Designated Letter of Credit definition

Designated Letter of Credit and “Designated Letters of Credit” have the meanings specified in Section 2.03(c).

Designated Letter of Credit each letter of credit issued by an Issuing Lender under the Existing Credit Agreement or otherwise that is designated on the Closing Date by the Company, with the consent of such Issuing Lender, as a “Letter of Credit” hereunder in such Issuing Lender’s Issuing Lender Agreement and in Schedule 2.6.

Designated Letter of Credit means any letter of credit and/or bank guarantee issued by a Letter of Credit Issuer (including, for the avoidance of doubt, any Affiliate or branch of any Letter of Credit Issuer) for the account of Holdings, any Borrower or any Restricted Subsidiary and, subject to compliance with the requirements set forth in Section 3.1 as to the maximum Stated Amount, currency and expiration of Letters of Credit, that is designated as a Designated Letter of Credit by written notice thereof by the U.S. Borrower to the Administrative Agent (which notice shall specify the Stated Amount of each letter of credit and/or bank guarantee subject to such designation and contain a representation and warranty by the U.S. Borrower as of the date thereof that the conditions precedent set forth in Section 7.1 shall be satisfied immediately after giving effect to such designation). For the avoidance of doubt, the U.S. Borrower may designate any letter of credit and/or bank guarantee that has been designated as a Designated Letter of Credit as no longer constituting a Designated Letter of Credit.

Examples of Designated Letter of Credit in a sentence

• The emphasis on deliberation is not new and goes back to the ancient Greeks.

• The funding by a Lender of its pro rata share of such Revolving Credit Advance to Cash Collateralize the outstanding Designated Letters of Credit on the Termination Date shall be deemed payment by such Lender in respect of its participation in each such Designated Letter of Credit.

• Subject to Section 2.3 and Section 5.2 hereof, the funding by a Lender of its pro rata share of such Revolving Loan to cash collateralize the outstanding Designated Letters of Credit on the Revolving Termination Date shall be deemed payment by such Lender in respect of its participation in each such Designated Letter of Credit.

• The Lenders agree that, subject to compliance with the conditions precedent set forth in Section 4.3, any Designated Letter of Credit may be designated as a Letter of Credit hereunder from time to time on or after the Closing Date pursuant to the procedures specified in the definition of "Designated Letters of Credit".

• The funding by a Revolving Lender of its pro rata share of such Revolving Credit Advance to Cash Collateralize the outstanding Designated Letters of Credit on the date that is 30 days prior to the Maturity Date for the Revolving Credit Facility shall be deemed payment by such Revolving Lender in respect of its participation in each such Designated Letter of Credit.

More Definitions of Designated Letter of Credit

Designated Letter of Credit means, collectively, one or more letters of credit made available to Millennium or any Subsidiary by one or more financial institutions (which may include Lenders) under one or more separate letter of credit facilities; provided that (a) any such letter of credit shall be a "Designated Letter of Credit" only if (i) such letter of credit shall have been designated as such in a notice delivered by Millennium to the Administrative Agent together with a copy of the executed definitive documentation related to such letter of credit and (ii) the aggregate face amount of and unreimbursed drawings under such letter of credit and any other letter of credit outstanding or any drawing under which remains unreimbursed at the time of such designation and previously so designated shall not exceed US$50,000,000, and (b) if the amount of any such letter of credit shall be increased after it shall have been designated pursuant to clause (a), the amount of such increase shall be deemed a new letter of credit and shall be a Designated Letter of Credit only if the requirements of clause (a) shall be satisfied as to it.

Designated Letter of Credit means, collectively, (a) each letter of credit issued by a Solutia Lender for the account of the Company or a Subsidiary that is identified in SHARING INTERCREDITOR AGREEMENT Appendix A hereto and (b) each letter of credit for the account of the Company hereafter designated by the Company as a "Designated Letter of Credit" pursuant to Section 3 of the Non-Sharing Intercreditor Agreement.

Designated Letter of Credit means the Letter of Credit #IS0423488U issued by the Issuing Lender on May 16, 2016 for the account of Xxxxxxxx Industrial Services, LLC in the face amount of $3,033,330.40, as amended and extended from time to time.

Designated Letter of Credit means standby and trade letters of credit described on Schedule 2.15 hereto and additional standby and trade letters of credit issued after the Closing Date of a nature substantially similar to those described on Schedule 2.15 the reimbursement obligations of which are Guaranteed by MascoTech (and in which the other Bridge Lenders shall have a participation hereunder).

Designated Letter of Credit means LOC No. P-220706 in the stated amount of $13,422,500, LOC No. P-220775 in the stated amount of $42,277,084, LOC No. P-220704 in the stated amount of $78,362,917, LOC No. P-220703 in the stated amount of $33,388,334, LOC No. P-220707 in the stated amount of $48,332,917 and LOC No. P-225765 in the stated amount of $65,704,167.

Designated Letter of Credit means a letter of credit issued by a Bank and designated by the Company, in a notice to the Collateral Agent, as a Designated Letter of Credit for purposes of the Financing Documents.

Designated Letter of Credit has the meaning ascribed thereto in the Senior Non-Sharing Intercreditor Agreement. JUNIOR INTERCREDITOR AGREEMENT