Class A Letter of Credit definition

Class A Letter of Credit means (i) a Class A Ford Letter of Credit or (ii) an irrevocable letter of credit, substantially in the form of Exhibit B-1-1 to this Series Supplement and otherwise in form and substance satisfactory to the Insurer, issued by a Class A Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2005-3 Noteholders; provided, however, that the Insurer agrees that any Class A Letter of Credit that is in the form and substance of the Class A Letter of Credit delivered to the Trustee on the Series 2005-3 Closing Date is in form and substance satisfactory to the Insurer.
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Class A Letter of Credit means (i) a Class A Ford Letter of Credit or (ii) an irrevocable letter of credit, substantially in the form of Exhibit B-1-1 to this Series Supplement and otherwise in form and substance satisfactory to the Insurer, issued by a Class A Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2005-2 Noteholders; provided, however, that the Insurer agrees that any Class A Letter of Credit that is in the form and substance of the Class A Letter of Credit delivered to the Trustee on the Series 2005-2 Closing Date is in form and substance satisfactory to the Insurer.
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Class A Letter of Credit means an irrevocable letter of credit, substantially in the form of Exhibit B to this Series Supplement, issued by a Class A Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Class A Noteholders; provided that any Class A Letter of Credit issued after the Series 2009-2 Closing Date that is not in a form substantially similar to a Class A Letter of Credit in effect on the Series 2009-2 Closing Date shall be subject to satisfaction of the Series 2009-2 Rating Agency Condition.
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Examples of Class A Letter of Credit in a sentence

  • The Class B Noteholders shall not be entitled to receive the benefit of amounts (i) available under any Class A Letter of Credit, (ii) on deposit in a Class A Cash Collateral Account and (iii) on deposit in the Class A Reserve Account, in each case until the Class A Notes have been paid in full.

  • The Administrator shall notify the Trustee in writing within one Business Day of becoming aware that the short-term debt credit rating of any Class A Letter of Credit Provider has fallen below “P-1” as determined by Xxxxx’x or the long-term debt credit rating of any Class A Letter of Credit Provider has fallen below “A1” as determined by Xxxxx’x (with respect to any Class A Letter of Credit Provider, a “Class A Downgrade Event”).

  • The Issuer shall cause to be addressed to and delivered to the Insurer in respect of each new Class A Letter of Credit, legal opinions in substantially the form delivered on the Date of Issuance with respect to the initial Class A Letters of Credit.

  • This Series Supplement shall cease to be of further effect when (i) all Outstanding Series 2009-2 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2009-2 Notes which have been replaced or paid) to the Trustee for cancellation, (ii) HVF has paid all sums payable hereunder, and (iii) the Class A Letter of Credit Liquidity Amount is equal to zero.

  • Other than pursuant to a payment made upon a demand thereon by the Trustee, HVF shall not reduce the amount of the Series 2005-2 Demand Note or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2005-2 Demand Note after such reduction or forgiveness is less than the sum of the Class A Letter of Credit Liquidity Amount and the Class B Letter of Credit Liquidity Amount.

  • Other than pursuant to a payment made upon a demand thereon by the Trustee, HVF shall not reduce the amount of the Series 2005-1 Demand Note or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2005-1 Demand Note after such reduction or forgiveness is less than the sum of the Class A Letter of Credit Liquidity Amount and the Class B Letter of Credit Liquidity Amount.

  • If the Administrator fails to give instructions to draw on any Class A Letters of Credit required to be given by the Administrator, at the time specified in this Series Supplement, the Trustee shall draw on such Class A Letters of Credit without such instruction from the Administrator, provided that the Administrator, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Class A Letter of Credit.

  • As long as the Class A Notes are Outstanding, the Class B Noteholders shall not be entitled to receive the benefit of amounts (i) available under any Class A Letter of Credit, (ii) on deposit in a Class A Cash Collateral Account or (iii) on deposit in the Class A Reserve Account.

  • This Series Supplement shall cease to be of further effect when (i) all Outstanding Series 2009-2 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2009-2 Notes which have been replaced or paid) to the Trustee for cancellation, (ii) HVF has paid all sums payable hereunder, and (iii) the Class A Letter of Credit Liquidity Amount and the Class B Letter of Credit Liquidity Amount is equal to zero.

  • Other than pursuant to a payment made upon a demand thereon by the Trustee, HVF shall not reduce the amount of the Series 2005-3 Demand Note or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2005-3 Demand Note after such reduction or forgiveness is less than the sum of the Class A Letter of Credit Liquidity Amount and the Class B Letter of Credit Liquidity Amount.

Related to Class A Letter of Credit

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

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

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Agent maintained at the office of the Agent at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the "Family Golf Centers, Inc. Letter of Credit Account" that shall be used solely for the purposes set forth in Sections 2.02(b) and 2.10(a) and (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.

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

  • 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.

  • 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.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Commercial Letter of Credit means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan Party in the ordinary course of business of such Loan Party.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • 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.

  • 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.

  • 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 Obligation means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.

  • Existing Letter of Credit means each letter of credit previously issued (or deemed issued) for the account of the Borrower, the Company or any of their respective Subsidiaries under the Existing Credit Facilities that (a) is outstanding on the Closing Date and (b) is listed on Schedule 1.01C.

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

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee may draw thereupon in the event the Servicer fails to deposit SUBI Collections into the 20[__]-[__] SUBI Collection Account on a monthly basis.

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.

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

  • Letter of Credit Limit means $5,000,000.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Letter of Credit Reserve has the meaning set forth in Section 2.1.2(d).

  • Letter of Credit Collateral Account means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Lenders, and under its sole dominion and control.