Acceptable Letters of Credit definition

Acceptable Letters of Credit has the meaning given in the Depositary Agreement.
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Acceptable Letters of Credit means one or more standby letters of credit satisfying each of the following: (a) issued by HSBC Bank USA, National Association or another bank acceptable to the Administrative Agent, (b) Xxxxxxx Associates, L.P. is the applicant, (c) BMO, as administrative agent, is the beneficiary, (d) expiration no earlier than December 31, 2019, (e) may be drawn by the Administrative Agent upon the earlier of (i) an Event of Default and (ii) 30 days prior the expiration date for such letter of credit if it has not been replaced or extended on terms and conditions acceptable to the Administrative Agent and the Required Lenders and (f) otherwise on terms and conditions acceptable to the Administrative Agent and the Required Lenders; provided that the Administrative Agent shall return such letter of credit (and remove such letter of credit from the Borrowing Base) upon request of the Borrower Agent and satisfaction of the following conditions: (i) as of the date of return of such letter of credit and immediately after giving effect thereto, no Event of Default has occurred and is continuing, (ii) Adjusted Excess Availability immediately before and after giving Pro Forma Effect to return of such letter of credit (and removing such letter of credit from the Borrowing Base), and on an average basis after giving Pro Forma Effect to return of such letter of credit (and removing such letter of credit from the Borrowing Base) during the thirty (30) consecutive day period ending on and including the date of return of such letter of credit, shall be not less than, the greater of (A) 20.0% of the Maximum Borrowing Amount and (B) $40,000,000 and (iii) the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower Agent certifying as to compliance with the preceding clauses and demonstrating (in reasonable detail) the calculations required thereby. “Acceptable Letter of Credit Reimbursement Agreement” means that certain RRTS – Xxxxxxx Letter of Credit Fee Letter dated as of August 2, 2019 among the Permitted Holders and the Company. “First Amendment Effective Date” means August 2, 2019. (c) The definition of “Borrowing Base” in Section 1.01 of the Existing Credit Agreement is amended by inserting a new clause (e) and re-lettering the subsequent clauses as follows: (e) the lesser of (i) 100% of the amount of any Acceptable Letter of Credit and (ii) $30,000,000; plus (f) the FILO Amount; minus (g) the amount of all Availability Reserves. (d) Section...
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Acceptable Letters of Credit. EMS Letter of Credit.
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Examples of Acceptable Letters of Credit in a sentence

  • Contractor shall provide to Owner and maintain the Contractor Performance Security in accordance with Section 8.8 and shall provide to Owner and maintain the Acceptable Letters of Credit *** as and when required in accordance with by Exhibit 31.

  • The Debt Service Reserve Account shall be funded in cash, with one or more Letters of Credit issued hereunder or with one or more Acceptable Letters of Credit issued for the Debt Service Reserve Account Required Balance in an amount at least equal to the Debt Service Reserve Account Required Balance.

  • Borrower shall have funded or shall fund on the Closing Date the Debt Service Reserve Account in cash or through issuance of Acceptable Letters of Credit in an amount equal to the Debt Service Reserve Requirement on such date.

  • Acceptable Letters of Credit must be drawn from a bank set out in Schedule 1 of the Bank Act (R.S.C. 1985, C.B-1.01, and any amendments thereto) or a bank listed in Schedule 2 of the Bank Act (R.S.C. 1985, C.B-1.01, and any amendments thereto) having a Dominion Bond Rating Service of R-1.

  • To be included if the Borrower has provided one or more Acceptable Letters of Credit in a stated amount equal to the amount of funds to be released from the Debt Service Reserve Account or an Acceptable Guaranty with a liability limit equal to the to the amount of funds to be released from the Debt Service Reserve Account.

  • At all times during the LC Term, Seller shall maintain Acceptable Letter(s) of Credit in favor of Buyer and in an aggregate amount not less than the Required LC Amount.

