Letter of Credit Transaction definition

Letter of Credit Transaction has the meaning specified in the related Currency Swap Agreements.
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Letter of Credit Transaction means a transaction under which a negotiable letter of credit is issued by a bank designated by the buyer of goods (the “issuing bank”) under which the issuing bank agrees that, when the issuing bank receives a xxxx of lading or other negotiable document representing title to the goods, an invoice and related shipping documents (collectively, the “documents”) which comply with the terms of the letter of credit, the issuing bank will pay the invoice price to the holder of the letter of credit, either upon receipt of the documents by the issuing bank or on a date specified in the letter of credit which is not later than 180 days after the date of the xxxx of lading; provided that any such transaction will not be a Letter of Credit Transaction for purposes of this Agreement unless:
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Letter of Credit Transaction means a letter of credit, guaranty or surety bond or insurance policy covering DBAG’s obligations under this Agreement from a bank, guarantor or insurer having: (1) a short-term or long-term debt rating, or a financial program or counterparty rating or claims paying rating, as applicable, of at least “A1” or “A+” by S&P, respectively, (2) (a) a long-term senior debt rating of at least “Aa3” by Xxxxx’x where the bank, guarantor or insurer has only a long-term rating or (b) a long-term senior debt rating of at least “A-1” and a short-term debt rating of at least “P-1” by Xxxxx’x where the bank, guarantor or insurer has both long-term and short-term ratings; and (c) a short-term debt rating of at least “F1” by Fitch. A letter of credit, guaranty or surety bond or insurance policy will constitute a “Letter of Credit” Transaction only if each of the Rating Agencies then rating the Notes issues a written acknowledgment stating that the ratings of the Notes (as in effect immediately prior to such reduction or withdrawal) will not be reduced after giving effect to the transaction with the relevant bank, guarantor or insurer.
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Examples of Letter of Credit Transaction in a sentence

  • If the long-term debt rating of DBAG is withdrawn or downgraded below “BBB-” by S&P or any successor Rating Agency, DBAG shall provide, within 10 Business Days of such withdrawal or downgrade, a Letter of Credit Transaction or a Replacement Transaction, at no cost to the Trust; provided that the failure of DBAG to provide such a Letter of Credit Transaction or Replacement Transaction shall be deemed to be an Additional Termination Event and not an Event of Default.

  • In addition, in the event that DBAG’s credit rating is withdrawn or downgraded below “A-1+” and DBAG has not obtained a Replacement Transaction or a Letter of Credit Transaction, DBAG shall within 30 days of such withdrawal or downgrade and at the expense of DBAG, obtain rating agency confirmation that despite the downgrade or withdrawal, the ratings on the no class of Notes will be withdrawn or lowered.

  • Details of any Credit Support Document: — DBAG:— The Credit Support Annex between the parties hereto annexed hereto which supplements, forms part of, and be subject to, this Agreement and if and only if DBAG procures a Letter of Credit Transaction, the Letter of Credit Transaction.

  • In each case, the failure of CSi to provide such a Replacement Transaction or when applicable, a Letter of Credit Transaction, shall be deemed to be an Additional Termination Event and not an Event of Default.

  • Details of any Credit Support Document: - MLCS:— (i) The Credit Support Annex between the parties hereto annexed hereto which supplements, forms part of, and is subject to, this Agreement and, if and only if MLCS procures a Letter of Credit Transaction, the Letter of Credit Transaction and (ii) the Guaranty Agreement executed by MLCS’s Credit Support Provider substantially in the form of Exhibit “A” attached hereto.

  • If the long-term debt rating of MLCS is withdrawn or downgraded below “BBB-” by S&P or any successor Rating Agency, MLCS shall provide, within 10 Business Days of such withdrawal or downgrade, a Letter of Credit Transaction or a Replacement Transaction, at no cost to the Trust; provided that the failure of MLCS to provide such a Letter of Credit Transaction or Replacement Transaction shall be deemed to be an Additional Termination Event and not an Event of Default.

  • In each case, the failure of BNP Paribas to provide such a Replacement Transaction or when applicable, a Letter of Credit Transaction, shall be deemed to be an Additional Termination Event and not an Event of Default.

  • If any other Additional Termination Event shall have occurred with respect to CSi with respect to a rating downgraded or withdrawal by Xxxxx’x or Fitch or any successor rating Agency, then CSi shall provide, within 10 Business Days of such downgrade or withdrawal, a Replacement Transaction or a Letter of Credit Transaction, at no cost to the Trust.

  • In addition, in the event that the credit rating of MLCS’s Credit Support Provider is withdrawn or downgraded below “A-1+” and MLCS has not obtained a Replacement Transaction or a Letter of Credit Transaction, MLCS shall within 30 days of such withdrawal or downgrade and at the expense of MLCS, obtain rating agency confirmation that despite the downgrade or withdrawal, the ratings on the no class of Notes will be withdrawn or lowered.

  • If any other Additional Termination Event shall have occurred with respect to BNP Paribas with respect to a rating downgraded or withdrawal by Xxxxx’x or Fitch or any successor rating Agency, then BNP Paribas shall provide, within 10 Business Days of such downgrade or withdrawal, a Replacement Transaction or a Letter of Credit Transaction, at no cost to the Trust.


