Examples of Underlying Letter of Credit in a sentence

Anything contained herein to the contrary notwithstanding, the Issuing Lender may, but shall not be obligated to, issue or cause the issuance of a Letter of Credit or to issue a Reimbursement Undertaking in respect of an Underlying Letter of Credit, in either case, that supports the obligations of Borrower or its Subsidiaries in respect of (1) a lease of real property, or (2) an employment contract.
Borrower hereby authorizes and directs any Underlying Issuer to deliver to the Issuing Lender all instruments, documents, and other writings and property received by such Underlying Issuer pursuant to such Underlying Letter of Credit and to accept and rely upon the Issuing Lender’s instructions with respect to all matters arising in connection with such Underlying Letter of Credit and the related application.

More Definitions of Underlying Letter of Credit

Underlying Letter of Credit a letter of credit (as that term is defined in the UCC) that has been issued by an Underlying Issuer. Underlying Letters of Credit do not constitute Letters of Credit hereunder.

Underlying Letter of Credit means a Letter of Credit that has been issued by an Issuing Lender or Underlying Issuer.

Underlying Letter of Credit means a U.S. Underlying Letter of Credit or a Canadian Underlying Letter of Credit, as the context requires.

Underlying Letter of Credit has the meaning ascribed to it in the First Lien Credit Agreement as in effect on the date hereof.

Underlying Letter of Credit issued in connection with the December 2000 Loan Agreement which is outstanding on the date hereof shall be deemed an Underlying Letter of Credit hereunder.

Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer. Any "Underlying Letter of Credit" issued in connection with the December 2000 Loan Agreement which is outstanding on the date hereof shall be deemed an Underlying Letter of Credit hereunder.