Escrow Letter of Credit definition

Escrow Letter of Credit has the meaning set forth in Section 2.2(d).
Sample 1
Escrow Letter of Credit means an irrevocable letter of credit in form and substance (including from a financial institution) reasonably satisfactory to the Purchaser in a stated amount equal to the Escrow Amount.
Sample 1
Escrow Letter of Credit means an Irrevocable Letter of Credit, dated as of the Closing Date, issued by Bank of America, NA in favor of the Escrow Agent in the initial face amount of $2,000,000.
Sample 1

Examples of Escrow Letter of Credit in a sentence

  • Such deposit of cash funds, Escrow Letter of Credit or Escrow Reserve, as the case may be, shall constitute satisfaction on this date of the Company’s obligation to deposit funds hereunder.

  • Regardless of the foregoing, the parties agree that, in the event Lessor receives an offer from a Third Party to lease the Space B and Lessor notifies Lessee in terms of Section 9.01 of such offer before Lessee exercises its Right of Lease, then, Lessee will not be able to exercise its Right of Lease as provided herein and shall only be able to exercise its Right of First Offer in the terms provided in Section 9.01.

  • If the City or its Contractor for such work receives compensation pursuant to this section 6, then Developer agrees to deposit, within ten (l0) days of such compensation, an amount sufficient to restore the Cash Escrow /Letter of Credit amount to its original balance.

  • When implementing the project, apart from the construction of works bearing significant socio-economic meaning, the concern about how project-AHs could have normal life is the ensured project sustainability.

  • If Borrower fails to provide such funds on or before such date, Lender shall draw the full amount of the Rent Abatement Escrow Letter of Credit.

  • Within two (2) Business Days following the Go Ahead Date the Buyer shall deposit with the Escrow Agent an irrevocable letter of credit in the amount of One Million Two Hundred Thousand Dollars ($1,200,000) (said $1,200,000 letter of credit is referred to herein as the "Escrow Letter of Credit").

  • If Buyer shall elect not to close because of the failure of any of the following conditions which Buyer will not waive in writing, then Buyer shall have the option (i) to cancel this Agreement and be entitled to the immediate return of the Escrow Letter of Credit or (ii) postpone Closing until such time as such condition has either been met or waived.

  • If Sellers deliver written notice to Buyer prior to Closing that Sellers are unable to satisfy such other matters, then Buyer may either close the Transaction and receive such title as Sellers are able to convey or elect not to close the Transaction by written notice to Sellers delivered within twenty (20) days after Sellers' written notice to Buyer and the Escrow Letter of Credit shall be returned to Buyer.

  • Proceeds from the Replacement Escrow Fund, Rollover Escrow Fund, Net Cash Flow Escrow, and/or Replacement and Rollover Escrow Letter of Credit, as applicable, shall be disbursed or drawn prior to any disbursement of the Working Capital Reserve Account.

  • Buyer shall cause the Buyer’s Escrow Letter of Credit (for the Escrow Amount) to be issued to the Escrow Agent, and Sellers shall cause the Seller Letter of Credit to be issued to the Escrow Agent, both of which shall be deposited with the Escrow Agent on the next Business Day after Closing in a separate account (the “Escrow Account”).

Related to Escrow Letter of Credit

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

  • 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.

  • 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.

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

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

  • 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.

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

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

  • 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.

  • 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.

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

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

  • 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.

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

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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

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

  • 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 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.

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