Definition of PPR Letter of Credit



Examples of PPR Letter of Credit in a sentence

The proceeds of the Loans and the Letters of Credit shall be used to refinance the Second Lien Notes, to provide funding in connection with the Acquisition, to provide for bonding requirement with the MMS (defined herein), to finance the PPR Letter of Credit, to provide working capital for exploration and production operations and to provide funding and Letters of Credit for general corporate purposes of the Borrower and its Restricted Subsidiaries.
The PPR Letter of Credit shall expire on the 45th day after the Effective Date, and to the extent such preferential purchase rights in respect of a Preferential Purchase Right Property are waived or expire without being exercised after the Effective Date, the PPR Letter of Credit will be drawn in an amount equal to the allocated purchase price for such Preferential Purchase Right Property and such Preferential Purchase Right Properties subject thereof will be conveyed to the Borrower.
Otherwise, if such preferential purchase rights in respect of a Preferential Purchase Right Property are exercised, the PPR Letter of Credit will reduce by an amount equal to the purchase price allocated to Preferential Purchase Right Property in the Acquisition Documents.