Letter of Credit Obligor definition

Letter of Credit Obligor shall have the meaning provided in section 3.1(a).
Letter of Credit Obligor means the Borrower and any Subsidiary who may execute a Joinder Agreement.
Letter of Credit Obligor shall have the meaning provided in Section 3.1(a).

Examples of Letter of Credit Obligor in a sentence

  • Upon failure by any such other Letter of Credit Obligor to pay punctually any such amount, the Borrower shall forthwith on demand by the Administrative Agent pay the amount not so paid at the place and in the currency and otherwise in the manner specified in this Agreement or any applicable Letter of Credit Document.

  • Each Lender and each Letter of Credit Obligor agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the 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.

  • Each Letter of Credit Obligor shall pay directly to the L/C Issuer for its own account a fronting fee with respect to each Letter of Credit issued for such Letter of Credit Obligor’s account, at the rate per annum specified in the Fee Letter, computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears.

  • Each request by a Letter of Credit Obligor for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by such Letter of Credit Obligor that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.

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

  • Notwithstanding that 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 L/C Issuer hereunder (to the extent not otherwise paid by another Letter of Credit Obligor) for any and all drawings under such Letter of Credit and all fees and expenses related to such Letter of Credit.

  • If such Letter of Credit Obligor fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof.

  • Each Letter of Credit Obligor shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit issued for the account of such Letter of Credit Obligor equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit.

  • Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), such Letter of Credit Obligor shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing.

  • Unless otherwise expressly agreed by the L/C Issuer and a Letter of Credit Obligor when a Letter of Credit is issued, the rules of the ISP shall apply to each Letter of Credit.


More Definitions of Letter of Credit Obligor

Letter of Credit Obligor means AFG, AAG and any Subsidiary who may execute a Joinder Agreement.
Letter of Credit Obligor means, with respect to each Letter of Credit Issuance, the Borrower, the Subsidiary Guarantor or the Insurance Subsidiary for whose account such Letter of Credit is issued (or deemed issued).
Letter of Credit Obligor means the Borrower and any Subsidiary for whom the Borrower may be a Co-Applicant or for whose account a Letter of Credit is issued.
Letter of Credit Obligor shall have the meaning specified in section 2A.1.
Letter of Credit Obligor means any Obligor for which draws under a Letter of Credit are permitted, under certain circumstances, in connection with such Obligor's Defaulted Receivables.

Related to Letter of Credit Obligor

  • 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.

  • Letter of Credit Disbursement means a payment made by Issuing Bank pursuant to a Letter of Credit.

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

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

  • Letter of Credit Exposure means, at any time, the sum of (a) the aggregate Available Amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all payments or disbursements made by an Issuing Bank pursuant to a Letter of Credit Advance that have not yet been reimbursed at such time.