Availability Letter of Credit definition

Availability Letter of Credit means a letter or letters of credit in Agent's possession in form and substance satisfactory to Agent in Agent's Discretion in the amount of $10,500,000 naming Agent as beneficiary and with an expiry date of no earlier than November 8, 2002; provided, that, after giving prior written notice to Agent, Borrowers may increase, or caused to be increased, the amount of the Availability Letter of Credit to up to $13,000,000.

Examples of Availability Letter of Credit in a sentence

  • All “Reimbursement Obligations” and other “Letter of Credit Obligations” (as respectively defined in the Existing Credit Agreement) which remain outstanding on the Closing Date with respect to the Existing L/C’s shall constitute Reimbursement Obligations and Letter of Credit Obligations of the Borrower under this Agreement and shall be included in the calculations of Revolving Loan Availability, Letter of Credit Availability, Swing Line Availability and Financial Letter of Credit Availability.

  • The $5,000,000 Availability Letter of Credit and the $6,000,000 Availability Letter of Credit, individually and collectively.

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  • Promissory notes issued after the Closing Date by FAO, Xxxxxxx and ZB in favor of the Kayne Credit Support Indebtedness Holders, evidencing draws made under the Availability Letter of Credit, each of which shall be in form and substance reasonably satisfactory to the Agent.

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  • All “Reimbursement Obligations” and other “Letter of Credit Obligations” (as respectively defined in the Existing Credit Agreement) which remain outstanding on the Closing Date with respect to the Existing L/C’s shall constitute Reimbursement Obligations and Letter of CreditObligations of the Borrower under this Agreement and shall be included in the calculations of Revolving Loan Availability, Letter of Credit Availability, Swing Line Availability and Financial Letter of Credit Availability.

Related to Availability Letter of Credit

  • Facility Letter of Credit means a Letter of Credit issued by an Issuer pursuant to Section 2.15.

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

  • 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.

  • Letter of Credit Availability Period the period from and including the Closing Date to but excluding the Letter of Credit Maturity Date.

  • 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.

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

  • Letter of Credit Limit means $5,000,000.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

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

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • 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.

  • Letter of Credit Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

  • Existing Letter of Credit means each letter of credit previously issued (or deemed issued) for the account of the Borrower, the Company or any of their respective Subsidiaries under the Existing Credit Facilities that (a) is outstanding on the Closing Date and (b) is listed on Schedule 1.01C.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Agent maintained at the office of the Agent at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the "Family Golf Centers, Inc. Letter of Credit Account" that shall be used solely for the purposes set forth in Sections 2.02(b) and 2.10(a) and (c).

  • Letter of Credit Liabilities means, for any Bank and at any time, such Bank's ratable participation in the sum of (x) the amounts then owing by the Borrower in respect of amounts drawn under Letters of Credit and (y) the aggregate amount then available for drawing under all Letters of Credit.

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

  • Unused Letter of Credit Subfacility means an amount equal to the Letter of Credit Subfacility minus the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit plus, without duplication, (b) the aggregate Unpaid Drawings obligations with respect to a Letters of Credit.

  • Letter of Credit Advance means an advance made by the Issuing Bank or any Revolving Credit Lender pursuant to Section 2.03(c).

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter 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 Commitment means, with respect to any Issuing Bank at any time, the amount set forth opposite such Issuing Bank’s name on Schedule I hereto under the caption “Letter of Credit Commitment” or, if such Issuing Bank has entered into one or more Assignment and Acceptances, set forth for such Issuing Bank in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Issuing Bank’s “Letter of Credit Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).