LOC Bank definition

LOC Bank means any Person that has issued (or issues) a performance or financial letter of credit for the account of any Loan Party or any Subsidiary of a Loan Party. For the avoidance of doubt (i) at any point that a Bank ceases to be a Bank then such Person (and any Affiliate of such Person) shall cease to be a LOC Bank and (ii) at such time the issuer of any performance or financial letter of credit for the account of the Borrower and/or any (or one or more) Subsidiary of the Borrower becomes a Bank (or becomes an Affiliate of a Bank) such Person shall automatically become a LOC Bank until such time that such Person (or Affiliate of such Person) ceases to be a Bank.
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LOC Bank means any financial institution issuing the Letter of Credit and meeting the requirements set forth in Section 6.15(a).
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LOC Bank means the bank that has issued the Letter of Credit.
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Examples of LOC Bank in a sentence

  • Credit Enhancement.Letter of Credit: Term: Rating: Third Party Guarantor: Term: Rating: Private Placement/Name of Placement Agent: Term: Rating: FHA-Insured loanName of Lender: Term: Rating: FannieMaeName of DUS Lender: Term: Name of Interim Construction LOC Bank: Rating: OtherName: Term: Rating: A copy of the Commitment or Letter of Interest for the above checked credit enhancer(s) and/or placement agent, including a contact person’s name, address and telephone number must be attached hereto.

  • Bank Repayment Fund The Resolution creates and establishes a “Bank Repayment Fund” which shall be held by the Trustee for the exclusive benefit of the LOC Bank and into which shall be deposited such monies as specified in the Resolution.

  • All shareholder loans (approximately $1,353,000 as of September 30, 2003) shall be fully subordinate for both principal and interest payments to the prior repayment of the LACCDC Float Loan and any back-up funding loan between the Agency and the LOC Bank.

  • In addition, concurrently with the Credit Substitution Notice, the Mortgagor shall deliver to the Agency a binding commitment of the substitute LOC Bank to issue the Substitute Letter of Credit.

  • If any of the LOC Banks do not maintain a required credit rating of at least “A+” by Standard & Poor’s and at least “A1” by Moody’s, the LOC Bank in question must be replaced (via “substitution”) with another bank within 30 days of the reduced credit rating.2 The Deposits provide for variable interest payments to Buyer in nearly identical terms to those of the Purchase Notes.


More Definitions of LOC Bank

LOC Bank means any Lender or Affiliate of a Lender that has issued (or issues) a performance or financial letter of credit for the account of the Company and/or any (or one or more) Subsidiary of the Company that is permitted to be secured by a Lien on Collateral pursuant to Section 7.03(h). For the avoidance of doubt (i) at any point that a Lender ceases to be a Lender then such Person (and any Affiliate of such Person) shall cease to be a LOC Bank and (ii) at such time the issuer of any performance or financial letter of credit for the account of the Company and/or any (or one or more) Subsidiary of the Company becomes a Lender (or becomes an Affiliate of a Lender) such Person shall automatically become a LOC Bank until such time that such Person (or Affiliate of such Person) ceases to be a Lender.
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LOC Bank means any Lender or Affiliate of a Lender that has issued (or issues) a performance or financial standby letter of credit or trade or commercial letter of credit for the account of the Company and/or any (or one or more) Subsidiary of the Company that is permitted to be secured by a Lien on Collateral pursuant to Section 7.01(x). For the avoidance of doubt (i) at any point that a Lender ceases to be a Lender then such Person (and any Affiliate of such Person) shall cease to be a LOC Bank and (ii) at such time the issuer of any performance or financial standby letter of credit or trade or commercial letter of credit for the account of the Company and/or any (or one or more) Subsidiary of the Company becomes a Lender (or becomes an Affiliate of a Lender) such Person shall automatically become a LOC Bank until such time that such Person (or Affiliate of such Person) ceases to be a Lender.
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LOC Bank means each of the Banks and any successors thereto or assigns thereof, all of which are also referred to herein sometimes collectively as the "LOC Banks."
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LOC Bank is defined in section 1.4(a).
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LOC Bank has the meaning set forth in the introductory paragraph hereof.
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LOC Bank or “Letter of Credit Bank” shall mean the issuer of a Letter of Credit; provided, however, that if, pursuant to the Letter of Credit Agreement, the issuer of or obligor under the Letter of Credit shall have appointed an agent on its behalf (which agent may, but need not, act on behalf of other parties as well) and given notice to the Agency and the Trustee of such appointment, references in the General Resolution to the LOC Bank shall be deemed to refer to said agent, except that with respect to the
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LOC Bank has the meaning specified in Section 1.6 of this Agreement.
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