Secured Letters of Credit definition

Secured Letters of Credit has the meaning specified in Section 8.01(a).
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Secured Letters of Credit means (i) all Tranche 1 Letters of Credit issued on a secured basis pursuant to Section 3.8(a), secured after issuance in accordance with Section 3.8(b) or secured from and after the Tranche 1 Termination Date in accordance with Section 3.8(c) and (ii) the Tranche 2 Letters of Credit.
Sample 1Sample 2
Secured Letters of Credit means (i) all Tranche 1 Letters of Credit issued on a secured basis pursuant to Section Section 3 .8(a)3 .8(a) , secured after issuance in accordance with Section Section 3 .8(b)3 .8(b) or secured from and after the Tranche 1 Termination Date in accordance with Section Section 3 .8(c)3 .8(c) and (ii) the Tranche 2 Letters of Credit.
Sample 1

Examples of Secured Letters of Credit in a sentence

  • On the Effective Date, one or more Borrowers shall establish the Cash Secured LC Cash Collateral Account for the benefit of the Collateral Agent on behalf of the Secured Parties on the Effective Date for the purpose of cash collateralizing the Borrowers’ obligations (including Cash Secured Reimbursement Obligations) to each Cash Secured LC Issuer in respect of the Cash Secured Letters of Credit.

  • The legal, equitable and contractual rights of Compass Bank in regard to the Compass Bank Secured Letters of Credit shall be Reinstated.

  • Class B4: Compass Bank Secured Letters of Credit Claim The Compass Bank Secured Letters of Credit will remain in full force and effect for the benefit of the Reorganized CDX Gas Debtors.

  • DebtorsUSD 500,653509,847 INR25,470,74121,984,468(ii) Creditors / AcceptancesUSD18,135,85510,433,128 INR922,666,343484,408,36137 Acceptances pertain to liability under Secured Letters of Credit from Bank (Details of security is givenin Note No. 6) 38 Prior period adjustment represent: 2011-20122010-2011 Sah Petroleums LimitedReg.

  • The Borrowers agree that at all times, they shall immediately cause additional funds to be deposited and held in the Cash Secured LC Cash Collateral Account from time to time in order that the Cash Secured LC Cash Collateral Account Balance shall at least equal 103% of the Cash Secured Letter of Credit Outstandings with respect to all Cash Secured Letters of Credit (the “ Cash Secured Letter of Credit Cash Coverage Requirement ”).

  • The obligations of the applicable Reorganizing Debtors to reimburse Compass Bank in the event any of the Compass Bank Secured Letters of Credit are ever drawn are fully secured by a first priority lien in certificates of deposit held by Compass Bank.

  • The Borrowers agree that at all times, they shall immediately cause additional funds to be deposited and held in the Cash Secured LC Cash Collateral Account from time to time in order that the Cash Secured LC Cash Collateral Account Balance shall at least equal 103% of the Cash Secured Letter of Credit Outstandings with respect to all Cash Secured Letters of Credit (the “Cash Secured Letter of Credit Cash Coverage Requirement”).

  • The Compass Bank Secured Letters of Credit will remain in full force and effect for the benefit of the Reorganized CDX Gas Debtors.

  • The Transaction With Purchaser Will Relieve the Debtors of $19 18 Million of Bonding Obligations and Thereby Reduce Outstanding Secured Letters of Credit.

  • Where an attached garage is present on a parcel a second storage building shall be considered a permitted accessory building and shall be limited per District regulations.

Related to Secured Letters of Credit

  • 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.

  • Existing Letters of Credit means each of the letters of credit issued under the Existing Credit Agreement outstanding on the Closing Date that are described on Schedule 1.01(b).

  • 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).

  • 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.

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

  • 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 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).

  • 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.

  • 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 additional First Lien Obligations secured by such Shared Collateral under an Additional First Lien Document which has been designated in writing by the Administrative Agent (under the Credit Agreement so Refinanced) to the Additional First Lien Collateral Agent and each other Authorized Representative as the “Credit Agreement” for purposes of this Agreement.

  • 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.

  • 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).

  • 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 Collateralization means either (a) providing cash collateral (pursuant to documentation reasonably satisfactory to Agent, including provisions that specify that the Letter of Credit Fees and all commissions, fees, charges and expenses provided for in Section 2.11(k) of the Agreement (including any fronting fees) will continue to accrue while the Letters of Credit are outstanding) to be held by Agent for the benefit of the Revolving Lenders in an amount equal to 105% of the then existing Letter of Credit Usage, (b) delivering to Agent documentation executed by all beneficiaries under the Letters of Credit, in form and substance reasonably satisfactory to Agent and Issuing Bank, terminating all of such beneficiaries’ rights under the Letters of Credit, or (c) providing Agent with a standby letter of credit, in form and substance reasonably satisfactory to Agent, from a commercial bank acceptable to Agent (in its sole discretion) in an amount equal to 105% of the then existing Letter of Credit Usage (it being understood that the Letter of Credit Fee and all fronting fees set forth in the Agreement will continue to accrue while the Letters of Credit are outstanding and that any such fees that accrue must be an amount that can be drawn under any such standby letter of credit).

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

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

  • Letter of Credit Collateral has the meaning specified in Section 6.02(b).

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

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

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

  • Credit Party Obligations means, without duplication, (a) all of the obligations of the Credit Parties to the Lenders (including the Issuing Lender) and the Administrative Agent, whenever arising, under this Credit Agreement, the Notes, or any of the other Credit Documents to which any Credit Party is a party and (b) all liabilities and obligations owing from such Credit Party to any Lender, or any Affiliate of a Lender, arising under Hedging 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.

  • Senior Credit Agreement means that Credit Agreement dated as of December 1, 2006 (as amended, supplemented or otherwise modified from time to time), among the Issuer, Holdings, IV, Holdings V, Holdings III, each lender from time to time party thereto and the Administrative Agent.

  • 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).