Standby Letter of Credit Facility definition

Standby Letter of Credit Facility will mean the Credit Facility described in Section 2.11 of this Second Restated Credit Agreement.
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Standby Letter of Credit Facility means the Revolving Credit Facility (Letters of Credit) less the aggregate principal amount of all Trade Letter of Credit Obligations.
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Standby Letter of Credit Facility means that portion of the Credit Facility in an aggregate amount not to exceed $10,000,000 to be made available by the Letter of Credit Issuer to the Borrowers and the Guarantor for issuance of Standby Letters of Credit to the Beneficiaries designated by the Borrowers pursuant to Clause 4;
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Examples of Standby Letter of Credit Facility in a sentence

  • Each party to this agreement reconfirms all of its obligations under the Standby Letter of Credit Facility Agreement (as amended and restated by this agreement) and under the other Finance Documents.

  • Borrower agrees to enter into a Fee and Reimbursement Agreement with Lender in order to establish a Standby Letter of Credit Facility.

  • The Standby Letter of Credit Facility, dated as of [ ], 2015, among Chaucer Holdings Limited, ING Bank N.V., London Branch and Lloyds Bank plc, as mandated lead arrangers, as it may be amended from time to time.

  • Reflects the repayment of $57.0 million outstanding under existing Sierra Wireless debt facilities (including its Senior Credit Agreement, Subordinate Credit Agreement and Standby Letter of Credit Facility Agreement), each of which will be terminated upon consummation of the Acquisition.

  • At June 30, 2023, there were letters of credit outstanding under this facility totaling $71.7 million (December 31, 2022: $77.4 million), secured by collateral in the amount of $8.3 million (December 31, 2022: $10.8 million).•A $50.0 million Standby Letter of Credit Facility Agreement with Lloyds, dated December 10, 2021 was made available to Fidelis Insurance Holdings Limited as parent, account party and guarantor, to provide regulated capital in respect of Ancillary Own Funds (“AOF”).

  • If the Borrowers request that the Standby Letter of Credit Facility is terminated, they shall furnish to the Agent an irrevocable and unconditional letter of credit from a first class international bank acceptable to the Agent (and execute all all required documentation in connection therewith) for all amounts payable under all Standby Letters of Credit then outstanding, which shall be returned to the Borrowers only after such Standby Letters of Credit have been terminated or have expired.

  • The expiration date of the Standby Letter of Credit Facility referenced in Section 4 of the Credit Agreement is hereby extended to February 28, 1997.

  • Pursuant to a Stand-by Letter of Credit Facility dated October 11, 2004, (the “SBLC Facility” or the “Facility”), the Bank has agreed to issue Stand-by Letters of Credit to secure SCOR VIE’s reinsurance activities and related contracts up to a maximum amount of US$ 200,000,000 (two hundred million US dollars) in a form acceptable to the National Association of Insurance Commissioners (NAIC) in the United States of America or other appropriate regulatory body.

  • Unless a contrary intention appears in this agreement, any word or expression defined in the Standby Letter of Credit Facility Agreement will have the same meaning when it is used in this agreement.

  • The AVS Investors and Xxxxxxxxx are parties to a certain Agreement with Respect to Standby Letter of Credit Facility dated December 1, 2000 (as at any time amended, the "AVS Investor LC Agreement") in connection with which the AVS Investors caused to be issued certain letters of credit in favor of Agent, for the benefit of the Pre-Petition Lenders, in the aggregate amount of $8,000,000 (the "AVS Investor Letters of Credit").


More Definitions of Standby Letter of Credit Facility

Standby Letter of Credit Facility means the Standby Letter of Credit facility described in clause 17 (Standby Letter of Credit Facility).
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Related to Standby Letter of Credit Facility

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

  • Standby Letter of Credit means any Letter of Credit other than a Commercial Letter of Credit.

  • Standby Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

  • Standby Letter of Credit Fee shall have the meaning assigned to such term in Section 3.5(b)(i).

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

  • 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.

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or any of its Subsidiaries in the ordinary course of its business.

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

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

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • 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.

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

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

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • 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 obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

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

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

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

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Standby LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all standby Letters of Credit outstanding at such time plus (b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers at such time. The Standby LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the aggregate Standby LC Exposure at such time.

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

  • 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.