Subsidiary Letter of Credit definition

Subsidiary Letter of Credit. Section 6.1(c). ---------------------------
Sample 1
Subsidiary Letter of Credit means any commercial letters of credit
Sample 1
Subsidiary Letter of Credit means a Letter of Credit issued on the --------------------------- Application of a Subsidiary of the Guarantor.
Sample 1

Examples of Subsidiary Letter of Credit in a sentence

  • Notwithstanding that each Existing Subsidiary Letter of Credit is in support of obligations of, and is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the Issuing Bank hereunder for any and all drawings under such Existing Subsidiary Letter of Credit in accordance with Section 2.05(h).

  • In addition to all terms and conditions specified in Section 3.9.5 above to the issuance ------------- of Letters of Credit, it shall be a condition to the issuance of any Subsidiary Letter of Credit that the Company shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the Issuing Bank may reasonably request (and shall have reaffirmed such guaranty from time to time upon Issuing Bank's request).

  • In addition to all terms and conditions specified in Section 3.9(d) above to the issuance of Letters of Credit, it shall be a condition to the issuance of any Subsidiary Letter of Credit that Borrower shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the applicable Issuing Bank and/or Administrative Agent may reasonably request (and shall have reaffirmed such guaranty from time to time upon Administrative Agent’s request).

  • Letters of Credit issued hereunder will be used solely (a) to secure the obligations of the Borrower or the Borrower’s Insurance Subsidiaries or (b) subject to the Non-Insurance Subsidiary Letter of Credit Sublimit, to secure the obligations of a Subsidiary of the Borrower other than an Insurance Subsidiary.

  • Concurrently with the delivery of such Application, the Borrower shall notify the Administrative Agent whether or not the requested Letter of Credit is a Marketing Subsidiary Letter of Credit.

  • It is understood and agreed that, in connection with the issuance of any Subsidiary Letter of Credit, the related Letter of Credit previously issued may have to be amended or re-issued to reflect the reduction of the L/C Available Amount thereof.

  • Such documents and instruments, in any event, shall provide that the obligations of the Borrowing Subsidiary shall be secured by cash collateral deposited at the New York or Cayman Islands office of the Issuing Bank in an amount equal to the face amount of the related Subsidiary Letter of Credit.

  • The Borrower hereby irrevocably and unconditionally guarantees, as primary obligor, the complete and timely performance by Toastmaster and Sonex of all its indebtedness, liabilities and obligations in respect of each Subsidiary Letter of Credit and the related Application, and all such indebtedness, liabilities and obligations shall be deemed to be a part of the Obligations secured and guaranteed pursuant to the Security Documents.

  • In addition to all terms and conditions specified in Section 3.9(e) above to the issuance of Letters of Credit, it shall be a condition to the issuance of any Subsidiary Letter of Credit that Borrower shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the applicable Issuing Bank and/or Administrative Agent may reasonably request (and shall have reaffirmed such guaranty from time to time upon Administrative Agent’s request).

  • In addition to all terms and conditions specified in Section 3.9(e) above to the issuance of Letters of Credit, it shall be a condition to the issuance of any Subsidiary Letter of Credit that Borrower shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the applicable Issuing Bank and/or Administrative Agent may reasonably request (and shall have reaffirmed such guaranty from time to time upon Administrative Agent's request).


More Definitions of Subsidiary Letter of Credit

Subsidiary Letter of Credit means any commercial letters of credit or standby letters of credit issued by the Bank for the account of any Subsidiary.
Sample 1

Related to Subsidiary Letter of Credit

  • 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.

  • 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.

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

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

  • 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.

  • 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.

  • 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 a Guarantor in the ordinary course of its business.

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

  • 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.

  • 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.

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

  • 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.

  • 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).

  • 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.

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

  • 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.

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

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

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

  • 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.

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

  • 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.

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

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

  • 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.

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