Several Letter of Credit definition

Several Letter of Credit means a Letter of Credit issued in Dollars severally by or on behalf of the Lenders pursuant to which the Lenders are severally liable to the beneficiary which shall be substantially in the form of Exhibit E with such changes thereto as are described in Section 2.03(a)(iii)(E).

Several Letter of Credit means any Letter of Credit issued severally by the Lenders, substantially in the form of Exhibit F, with such changes therein as the Several L/C Agent determines are acceptable to it and not adverse to the interests of the Lenders.

Several Letter of Credit means a standby Letter of Credit issued severally by or on behalf of the Several Issuing Lenders pursuant to which the Several Issuing Lenders are severally liable for payment to the beneficiary, and pursuant to which any Participating Lender shall have a participation obligation therein to the L/C Agent, each of which such standby letters of credit shall be substantially in the form of Exhibit H or in such other form consistent with the second proviso to Section 3.1(d) as may be agreed by the Company and the L/C Agent.

Examples of Several Letter of Credit in a sentence

• If such notice is given by an Affected Lender with respect to a particular Several Letter of Credit, the Borrowers may require that such Affected Lender use commercially reasonable efforts to have a Lender act as the Limited Fronting Lender for such Affected Lender with respect to the applicable Several Letter of Credit.

• If such notice is given by an Affected Lender with respect to a particular Several Letter of Credit, such notice shall not be effective as a like notice with respect to any other Several Letter of Credit.

• Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to the beneficiary thereof or an advising bank with respect thereto, the Applicable Issuing Party will also deliver (i) in the case of a Fronted Letter of Credit, to the relevant Borrower and the Administrative Agent and (ii) in the case of a Several Letter of Credit, to the relevant Borrower, the Administrative Agent and each Revolving Credit Lender, a true and complete copy of such Letter of Credit or amendment.

• To the extent that the L/C Administrator has not received funds from a Revolving Credit Lender with respect to a Several Letter of Credit, the L/C Administrator shall only forward the funds actually received to the beneficiary.

• The Several L/C Agent is hereby authorized to execute and deliver each Several Letter of Credit and each amendment to a Several Letter of Credit on behalf of each Lender (including each Limited Fronting Lender) and to otherwise act on behalf of each Lender with respect to each Several Letter of Credit.

More Definitions of Several Letter of Credit

Several Letter of Credit has the meaning provided in Section 2.01(a).

Several Letter of Credit a Letter of Credit issued severally by or on behalf of the Lenders pursuant to which the Lenders are severally liable to the beneficiary which shall be substantially in the form of Exhibit L or in such other form as may be agreed by the Company and the L/C Administrator.

Several Letter of Credit means a Letter of Credit issued severally by or on behalf of the Revolving Credit Lenders pursuant to which the Revolving Credit Lenders are severally liable to the beneficiary which shall be substantially in the form of Exhibit H or such other form agreed by the Company and the L/C Administrator (with the consent of all Revolving Credit Lenders, such consent not to be unreasonably withheld or delayed; it being understood that such other form shall be deemed acceptable to all Revolving Credit Lenders unless the L/C Administrator has received notice to the contrary within two Business Days after the L/C Administrator has notified of such other agreed form to the Revolving Credit Lenders).

Several Letter of Credit shall have the meaning provided in Section 2.01(a) and shall include each Existing Several Letter of Credit and each Specified Several Letter of Credit.

Several Letter of Credit means any Letter of Credit issued severally by the NAIC Tranche Lenders or Non-NAIC Tranche Lenders, as the case may be.

Several Letter of Credit means a Letter of Credit issued severally by or on behalf of the Lenders pursuant to which the Lenders (or in the case of any Participating Bank, its Participating Bank Issuer) are severally liable to the beneficiary which shall be substantially in the form of Exhibit B-2 or in such other form as may be agreed by the applicable L/C Applicant and the L/C Administrator; provided that the L/C Administrator will agree to reasonable changes to such form, necessary to satisfy any then applicable requirement of the applicable insurance regulators and/or of any rating agency.

Several Letter of Credit shall have the meaning assigned to such term in Section 2.22(i).