New Letters of Credit definition

New Letters of Credit means all letters of credit (whether documentary or stand-by and whether for the purchase of inventory, equipment or otherwise) issued by an Issuing Bank for the account of any Credit Party pursuant to this Credit Agreement on or after the Closing Date (but excluding Existing Letters of Credit), together with all amendments, renewals, extensions or replacements thereof.
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New Letters of Credit means Letters of Credit issued after the Sixth Amendment Effective Date.
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New Letters of Credit means each standby or commercial letter of credit (other than the Existing Letters of Credit) issued by the Administrative Agent or an Additional Issuer for the account of the Borrower pursuant to Section 2.14(a); provided, however, in the event that any Additional Issuer fails to provide the notice to the Administrative Agent required by the first proviso contained in Section 2.14(a), any letter of credit issued by such Additional Issuer without the giving of such notice shall not constitute a New Letter of Credit under this Agreement.
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Examples of New Letters of Credit in a sentence

  • Subject to the terms and conditions set forth herein, the Borrower may request the issuance of New Letters of Credit denominated in Dollars for its own account, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Commitment Period.

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  • The Borrower’s authority to borrow further DIP Loans, request the issuance of New Letters of Credit and increase the DIP Facility solely on account of any amounts drawn under the Existing Letter of Credit will be governed by the terms of this Final Order.

  • The Debtors’ access to sufficient working capital and liquidity through the use of borrowing under the DIP Facility, the issuance of New Letters of Credit and through the use of Cash Collateral is vital to the preservation and maintenance of the going concern values of the Debtors and to a successful reorganization of the Debtors pursuant to the Restructuring Transactions.

  • All New L/C Obligations of the Borrower shall be unconditionally guaranteed by each of the Guarantors on a joint and several basis, and cash collateralized by the Borrower, using cash or proceeds of the DIP Loans, in an amount equal to 105% of the aggregate Undrawn Amount (as defined in the DIP L/C Agreement) of New Letters of Credit issued, in each case as further provided in the DIP L/C Facility Documents, including with respect to subordination of the DIP Liens on such cash collateral.

  • Subject to the terms and conditions set forth herein, the Parent and a Letter of Credit Applicant may request the issuance of New Letters of Credit for the account of a Letter of Credit Applicant in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the period from the Effective Date to the Business Day immediately preceding the Maturity Date.

  • Based on the results, LADWP determines whether they can meet the Project’s fire hydrant flow needs based on existing infrastructure.c) Project Design FeaturesNo specific Project Design Features have been identified with regard to water.

  • A letter of credit fee on the average outstanding new Letters of Credit issued under the Revolving Credit Facility, equal to the Applicable LIBOR Margin for LIBOR Loan advances, (the "New Letters of Credit Fee"), payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, and on the Maturity Date.

  • New Letters of Credit and extensions or renewals of existing Letters of Credit shall be in a form acceptable to Lenders.

  • Junius Notices personally delivered shall be deemed to have been received upon delivery, provided that delivery is on a business day.


More Definitions of New Letters of Credit

New Letters of Credit means the letters of credit in an aggregate amount not to exceed
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New Letters of Credit means the letters of credit in an aggregate amount not to exceed $5,000,000 at any time outstanding, to be issued pursuant to the terms and conditions of that certain Letter of Credit Agreement, dated as of February 2, 2018, by and between Borrower and Citizens Bank, N.A.
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New Letters of Credit means all Letters of Credit issued after the date of this Agreement.
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New Letters of Credit means those certain Letters of Credit issued after the Restructure Effective Date pursuant to Section 2.22.
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New Letters of Credit means the letters of credit issued by Xxxxx Fargo Bank, National Association, a national banking association, for the benefit of Fleet, in an aggregate amount of $137,500.
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Related to New 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 the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22.

  • 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.

  • 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).

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • 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.

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • Existing Letter of Credit means each letter of credit previously issued (or deemed issued) for the account of the Borrower, the Company or any of their respective Subsidiaries under the Existing Credit Facilities that (a) is outstanding on the Closing Date and (b) is listed on Schedule 1.01C.

  • Letter of Credit Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

  • Facility Letter of Credit means a Letter of Credit issued by an Issuer pursuant to Section 2.15.

  • Letter of Credit Accommodations means the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Lender for the account of Borrower or any Obligor or (b) with respect to which Lender has agreed to indemnify the issuer or guaranteed to the issuer the performance by Borrower of its obligations to such issuer.

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

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

  • Letters of Credit Outstanding means, at any time, the sum of, without duplication, (a) the aggregate Stated Amount of all outstanding Letters of Credit and (b) the aggregate principal amount of all Unpaid Drawings in respect of all Letters of Credit.

  • Letter of Credit Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Letter of Credit Undrawn Amounts means, at any time, the aggregate undrawn face amount of all Letters of Credit outstanding at such time.

  • Revolving Loan Documents means the “Loan Documents” as defined in the Revolving Credit Agreement.

  • Revolving Extensions of Credit as to any Revolving Lender at any time, an amount equal to the sum of (a) the aggregate principal amount of all Revolving Loans held by such Lender then outstanding, (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding and (c) such Lender’s Revolving Percentage of the aggregate principal amount of Swingline Loans then outstanding.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • Letter of Credit Liabilities means, for any Bank and at any time, such Bank's ratable participation in the sum of (x) the amounts then owing by the Borrower in respect of amounts drawn under Letters of Credit and (y) the aggregate amount then available for drawing under all Letters of Credit.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.