Letter of Credit Reimbursement Obligation definition

Letter of Credit Reimbursement Obligation with respect to a Letter of Credit means the obligation of the applicable Account Party to reimburse the Issuing Bank for drawings on a Letter of Credit, together with interest thereon, and "Letter of Credit Reimbursement Obligations" shall mean all such obligations with respect to all Letters of Credit.

Letter of Credit Reimbursement Obligation means the obligation of the Borrower to pay to the Lender, or reimburse the Lender for, any amounts payable, paid, or incurred by the Lender with respect to Letters of Credit.

Letter of Credit Reimbursement Obligation is defined in Section 2.6.3.

Examples of Letter of Credit Reimbursement Obligation in a sentence

• Interest on Letter of Credit Reimbursement Obligations shall accrue at a rate per annum (based on a year of 360 days and actual days elapsed) which for each day shall be equal to the then-current Applicable Interest Rate beginning on the day that the related Letter of Credit payment is made and shall be due and payable on the day that the Letter of Credit Reimbursement Obligation is due and payable in accordance with Section 2.05(a) hereof.

• If, at any time, after an Issuing Bank has made a Letter of Credit Unreimbursed Draw and has received from any Lender such Lender's share of such Letter of Credit Unreimbursed Draw, such Issuing Bank receives any payment or makes any application of funds on account of the Letter of Credit Reimbursement Obligation arising from such Letter of Credit Unreimbursed Draw, such Issuing Bank will pay to the Agent, for the account of such Lender, such Lender's Pro Rata share of such payment or application.

• If, at any time, after the Issuing Bank has made a Letter of Credit unreimbursed draw and has received from any Lender such Lender's share of such Letter of Credit unreimbursed draw, and the Issuing Bank receives any payment or makes any application of funds on account of the Letter of Credit Reimbursement Obligation arising from such Letter of Credit unreimbursed draw, the Issuing Bank will pay to the Agent, for the account of such Lender, such Lender's Pro Rata share of such payment.

• If, at any time, after the Issuing Bank has made a Letter of Credit unreimbursed draw and has received from any Lender such Lender’s share of such Letter of Credit unreimbursed draw, and the Issuing Bank receives any payment or makes any application of funds on account of the Letter of Credit Reimbursement Obligation arising from such Letter of Credit unreimbursed draw, the Issuing Bank will pay to the Agent, for the account of such Lender, such Lender’s Pro Rata share of such payment.

• Any sums obtained by any Bank by way of counterclaim, set-off, banker's lien or other lien for application upon any Letter of Credit Reimbursement Obligation shall be shared pro rata with the other Banks.

More Definitions of Letter of Credit Reimbursement Obligation

Letter of Credit Reimbursement Obligation means the obligation of the Account Party to reimburse the Issuing Bank for drawings on the Letter of Credit, together with interest thereon.

Letter of Credit Reimbursement Obligation the obligation of the Company to reimburse the Issuing Lender in accordance with subsection 4.6(a) for any payment made by the Issuing Lender under any Letter of Credit issued for the account of the Company or any of its Subsidiaries.

Letter of Credit Reimbursement Obligation. A facility whereby (i) a fronting bank that, at the time of acquisition of such Letter of Credit Reimbursement Obligation by the Issuer or the Issuer’s commitment to acquire the same, has at least a short-term rating of "A 1" (or, if no short-term rating exists, a long-term rating of "A+") by S&P ("LOC Agent Bank") issues or will issue a letter of credit ("LC") for or on behalf of a borrower pursuant to an Underlying Instrument, (ii) in the event that the LC is drawn upon, and the borrower does not reimburse the LOC Agent Bank, the lender/participant is obligated to fund its portion of the facility, (iii) the LOC Agent Bank passes on (in whole or in part) the fees and any other amounts it receives for providing the LC to the lender/participant and (iv)(a) the related Underlying Instruments require the Issuer to fully collateralize the Issuer’s obligations to the related LOC Agent Bank or obligate the Issuer to make a deposit into a trust in an aggregate amount equal to the related LC Commitment Amount, (b) the collateral posted by the Issuer is held by, or the Issuer’s deposit is made in, a depository institution meeting the requirement set forth in Section 10.1 and (c) the collateral posted by the Issuer is invested in Eligible Investments. For the avoidance of doubt, a Letter of Credit Reimbursement Obligation will not include any letter of credit facility, or revolving facility with a letter of credit component, that does not require the Issuer (and each other lender under such facility) to collateralize its commitment or deposit the amount thereof in trust.

Letter of Credit Reimbursement Obligation any obligation of any Borrower to reimburse the Issuing Bank for any amount drawn under any Letter of Credit, as provided in subsection 4.3.

Letter of Credit Reimbursement Obligation. A facility received in connection with a workout of a Collateral Obligation whereby (i) a fronting bank (“LOC Agent Bank”) issues or will issue a letter of credit (“LC”) for or on behalf of a borrower pursuant to an Underlying Instrument, (ii) in the event that the LC is drawn upon, and the borrower does not reimburse the LOC Agent Bank, the lender/participant is obligated to fund its portion of the facility and (iii) the LOC Agent Bank passes on (in whole or in part) the fees and any other amounts it receives for providing the LC to the lender/participant. “LIBOR”: The meaning specified in Section 2.14(b). “LIBOR Floor Obligation”: As of any date, a Floating Rate Obligation (a) for which the related Underlying Instruments allow a LIBOR rate option, (b) that provides that such LIBOR rate is (in effect) calculated as the greater of (i) a specified “floor” rate per annum and

Letter of Credit Reimbursement Obligation. “London Banking Day”: A day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in London, England. “LSTA”: The Loan Syndications and Trading Association. “Maintenance Covenant”: A covenant by any Obligor to comply with one or more financial covenants during each reporting period, whether or not such Obligor has taken any specified action. “Majority”: (a) With respect to any Class or Classes of Secured Notes, the Holders of more than 50% of the Aggregate Outstanding Amount of the Secured Notes of such Class or Classes and (b) with respect to the Subordinated Notes, the Holders of more than 50% of the Aggregate Outstanding Amount of the Subordinated Notes. “Management Fees”: The Base Management Fee and the Subordinated Management Fee. “Mandatory Redemption”: A redemption of the Notes in accordance with Section 9.1. “Mandatory Tender”: The meaning specified in Section 9.8(b). “Margin Stock”: “Margin Stock” as defined under Regulation U issued by the Board of Governors of the Federal Reserve System, including any debt security which is by its terms convertible into “Margin Stock.” “Market Value”: With respect to any Loans or other Assets, the amount (determined by the Collateral Manager) equal to the product of the principal amount thereof and the price determined in the following manner: (i) in the case of a loan only, the bid price determined by an Approved Loan Pricing Service or any other nationally recognized loan pricing service, as applicable, selected by the Collateral Manager with notice to the Rating Agency (in

Letter of Credit Reimbursement Obligation means (a) with respect to any Participated Letter of Credit, the obligation of the applicable Account Party to reimburse the Issuing Bank for LC Disbursements on such Participated Letter of Credit, together with interest thereon, and (b) with respect to a Syndicated Letter of Credit, the obligation of the applicable Account Party to reimburse each Bank for LC Disbursements made by such Bank on such Syndicated Letter of Credit, together with interest thereon, and "LETTER OF CREDIT REIMBURSEMENT OBLIGATIONS" shall mean all such obligations with respect to all Letters of Credit.