LC Facility Letter of Credit definition

LC Facility Letter of Credit means each letter of credit issued pursuant to Section 2.5 and shall include, solely on or after the Effective Date, the Existing LC Facility Letters of Credit.
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LC Facility Letter of Credit at any time, an LC Facility Letter of Credit issued by the LC Facility Issuing Bank pursuant to subsection 2.6(a). All LC Facility Letters of Credit shall at the option of the Borrower be standby letters of credit or commercial letters of credit.
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LC Facility Letter of Credit a standby letter of credit issued or to be issued by Issuing Bank pursuant to the LC Facility or any Replacement LC Commitments. The Existing Letters of Credit will be deemed to be LC Facility Letters of Credit as of the Closing Date regardless of whether the Borrower is the applicant with respect thereto.
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Examples of LC Facility Letter of Credit in a sentence

  • If any draft shall be presented for payment under any LC Facility Letter of Credit, the applicable LC Facility Issuing Bank shall promptly notify the Borrower of the date and amount thereof.

  • In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any LC Facility Letter of Credit Request, any other form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with any LC Facility Issuing Bank relating to any LC Facility Letter of Credit, the terms and conditions of this Agreement shall control.

  • Upon receipt from the beneficiary of any Term L/C Facility Letter of Credit of any notice of a drawing under such Letter of Credit, the relevant Term L/C Issuer shall promptly notify the Borrower and the Payment Agent thereof (which may be telephonic, promptly confirmed by telecopy).

  • Promptly after the issuance or amendment of any LC Facility Letter of Credit, the applicable LC Facility Issuing Bank shall notify the Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or amendment.

  • An LC Facility Letter of Credit shall not be issued, amended, renewed or extended if (and upon issuance, amendment, renewal or extension of each LC Facility Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the LC Facility Exposure would exceed the Total LC Facility Deposit.

  • Unless otherwise agreed by the applicable LC Facility Issuing Bank and the Borrower at the time of issuance, each LC Facility Letter of Credit shall be subject to the Uniform Customs and, to the extent not inconsistent therewith, the laws of the State of New York.

  • Each LC Facility Lender acknowledges and agrees that its authorization granted hereby and obligations hereunder are unconditional and irrevocable and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any LC Facility Letter of Credit or the occurrence and continuance of a Default or the return of the LC Facility Deposits.

  • Except with respect to the claims of the Bonding Facility L/C Issuer to amounts held in the Bonding Facility Letter of Credit Account and with respect to the claims of the L/C Facility L/C Issuer to amounts held in the L/C Facility Letter of Credit Account (in each case, as defined in the DIP Order).

  • Any LC Facility Letter of Credit may be amended by the LC Facility Issuing Bank at the request of such US Borrower; provided that no such amendment shall increase the stated amount of an LC Facility Letter of Credit or extend the expiration date thereof beyond the last permissible date referred to in paragraph (c) below.

  • Accrued LC Fees shall be payable quarterly in arrears on each Interest Payment Date with respect to Base Rate Advances occurring after the Effective Date and on the LC Facility Letter of Credit Expiration Date; provided that any such fees accruing after such LC Facility Letter of Credit Expiration Date shall be payable on demand.


More Definitions of LC Facility Letter of Credit

LC Facility Letter of Credit means, on the Closing Date, the Letter of Credit issued by the LC Facility Issuing Bank pursuant to Section 2.18(a) in an aggregate principal amount not to exceed $15.0 million (including all amendments, renewals or extensions thereof).
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LC Facility Letter of Credit or "LC Facility Letters of Credit" means Standby Letters of Credit issued or to be issued by LC Facility Issuing Lenders pursuant to subsection 3.1.
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Related to LC Facility Letter of Credit

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

  • 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.

  • 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.

  • 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.

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

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

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

  • U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

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

  • Existing Letter of Credit means a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

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

  • Letter of Credit Commitment means, with respect to the Issuer, the Issuer's obligation to issue Letters of Credit pursuant to Section 2.1.3 and, with respect to each of the other Lenders that has a Revolving Loan Commitment, the obligation of each such Lender to participate in such Letters of Credit pursuant to Section 2.6.1.

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

  • Commercial Letter of Credit means any letter of credit which is a commercial letter of credit issued in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries.

  • Trade Letter of Credit shall have the meaning provided in Section 2.01(a).

  • 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).

  • 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.

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

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

  • 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.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

  • Letter of Credit Limit means $5,000,000.

  • 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.

  • 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.

  • Letter of Credit Liabilities means, at any time and in respect of all Letters of Credit, the sum of (a) the aggregate amount available to be drawn under all such Letters of Credit plus (b) the aggregate unpaid amount of all Reimbursement Obligations then due and payable in respect of previous drawings under such Letters of Credit.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.