Wachovia Letters of Credit definition

Wachovia Letters of Credit has the meaning given to such term in Section 8.01(f).
Sample 1
Wachovia Letters of Credit means (a) that certain standby letter of credit having a face amount of $1,500,000, issued by Wachovia Bank, National Association, for the account of Xxxxxx Silver and for the benefit of Agent and (b) that certain standby letter of credit having a face amount of $1,500,000, issued by Wachovia Bank, National Association, for the account of Xxxxxx X. Xxxxxxxx and for the benefit of Agent.”
Sample 1
Wachovia Letters of Credit means the letters of credit issued by Wachovia under the letter of credit facility between Wachovia and the Borrower and outstanding as of the Closing Date.
Sample 1

Examples of Wachovia Letters of Credit in a sentence

  • Cash used to collateralize Wachovia Letters of Credit (Wachovia and Citigroup failed to agree on “backstop” L/Cs; thus DIP Loan Agreement required collateralization)‡ $ (5,770,785.00) □ D.

  • The Company acknowledges and agrees that Landmark is under no obligation to request Wachovia to renew any of the Wachovia Letters of Credit (and any renewal would only be at the amount then required under the applicable Lease) or refrain from cancelling any of them, including the New York Letter of Credit, and may refuse to do so in its sole discretion and regardless of its course of dealings with the Company or other circumstances.

  • The Wachovia Letters of Credit shall have been replaced by or amended or otherwise modified to become Letters of Credit issued by the L/C Issuer under this Agreement or otherwise terminated or replaced with letters of credit issued under a letter of credit facility permitted under Section 7.02 no later than September 26, 2009; provided, however, that the Administrative Agent, in its sole discretion, may extend such deadline for up to 30 days from September 26, 2009.

  • The Wachovia Letters of Credit shall have been replaced by or amended or otherwise modified to become Letters of Credit issued by the L/C Issuer under this Agreement or otherwise terminated or replaced with letters of credit issued under a letter of credit facility permitted under Section 7.02 no later than the date that occurs 60 days after the Closing Date.

  • The Company hereby agrees to reimburse Landmark for all incremental fees charged by Wachovia to Landmark with respect to the Wachovia Letters of Credit, including, without limitation, any origination and/or maintenance fees, and any and all other fees, penalties, interest and charges incurred under the Bank Agreement (collectively, the "L/C Costs").

  • This Agreement, together with the Security Documents, creates a valid, perfected, first-priority security interests in the Collateral, in each case enforceable against the Company and securing the payment of all obligations purported to be secured thereby, subject only to the prior security interests granted to ANB (which is being released in connection with the issuance of the Wachovia Letters of Credit) and Midwest Guaranty Bank (solely with respect to equipment leases).

  • As between the Company and Landmark, the Company agrees to assume all risk of the acts or omissions of Landmark with respect to its use of the Wachovia Letters of Credit.

  • Subject to the terms and conditions hereinafter set forth, for the Company's benefit, Landmark is contemporaneously herewith applying to Wachovia for the Wachovia Letters of Credit.

Related to Wachovia Letters of Credit

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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

  • 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.

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

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

  • 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.

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

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

  • 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.

  • 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.

  • 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 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).

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