Letter of Credit Draft definition

Letter of Credit Draft means a draft drawn on Lender under a Letter of Credit.
Sample 1

Examples of Letter of Credit Draft in a sentence

  • The minimum distance between such trees planted shall be forty ( 40) feet.

  • The Borrower agrees to reimburse the Lender on demand for each payment made by the Lender under or pursuant to any Letter of Credit or Letter of Credit Draft.

  • Borrowers further agree to pay to Lender a Letter of Credit fee equal to one and one-half percent (1.5%) per annum on the aggregate undrawn face amount of all Letters of Credit outstanding and on each Letter of Credit Draft accepted by Lender.

  • The Borrower further agrees to pay the Lender a commission on the undrawn amount of each Letter of Credit (which amount shall include, without limitation, the amount of each Letter of Credit Draft accepted by the Lender but unpaid) in the amounts and at such times as are set forth in Section 2.5(e).

  • There was no evidence that Private School is meeting Student’s specific and individualized language needs and no evidence that it can otherwise meet her academic and motor needs.Student’s well-documented speech/language needs are complicated by equally well- documented ADHD and behaviors that impede Student’s ability to learn.

  • At Lender's option, such amounts may be applied by Lender to reimburse the Lender for payments made under a Letter of Credit or Letter of Credit Draft or to payment of such other Liabilities as the Lender shall determine.

  • Any reimbursement obligations for each payment made by Lender under or pursuant to any Letter of Credit or Letter of Credit Draft and any fees or interest accrued thereon shall be part of the Liabilities, shall be payable by Borrower to Lender within two day of demand, and from the date of payment until the date of reimbursement to Lender, shall bear interest at the rate then applicable to the Revolving Loans hereunder.

  • The Borrower further agrees to pay to the Lender, on demand, interest at the Default Rate, on any amount paid by the Lender, under or pursuant to any Letter of Credit or Letter of Credit Draft from the date of payment until the date of reimbursement to the Lender.

  • The Borrower hereby authorizes Lender, at Lender's option, to make a Line of Credit Advance under this Agreement in an amount equal to the amount paid by the Lender, under any Letter of Credit or Letter of Credit Draft, as reimbursement for such payment.

  • The Borrower shall pay the Lender, a commission (the "Letter of Credit Commission") on the undrawn amount of each Letter of Credit and on each Letter of Credit Draft accepted by the Lender but not paid, at a rate equal to the then-applicable Applicable Margin for Eurodollar Advances per annum calculated on the basis of actual days elapsed over for year of 360 days.

Related to Letter of Credit Draft

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

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

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

  • Letter of Credit Limit means $5,000,000.

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

  • 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.

  • Letter of Credit Subfacility means, at any time, an amount equal to the lesser of (a) the aggregate amount of the L/C Issuers’ Letter of Credit Sublimits at such time and (b) the Revolving Credit Facility at such time. The Letter of Credit Subfacility is part of, and not in addition to, the Revolving Credit Facility. On the Closing Date, the amount of the Letter of Credit Subfacility is $25,000,000.

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

  • Letter of Credit Request shall have the meaning provided 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.

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

  • 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.

  • 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.

  • 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 Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Agent maintained at the office of the Agent at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the "Family Golf Centers, Inc. Letter of Credit Account" that shall be used solely for the purposes set forth in Sections 2.02(b) and 2.10(a) and (c).

  • Letter of Credit Commitment means, with respect to any Issuing Bank at any time, the amount set forth opposite such Issuing Bank’s name on Schedule I hereto under the caption “Letter of Credit Commitment” or, if such Issuing Bank has entered into one or more Assignment and Acceptances, set forth for such Issuing Bank in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Issuing Bank’s “Letter of Credit Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

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

  • 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 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.

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

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • Letter of Credit Accommodations means the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Lender for the account of Borrower or any Obligor or (b) with respect to which Lender has agreed to indemnify the issuer or guaranteed to the issuer the performance by Borrower of its obligations to such issuer.

  • Letter of Credit Maximum Amount means $5,000,000; provided that, on and after the Maturity Date, the Letter of Credit Maximum Amount shall be zero.