Direct Letter of Credit definition

Direct Letter of Credit means any Letter of Credit executed by the Agent in the name and on behalf of, and as attorney-in-fact for, the Lenders;
Sample 1

Examples of Direct Letter of Credit in a sentence

  • Each request by AESC for the issuance of, or an amendment to increase the amount of, any AESC Direct Letter of Credit shall be deemed to be a representation by AYE and AESC that the AESC Direct L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.

  • In a political marketplace framework, a peace agreement is a bargain struck at a particular moment in time and is only as good as those political marketplace conditions.

  • The Agent shall, within a reasonable time following its receipt thereof, examine all documents purporting to represent a demand for payment under any Direct Letter of Credit.

  • The Agent shall not be required to make any payment under a Direct Letter of Credit in excess of the amount received by it from the Lenders for such payment.

  • If a Borrower advises the Agent that a proposed beneficiary of a Direct Letter of Credit is not prepared to accept a Direct Letter of Credit and has requested a Fronted Letter of Credit, the Agent shall use its reasonable commercial efforts to act as the Fronting Lender in respect of such requested Fronted Letter of Credit.

  • Each Lender shall be severally liable under each Direct Letter of Credit in proportion to its Percentage Share on the Issuance Date of such Direct Letter of Credit and each Direct Letter of Credit shall specify each Lender's share of the amount payable thereunder.

  • The determination of the Agent as to the conformity of any documents presented under a Direct Letter of Credit to the requirements of such Direct Letter of Credit shall, in the absence of the Agent's gross negligence or willful misconduct, be conclusive and binding on the Borrowers and each Lender.

  • The responsibility of the Agent and the Lenders in connection with any draft presented for payment under any Direct Letter of Credit shall, in addition to any payment obligation expressly provided for in such Direct Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are in conformity with such Direct Letter of Credit.

  • The determination of the Agent as to the conformity of any documents presented under a Direct Letter of Credit to the requirements of such Direct Letter of Credit shall, in the absence of the Agent's negligence or wilful misconduct, be conclusive and binding on the Borrower and each Lender.

Related to Direct 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.

  • 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.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • 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.

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

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

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

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

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

  • 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.

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

  • 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).

  • 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.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

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

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

  • 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.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • 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.

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit F, signed by a Responsible Official of Borrower and properly completed to provide all information required to be included therein.

  • Auto-Reinstatement Letter of Credit has the meaning specified in Section 2.03(b)(iv).

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).