Replacement Letters of Credit definition

Replacement Letters of Credit shall have the meaning assigned to such term in Section 3.3(b) hereof.
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Replacement Letters of Credit means any Existing Letter of Credit that is provided as security for, or performance assurance under, any Asset, excluding the letters of credit described under the heading “Letters of Credit” on Disclosure Schedule 3.14.
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Replacement Letters of Credit has the meaning set forth in Section 5.19.
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Examples of Replacement Letters of Credit in a sentence

  • On the Closing Date, Seller and Purchaser shall execute a memorandum of understanding detailing the procedures to be followed in administering the Backup Letters of Credit and substituting the Replacement Letters of Credit as contemplated by this Section 2.2(c) including the allocation of fees between Seller and Purchaser on an equitable basis reflecting relative credit risk and administrative burdens following the Closing (the “Memorandum of Understanding”).

  • Buyer may also provide evidence that such replacements are not necessary as a result of existing bonds, letters of credit or guarantees that Buyer has previously posted as long as such existing bonds, letters of credit or guarantees are adequate to secure the cancellation of the Replacement Letters of Credit and the release to Sellers of all cash or cash equivalent deposits of Sellers with respect to such Replacement Letters of Credit at Closing.

  • If Sellers receive any amounts after the Closing as a return of the cash or cash equivalent deposits of Sellers with respect to such Replacement Letters of Credit (such amount returned to Sellers, the “Excess Recovery Amount”), Sellers shall deliver to Buyer the Excess Recovery Amount.

  • On or before Closing, Buyer shall endeavor to obtain, or cause to be obtained in the name of Buyer, replacements for all Replacement Letters of Credit as necessary to permit the cancellation of the Replacement Letters of Credit at Closing and the release to Sellers of all cash or cash equivalent deposits of Sellers with respect to such Replacement Letters of Credit.

  • As used herein, “Letters of Credit” and “Letter of Credit” shall include the Letter of Credit and all Supplemental Letters of Credit (as hereinafter defined) and Replacement Letters of Credit (as hereinafter defined).


More Definitions of Replacement Letters of Credit

Replacement Letters of Credit means the Letters of Credit established pursuant to this Agreement to replace the letters of credit outstanding on the date hereofAmendment No. 3 Effective Date and listed on Schedule 8.1(s).
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Replacement Letters of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.
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Replacement Letters of Credit means the Letters of Credit obtained by Purchasers in replacement of the Current Letters of Credit other than the Post-Closing Letters of Credit, issued to the same entities, in the same amounts and securing the same obligations as such Current Letters of Credit, each in form and substance, and from a bank or other financial institution, reasonably satisfactory to Sellers and the Purchasers; provided, however that the Letter of Credit obtained by Purchasers in replacement of the $3,000,000 Letter of Credit issued for the benefit of Xxxx International Airlines Inc. by Barclays Bank shall be in the amount of One Million Five Hundred Thousand Dollars ($1,500,000).
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Replacement Letters of Credit shall have the meaning set forth in Section 6.12.
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Replacement Letters of Credit means the Letters of Credit issued under this Agreement on the Closing Date in replacement of certain letters of credit issued under the Borrower’s prior credit facility and which are described on Schedule 1.1(c) attached hereto.
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Replacement Letters of Credit. See Section 13.6.
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Replacement Letters of Credit means the replacement letters of credit set forth in Article II.C hereof.
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