered to Parent cash collateral or a Purchaser Letter of Credit in an amount equal to the aggregate amount of all Unreleased Parent Letters of Credit.

  • Parent Letter of Credit.......................................................

  • Seller shall cause the Seller Parent Letter of Credit to remain in full force and effect in accordance with its terms and with this Section 7.12.

  • The Parent Guarantor shall pay to the Administrative Agent, solely for its own account, a nonrefundable issuance and fronting fee for each Parent Letter of Credit in an amount equal to 0.25% per annum of the face amount of such Parent Letter of Credit for the period during which such Parent Letter of Credit is outstanding, calculated on the basis of a year of 360 days and payable on the date each such Parent Letter of Credit is issued.

  • Each payment by the Administrative Agent pursuant to a drawing under a Parent Letter of Credit shall constitute and be deemed an advance of funds by each Lender to the Parent Guarantor as of the day and time such payment is made by the Administrative Agent and in the amount of such Lender's pro rata share of such payment.

  • Seller shall cause the Seller Parent Letter of Credit to remain in full force and effect in accordance with its terms and with this Section 6.20.

Related to Parent Letter of Credit

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

  • Existing Letter of Credit means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

  • Performance Letter of Credit means any standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a nonfinancial or commercial obligation.

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Auto-Reinstatement Letter of Credit has the meaning specified in Section 2.03(b)(iv).

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank's Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Letter of Credit Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).