Definition of CL Letter of Credit


CL Letter of Credit means each Letter of Credit designated as such in Schedule 2.05(a), in the relevant Request to Issue or as provided in Section 2.05.

Examples of CL Letter of Credit in a sentence

Upon satisfaction of the conditions described above in this Section 2.03(c), (x) the respective Issuing Lender shall re-designate the affected RL Letter of Credit or RL Letters of Credit as a CL Letter of Credit or CL Letters of Credit, as the case may be, and (y) a new CL Letter of Credit or CL Letters of Credit shall be deemed issued at such time under this Agreement.
Upon satisfaction of the aforesaid conditions, (x) the respective Issuing Bank shall re-designate the affected RF Letter of Credit as a CL Letter of Credit, and (y) a new CL Letter of Credit shall be deemed issued at such time under this Agreement.
Notwithstanding the foregoing, the entire face amount of any Letter of Credit with an expiration date after the Revolving Loan Maturity Date shall at all times be deemed to be a CL Letter of Credit, subject to the limitations set forth in clause (i) of the immediately preceding sentence.
To the extent necessary to implement the foregoing, the identification of a Letter of Credit as a RF Letter of Credit or a CL Letter of Credit may change from time to time and a portion of a Letter of Credit may be deemed to be a CL Letter of Credit and the remainder be deemed to be a RF Letter of Credit.
Each Existing Letter of Credit shall continue to remain outstanding as a CL Letter of Credit or RF Letter of Credit as specified on Schedule 2.05(a) hereunder on and after such date on the same terms as applicable to it immediately prior to such date.