Examples of Continuing Letters of Credit in a sentence
Each Loan Party hereby grants a security interest in the Collateral to the Administrative Agent, for the benefit of the applicable Lender Parties (or, in the case of that portion of the Collateral constituting Letter of Credit Support for Continuing Letters of Credit, to the applicable Issuing Bank, for the benefit of such Issuing Bank).
Each Continuing Issuing Bank and the ASI Parties also hereby acknowledge and agree that, on and after the Effective Date, the compensation payable by the ASI Parties to such Continuing Issuing Bank with respect to its Continuing Letters of Credit shall be as set forth in the Issuing Bank Agreement executed and delivered by ASI and such Continuing Issuing Bank, as contemplated by the Amended and Restated Credit Agreement.
Advances outstanding under the Existing Credit Agreement which are not paid or prepaid on or prior to the Closing Date ("Continuing Advances") shall be deemed to continue as Advances outstanding hereunder with the same Interest Periods hereunder, and Continuing Letters of Credit shall be deemed to continue as Letters of Credit outstanding hereunder.
Advances outstanding under the Existing Credit Agreement which are not paid or prepaid on or prior to the Closing Date ("Continuing Advances") and Continuing Letters of Credit (collectively, the "Continuing Obligations") shall be deemed to continue as Advances and Letters of Credit continuing outstanding hereunder.
The LC Administrator shall not amend any Letter of Credit Issued by the Issuers to change the “Commitment Shares” or add or delete an Issuer liable thereunder unless such amendment is done in connection with an assignment pursuant to Section 10.8, in connection with the addition of an Issuer or a Participating Bank pursuant to Section 2.19 or in connection with an amendment to the Continuing Letters of Credit pursuant to Section 2.8.