Exit Letters of Credit definition

Exit Letters of Credit means the letters of credit in the aggregate amount of $25 million to be issued or caused to be issued by GOF in favor of the Postpetition Agent to support amortization payments due between the Effective Date and December 31, 2004, under the Restructured Facilities pursuant to the Bank Term Sheet, which amount shall not exceed $25 million.
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Exit Letters of Credit means the letters of credit issued under the Exit Facility, on the terms and conditions set forth in that certain letter of credit and reimbursement agreement.
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Examples of Exit Letters of Credit in a sentence

  • Upon the indefeasible payment in full in cash of the DIP Obligations, including the cash collateralization of any DIP Letters of Credit (excluding contingent indemnification obligations for which no claim has been asserted and DIP Letters of Credit deemed converted to Exit Letters of Credit under the Exit Facility) (a “DIP Repayment”), the foregoing Events of Default shall be deemed waived.

  • Starting dateAccess to the tool is possible from September 1, 2022.

  • On the Effective Date, GOF will receive certain fees for posting the Exit Letters of Credit.

  • New Polymer also shall issue New Senior Subordinated Notes to GOF to the extent of any draws on the Exit Letters of Credit (or any other advance made, or caused to be made, by GOF solely in lieu of a drawing under the Exit Letters of Credit to make the amortization payments under the Restructured Facilities from the Effective Date through December, 2004, which amount shall not exceed $25 million).

  • On the Effective Date, in accordance with the Bank Term Sheet, GOF shall receive a fee of 2% ($500,000) of the face amount for posting, or causing to be posted, the Exit Letters of Credit.

  • Any drawings under the Exit Letters of Credit (or any advances made, or caused to be made, by GOF, solely in lieu of drawing on the Exit Letters of Credit to make the amortization payments under the Restructured Facilities from the Effective Date through December 31, 2004, which amount shall not exceed $25 million) will be evidenced by the New Senior Subordinated Notes to be issued by New Polymer to GOF.

  • The Company acts as an investment holding company and its subsidiaries (together with the Company collectively referred to as the “Group”) are principally engaged in (i) mining, processing and sale of coal; and (ii) other resources related business.

  • Under this Amended Modified Plan, GOF will issue or cause to be issued the Exit Letters of Credit to guarantee the amortization payments due from the Effective Date through December 31, 2004, under the Restructured Facilities and the Bank Term Sheet in the event that the Reorganized Debtors are unable to make such amortization payments.

  • GOF shall have issued, or caused the issuance, of the Exit Letters of Credit for the benefit of the Postpetition Agent.

  • Outstanding DIP Letters of Credit will be continued under the Exit Facility as Exit Letters of Credit.

Related to Exit Letters of Credit

  • Existing Letters of Credit means the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22.

  • Trade Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

  • Commercial Letters of Credit means those letters of credit subject to the UCP payable in Dollars and issued or caused to be issued by Lender on behalf of Borrower under a Loan Facility for the benefit of a supplier(s) of Borrower in connection with Borrower's purchase of goods or services from the supplier in support of the export of the Items.

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • Letters of Credit as defined in Section 3.1(a).

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter 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.

  • 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.

  • 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.

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

  • Revolving Loan Documents means the “Loan Documents” as defined in the Revolving Credit Agreement.

  • 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 Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

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

  • Letter of Credit Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

  • Letters of Credit Outstanding means, at any time, the sum of, without duplication, (a) the aggregate Stated Amount of all outstanding Letters of Credit and (b) the aggregate principal amount of all Unpaid Drawings in respect of all Letters of Credit.

  • Revolving Loan Obligations means any Obligations with respect to the Revolving Loans (including without limitation, the principal thereof, the interest thereon, and the fees and expenses specifically related thereto).

  • Letter of Credit Undrawn Amounts means, at any time, the aggregate undrawn face amount of all Letters of Credit outstanding at such time.

  • Financing Commitments has the meaning set forth in Section 5.7.

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

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

  • Equity Commitment Letters has the meaning set forth in Section 6.6(a).

  • Revolving Loan Facility means the credit facility or portion thereof established by Lender in favor of Borrower for the purpose of providing working capital in the form of loans and/or Letters of Credit to finance the manufacture, production or purchase and subsequent export sale of Items pursuant to Loan Documents under which Credit Accommodations may be made and repaid on a continuous basis based solely on credit availability on the Export-Related Borrowing Base during the term of such credit facility

  • 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.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • Standby Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).