Honeywell 2003 Annual Report Download - page 198

"Issuing Bank" means an Initial Issuing Bank or any Eligible Assignee
to which a portion of the Letter of Credit Commitment hereunder has been
assigned pursuant to Section 9.06 so long as such Eligible Assignee
expressly agrees to perform in accordance with their terms all of the
obligations that by the terms of this Agreement are required to be
performed by it as an Issuing Bank and notifies the Agent of its Applicable
Lending Office (which information shall be recorded by the Agent in the
Register), for so long as the Initial Issuing Bank or Eligible Assignee, as
the case may be, shall have a Letter of Credit Commitment.
"L/C Cash Deposit Account" means an interest bearing cash deposit
account to be established and maintained by the Agent, over which the Agent
shall have sole dominion and control, upon terms as may be satisfactory to
the Agent.
"L/C Related Documents" has the meaning specified in Section
2.07(b)(i).
"Lenders" means, collectively, (i) Initial Lenders, (ii) the Issuing
Banks and (iii) each Eligible Assignee that shall become a party hereto
pursuant to Section 9.06(a), (b) and (c).
"Letter of Credit" has the meaning specified in Section 2.01(b).
"Letter of Credit Application" has the meaning specified in Section
2.04(a).
"Letter of Credit Commitment" means, with respect to each Issuing
Bank, the obligation of such Issuing Bank to issue Letters of Credit to any
Borrower in (a) the amount set forth opposite the Issuing Bank's name on
the signature pages hereto under the caption "Letter of Credit Commitment"
or (b) if such Issuing Bank has entered into one or more Assignment and
Acceptances, the amount set forth for such Issuing Bank in the Register
maintained by the Agent pursuant to Section 9.06(d) as such Issuing Bank's
"Letter of Credit Commitment", in each case as such amount may be reduced
prior to such time pursuant to Section 2.06.
"Letter of Credit Facility" means, at any time, an amount equal to the
least of (a) the aggregate amount of the Issuing Banks' Letter of Credit
Commitments at such time, (b) $300,000,000 and (c) the aggregate amount of
the Revolving Credit Commitments, as such amount may be reduced at or prior
to such time pursuant to Section 2.06.
"LIBO Rate" means, for any Interest Period for all LIBO Rate Advances
comprising part of the same Competitive Bid Borrowing, an interest rate per
annum equal to the rate per annum obtained by dividing (a) (i) in the case
of any Advance denominated in Dollars or any Foreign Currency other than
Euro, the rate per annum (rounded upwards, if necessary, to the nearest
1/100 of 1%) appearing on the applicable Telerate Page as the London
interbank offered rate for deposits in Dollars or in the relevant Foreign
Currency at approximately 11:00 A.M. (London time) two Business Days prior
to the first day of such Interest Period or, if for any reason such rate is
not available, the average (rounded upward to the nearest whole multiple of
1/32 of 1% per annum, if such average is not such a multiple) of the rate
per annum at which deposits in Dollars or in the relevant Foreign Currency
are offered by the principal office of each of
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