Letter of Credit Reserve Account definition

Letter of Credit Reserve Account means any account maintained by the Administrative Agent the proceeds of which shall be applied as provided in Section 8.2(d).
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Letter of Credit Reserve Account means any account maintained by the Administrative Agent for the benefit of the Issuing Bank, the proceeds of which shall be applied as provided in Section 9.2(d).
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Letter of Credit Reserve Account means any account maintained by the Administrative Agent for the benefit of any Issuing Bank, the proceeds of which shall be applied as provided in Section 9.2(d).
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Examples of Letter of Credit Reserve Account in a sentence

  • Notwithstanding the foregoing, however, in the event that at any time and for any reason there shall exist an Overadvance, the Borrowers shall pay to the Administrative Agent, on demand, an amount equal to the Overadvance, which payment shall constitute a mandatory payment of the Revolving Loans, Agent Advances, Swing Loans and Letter of Credit Reserve Account, as appropriate.

  • All funds in the Letter of Credit Reserve Account shall be invested in such investments as the Administrative Agent, in its sole and absolute discretion, deems appropriate.

  • Any payment due hereunder shall be applied first to repay outstanding Agent Advances, second to repay outstanding Swing Loans, third to repay outstanding Revolving Loans, and fourth, if an Event of Default has occurred and is continuing, to fund the Letter of Credit Reserve Account to the extent of one hundred five percent (105%) of any Letter of Credit Obligations then outstanding.

  • Any payment due hereunder shall be applied first to repay outstanding Agent Advances and Overadvances, second to repay outstanding Swing Loans, third to repay outstanding Revolving Loans, and fourth to fund the Letter of Credit Reserve Account to the extent of one hundred five percent (105%) of any Letter of Credit Obligations then outstanding.

  • The amount of funds in the Letter of Credit Reserve Account shall not exceed the then outstanding Letter of Credit Obligations, and any excess shall be applied as set forth in Section 2.9 hereof.


More Definitions of Letter of Credit Reserve Account

Letter of Credit Reserve Account. The meaning specified in Section 7.16(h).
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Letter of Credit Reserve Account means the special collateral account, if any, established by the Company with the Agent pursuant to the provisions of Article 11. hereof.
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Letter of Credit Reserve Account means any account maintained by the Agent for the benefit of the Issuing Bank, the proceeds of which shall be applied as provided SECTION 9.2(D) hereof.
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Letter of Credit Reserve Account shall have the meaning given such term in Section 4.7(b).
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Letter of Credit Reserve Account means any account maintained by
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Letter of Credit Reserve Account means any account maintained by the Administrative Agent for the benefit of the Issuing Bank, the proceeds of which shall be applied as provided in Section 8.2(b) hereof.
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Letter of Credit Reserve Account means that certain account established by the Security Agent pursuant to Section 4.01 of the Security Agreement.
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