  • In the event that, on the Title Commitment Outside Delivery Date, there exists one or more Title Support Breaches, Seller shall deliver to Buyer, within five (5) days following the Title Commitment Outside Delivery Date, one or more Acceptable Letters of Credit in an aggregate amount not less than the Required LC Amount.

  • If Contractor fails to obtain and maintain the credit support requirements set forth in Exhibit 31 as and when required pursuant to the terms thereof, Owner shall be entitled to withhold amounts otherwise payable hereunder in an aggregate amount not to exceed (a) the face amount of any Acceptable Letters of Credit required by Exhibit 31 until such Acceptable Letters of Credit are posted by Contractor and/or (b) ***.

  • In lieu of the establishment or funding of the Handback Account, Project Company may deliver to MDOT one or more Acceptable Letters of Credit to cover all or any portion of the amounts required to be on deposit in the Handback Account, whereupon (to the extent that the Handback Account has already been established) MDOT will release from the Handback Account to Project Company such amount.

  • The Debt Service Reserve Account shall be funded to the Debt Service Reserve Required Amount from proceeds of the Closing Term Loans, Letters of Credit, Acceptable Letters of Credit or a combination thereof in accordance with the Depositary Agreement.


More Definitions of Acceptable Letters of Credit

Acceptable Letters of Credit means one or more standby letters of credit satisfying each of the following: (a) issued by HSBC Bank USA, National Association or another bank acceptable to the Administrative Agent, (b) Xxxxxxx Associates, L.P.a Permitted Holder is the applicant, (c) BMO, as administrative agent, is the beneficiary, (d) expiration no earlier than DecemberMarch 31, 20192020, (e) may be drawn by the Administrative Agent upon the earlier of (i) an Event of Default and (ii) 30 days prior the expiration date for such letter of credit if it has not been replaced or extended on terms and conditions acceptable to the Administrative Agent and the Required Lenders and (f) otherwise on terms and conditions acceptable to the Administrative Agent and the Required Lenders; provided that the Administrative Agent shall return such letter of credit (and remove such letter of credit from the Borrowing Base) upon request of the Borrower Agent and satisfaction of the following conditions: (i) as of the date of return of such letter of credit and immediately after giving effect thereto, no Event of Default has occurred and is continuing, (ii) Adjusted Excess Availability immediately before and after giving Pro Forma Effect to return of such letter of credit (and removing such letter of credit from the Borrowing Base), and on an average basis after giving Pro Forma Effect to return of such letter of credit (and removing such letter of credit from the Borrowing Base) during the thirty (30) consecutive day period ending on and including the date of return of such letter of credit, shall be not less than, the greater of (A) 20.0% of the Maximum Borrowing Amount and (B) $40,000,000 and (iii) the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower Agent certifying as to 1
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Acceptable Letters of Credit means letters of credit under which the Company is the sole beneficiary (i) issued by U.S. commercial banks rated P-1 or better by Standard & Poors Ratings Service, (ii) issued to provide for the payment of the purchase price of Products sold by the Company, and (iii) which have been assigned to the Purchasers, with acknowledgment of such assignment by the issuers of such letters of credit, in form and substance satisfactory to the Purchasers in their sole discretion.
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Acceptable Letters of Credit has the meaning specified in Section 2.02.
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Related to Acceptable Letters of Credit

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

  • 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.

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • Existing Letters of Credit means the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22.

  • 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).

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • 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.

  • 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.

  • 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.

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

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

  • 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.

  • 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.

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

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • 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 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.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

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

  • Facility Letter of Credit means a Letter of Credit issued by an Issuer pursuant to Section 2.15.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Irrevocable letter of credit means an irrevocable letter on the financial institution’s standard form containing a request that the party to whom it is addressed pay the bearer or a person named therein money as a result of failure to perform or fulfill all the covenants, undertakings, terms, conditions and agreements contained in a contract.

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

  • 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.

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.