Support Letter of Credit definition

Support Letter of Credit means an irrevocable standby letter of credit, satisfactory in form to the Administrative Agent, and issued by a bank or other financial institution having upon issuance a senior unsecured long-term debt rating of (a) A- or better from S&P or (b) A3 or better from Xxxxx’x.

Support Letter of Credit has the meaning specified therefor in Section 3.01(a).

Support Letter of Credit means one or more Letters of Credit in form and substance acceptable to Agent in its Permitted Discretion, issued on behalf of Borrower for the benefit of a Canadian financial institution acceptable to Agent, in its Permitted Discretion, which is making or committing to make loans and other financial accommodations directly to SportDepot, on terms and conditions acceptable to Agent, in its Permitted Discretion."

Examples of Support Letter of Credit in a sentence

• Revenue Support Letter of Credit - This 12 million sterling pound Letter of Credit was issued in favor of First Hydro Finance and assigned to Prudential Trustee Company Limited as security trustee.

• After the expiration or termination of the Support Letter of Credit, all references to the Support Credit Provider and the Support Letter of Credit contained herein shall be null and void and of no further force and effect.

• If the Borrower exercises its option to convert the interest rate borne by the Bonds from the Weekly Interest Rate to the Fixed Interest Rate pursuant to the terms and provisions of the Indenture, the Borrower may cause to be delivered to the Trustee an Alternate Credit Facility, effective as of the Fixed Rate Date, in lieu of keeping the Letter of Credit and the Support Letter of Credit in place as required by Section 5.08 hereof.

• The Revenue Support Letter of Credit must be provided during the initial five years of financing and be issued from the bank in short-term ratings of at least A-1/P-1.

• The Revenue Support Letter of Credit may be used to make up any shortfalls in interest payments owing and may also be used toward curing any default arising from interest coverage ratios dropping below 1.05 to 1.0 for applicable reference periods.

More Definitions of Support Letter of Credit

Support Letter of Credit means that certain Letter of Credit No. ------------------------ 672917 dated August 23, 1995, issued by INCC for the benefit of The First National Bank of Boston, as agent, for the account of the Company, in the face amount of $1,000,000, expiring June 30, 1996, as from time to time extended, which secures a guaranty by the Company of the Indebtedness of Plains Marketing and its Wholly-Owned Subsidiaries under the Bank of Boston/ING Capital Facility.

Support Letter of Credit means a Series 1997-1 Support Letter of Credit or any of the other irrevocable letters of credit or other agreements issued by or entered into by any of the Support Letter of Credit Providers pursuant to the related Support Reimbursement Agreement by which such Support Letter of Credit Provider agrees to reimburse the related Letter of Credit Provider for amounts drawn on the related Letter of Credit, as the same may be amended, supplemented, restated or otherwise modified or substituted or replaced from time to time in accordance with the terms thereof.

Support Letter of Credit means Letter of Credit Number _____________ issued by a bank acceptable to Bank naming Bank as beneficiary in the original stated amount of $1,250,000.

Support Letter of Credit means any letter of credit issued by the Issuing Bank pursuant to Section 2.23(a) denominated in currency of the United States of America. "Support Letters of Credit" shall mean the collective reference to each Support Letter of Credit.

Support Letter of Credit means a letter of credit in favor of the Lender in form and substance satisfactory to the Lender in the amount of $1,500,000 issued by a bank satisfactory to the Lender.

Support Letter of Credit means a letter of credit in the stated amount of $15,675,000 naming the Administrative Agent for the benefit of the Lenders as the beneficiary, expiring thirty (30) days after the date set forth in clause (i) of the definition of Revolving Commitment Termination Date or issued on an evergreen basis to automatically renew each year unless written notice of the issuing bank’s decision to terminate such letter of credit is given to the Administrative Agent at least 30 days prior to the then effective expiry date of such letter of credit, issued by a Support L/C Bank and otherwise in the form of Exhibit C.

Support Letter of Credit means First Union's irrevocable credit in the amount of the LC Maximum Amount issued pursuant to Section 2.01(b) to Wachovia Bank of Georgia, N.A., in form and substance satisfactory to First Union and Wachovia National Bank of Georgia, N.A. in order to obtain the release of the guaranty of Enron Corp. relating to the Wachovia Letter of Credit, with an initial expiration date of no more than 30 days from the date of issue, such expiration date being subject to being extended in additional one month periods at the discretion of First Union.