Synthetic Letter of Credit definition

Synthetic Letter of Credit is defined in clause (a) of Section 2.1.5.

Synthetic Letter of Credit means, at any time, Letters of Credit in a Dollar Amount equal to the lesser of (a) the aggregate of the Credit-Linked Deposits of all Synthetic L/C Lenders at such time and (b) the aggregate amount of Letters of Credit issued for the account of the Borrower outstanding at such time. Letters of Credit will from time to time be deemed to be Synthetic Letters of Credit or Revolving Letters of Credit in accordance with the provisions of Section 2.05(a).

Synthetic Letter of Credit means any letter of credit facility that requires a lender party thereto to pre-fund in full its obligations thereunder; provided that any such lender shall (a) have no further funding obligation thereunder and (b) have a right to be reimbursed or repaid by the borrower its pro rata share of any draws on a letter of credit issued thereunder.

Examples of Synthetic Letter of Credit in a sentence

• To the extent necessary to implement the foregoing, the identification of a Letter of Credit as a Revolving Letter of Credit or a Synthetic Letter of Credit may change from time to time and a portion of a Letter of Credit may be deemed to be a Synthetic Letter of Credit and the remainder be deemed to be a Revolving Letter of Credit.

• Notwithstanding the foregoing, the entire face amount of any Letter of Credit with an expiration date after the Revolving Facility Maturity Date shall be deemed to be a Synthetic Letter of Credit, subject to the limitations set forth in clause (i) of the second sentence of this paragraph (a).

• In no event shall the Synthetic Letter of Credit Commitment Amount be reduced to an amount that is less than the Synthetic Letter of Credit Outstandings.

• Unless the Synthetic LC Issuing Bank has received notice from the Administrative Agent to the contrary, the Synthetic LC Issuing Bank shall be entitled to rely on any certification from Borrower contained in any Issuance Notice to the effect that the conditions precedent to the issuance of any requested Synthetic Letter of Credit have been satisfied in full.

• Each Synthetic Lender’s Synthetic Letter of Credit Participation Obligation shall be cash collateralized (as provided in Section 2.16), in favor of the Synthetic Issuing Bank, by such Synthetic Lender’s Synthetic Deposit.

More Definitions of Synthetic Letter of Credit

Synthetic Letter of Credit means a commercial or standby letter of credit issued or to be issued by Synthetic LC Issuing Bank under the Synthetic LC Commitment pursuant to this Agreement, and shall include, without limitation, those letters of credit identified on Schedule 3 hereto.

Synthetic Letter of Credit or "Synthetic Letters of Credit" means Standby Letters of Credit issued or to be issued by Synthetic Letter of Credit Issuing Lenders pursuant to subsection 3.1.";

Synthetic Letter of Credit shall have the meaning set forth in Section 2.17(a).

Synthetic Letter of Credit. A facility whereby (i) a fronting bank (“Synthetic LOC Agent Bank”) issues or will issue a letter of credit for or on behalf of a borrower, (ii) in the event that such letter of credit is drawn upon and the borrower does not reimburse the Synthetic LOC Agent Bank, the lender/participant is obligated to fund its portion of the facility and (iii) the Synthetic LOC Agent Bank passes on (in whole or in part) the fees it receives for providing such letter of credit to the lender/participant.

Synthetic Letter of Credit means any letter of credit facility that requires the Lender party thereto to pre-fund in full its obligations thereunder; provided that any the Lender shall (a) have no further funding obligation thereunder and (b) have a right to be reimbursed or repaid by the borrower its pro rata share of

Synthetic Letter of Credit means a Letter of Credit as to which the Administrative Agent may apply Synthetic Deposits for purposes of reimbursing Synthetic LC Disbursements in accordance with Section 2.05.

Synthetic Letter of Credit means a letter of credit issued pursuant Section 2.02 of the First Lien Term Loan Agreement.