Undrawn Letter of Credit definition

Undrawn Letter of Credit means any outstanding commercial or documentary, or stand-by letter of credit issued for the account of the Borrower or any Subsidiary of the Borrower under which (a) a drawing for payment has not been made by the beneficiary, (b) a drawing for payment has been made by the beneficiary and was timely paid by the Borrower or such Subsidiary in accordance with the terms thereof and a balance remains undrawn pursuant to the terms thereof or (c) a drawing has been made and remains unpaid by the Borrower or such Subsidiary and such drawing has been outstanding for a period not in excess of three (3) Business Days.
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Undrawn Letter of Credit means any Letter of Credit that has been issued, but remains undrawn.
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Undrawn Letter of Credit means any outstanding commercial or documentary, or stand-by letter of credit issued for the account of the Borrower or any Subsidiary of the Borrower under which (a) a drawing for payment has not been made by the beneficiary, (b) a drawing for payment has been made by the beneficiary and was timely paid by the Borrower or such Subsidiary in accordance with the terms thereof and a balance remains undrawn pursuant to the terms thereof or (c) a drawing has been made and
Sample 1

Examples of Undrawn Letter of Credit in a sentence

  • Upon treatment of each NewPage DIP ABL Undrawn Letter of Credit in accordance with the preceding sentence, any NewPage DIP ABL Claim corresponding to such NewPage DIP ABL Undrawn Letter of Credit shall be deemed satisfied in full (excluding fees and expenses accrued thereon in accordance with the NewPage DIP ABL Agreement, which shall be paid in full in Cash in accordance with the first sentence of this Article 2.4).

  • From and after the Closing Date until the Termination Date, the Borrower shall pay to the Agent, for the account of each Lender in accordance with such Lender's Pro Rata Share, a letter of credit fee (the "Letter of Credit Fee") accruing at the rate of one and one-quarter percent (1.25%) per annum on the average daily Undrawn Letter of Credit Availability of all Letters of Credit.

  • The Borrower shall pay to the Agent, for the account of each Lender in accordance with such Lender's Pro Rata Share, a letter of credit fee (the "Letter of Credit Fee") accruing at the rate of 1.25% per annum from and after the Entry Date until the Termination Date on the average daily Undrawn Letter of Credit Availability.

  • Upon treatment of each Verso DIP ABL Undrawn Letter of Credit in accordance with the preceding sentence, any Verso DIP ABL Claim corresponding to such Verso DIP ABL Undrawn Letter of Credit shall be deemed satisfied in full (excluding fees and expenses accrued thereon in accordance with the Verso DIP ABL Agreement, which shall be paid in full in Cash in accordance with the second sentence of the preceding paragraph).

  • Upon treatment of each Verso DIP ABL Undrawn Letter of Credit in accordance with the preceding sentence, any Verso DIP ABL Claim corresponding to such Verso DIP ABL Undrawn Letter of Credit shall be deemed satisfied in full (excluding fees and expenses accrued thereon in accordance with the Verso DIP ABL Agreement, which shall be paid in full in Cash in accordance with the first sentence of this Article 2.3).

  • From and after the Closing Date until the Termination Date, the Borrowers shall jointly and severally pay to the Agent, for the account of each Lender in accordance with such Lender's Pro Rata Share, a letter of credit fee (the "Letter of Credit Fee") accruing at the rate of one percent (1.00%) per annum on the average daily Undrawn Letter of Credit Availability of all Letters of Credit.

  • From the Closing Date until the date following the Purchase Termination Date on which Purchasers’ Total Investment shall be reduced to zero, Seller shall pay to BTMUNY, each Purchaser Agent, each Purchaser and each LOC Issuer (as specified therein) all of the fees (including the Undrawn Letter of Credit Fee and any Fronting Fees, if applicable) specified in the fee letter (the “Fee Letter”) dated as of the date hereof among Seller, MPI, Agent, Purchaser Agents, Purchasers and LOC Issuers.

  • The UJOHSC shall formally approve all minutes at the first meeting following the meeting for which minutes were produced.

  • From the Closing Date until the date following the Purchase Termination Date on which Purchasers’ Total Investment shall be reduced to zero, Seller shall pay to BTMUNY, each Purchaser Agent, each Purchaser and each LOC Issuer (as specified therein) all of the fees (including the Undrawn Letter of Credit Fee and any Fronting Fees, if applicable) specified in the fee letter, dated as of the date hereof (as amended, the “Fee Letter”) among Seller, MPI, Agent, Purchaser Agents, Purchasers and LOC Issuers.


More Definitions of Undrawn Letter of Credit

Undrawn Letter of Credit. Outstandings shall mean, at any time, the aggregate undrawn amount of all Letters of Credit outstanding at such time (taking the Dollar Equivalent at such time of any such undrawn amounts under Letters of Credit denominated in an Alternate Currency).
Sample 1
Undrawn Letter of Credit. OUTSTANDINGS shall mean, at any time, the aggregate undrawn amount of all Letters of Credit outstanding at such time (taking the Dollar Equivalent at such time of any such undrawn amounts under Letters of Credit denominated in an Alternate Currency).
Sample 1
Undrawn Letter of Credit means any outstanding standby or commercial letter of credit issued for the account of the Parent or any Subsidiary of the Parent under which (a) a drawing for payment has not been made by the beneficiary, (b) a drawing for payment has been made by the beneficiary and was timely paid by the Parent or such Subsidiary in accordance with the terms thereof and a balance remains undrawn pursuant to the terms thereof, or (c) a drawing has been made and remains unpaid by the Parent or such Subsidiary and such drawing has been outstanding for a period not in excess of three (3) Business Days.
Sample 1

Related to Undrawn Letter of Credit

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

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

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

  • 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.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • 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.

  • 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.

  • Letter of Credit Obligation means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.

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

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

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

  • Letter of Credit Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

  • Letter of Credit Limit means $5,000,000.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • 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).

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

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

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