L/C Drawing definition

L/C Drawing means any drawing under a Letter of Credit.
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L/C Drawing means a drawing under the Letter of Credit made in accordance with Clause 5.1 (L/C Drawing) of the Letter of Credit Facility Agreement;
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L/C Drawing is defined in Section 2.18.5.
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Examples of L/C Drawing in a sentence

  • The applicable Revolving Fronting Bank shall notify each Revolving Credit Loan Bank of the amount of such Revolving Credit Loan Bank’s obligation (which, in the case of any payment under an Alternative Currency Letter of Credit, shall be the Dollar Equivalent thereof) in respect of any Revolving L/C Drawing under a Revolving Letter of Credit not later than 1:30 P.M. (New York City time) on the day such payment by such Revolving Credit Loan Bank is due.

  • Any L/C Drawing under a Letter of Credit shall be payable in full by the Company on the date of such L/C Drawing.

  • Each drawing under the Letter of Credit (an "LC Drawing") shall constitute a Loan Advance under the Loan Agreement and shall be payable in accordance with the terms and provisions of the Loan Agreement with respect to other Loan Advances.

  • Maintain insurance with responsible insurance companies on such of its properties in such amounts and against such risks as is customarily maintained by similar businesses operating in the same vicinity, specifically to include fire and extended coverage insurance covering all assets, business liability insurance, all to be with such companies and in such amounts a are satisfactory to Bank and providing for at least 30 days prior notice to Bank of any cancellation thereof.

  • The Lenders hereby absolutely and unconditionally (including, without limitation, following the occurrence of an Event of Default) agree to purchase and sell among themselves the Dollar amount of any L/C Drawing which is not paid on the date when due by the Company so that each unrepaid L/C Drawing shall be held and participated in by the Lenders in accordance with their respective Percentage Shares.

  • For the avoidance of doubt, none of the proceeds from the Revolving Loans may be used to reimburse the Issuing Bank for a Synthetic L/C Drawing or a Synthetic L/C Borrowing.

  • Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities ("Participants") participating interests in any Loan owing to such Lender, any Note held by such Lender, any Commitment of such Lender, any participating interests in any Facility LC or unrepaid LC Drawing, or any other interest of such Lender under the Loan Documents.

  • Any payment by the L/C Bank under any ------------------------ Letter of Credit honoring a drawing made thereunder (an "L/C Drawing" or, collectively and severally, the "L/C Drawings"), shall be reimbursed by the Companies for the account of the L/C Bank on or before the close of business on the Business Day immediately following the Business Day on which the Companies receive notice from the Administrative Agent that such L/C Drawing has been made.

  • Subject to paragraph (b) below, the Issuing Bank, until repaid in full, shall be entitled to receive all subsequent payments which the Defaulting Lender would otherwise have received with respect to principal or interest on its Participation Percentage of any unreimbursed Drawing, Standby L/C Drawing or any Loan, as the case may be, or any fees or other amounts otherwise payable to it hereunder, in each case to the extent the Issuing Bank has acquired such participation.

  • Notwithstanding the foregoing, no Lender shall be required to fund any other Lender's portion of an unreimbursed Drawing or Standby L/C Drawing, as the case may be, which such other Lender fails to fund hereunder.

Related to L/C Drawing

  • Drawing means the drawing or drawings specified in or annexed to the Specifications;

  • LC Disbursement means a payment made by the Issuing Bank pursuant to a Letter of Credit.

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

  • Letter of Credit Disbursement means a payment made by Issuing Lender or Underlying Issuer pursuant to a Letter of Credit.

  • LC means Letter of Credit

  • Final Drawing has the meaning specified in Section 3.05(i).

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • L/C Credit Extension means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

  • Interest Drawing has the meaning assigned to such term in Section 3.6(a).

  • Unpaid Drawing shall have the meaning provided in Section 3.4(a).

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

  • 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.

  • Alternative Currency Letter of Credit means a Letter of Credit denominated in an Alternative Currency.

  • L/C Borrowing means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

  • 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.

  • Letter of Credit Commitment means, with respect to the Issuer, the Issuer's obligation to issue Letters of Credit pursuant to Section 2.1.3 and, with respect to each of the other Lenders that has a Revolving Loan Commitment, the obligation of each such Lender to participate in such Letters of Credit pursuant to Section 2.6.1.

  • 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.

  • Fronting Lender means, as to any Letter of Credit transaction hereunder, Agent as issuer of the Letter of Credit, or, in the event that Agent either shall be unable to issue or shall agree that another Lender may issue, a Letter of Credit, such other Lender as shall agree to issue the Letter of Credit in its own name, but on behalf of the Lenders hereunder.

  • Letter of Credit Maturity Date the date occurring 15 days prior to the Revolving Termination Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

  • Drawing Date shall have the meaning set forth in Section 2.12(b) hereof.

  • Swingline Expiry Date means that date which is five Business Days prior to the Revolving Loan Maturity Date.

  • 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 Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

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

  • Swingline Advance means an advance made by the Swingline Lender, if any, to the Borrower pursuant to Section 2.