Examples of Letter of Credit Liability in a sentence
If SMBC resigns as the Letter of Credit Issuer, it shall retain all the rights and obligations of the Letter of Credit Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as the Letter of Credit Issuer and all Letter of Credit Liability with respect thereto (including the right to require the Lenders to fund payment of any amount drawn under a Letter of Credit issued by SMBC as the Letter of Credit Issuer pursuant to Section 2.08(c)(i)).
The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans and Letter of Credit Liability owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
Following payment in full of all Obligations of any Qualified Borrower and termination of all Letter of Credit Liability with respect thereto, any such Qualified Borrower shall no longer be bound by the covenants herein.
If any excess calculated pursuant to Section 2.01(d)(i) is attributable to undrawn Letters of Credit, then the Borrower or the applicable Qualified Borrower shall Cash Collateralize the Letter of Credit Liability in the amount of such excess, when required pursuant to the terms of Section 2.01(d)(i).
Notwithstanding anything contained in this Section 2.3(e) or elsewhere in this Credit Agreement to the contrary, no Lender shall be obligated to provide the Administrative Agent or any Borrower with funds in connection with a Loan in an amount that would result in the sum of the portion of the Loans then funded by it plus the Letter of Credit Liability exceeding its Commitment then in effect.