Examples of Wachovia Letter of Credit in a sentence
Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable to any Wachovia Letter of Credit that is replaced by a Letter of Credit hereunder or is otherwise amended or modified to become a Letter of Credit issued by the L/C Issuer hereunder), the rules of the ISP shall apply to each Letter of Credit.
Subject to the terms and conditions hereinafter set forth, the Bank hereby agrees to maintain in effect the Wachovia Letter of Credit.
This Amendment shall be effective as of the date hereof upon receipt by Agent of (a) an original counterpart signature (or a faxed copy thereof with originals to follow) to this Amendment, duly executed and delivered by each Credit Party and the Requisite Lenders and (b) the original (or a faxed copy thereof with originals to follow) fully executed Wachovia Letter of Credit and Wachovia Letter of Credit Agreement.
The Wachovia Letter of Credit was issued in an amount equal to the sum of (i) the aggregate principal amount of the Bonds, plus (ii) an amount equal to 210 days' interest on the Bonds, computed as though the Bonds bore interest at the rate of fifteen percent (15%) per annum notwithstanding the actual rate borne by the Bonds from time to time and based on a 360-day year consisting of twelve 30-day months.
The Wachovia Letter of Credit shall be deemed to be a Letter of Credit issued and outstanding under this Agreement on and after the Closing Date.
Xxxxxx, President SCHEDULES AND EXHIBITS OMITTED FROM TRANSITION SERVICES AGREEMENT Exhibits: Exhibit A Wachovia Letter of Credit Exhibit B Commerce Energy Group, Inc.
Of such fee, the Bank shall retain for its own account without sharing by the other Lenders one-eighth of one percent (1/8%) per annum on the average daily maximum amount available to be drawn under the Wachovia Letter of Credit and shall promptly pay over to the Agent for the ratable benefit of the Lenders (including the Bank) the remainder thereof.
With respect to the Wachovia Letter of Credit, Wachovia in its capacity as a Lender hereunder and any Affiliate of the Agent or such Affiliate in its capacity as a Lender hereunder shall have the same rights and powers hereunder as any other Lender and may exercise the same as though Wachovia were not acting as the Agent, and the term "Lender" or "Lenders" shall, unless the context otherwise indicates, include Wachovia in its individual capacity and any Affiliate of the Agent in its individual capacity.
If the Bank sells any of the Collateral pursuant to this Section 8.2, the Bank agrees that it will reinstate the Wachovia Letter of Credit in an amount sufficient to cover all principal and accrued interest on the Bonds so sold for up to 210 days at 15% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).
Pledged Bonds shall be released from the security interest created hereunder upon satisfaction of the Obligations with respect to such Pledged Bonds and receipt by the Trustee of notification from the Bank of the reinstatement of the Wachovia Letter of Credit as provided in Section 2.08 of the Indenture.