New Letter of Credit definition

New Letter of Credit any letter of credit issued pursuant to this Agreement and any successive renewals or extensions thereof.

New Letter of Credit as defined in Section 2.10.

New Letter of Credit means any letter of credit (whether a standby letter of credit or a documentary letter of credit) issued by the Issuing Bank pursuant to this Agreement, other than the Existing Letter of Credit.

Examples of New Letter of Credit in a sentence

• The Take Back Debt Agreement, the New Letter of Credit Agreement, and the Existing L/C Escrow Agreement(s) shall constitute legal, valid, and binding obligations of Reorganized Paragon enforceable in accordance with their terms.

• On the Effective Date, the Existing Letters of Credit shall be deemed issued under the New Letter of Credit Agreement; on and after the Effective Date, the Revolving Lenders will continue to hold participations in the Existing Letters of Credit in accordance with their existing percentages as of immediately prior to the Effective Date.

• Letters of Credit 0.00 Total New Letter of Credit Balance: 0.00 33 A.

• Treatment: On or before the Effective Date, the reimbursement agreements with respect to the Existing Letters of Credit shall be automatically terminated without any further action by any party and shall no longer be of any force or effect and each Holder of an Allowed Class MK Claim consisting of an Existing LC Claim shall enter into a New Letter of Credit Reimbursement Agreement with the Reorganized Debtor in full and final satisfaction of such Allowed Claim.

• Each such Existing LC Claim shall be entitled to be paid in full in Cash in accordance with the terms of the New Letter of Credit Reimbursement Agreement.

More Definitions of New Letter of Credit

New Letter of Credit has the meaning set forth in Section 4.05(b) to this Agreement.

New Letter of Credit means any irrevocable evergreen

New Letter of Credit shall have the meaning given such term in PARAGRAPH 2(b) above.

New Letter of Credit means any irrevocable evergreen -------------------- standby letter of credit with a non-renewal clause of at least thirty (30) days issued pursuant to Section 2.01 which is not issued to replace an Existing Letter of Credit.

New Letter of Credit shall have the meaning specified in Section 1.1(c).

New Letter of Credit means, collectively, (a) any Letter of Credit other than a Letter of Credit that is (i) issued hereunder to replace a Prepetition Letter of Credit or (ii) deemed outstanding hereunder pursuant to clause (b) of the definition of “Letter of Credit” and (b) with respect to any amendment to a Letter of Credit described in clause (a) that increases the face amount of such Letter of Credit, that portion of such Letter of Credit that represents such increase. If any Letter of Credit described in the foregoing clause (a)(i) has a face amount in excess of the Prepetition Letter of Credit that such Letter of Credit replaces, then such excess shall be deemed a New Letter of Credit.

New Letter of Credit means any letter of credit (the expiry date of which shall not extend beyond the Termination Date) obtained by the Borrower after the Closing Date, which is to be supported by cash collateral, provided from the proceeds of New Facility Loans made by the Lenders under this Agreement.