More Definitions of Letter of Credit Transaction

Letter of Credit Transaction means a letter of credit, guaranty or surety bond or insurance policy covering Barclays’s obligations under this Agreement from a bank, guarantor or insurer having: (1) a short-term or long-term debt rating, or a financial program or counterparty rating or claims paying rating, as applicable, of at least ''A1’’ or “A+” by S&P, respectively, (2) (a) a long-term senior debt rating of at least ''Aa3’’ by Mxxxx’x where the bank, guarantor or insurer has only a long-term rating or (b) a long-term senior debt rating of at least “A-1” and a short-term debt rating of at least ''P-1’’ by Mxxxx’x where the bank, guarantor or insurer has both long-term and short-term ratings; and (c) a short-term debt rating of at least ''F1’’ by Fitch. A letter of credit, guaranty or surety bond or insurance policy will constitute a “Letter of Credit” Transaction only if each of the Rating Agencies then rating the Notes issues a written acknowledgment stating that the ratings of the Notes (as in effect immediately prior to such reduction or withdrawal) will not be reduced after giving effect to the transaction with the relevant bank, guarantor or insurer.
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Letter of Credit Transaction means a letter of credit, guaranty or surety bond or insurance policy covering the swap counterparty’s obligations under this Agreement from a bank, guarantor or insurer having: (1) (a) a long-term senior debt rating of at least “Aa3” by Xxxxx’x where the bank, guarantor or insurer has only a long-term rating or (b) a long-term senior debt rating of at least “A-1” and a short-term debt rating of at least “P-1” by Xxxxx’x where the bank, guarantor or insurer has both long-term and short-term ratings; and (2) a short-term debt rating of at least “F1” by Fitch. A letter of credit, guaranty or surety bond or insurance policy will constitute a “Letter of Credit” Transaction only if each of the Rating Agencies then rating the Notes issues a written acknowledgment stating that the ratings of the Notes (as in effect immediately prior to such reduction or withdrawal) will not be reduced after giving effect to the transaction with the relevant bank, guarantor or insurer.
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Related to Letter of Credit Transaction

  • 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.

  • Credit transaction means any transaction by the terms of which the repayment of money loaned or loan commitment made, or payment for goods, services, or properties sold or leased, is to be made at a future date or dates.

  • 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.

  • Letter of Credit Commitment means, with respect to any Issuing Bank at any time, the amount set forth opposite such Issuing Bank’s name on Schedule I hereto under the caption “Letter of Credit Commitment” or, if such Issuing Bank has entered into one or more Assignment and Acceptances, set forth for such Issuing Bank in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Issuing Bank’s “Letter of Credit Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Letter of Credit Liability means, without duplication, at any time and in respect of any Letter of Credit, the sum of (a) the undrawn face amount of such Letter of Credit, plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of Borrower at such time due and payable in respect of all drawings made under such Letter of Credit.

  • Letter of Credit Maximum Amount means $5,000,000; provided that, on and after the Maturity Date, the Letter of Credit Maximum Amount shall be zero.

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

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

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

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

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

  • Letter of Credit Collateralization means either (a) providing cash collateral (pursuant to documentation reasonably satisfactory to Agent, including provisions that specify that the Letter of Credit Fees and all commissions, fees, charges and expenses provided for in Section 2.11(k) of the Agreement (including any fronting fees) will continue to accrue while the Letters of Credit are outstanding) to be held by Agent for the benefit of the Revolving Lenders in an amount equal to 105% of the then existing Letter of Credit Usage, (b) delivering to Agent documentation executed by all beneficiaries under the Letters of Credit, in form and substance reasonably satisfactory to Agent and Issuing Bank, terminating all of such beneficiaries’ rights under the Letters of Credit, or (c) providing Agent with a standby letter of credit, in form and substance reasonably satisfactory to Agent, from a commercial bank acceptable to Agent (in its sole discretion) in an amount equal to 105% of the then existing Letter of Credit Usage (it being understood that the Letter of Credit Fee and all fronting fees set forth in the Agreement will continue to accrue while the Letters of Credit are outstanding and that any such fees that accrue must be an amount that can be drawn under any such standby letter of credit).

  • Letter of Credit Obligation means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.

  • 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 Report means a certificate substantially the form of Exhibit H or any other form approved by the Administrative Agent.

  • Letter of Credit Reserve has the meaning set forth in Section 2.1.2(d).

  • Letter of Credit Liabilities means, for any Lender and at any time, such Lender’s ratable participation in the sum of (x) the amounts then owing by the Borrower in respect of amounts drawn under Letters of Credit and (y) the aggregate amount then available for drawing under all Letters of Credit.

  • Letter of Credit Disbursement means a payment made by Issuing Bank pursuant to a Letter of Credit.

  • 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 Exposure means, at any time, the sum of (a) the aggregate undrawn maximum face amount of each Letter of Credit at such time plus (b) the aggregate unpaid amount of all Reimbursement Obligations at such time.

  • 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.

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

  • 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.

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

  • 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.