Examples of IDRB Letter of Credit in a sentence
Whenever the IDRB Letter of Credit shall be drawn, the amount drawn shall be reimbursed by Core Molding in accordance with the terms of the Reimbursement Agreement.
Neither the granting of any Loan (or any conversion thereof), the IDRB Letter of Credit or any Letter of Credit nor the use of the proceeds of any Loan, the IDRB Letter of Credit or any Letter of Credit will violate, or be inconsistent with, the provisions of Regulation T, U or X or any other Regulation of such Board of Governors.
Each Lender is hereby authorized to record on its records such Lender’s pro rata share of the amounts paid and not reimbursed on the IDRB Letter of Credit.
Agent and the Lenders are hereby authorized, at their option, to deduct any and all such amounts from any deposit balances then owing by any Lender (or any affiliate of such Lender, wherever located) to or for the credit or account of Core Molding or any Domestic Guarantor of Payment, as security for the obligations of Core Molding and any Domestic Guarantor of Payment to reimburse Agent and the Lenders for any then outstanding Letters of Credit and the IDRB Letter of Credit.
Borrowers shall have terminated the Loan Agreement (and any documents executed in connection therewith (other than any document related to the IDRB Letter of Credit)), dated as of December 30, 2003, as amended, between Core Molding and KeyBank, which terminations shall be deemed to have occurred upon payment in full of all of the Indebtedness outstanding thereunder.
The inclusion of the IDRB Letter of Credit in this Agreement shall cause the IDRB Letter of Credit to be risk participated by the Lenders and shall confer upon each Lender the benefits and liabilities of a participation consisting of an undivided pro rata interest in the IDRB Letter of Credit to the extent of such Lender’s Commitment Percentage.
Prior to the Closing Date, KeyBank issued the IDRB Letter of Credit for the account of Core Molding.
Upon such notice, but without further action, the Fronting Lender hereby agrees to grant to each Lender, and each Lender hereby agrees to acquire from the Fronting Lender, an undivided participation interest in the amount due with respect to the IDRB Letter of Credit in an amount equal to such Lender’s Commitment Percentage of the principal amount due with respect to the IDRB Letter of Credit.
Agent shall have the right to request that each Lender fund the participation in the amount due with respect to the IDRB Letter of Credit, and Agent shall promptly notify each Lender thereof (by facsimile or telephone, confirmed in writing).
If the maturity of the Obligations shall be accelerated pursuant to Section 8.1 or 8.2 hereof, Core Molding shall immediately deposit with Agent, as security for the obligations of Core Molding and any Domestic Guarantor of Payment to reimburse Agent and the Lenders for any then outstanding Letters of Credit and the IDRB Letter of Credit, cash equal to the sum of the aggregate undrawn balance of any then outstanding Letters of Credit and the IDRB Letter of Credit.