New Letters of Credit definition

New Letters of Credit means each standby or commercial letter of credit (other than the Existing Letters of Credit) issued by the Administrative Agent or an Additional Issuer for the account of the Borrower pursuant to Section 2.14(a); provided, however, in the event that any Additional Issuer fails to provide the notice to the Administrative Agent required by the first proviso contained in Section 2.14(a), any letter of credit issued by such Additional Issuer without the giving of such notice shall not constitute a New Letter of Credit under this Agreement.
Sample 1Sample 2
New Letters of Credit means the letters of credit in an aggregate amount not to exceed $5,000,000 at any time outstanding, to be issued pursuant to the terms and conditions of that certain Letter of Credit Agreement, dated as of February 2, 2018, by and between Borrower and Citizens Bank, N.A.
Sample 1
New Letters of Credit means Letters of Credit issued after the Sixth Amendment Effective Date.
Sample 1

Examples of New Letters of Credit in a sentence

  • All New L/C Obligations of the Borrower shall be unconditionally guaranteed by each of the Guarantors on a joint and several basis, and cash collateralized by the Borrower, using cash or proceeds of the DIP Loans, in an amount equal to 105% of the aggregate Undrawn Amount (as defined in the DIP L/C Agreement) of New Letters of Credit issued, in each case as further provided in the DIP L/C Facility Documents, including with respect to subordination of the DIP Liens on such cash collateral.

  • The Borrower’s authority to borrow further DIP Loans, request the issuance of New Letters of Credit and increase the DIP Facility solely on account of any amounts drawn under the Existing Letter of Credit will be governed by the terms of this Final Order.

  • The Debtors’ access to sufficient working capital and liquidity through the use of borrowing under the DIP Facility, the issuance of New Letters of Credit and through the use of Cash Collateral is vital to the preservation and maintenance of the going concern values of the Debtors and to a successful reorganization of the Debtors pursuant to the Restructuring Transactions.

  • New Letters of Credit issued under the Revolving Facility shall be subject to the annual fee set forth in Section 2.4(b).

  • Importantly, under the New Agreement, BBVA has committed to issue New Letters of Credit in the amount of outstanding Existing Letters of Credit.

  • Following the expiration of the Interim Period, the Borrower’s authority to borrow further DIP Loans and request the issuance of New Letters of Credit will be governed by the terms of the Final Order.

  • Any New Letters of Credit are issued under the DIP Facility will be cash collateralized under the terms of the DIP Credit Agreement.

  • The DIP Facility portion of the DIP Financing consists of (a) a secured super- priority postpetition credit facility in the form of a multiple-draw term loan facility in an aggregate principal amount of $70 million, and also provides for (i) the Existing Letters of Credit and (ii) the New Letters of Credit, and (b) the consensual use of the Cash Collateral of the Prepetition Secured Parties.

  • All New L/C Obligations of the Borrower shall be unconditionally guaranteed by each of the Guarantors on a joint and several basis, and cashcollateralized by the Borrower, using cash or proceeds of the DIP Loans, in an amount equal to 105% of the aggregate Undrawn Amount (as defined in the DIP L/C Agreement) of New Letters of Credit issued, in each case as further provided in the DIP L/C Facility Documents, including with respect to subordination of the DIP Liens on such cash collateral.

  • The Debtors’ access to sufficient working capital and liquidity through the use of borrowing under the DIP Facility, the issuance of New Letters of Credit and through the use of Cash Collateral is vital to the preservation and maintenance of the going concern values of the Debtors and to a successful reorganization of the Debtors pursuant to the Restructuring Transactions and to avoid immediate and irreparable harm pending the FinalHearing [SMB: 3/10/17].


More Definitions of New Letters of Credit

New Letters of Credit means the letters of credit issued by Xxxxx Fargo Bank, National Association, a national banking association, for the benefit of Fleet, in an aggregate amount of $137,500.
Sample 1
New Letters of Credit means all Letters of Credit issued after the date of this Agreement.
Sample 1
New Letters of Credit means all letters of credit (whether documentary or stand-by and whether for the purchase of inventory, equipment or otherwise) issued by an Issuing Bank for the account of any Credit Party pursuant to this Credit Agreement on or after the Closing Date (but excluding Existing Letters of Credit), together with all amendments, renewals, extensions or replacements thereof.
Sample 1
New Letters of Credit means the letters of credit in an aggregate amount not to exceed
Sample 1
New Letters of Credit means those certain Letters of Credit issued after the Restructure Effective Date pursuant to Section 2.22.
Sample 1

Related to New Letters of Credit

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

  • Existing Letters of Credit means the letters of credit issued under the Existing Credit Facility described on Schedule 1.1(B).

  • 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 the Issuing Bank relating to any Letter of Credit.

  • 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.

  • 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.

  • 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).

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

  • Existing Letter of Credit means any letter of credit that (a) was issued under the Existing Credit Agreement by an Issuing Bank, (b) is outstanding on the Effective Date and (c) is listed in Schedule 1.01.

  • 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.

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

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

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • 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 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.

  • Letter of Credit Undrawn Amounts means, at any time, the aggregate undrawn face amount of all Letters of Credit outstanding at such time.

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

  • 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.

  • Letter of Credit Liabilities means, at any time and in respect of all Letters of Credit, the sum of (a) the aggregate amount available to be drawn under all such Letters of Credit plus (b) the aggregate unpaid amount of all Reimbursement Obligations then due and payable in respect of previous drawings under such Letters of Credit.