IDB Letter of Credit definition

IDB Letter of Credit means that certain Irrevocable Letter of Credit No. S04377 dated October 5, 1988 in the original stated amount of $9,510,411.00 issued by Bankers Trust Company to the trustee under that certain Indenture of Trust, dated August 1, 1988, pursuant to which the Sunbelt Bonds were issued.
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IDB Letter of Credit. (a) The "Letter of Credit" described in the 1997 IDB Reimbursement Agreement (the "1997 IDB Letter of Credit"); and (b) the "Letter of Credit" described in the 1998 IDB Reimbursement Agreement (the "1998 IDB Letter of Credit").
Sample 1

Examples of IDB Letter of Credit in a sentence

  • On or after any Principal Drawing under the IDB Letter of Credit if for any reason Senior Notes (Sunbelt IDB) are not exchanged for Senior Notes (Other) in accordance with the provisions of this Section, then from and after the date of such Principal Drawing a principal amount of the Senior Notes (Sunbelt IDB) equal to the amount drawn under the IDB Letter of Credit shall, for all purposes, be deemed to be represented by a Senior Note (Other) in such principal amount.

  • Under the Letter of Credit Agreement, the Company has agreed that upon any Principal Drawing under the IDB Letter of Credit, the Senior Notes (Sunbelt IDB) shall thereupon be automatically exchanged for Senior Notes (Other) in the principal amount of such drawing.

  • For purposes of determining whether any Principal Drawing under the IDB Letter of Credit or an Event of Default under the Letter Credit Agreement has occurred, the Trustee may rely on a notice to such effect from the Holder or Holders of the Senior Notes (Sunbelt IDB).

  • The New Senior Notes (Sunbelt IDB) shall provide that, upon the occurrence of any drawing under the IDB Letter of Credit that is not reimbursed by the Company on the date of such drawing, a portion of the New Senior Notes (Sunbelt IDB) in the principal amount of such drawing shall immediately and without further action become due and payable.

  • The IDB Letter of Credit shall not be included within the defined term 'Letter of Credit' and the amount available for drawing thereunder shall not be included in determining usage or availability of the Letter of Credit Amount.

  • On the date of ---------------------------------------- issuance of the IDB Letter of Credit, all conditions precedent to the issuance of the IDB Letter of Credit set forth in the Reimbursement Agreement shall have been satisfied.

  • No commission shall be payable hereunder with respect to the IDB Letter of Credit.

  • If the Company fails to reimburse BT in full on the day that any drawing on the IDB Letter of Credit is honored in accordance with the immediately preceding sentence, then a portion of the New Senior Note (Sunbelt IDB) in a principal amount equal to the amount of such drawing shall become immediately due and payable.

  • Section 2.02(ii) of the LOC Agreement will be amended to provide that the Company will pay to BT on the date that any drawing is honored under the IDB Letter of Credit, a sum equal to the amount of such drawing.

  • Sunbelt's obligation to reimburse Bankers for any drawing under the IDB Letter of Credit has been assumed by Huntway pursuant to the Huntway Assumption Agreement and is evidenced in part by the Senior Note (Sunbelt IDB) and in part hereby.

Related to IDB Letter of Credit

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

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

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

  • 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.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

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

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • 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.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

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

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

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

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

  • 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 Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

  • 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.