RBC Letter of Credit definition

RBC Letter of Credit means that certain irrevocable standby letter of credit, dated February 1, 2017, issued by Royal Bank of Canada in favor of the Bank, in an initial stated amount equal to $18,029,390.00, to secure the Liabilities of the Applicant to the Bank under this Agreement and the Letters of Credit and all other Obligations; provided, that, upon the irrevocable termination of any Letter of Credit and the payment in full of all drawings thereunder and other Liabilities of the Applicant in respect of such Letter of Credit, so long as no Event of Default or Unmatured Event of Default shall have occurred and be continuing, the stated amount of the RBC Letter of Credit may be reduced to an amount not less than 101% of the aggregate stated amount of all outstanding Letters of Credit.
Sample 1

Examples of RBC Letter of Credit in a sentence

  • The Airports Authority has two bank facilities that expire in 2018 - the $53.8 million Wells Fargo Index Floaters in October 2018 and the$180.0 million RBC Letter of Credit in September 2018.

  • The $53.8 million Wells Fargo Index Floaters expire in October 2018 and the $180.0 million RBC Letter of Credit expires in September 2018.

  • The $53.8 million Wells Fargo Index Floaters expire on October 1, 2018 and the $180.0 million RBC Letter of Credit expires on September 28, 2018.

  • The Airports Authority has two bank facilities that expire in 2018 - the $53.8 million Wells Fargo Index Floaters on October 1, 2018 and the$180.0 million RBC Letter of Credit on September 28, 2018.

  • For so long as the RBC Letter of Credit remains outstanding and in full force and effect, the Bank hereby waives the requirements set forth in Section 3 of the Cash Collateral Agreement to maintain funds on deposit in the Account.

Related to RBC Letter of Credit

  • 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.

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

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

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

  • Commercial Letter of Credit means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan Party in the ordinary course of business of such Loan Party.

  • Existing Letter of Credit means each letter of credit previously issued (or deemed issued) for the account of the Borrower, the Company or any of their respective Subsidiaries under the Existing Credit Facilities that (a) is outstanding on the Closing Date and (b) is listed on Schedule 1.01C.

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

  • 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.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

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

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

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

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

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

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

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

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • 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 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.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or any of its Subsidiaries in the ordinary course of its business.

  • 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.

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

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

  • 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.