ILOC definition

ILOC means an irrevocable letter of credit issued by a Corporation as Collateral for a Bond and which complies with the requirements set forth in Section 5011.
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ILOC means one or more irrevocable standby letters of credit in the aggregate face amount of no less than $8,500,000, each of which shall (a) be issued by Bank of New York Mellon or another financial institution acceptable to Administrative Agent in its sole discretion, (b) name Administrative Agent as beneficiary, (c) be issued for the account of one or more holders of the Reimbursement Indebtedness, (d) have an expiry of at least 60 days beyond the Revolving Loan Maturity Date, (e) provide, inter alia, that upon the occurrence of an Event of Default described in Sections 16.1.1, 16.1.12 (other than clause (i) thereof), or 16.1.15 of the Loan Agreement, the Administrative Agent may fully draw on such letter of credit, and (f) contain such other terms and provisions as may be acceptable to Administrative Agent in it sole discretion.”
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Examples of ILOC in a sentence

  • ATG may draw upon the ILOC to the extent of (i) 50% of the total purchase order, plus shipping if applicable, upon delivery of the Product so ordered to the common carrier designated by Express, (ii) 25% of the total purchase order upon Receipt of the Product by Express, and (iii) 25% ninety (90) days after Receipt of the Product.

  • Within 2 business days of GHP's completion of accessing the BJC ILOC, BJC shall complete any and all steps necessary to maintain the continuous minimum BJC ILOC amount available to and accessible by GHP as required by subsection (3) above.

  • In the event BJC does not complete the ACH transfer, GHP may without further notice to BJC access the BJC ILOC in the amount necessary to cover the total amount of that non-capitation Claims check run and release the checks to cover the total amount of that check run.

  • The ILOC shall be issued or confirmed by a major U.S. bank, with expiry date no earlier than thirty (30} days after final Delivery.

  • The ILOC shall be paid (i) upon delivery to ATG’s bank of evidence of delivery to Express’s selected carrier of the Product ordered and as to (ii) upon delivery to ATG’s bank of evidence of receipt by Express of the Product order received by ATG from Express’s selected carrier.

  • ILOC payments (whole and partial) shall be made upon presentation of Seller's invoice or warehouse receipt.

  • If Buyer is outside the United States, Buyer shall provide Seller with an acceptable international irrevocable letter of credit (ILOC) for the Price.

  • The format is rrrrrccccc, where rrrrr is the row and ccccc is the column offset from ILOC or SLOC field value of the Segment to which the -9999≤ccccc≤99999 (Default is BCS Zeros (0x30)) graphic is attached.

  • At the discretion of the appropriate governing body through the Planning Office, as the improvements guaranteed by the ILOC are constructed, the amount of the ILOC may be reduced.

  • MACH 3 may assign such ILOC to any party and upon commencement of manufacturing of the PRODUCT so ordered by DISTRIBUTOR and to collect the balance 50% of the total purchase order guaranteeing payment by such ILOC upon delivery of the PRODUCT to the common carrier F.O.B. of MACH 3's premises of manufacturing or warehousing.