Renewal Letter of Credit definition

Renewal Letter of Credit means a Letter of Credit issued in accordance with the requirements of Clause 6.4 (Renewal of a Letter of Credit).
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Renewal Letter of Credit shall have the meaning provided in Section 2.02(a) of the Credit Agreement.
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Renewal Letter of Credit shall also be deemed a "Letter of Credit" for purposes of this Special Stipulation) to be effective for an additional period commencing immediately upon the expiration of the Letter of Credit which it is replacing and expiring on the next succeeding April 1. Except for the term thereof, each Renewal Letter of Credit shall be identical in form and content to the original Letter of Credit. If the original Letter of Credit provides by its terms for automatic renewal absent notice to the contrary to Landlord from the Issuer, then at least thirty (30) days prior to the date such Letter of Credit would have expired in the absence of such renewal, Tenant shall provide Landlord with written notice to Landlord from the Issuer, confirming such renewal. If Tenant fails to deliver the notice called for in the immediately preceding sentence or any Renewal Letter of Credit to Landlord on or before the deadline for such delivery, then a Default shall be deemed to have occurred with respect to Tenant under this Lease, without the benefit of any further notice or right to cure (notwithstanding anything in Section 8.1 to the contrary), and Landlord shall be entitled to draw immediately the full amount of the Letter of Credit, without notice to Tenant, and otherwise to exercise any one or more of its rights and remedies under this Lease or otherwise available at law or in equity as a result of such Default.
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Examples of Renewal Letter of Credit in a sentence

  • Once an Auto Renewal Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) such Issuing Bank to permit the renewal of such Letter of Credit at any time to an expiry date not later than such Maturity Date.

  • Once an Auto Renewal Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable Issuing Bank to permit the renewal of such Letter of Credit at any time to an expiry date not later than such Revolving Facility Maturity Date (except as otherwise provided in the second proviso to this clause (c)).

  • Once an Auto Renewal Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Issuing Bank to permit the renewal of such Letter of Credit at any time to an expiry date not later than such Revolving Facility Maturity Date (except as otherwise provided in the second proviso to this paragraph (c)).

  • Once an Auto Renewal Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Issuing Bank to permit the renewal of such Letter of Credit at any time to an expiry date not later than the date set forth in clause (ii) above.

  • Once an Auto Renewal Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Issuing Bank to permit the renewal of such Letter of Credit at any time to an expiry date not later than such Maturity Date.

  • Payment of the Renewal First Working Capital Line Note and the Renewal Letter of Credit Line Note shall be and is hereby secured by all Collateral described in Article III of the Agreement.

  • Once an Auto Renewal Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable Issuing Bank to permit the renewal of such Letter of Credit at any time to an expiry date not later than such Revolving Facility Maturity Date (except as otherwise provided in the second proviso to this paragraph (c)).

  • Subject to the foregoing, the Bank agrees to make Advances of funds to Borrower under the Renewal Letter of Credit Line upon receipt of written request therefor from Borrower, upon and subject to the terms and conditions set forth herein and in the Agreement, so long as (a) the Renewal First Working Capital Line is fully funded, (b) there has occurred no Default or Event of Default, and (c) the sum of all outstanding unpaid Advances does not exceed the Borrowing Base.

  • Once an Auto Renewal Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Issuing Bank to permit the renewal of such Letter of Credit at any time to an expiry date not later than such Revolving Facility Maturity Date.

  • Borrower agrees to execute whatever further documents and to provide whatever further assurances Bank may reasonably request or deem necessary to effectuate the terms of the Renewal First Working Capital Line, the Renewal Letter of Credit Line, and this Amendment.

Related to Renewal Letter of Credit

  • Auto-Renewal Letter of Credit has the meaning specified in Section 2.03(b)(iii).

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

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

  • Auto-Extension Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • 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.

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

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

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

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

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • 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.

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

  • 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.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit H, signed by a Responsible Official of Borrower, and properly completed to provide all information required to be included therein.

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

  • 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 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.

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or any of its Subsidiaries in the ordinary course of its business.

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

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

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.