Facility A Letter of Credit definition

Facility A Letter of Credit means any letter of credit or similar instrument (including a bank guarantee) that is (a) acceptable to the applicable Issuing Bank and (b) issued pursuant to Facility A for the purpose of providing credit support to the Company.
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Facility A Letter of Credit means a financial or performance letter of credit or guarantee denominated in CDollars or USDollars, having a term of up to 365 days and an expiry date not later than the Facility A Maturity Date, issued by the Issuing Bank pursuant to Facility A Credit in accordance with Sections 11.1 and 11.7 for the account of the Canadian Borrower (a) in which the Lenders under Facility A Credit participate pursuant to Section 11.2, (b) which is (i) a standby letter of credit or letter of guarantee, or (ii) a commercial letter of credit, in favour of a seller of goods, for the purchase of goods in the ordinary course of business of an Obligor, excluding for the purpose of guaranteeing obligations of any Person other than an Obligor or Person that is the subject of a pending Permitted Acquisition, or (iii) which is a standby letter of credit or letter of guarantee in respect of obligations of an Obligor or of a Person that is the subject of a pending Permitted Acquisition, in each case incurred pursuant to contracts to which such Obligor or such Person is or proposes to become a party in the ordinary course of its business or in respect of other lawful obligations of such Obligor or such Person in the ordinary course of its business, and (c) which may, at the request of the Canadian Borrower, be issued on behalf of a Person that is the subject of a pending Permitted Acquisition.
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Facility A Letter of Credit means any standby letter of credit issued hereunder under the Revolving A Credit Facility providing for the payment of cash upon the honoring of a presentation thereunder.
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Examples of Facility A Letter of Credit in a sentence

  • For purposes of computing the daily amount available to be drawn under any Facility A Letter of Credit, the amount of such Facility A Letter of Credit shall be determined in accordance with Section 1.06.

  • Each Facility B Letter of Credit outstanding on the date of this Agreement shall be deemed to be a Facility A Letter of Credit outstanding under the Facility A Credit.

  • Facility A Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Facility A Letter of Credit, on the Facility A Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears.

  • If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Facility A Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

  • The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Facility A Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.

  • Notwithstanding that a Facility A Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the applicable Facility A L/C Issuer hereunder for any and all drawings under such Facility A Letter of Credit.

  • Additionally, the Borrower shall furnish to the applicable Facility A L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Facility A Letter of Credit issuance or amendment, including any Issuer Documents, as the applicable Facility A L/C Issuer or the Administrative Agent may require.

  • Each Revolving A Lender and the Borrower agrees that, in paying any drawing under a Facility A Letter of Credit, the applicable Facility A L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such Facility A Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.

  • On or before the Effective Date, the Borrower shall ------------ pay to the Agent, for the account of the Lenders, all accrued and unpaid Revolving Credit Facility A Commitment Fees under the Second Amended and Restated Senior Secured Credit Agreement and all accrued and unpaid Letter of Credit Fees relating to any Revolving Credit Facility A Letter of Credit under the Second Amended and Restated Senior Secured Credit Agreement.

  • Any reduction of the Revolving A Credit Facility and/or the Revolving B Credit Facility shall be applied to the Revolving A Credit Commitment and/or the Revolving B Credit Commitment, as applicable, of each Appropriate Lender according to its Applicable Revolving A Credit Percentage and/or Revolving B Credit Percentage, as applicable (and any reduction of the Facility A Letter of Credit Sublimit shall be applied to the Facility A Individual L/C Sublimit of each Facility A L/C Issuer pro rata).


More Definitions of Facility A Letter of Credit

Facility A Letter of Credit means a standby letter of credit or a commercial letter of credit having a stated expiry date or a date upon which the draft must be reimbursed not later than twelve months after the date of issuance and not later than the fifth Business Day before Termination Date A issued by the Agent on behalf of the Lenders for the account of the Company under an application and related documentation acceptable to the Agent requiring, among other things, immediate reimbursement by the Company to the Agent in respect of all drafts or other demand for payment honored thereunder and all expenses paid or incurred by the Agent relative thereto.
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Facility A Letter of Credit means a Letter of Credit issued pursuant to Section 2.1(b).
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Facility A Letter of Credit means any letter of credit or similar instrument (including a bank guarantee) issued under this Agreement that is (a) reasonably acceptable to the applicable Issuing Bank and (b) issued pursuant to Facility A for the purpose of providing credit support for the Company. For the avoidance of doubt, unless the context otherwise requires, references 32 herein to Facility A Letters of Credit shall include any time draft presented under a Facility A Letter of Credit.
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Related to Facility A Letter of Credit

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

  • 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.

  • Existing Letter of Credit means any letter of credit previously issued for the account of the Company or any other Loan Party by a Lender or an Affiliate of a Lender that is (a) outstanding on the Effective Date and (b) listed on Schedule 1.01(a).

  • 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.

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

  • 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 Obligation means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.

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