ABL Letter definition

ABL Letter means that certain letter, dated March 17, 2005, from Bank of America, N.A., Banc of America Securities LLC, Deutsche Bank AG Cayman Islands Branch, and Deutsche Bank Securities Inc. to Parent.
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Examples of ABL Letter in a sentence

  • The face amount of any outstanding ABL Letter of Credit (and, without duplication, any unpaid drawing in respect thereof) will reduce availability under the ABL Facility on a dollar-for-dollar basis.

  • Drawings under any ABL Letter of Credit shall be reimbursed by the relevant Borrower Entity (whether with its own funds or with the proceeds of loans under the ABL Facility) within one business day after notice of such drawing is received by it from the relevant Issuing Bank (with interest payable thereon as customarily provided).

  • If at any time, the aggregate amount of outstanding ABL Loans, unreimbursed ABL Letter of Credit drawings and undrawn ABL Letters of Credit under any given ABL Facility exceeds the Maximum Borrowing Amount for that ABL Facility, then the relevant Borrower Entity will be required to repay outstanding ABL Loans and cash collateralize outstanding ABL Letters of Credit in an aggregate amount equal to such excess, with no reduction of the ABL Commitments.

  • If any Lender becomes a defaulting lender, then the ABL Letter of Credit exposure of such defaulting lender will automatically be reallocated among the non-defaulting lenders pro rata in accordance with their ABL Commitments up to an amount such that the revolving credit exposure of such non-defaulting lender does not exceed its commitments.