Unsecured Letters of Credit definition

Unsecured Letters of Credit means all Tranche 1 Letters of Credit that are not Secured Letters of Credit.
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Unsecured Letters of Credit means all Tranche 1 Letters of Credit that are not Secured Letters of Credit. 8470562v6 24740.00061
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Unsecured Letters of Credit has the meaning given the term in Section 3.8(d) of this Agreement.
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Examples of Unsecured Letters of Credit in a sentence

  • The term of the CD shall be automatically renewed for successive one-year terms, and the rate adjusted to the then-current rate established by Bay Bank for similar certificates of deposit, until such time as, but only to the extent that, Bay has any potential payment liability under any of the Unsecured Letters of Credit.

  • Nothing in this Agreement shall prevent the Controlling Stockholder from taking action to replace the Unsecured Letters of Credit or otherwise to reduce or eliminate the amounts that the Bay Companies are obligated to pay under the Unsecured Letters of Credit.

  • Unsecured Letters of Credit in the amount of $23.6 million have been issued in favor of ceding companies.

  • Upon each renewal of the CD, to the extent that the amount of the CD exceeds the maximum potential liability of any of the Bay Companies under the Unsecured Letters of Credit at such time, the excess amount, including but not limited to any interest that has accrued on the CD since the last date it was renewed, shall be paid to the Controlling Stockholder.

  • At the Closing, the Controlling Stockholder shall deposit cash in the amount of the aggregate maximum liability of Xxxxxxx under the Unsecured Letters of Credit as of the Closing (the “Letter of Credit Liability”), which as of the date of this Agreement is $527,075, in a one-year certificate of deposit at Bay Bank (the “CD”), which shall earn interest at the then-current rate established by Bay Bank for similar certificates of deposit.

  • Letters of Credit issued for the account of the Borrower may be Secured Letters of Credit or Unsecured Letters of Credit, at the Borrower's option.


More Definitions of Unsecured Letters of Credit

Unsecured Letters of Credit means those letters of credit listed on Schedule 1.1H
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Related to Unsecured Letters of Credit

  • Existing Letters of Credit means those certain letters of credit set forth on Schedule 1.01(d).

  • Commercial Letters of Credit means those letters of credit subject to the UCP payable in Dollars and issued or caused to be issued by Lender on behalf of Borrower under a Loan Facility for the benefit of a supplier(s) of Borrower in connection with Borrower's purchase of goods or services from the supplier in support of the export of the Items.

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

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • Dollar Letters of Credit means Letters of Credit that utilize the Dollar Commitments.

  • Letters of Credit as defined in Section 3.1(a).

  • 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 any Issuing Bank relating to any Letter of Credit issued by such Issuing Bank.

  • Multicurrency Letters of Credit means Letters of Credit that utilize the Multicurrency Commitments.

  • 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.

  • 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.

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

  • Borrower Credit Agreement Obligations the collective reference to the unpaid principal of and interest on the Loans and Reimbursement Obligations and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and Reimbursement Obligations and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, this Agreement, or the other Loan Documents, or any Letter of Credit, or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the foregoing agreements).

  • Letters of Credit Outstanding means, at any time, the sum of, without duplication, (a) the aggregate Stated Amount of all outstanding Letters of Credit and (b) the aggregate principal amount of all Unpaid Drawings in respect of all Letters of Credit.

  • Letter of Credit Accommodations means the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Lender for the account of Borrower or any Obligor or (b) with respect to which Lender has agreed to indemnify the issuer or guaranteed to the issuer the performance by Borrower of its obligations to such issuer.

  • 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.

  • Discharge of Credit Agreement Obligations means, with respect to any Shared Collateral, the Discharge of the Credit Agreement Obligations with respect to such Shared Collateral; provided that the Discharge of Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing of such Credit Agreement Obligations with an Additional Senior Debt Facility secured by such Shared Collateral under one or more Additional Senior Debt Documents which has been designated in writing by the Administrative Agent (under the Credit Agreement so Refinanced) to the Designated Senior Representative as the “Credit Agreement” for purposes of this Agreement.

  • Credit Agreement Obligations means the “Obligations” as defined in the Credit Agreement.

  • Letter of Credit Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

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

  • Revolving Extensions of Credit as to any Revolving Lender at any time, an amount equal to the sum of (a) the aggregate principal amount of all Revolving Loans held by such Lender then outstanding, (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding and (c) such Lender’s Revolving Percentage of the aggregate principal amount of Swingline Loans then outstanding.

  • Revolving Loan Documents means the “Loan Documents” as defined in the Revolving Credit Agreement.

  • Revolving Letter of Credit means any letter of credit issued pursuant to Section 2.05.

  • Line of Credit mean the credit facility described in the Section titled "LINE OF CREDIT" below.

  • Total Revolving Extensions of Credit at any time, the aggregate amount of the Revolving Extensions of Credit of the Revolving Lenders outstanding at such time.

  • Senior Credit Facility shall include any agreement (i) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (ii) adding Subsidiaries of the Company as additional borrowers or guarantors thereunder, (iii) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (iv) otherwise altering the terms and conditions thereof.

  • Revolving Loan Obligations means any Obligations with respect to the Revolving Loans (including without limitation, the principal thereof, the interest thereon, and the fees and expenses specifically related thereto).