Series 2010-1 Letter of Credit definition

Series 2010-1 Letter of Credit means an irrevocable letter of credit, substantially in the form of Exhibit B to this Series Supplement issued by a Series 2010-1 Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2010-1 Noteholders.
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Series 2010-1 Letter of Credit means any irrevocable letter of credit, issued by the Series 2010-1 Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2010-1 Noteholders meeting the requirements of this Supplement and the Master Lease, including without limitation, the execution and delivery of a collateral sharing agreement with respect to the Master Collateral Agency Agreement. There shall be no Series 2010-1 Letter of Credit in place as of the Series 2010-1 Closing Date.
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Series 2010-1 Letter of Credit means an irrevocable letter of credit, substantially in the form of Exhibit B to this Series Supplement, issued by a Series 2010-1 Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2010-1 Noteholders; provided that any Series 2010-1 Letter of Credit issued after the Series 2010-1 Closing Date that is not in a form substantially similar to a Series 2010-1 Letter of Credit in effect on the Series 2010-1 Closing Date shall be subject to satisfaction of the Series 2010-1 Rating Agency Condition.
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Examples of Series 2010-1 Letter of Credit in a sentence

  • This Series Supplement shall cease to be of further effect when (i) all Outstanding Series 2010-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2010-1 Notes which have been replaced or paid) to the Trustee for cancellation, (ii) ZVF has paid all sums payable hereunder and (iii) the Series 2010-1 Demand Note Payment Amount is equal to zero or the Series 2010-1 Letter of Credit Liquidity Amount is equal to zero.

  • The amount of any such withdrawal from the Series 2010-1 Cash Collateral Account shall be limited to the least of (a) the Series 2010-1 Available Cash Collateral Account Amount on such Payment Date, (b) the Series 2010-1 Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Series 2010-1 Letter of Credit Liquidity Amount on such Payment Date over the Series 2010-1 Demand Note Payment Amount on such Payment Date.

  • On or prior to the date of any drawing under a Series 2010-1 Letter of Credit pursuant to Section 3.9(b) or (c) of this Series Supplement, ZVF shall establish and maintain in the name of the Trustee for the benefit of the Series 2010-1 Noteholders, an account (the “Series 2010-1 Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2010-1 Noteholders.

  • Capitalized terms not otherwise defined herein shall have the meanings assigned thereto in the Series 2010-1 Letter of Credit or, if not defined therein, the Series 2010-1 Supplement (as defined in the Series 2010-1 Letter of Credit).

  • When established, the Series 2010-1 Cash Collateral Account is intended to function in all respects as the replacement for, and the equivalent of, the related Series 2010-1 Letter of Credit.

  • The Master Servicer shall notify the Trustee on such 60th Business Day if either the (i) the Series 2010-1 Invested Amount on such date or (ii) the Series 2010-1 Letter of Credit Liquidity Amount on such date is different than the amounts previously reported.

  • RCFC shall keep the Series 2010-1 Cash Liquidity Amount on deposit in the Series 2010-1 Cash Liquidity Account in an amount equal to the Series 2010-1 Minimum Liquidity Amount until such time as a Series 2010-1 Letter of Credit is in effect.

  • Accordingly, following its creation, each reference in this Series Supplement to a draw on the Series 2010-1 Letter of Credit shall refer to withdrawals from the Series 2010-1 Cash Collateral Account and references to similar terms shall mean and be a reference to actions taken with respect to the Series 2010-1 Cash Collateral Account that correspond to actions that otherwise would have been taken with respect to the Series 2010-1 Letter of Credit.

  • Following each draw on the Series 2010-1 Letter of Credit during any Insolvency Period, the Master Servicer shall calculate the Accumulated Principal Draw Amount after giving effect to such draw, and shall promptly inform the Trustee of such amount.

  • The Trustee shall promptly follow the instructions of the Master Servicer or the Administrative Agent to make a claim under the Series 2010-1 Letter of Credit or withdrawal from the Series 2010-1 Cash Collateral Account.

Related to Series 2010-1 Letter of Credit

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee may draw thereupon in the event the Servicer fails to deposit SUBI Collections into the 20[__]-[__] SUBI Collection Account on a monthly basis.

  • 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.

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

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

  • 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.

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

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

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.

  • 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.

  • 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.

  • 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 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 Maturity Date the date occurring 15 days prior to the Revolving Termination Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

  • Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.” Applicable Margin shall mean, as applicable:

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

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

  • Letter of Credit Collateral Account means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Lenders, and under its sole dominion and control.

  • 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 Commitment Amount means, on any date, a maximum amount of $10,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • 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.

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

  • 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.

  • 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 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.