Letter of Credit Disbursement definition

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

Examples of Letter of Credit Disbursement in a sentence

If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable Letter of Credit Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof.

Any Letter of Credit Disbursement not reimbursed by the Borrower or funded as a Loan prior to 2:00 p.m., New York time, shall bear interest for such day at the ABR plus the Applicable Margin.

Such Issuer shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether such Issuer has made or will make a Letter of Credit Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuer and the Lenders with respect to any such Letter of Credit Disbursement.

If the Issuer shall make any Letter of Credit Disbursement, then, until the Borrower shall have reimbursed such Issuer for such Letter of Credit Disbursement (either with its own funds or a Borrowing under Section 2.08(e)), the unpaid amount thereof shall bear interest, for each day from and including the date such Letter of Credit Disbursement is made to but excluding the date that the Borrower reimburses such Letter of Credit Disbursement, at the rate per annum then applicable to ABR Loans.

Such Issuing Lender shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by facsimile) of such demand for payment and whether such Issuing Lender has made or will make an Letter of Credit Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Lender and the Lenders with respect to any such Letter of Credit Disbursement.


More Definitions of Letter of Credit Disbursement

Letter of Credit Disbursement means a payment made by an Issuing Bank to the beneficiary of, and pursuant to, a Letter of Credit.
Letter of Credit Disbursement means a payment made by the L/C Issuer pursuant to a Letter of Credit.
Letter of Credit Disbursement means a payment or disbursement made by any Issuing Bank pursuant to a Letter of Credit.
Letter of Credit Disbursement means a disbursement by the Issuing Bank to the beneficiary of a Letter of Credit in connection with a drawing thereunder.
Letter of Credit Disbursement means a payment made by the Issuer pursuant to a Letter of Credit issued by the Issuer.
Letter of Credit Disbursement means an amount equal to the sum of (a) the amount drawn under any Letter of Credit in connection with a Request plus (b) all reasonable and customary out-of-pocket charges and expenses that Seller may pay or incur relative to such Request that are chargeable to the Letter of Credit Customer under the related Reimbursement Agreement.