Permitted Letter of Credit definition

Permitted Letter of Credit means a letter of credit (i) which is issued by a financial institution which is satisfactory to Lender in its sole discretion and whose long-term debt is rated at least "A" by S&P and "A2" by Moody's; (ii) which names Lender as the beneficiary; (iii) which contains terms and provisions satisfactory to Lender in its sole discretion; and (iv) with respect to which the Borrower has the reimbursement obligation (and such reimbursement obligation is not guarantied by ARC or any Affiliate of ARC).
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Permitted Letter of Credit is defined in clause (l) of Permitted Indebtedness.”
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Permitted Letter of Credit means any letter of credit provided by the Borrower in substitution for the Borrower’s obligations with regard to payment of the Maintenance Reserve Amount under Clause 12.1.2(a) (Obligations with regard to accounts).
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Examples of Permitted Letter of Credit in a sentence

  • As between the Company, the Issuing Bank, each other Bank and the Agent, the Company assumes all risks of the acts and omissions of, or misuse of the Permitted Letter of Credit issued by the Issuing Bank by, the respective beneficiaries of such Permitted Letter of Credit.

  • Within the foregoing limits, and subject to the other terms and conditions hereof, the ability of each Borrower or other Permitted Letter of Credit Account Party to obtain Letters of Credit shall be fully revolving, and, accordingly, each Permitted Letter of Credit Account Party may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit which have expired or which have been drawn upon and reimbursed.

  • The Company hereby acknowledges that the issuance of Letters of Credit for the account of Permitted Letter of Credit Account Parties other than the Company inures to the benefit of the Company, and that the Company’s business derives substantial benefits from the businesses of such Permitted Letter of Credit Account Parties other than the Company.

  • Such notice shall be irrevocable and shall specify, with respect to such requested Permitted Letter of Credit, the face amount, beneficiary, effective date of issuance, expiry date (which effective date and expiry date shall be a Business Day and, with respect to the expiry date, shall be no later than the Business Day immediately preceding the Conversion Date), and the currency in which, and the purpose for which, such Permitted Letter of Credit is to be issued.

  • Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Permitted Letter of Credit Account Party other than the Company, the Company shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter of Credit.

  • Each Letter of Credit shall be Issued only for Permitted Letter of Credit Uses.

  • Notwithstanding the foregoing, the Issuing Bank shall not have any obligation to issue any Permitted Letter of Credit at any time.

  • Whenever the Issuing Bank receives a payment from the Company with respect to any fees incurred in connection with any Permitted Letter of Credit issued by the Issuing Bank, the Issuing Bank shall promptly remit to the Agent, and the Agent shall promptly remit to each Bank which has funded its participation in such Permitted Letter of Credit, in the currency provided for in such Permitted Letter of Credit and in same day funds, an amount equal to such Bank's Ratable Share of such fees.

  • The Issuer shall retain 10% of each such payment as compensation for its issuance of the applicable Permitted Letter of Credit and shall remit the balance of such payment (the "Net Fee") to Agent for distribution to Lenders pursuant to subsection 2.12.2.

  • ABC and the IBCs have indicated that most Buffycoats (defined herein) harvestable by the IBCs from whole blood or blood component collections currently are not separated from the IBCs' core component products, and, therefore, are generally considered an underutilized byproduct.


More Definitions of Permitted Letter of Credit

Permitted Letter of Credit means a one-year Standby Letter of Credit in an amount not to exceed $500,000, to be issued pursuant to the terms of Section 2.05 hereof.
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Permitted Letter of Credit. An irrevocable stand-by letter of credit (i) issued by an Issuer for the account of Borrowers, after Borrowers have satisfied the requirements of Section 2.3 for the issuance of an L/C Guaranty with respect thereto and subject to the limitations of Section 2.2, (ii) to be used solely to secure the obligations of Borrowers pursuant to agreements entered into by Borrowers with respect to a proposed Acquisition or for such other purposes as shall be approved by Agent and (iii) expiring no later than one year after the applicable L/C Issuance Date. Permitted Liens: any of the following Liens:
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Permitted Letter of Credit means any standby letter of credit entered into with a Lender Counterparty after the Amendment and Restatement Effective Date on a bilateral basis and not part of the facilities provided under the Credit Documents for the account of Company or any of its Subsidiaries, and specifically designated as such to the Administrative Agent in writing by Company and the relevant Lender Counterparty as a “Permitted Letter of Credit” which is to be included among the Obligations and accordingly secured by the Collateral on a pari passu basis; provided that the aggregate face amount of all such letters of credit shall not exceed $100,000,000 at any time. “Permitted Liens” means each of the Liens permitted pursuant to Section 6.2. “Permitted Refinancing” means, with respect to any Person, any refinancing, replacement, renewal or extension of any Indebtedness of such Person in whole or in part; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so refinanced, replaced, renewed or extended except by an amount equal to any reasonable and customary transaction costs and fees and any premium on the Indebtedness required to be paid in connection with such refinancing, replacement, renewal or extension unless the increase in the principal amount of such Indebtedness is permitted under Section 6.1 (provided that such limitation shall not apply with respect to Indebtedness that a client of a Project undertakes to service through the lease, service or operating agreement for such Project), (b) at the time thereof, no Event of Default shall have occurred and be continuing or would result therefrom, and (c) with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 6.1(g), 6.1(h), 6.1(i) or 6.1(n) (i) such refinancing, replacement, renewal or extension has a final maturity date equal to or later than the Latest Maturity Date (as determined on the date of incurrence of such Permitted Refinancing) of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being refinanced, replaced, renewed or extended (provided that such limitation shall not apply with respect to Indebtedness that a client of a Project undertakes to service through the lease, service or operating agreement for such Project), (ii) such refinancing, replacement, renewal or extension shall...
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Permitted Letter of Credit means any standby letter of credit entered into with any Permitted Letter of Credit Bank on a bilateral basis and not part of the Senior Credit Facilities for the account of Holdings, the Issuer or any of its Restricted Subsidiaries, and specifically designated to the administrative agent under the Senior Credit Facilities in writing by the Issuer and the relevant Permitted Letter of Credit Bank as a “Permitted Letter of Credit”, which written designation shall specify the face amount of the relevant letter of credit, and the aggregate amount of all Permitted Letters of Credit, in each case, at the time of such designation; provided that the aggregate face amount of all such letters of credit shall not exceed $100,000,000 at any time.
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Permitted Letter of Credit any Letter of Credit and any other letter of credit issued to the account of any Borrower that is in form and substance satisfactory to Agent and set forth in the Budget.
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Permitted Letter of Credit means a letter of credit or bankers acceptance (other than a Letter of Credit issued under the Credit Agreements) issued by a L/C Credit Party at the order and for the benefit of a Borrower or a Subsidiary, which letter of credit or bankers acceptance is outstanding on the date hereof, or may hereafter be issued solely in replacement or as a "roll-over" thereof by that or any other L/C Credit Party, PROVIDED that any such existing, replacement or roll-over letter of credit or bankers acceptance is at the time of its issuance permitted under the Credit Agreements.
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Related to Permitted Letter of Credit

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

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

  • 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.

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

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

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

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

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • 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 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.

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

  • 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.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

  • 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.

  • 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 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.

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

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

  • 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 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.

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

  • Letter of Credit Liability means, without duplication, at any time and in respect of any Letter of Credit, the sum of (a) the undrawn face amount of such Letter of Credit, plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of Borrower at such time due and payable in respect of all drawings made under such Letter of Credit.

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • 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.