Rolling Letters of Credit definition

Rolling Letters of Credit means all Term Letters of Credit that have been, as of the Closing Date, continued under and in accordance with the Term Credit Agreement after the termination of the “Commitments” (including, without limitation, the “Term Letter of Credit Commitment”) under and as defined in the Term Credit Agreement, pursuant to arrangements (including, without limitation, cash collateral arrangements) reasonably satisfactory to the Administrative Agent.
Sample 1
Rolling Letters of Credit means, at any time after the termination of the “Commitments” (including, without limitation, the “Term Letter of Credit Commitment”) under and as defined in the Term Credit Agreement, (a) letters of credit issued by The Bank of New York Mellon or such other letter of credit issuer reasonably acceptable to the Administrative Agent for the account of any Borrower or any of their Subsidiaries, which letters of credit are issued as replacement or substitution letters of credit for any existing Term Letter of Credit, (b) any existing Term Letter of Credit that is continued by The Bank of New York Mellon or any other issuer thereof after the termination of the “Commitments” (including, without limitation, the “Term Letter of Credit Commitment”) under and as defined in the Term Credit Agreement, in each case, pursuant to arrangements (including, without limitation, cash collateral arrangements) reasonably satisfactory to the Administrative Agent, or (c) any existing Term Letter of Credit that is continued under and in accordance with the Term Credit Agreement after the termination of the “Commitments” (including, without limitation, the “Term Letter of Credit Commitment”) under and as defined in the Term Credit Agreement, pursuant to arrangements (including, without limitation, cash collateral arrangements) reasonably satisfactory to the Administrative Agent.
Sample 1

Related to Rolling Letters of Credit

  • Existing Letters of Credit means the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22.

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

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • 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.

  • 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.

  • 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.

  • 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.

  • 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 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.

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

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

  • 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.

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

  • 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.

  • 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.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

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

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Agent maintained at the office of the Agent at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the "Family Golf Centers, Inc. Letter of Credit Account" that shall be used solely for the purposes set forth in Sections 2.02(b) and 2.10(a) and (c).

  • 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 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.

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

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

  • 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.