Bank Letters of Credit definition

Bank Letters of Credit means letters of credit issued by a bank for the account of Borrower and supported by a Risk Participation Agreement.
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Bank Letters of Credit shall have the meaning given such term in Section 2.03(b) hereof.
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Bank Letters of Credit means stand-by or performance or trade letters of credit issued by any Bank (other than Letters of Credit issued by the Issuing Bank), and any acceptances created thereunder, for the account of the Company that (i) expire or mature prior to the Revolving Credit Termination Date; (ii) have an original stated face amount not exceeding U.S.$3,000,000; and (iii) shall be for the purpose of financing purchases of raw materials, finished goods or supplies in the ordinary course of business of the Company and the Subsidiaries or for the purpose of supporting obligations in connection with workmen's compensation obligations of the Company and the Subsidiaries, obligations with respect to insurance programs of the Company and the Subsidiaries and obligations with respect to bid bonds, performance bonds or surety bonds of the Company and the Subsidiaries furnished in the ordinary course of business of the Company and the Subsidiaries. For purposes of this Agreement, "Bank Letters of Credit" shall (i) include any stand-by or performance or trade letter of credit issued by a Bank (other than the Issuing Bank), and any acceptances created thereunder outstanding on the Closing Date and (ii) exclude any stand-by or performance or trade letter of credit, and any acceptances created thereunder (including, without limitation, any stand-by or performance or trade letter of credit, and any acceptances created thereunder, referred to in clause (i) above in this sentence) issued by any Bank (other than the Issuing Bank) that is the beneficiary of a Letter of Credit in respect of such stand-by or performance or trade letter of credit, and any acceptances created thereunder.
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Examples of Bank Letters of Credit in a sentence

  • Holders of Class 2 Claims, in full satisfaction of such Claims (other than Claims in respect of Bowater Secured Bank Letters of Credit), shall (i) be paid in full in Cash on, or as soon as practicable after but in any event, not later than five (5) business days after, the Effective Date, or (ii) receive such treatment as otherwise agreed to by the Debtors and the holders of such Claims.

  • Such use may include repaying Bank Revolving Loans if the Bank Commitment continues to be substantially drawn after giving effect to such repayment of Bank Revolving Loans, and to any Bank Revolving Loans to be made, and to any Bank Letters of Credit to be issued, under the Bank Credit Agreement substantially concurrently with such repayment.

  • In lieu of a cash deposit, AT&T will accept Bank Letters of Credit and Surety Bonds which have been approved by AT&T.

  • Holders of Class 3 Claims, in full satisfaction of such Claims (other than Claims in respect of BCFPI Secured Bank Letters of Credit), shall (i) be paid in full in Cash on, or as soon as practicable after, but in any event not later than five (5) business days after, the Effective Date and in the currency as set forth in paragraph L(vii) of the Final DIP Order, or (ii) receive such treatment as otherwise agreed to by the Debtors and the holders of such Claims.

  • So long as the Commitments are outstanding and until payment in full of all Obligations hereunder and the expiration or termination of all Syndicated Letters of Credit and Bank Letters of Credit, the Company will pay to the Administrative Agent such fees as may have been agreed to by the Company and the Administrative Agent.

  • Subject to the terms and conditions hereof, any Bank may from time to time in its sole discretion, upon the request of the Company, elect to issue for the account of the Company one or more letters of credit (the "Bank Letters of Credit").

  • Upon the occurrence of the events described in the preceding sentence, the Borrower will cause all Liens securing the Borrower's or any Subsidiary's obligations with respect to the Century Bank Letters of Credit to be released, terminated or satisfied, and all assets pledged with respect thereto to be returned to the Borrower or such Subsidiary.

  • Such use may include repaying Bank Revolving Loans if the Adjusted Multi-Currency Commitment continues to be substantially drawn after giving effect (i) to such repayment of Bank Revolving Loans and (ii) to any Bank Revolving Loans to be made, and any Bank Letters of Credit to be issued, under the Bank Credit Agreement substantially concurrently with such repayment.

  • The Revolving Loan Commitments may, in addition to Revolving Advances, be utilized, upon the request of Borrower, for (i) the issuance of letters of credit by Agent; or with Agent's consent any Lender, or (ii) the issuance by Agent of risk participations to banks to induce such banks to issue Bank Letters of Credit for the account of Borrower (each of (i) and (ii) above a "Lender Letter of Credit").

  • The obligations of the Company under Sections 5.01, 5.05, 5.06, 12.03 and 12.04 hereof shall survive the repayment of the Loans, the Reimbursement Obligations and the obligations of the Company in respect of Bank Letters of Credit and the expiration and termination of the Syndicated Letters of Credit and Bank Letters of Credit.


More Definitions of Bank Letters of Credit

Bank Letters of Credit shall (i) include any stand-by or performance or trade letter of credit issued by a Bank (other than the Issuing Bank), and any acceptances created thereunder outstanding on the Closing Date and (ii) exclude any stand-by or performance or trade letter of credit, and any acceptances created thereunder (including, without limitation, any stand-by or performance or trade letter of credit, and any acceptances created thereunder, referred to in clause (i) above in this sentence) issued by any Bank (other than the Issuing Bank) that is the beneficiary of a Letter of Credit in respect of such stand-by or performance or trade letter of credit, and any acceptances created thereunder.
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Related to Bank Letters of Credit

  • 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.

  • 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.

  • 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.

  • 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 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.

  • 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 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.

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

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

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

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

  • 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.

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

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

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

  • Revolving Extensions of Credit as to any Revolving Lender at any time, an amount equal to the sum of (a) the aggregate principal amount of all Revolving Loans held by such Lender then outstanding, (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding and (c) such Lender’s Revolving Percentage of the aggregate principal amount of Swingline Loans then outstanding.

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

  • Extensions of Credit means, as to any Lender at any time, (a) an amount equal to the sum of (i) the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding, (ii) such Lender’s Revolving Credit Commitment Percentage of the L/C Obligations then outstanding, and (iii) such Lender’s Revolving Credit Commitment Percentage of the Swingline Loans then outstanding, or (b) the making of any Loan or participation in any Letter of Credit by such Lender, as the context requires.

  • Revolving Loan Obligations means any Obligations with respect to the Revolving Loans (including without limitation, the principal thereof, the interest thereon, and the fees and expenses specifically related thereto).