Backstopped Letters of Credit definition

Backstopped Letters of Credit means those certain letters of credit set forth on Schedule 1.1F.
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Backstopped Letters of Credit shall have the meaning provided in Section 5.05(a).
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Backstopped Letters of Credit means, at any time, the Letters of Credit described on Schedule 1.01(m) to the extent that the same are then cash collateralized in an amount equal to 103% of the undrawn face amount thereof at such time on terms, and pursuant to documentation, in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent.
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Examples of Backstopped Letters of Credit in a sentence

  • The Administrative Agent shall have received reasonably satisfactory evidence that the repayment of all Indebtedness (other than the Backstopped Letters of Credit) of the Acquired Company shall have occurred.

  • The Administrative Agent shall have received reasonably satisfactory evidence that the repayment, with proceeds of the Loans hereunder, of all Indebtedness (other than the Backstopped Letters of Credit) of the Acquired Company shall have occurred .


More Definitions of Backstopped Letters of Credit

Backstopped Letters of Credit means those Existing Letters of Credit indicated on Schedule II with respect to which Standby Letters of Credit under this Agreement serve as support for the reimbursement obligations of the Company and its Subsidiaries to the issuers of such Backstopped Letters of Credit.
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Related to Backstopped Letters of Credit

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

  • Existing Letters of Credit means those certain letters of credit set forth on Schedule 1.01(d).

  • 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).

  • 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.