Definition of IRB Letter of Credit


IRB Letter of Credit means one or more letters of credit issued by Bank in an aggregate face amount not in excess of $4,200,000, in its discretion and pursuant to documentation satisfactory in form and substance to it, for the account of one or more Borrowers and Guaranteed by FCC, (i) to directly support industrial revenue bonds issued to finance an IRB Project or (ii) to provide credit support for a letter of credit issued by Bank of America, N.A. for this purpose.
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Examples of IRB Letter of Credit in a sentence

Stated Amount means, with respect to any Letter of Credit or 2004 IRB Letter of Credit at any date of determination, (a) the maximum aggregate amount available for drawing thereunder under any and all circumstances plus (b) the aggregate amount of all unreimbursed payments and disbursements under such Letter of Credit or 2004 IRB Letter of Credit.
In addition, the Bank shall have no obligation to issue any IRB Letter of Credit if either (i) the maximum stated amount of the requested IRB Letter of Credit plus the aggregate Letter of Credit Obligations with respect to all IRB Letters of Credit would exceed $4,800,000 or (ii) the outstanding principal amount of all Revolving Loans plus the aggregate Letter of Credit Obligations would exceed the Total Facility.
If an Event of Default occurs that has not been waived by Lenders, Industries, Holdings and O'Sullivan - Virginia shall use all reasonable efforts to obtain a letter of credit from another financial institution to replace the IRB Letter of Credit.
The original IRB Letter of Credit may be renewed one or more times after October 1998, upon the application of any of Industries, Holdings, and O'Sullivan - Virginia if in each case such renewal is approved by Lenders in their discretion.
In the event the IRB Letter of Credit (or such 49 -42- replacement Letter of Credit) shall terminate or expire the Letter of Credit Limit shall be reduced automatically on the date of such termination or expiration by an amount equal to the face amount thereof as in effect immediately prior to such termination or expiration.