Bi-Lateral Letter of Credit definition

Bi-Lateral Letter of Credit means any letter of credit issued by a Bi-Lateral Letter of Credit Lender for the account of the Borrower or any Restricted Subsidiary of the Borrower, including all Existing Bi-Lateral Letters of Credit; provided that the aggregate face amount of all undrawn Bi-Lateral Letters of Credit, together with the aggregate amount of outstanding Bi-Lateral Letter of Credit Obligations, shall not exceed $100,000,000 at any time.
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Bi-Lateral Letter of Credit means any letter of credit issued under a bi-lateral agreement between a Bi-Lateral Letter of Credit Lender, as issuer, on the one hand, and for the account of the Borrower and/or any of its Subsidiaries, on the other hand.
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Bi-Lateral Letter of Credit means any letter of credit issued by a Bi-Lateral Letter of Credit Lender for the account of the Borrower or any
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Examples of Bi-Lateral Letter of Credit in a sentence

  • Each Cash Management Bank, Bi-Lateral Letter of Credit Lender owed Secured Bi-Lateral Letter of Credit Obligations and Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.

  • By accepting the benefits of the Collateral, each such Cash Management Bank, Bi-Lateral Letter of Credit Lender or Hedge Bank shall be deemed to have appointed the Collateral Agent as its agent and agreed to be bound by the Loan Documents as a Secured Party, subject to the limitations set forth in this Section 9.15.

  • No Cash Management Bank, Bi-Lateral Letter of Credit Lender or Hedge Bank will create (or be deemed to create) in favor of any such provider, as applicable, any rights in connection with the management or release of any Collateral or of the obligations of any Guarantor under the Loan Documents.

  • Each Bi-Lateral Letter of Credit Lender, each Treasury Management Bank and each Swap Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article X for itself and its Affiliates as if a “Lender” party hereto.

  • No person shall have any voting rights under any Loan Document solely as a result of the existence of obligations owed to it under any such Secured Hedge Agreement, Secured Cash Management Agreement or Permitted Bi-Lateral Letter of Credit Facility.

  • On the other hand, if our preferred option remains as described in this document and includes reconductoring of our existing lines, which require extensive outages, then NTS may be useful and economic.We say when, because our experience to date has been that NTS proponents are reluctant to offer services to Transpower if the need for those services is too far into the future.

  • It was mentioned that the study target group should belong to the surrounding areas of the Antwerp ring road, who are interested to know less polluted school routes for their kids.

  • For the avoidance of doubt, no release of Collateral or Guarantors effected in the manner permitted by this Agreement shall require the consent of any holder of obligations under Secured Hedge Agreements, any Secured Cash Management Agreements or Permitted Bi-Lateral Letter of Credit Facilities.

  • No Cash Management Bank, Bi-Lateral Letter of Credit Lender or Hedge Bank will create (or - 187 - be deemed to create) in favor of any such provider, as applicable, any rights in connection with the management or release of any Collateral or of the obligations of any Guarantor under the Loan Documents.

  • The obligations of the Lenders to extend such credit, the L/C Issuers to issue Letters of Credit and of the Cash Management Banks, the Hedge Banks and the Bi-Lateral Letter of Credit Lenders to enter into the Cash Management Obligations, the Secured Hedge Agreements and the Secured Bi-Lateral Letter of Credit Obligations, respectively are conditioned upon, among other things, the execution and delivery of this Agreement.


More Definitions of Bi-Lateral Letter of Credit

Bi-Lateral Letter of Credit means any letter of credit issued by a Bi-Lateral Letter of Credit Lender for the account of any Loan Party which shall be deemed issued under this Agreement for purposes of the ABL Intercreditor Agreement. “Bi-Lateral Letter of Credit Lender” means any Person that is a Lender or an Affiliate of a Lender as of both (i) the date of issuance (or amendment, renewal or extension) of the applicable Bi-Lateral Letter of Credit and (ii) the date of designation of the applicable Bi- Lateral Letter of Credit Obligation as a “Secured Bi-Lateral Letter of Credit Obligation”. “Bi-Lateral Letter of Credit Obligation” means any reimbursement obligation or other payment obligation of the Loan Parties owing to any Bi-Lateral Letter of Credit Lender in connection with any Bi-Lateral Letter of Credit issued by such Bi-Lateral Letter of Credit Lender. “Board of Directors” means, for any Person, the board of directors, board of managers, or other governing body of such Person or, if such Person does not have such a board of directors, board of managers or other governing body and is owned or managed by a single entity, the Board of Directors of such entity, or, in either case, any committee thereof duly authorized to act on behalf of such Board of Directors. Unless otherwise provided, “Board of Directors” means the Board of Directors of Top Parent. “Borrower” has the meaning specified in the introductory paragraph to this Agreement. Upon the consummation of any transaction permitted by Section 7.03, “Borrower” shall mean any successor of Big River Steel LLC who assumes the due and punctual payment and performance of the Obligations of Big River Steel LLC under the Loan Documents in accordance with Section 7.03. “Borrower Materials” has the meaning specified in Section 6.02. “Borrower Parties” means the collective reference to the Borrower and each Subsidiary Guarantor and “Borrower Party” means any of them. “Borrowing” means a borrowing consisting of Loans of the same Class and Type made, converted or continued on the same date and, in the case of Eurodollar RateTerm Benchmark Loans, having the same Interest Period. “Borrowing Base” means, at any time, an amount equal to the sum of the following amounts: (i) the sum of (a) 85% of Eligible Accounts (other than Eligible Investment Grade Accounts) of the Borrower Parties plus (b) 90% of Eligible Investment Grade Accounts of the Borrower Parties (in each case, it being understood that Eligible Accounts and Eligible Investment Gra...
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Related to Bi-Lateral Letter of Credit

  • 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.

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

  • Commercial Letter of Credit means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan Party in the ordinary course of business of such Loan Party.

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

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

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

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

  • 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.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • 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.

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

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Auto-Renewal Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • 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.

  • Auto-Extension Letter of Credit has the meaning specified in Section 2.03(b)(iii).

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

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or any of its Subsidiaries in the ordinary course of its business.

  • 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.

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

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.