Definition of PF Letter of Credit


PF Letter of Credit means a Letter of Credit designated (or deemed designated) as such and issued pursuant to Section 2.23.
Sample 1

Examples of PF Letter of Credit in a sentence

At the time of any termination of the Total PF Letter of Credit Commitment pursuant to this Section 3.03(d) or pursuant to Section 10, the Administrative Agent shall return to the PF Lenders (ratably in accordance with their respective PF Percentages) their Credit-Linked Deposits (to the extent not theretofore applied pursuant to Section 2.03(c)(iii)) in an amount by which the aggregate amount of the Credit-Linked Deposits at such time exceeds the aggregate PF Letter of Credit Outstandings at such time.
At the time of any termination or reduction of the Total PF Letter of Credit Commitment pursuant to this Section 3.02(b), the Administrative Agent shall return to the PF Lenders (ratably in accordance with their respective PF Percentages) their Credit-Linked Deposits in an amount by which the aggregate amount of the Credit-Linked Deposits at such time exceeds the Total PF Letter of Credit Commitment as in effect immediately after giving effect to such termination.
If the Borrower shall fail to specify whether any requested Letter of Credit is to be an RF Letter of Credit, a PF Letter of Credit or an Other PF Letter of Credit, then the requested Letter of Credit shall be deemed to be first, an Other PF Letter of Credit and then a PF Letter of Credit, in each case unless the issuance thereof would not be permitted by the foregoing provisions of this paragraph, in which case it shall be deemed to be an RF Letter of Credit.
At the time of any termination of a PF Lenders PF Letter of Credit Commitment pursuant to this Section 3.02(c), the Administrative Agent shall return to such PF Lender its Credit-Linked Deposit.
Accrued PF Facility Fees shall be due and payable in arrears on each date on which interest is paid by the Administrative Agent to the PF Lenders pursuant to Section 2.06(b) and on the date on which the Total PF Letter of Credit Commitment has been terminated, the Credit-Linked Deposits have been returned to the PF Lenders and all PF Letters of Credit have been terminated.