Supplemental Letter of Credit definition

Supplemental Letter of Credit means the irrevocable letter of credit issued by the Letter of Credit Bank and required to be delivered to the Escrow Agent pursuant to the Supplemental Letter of Credit Indemnification Escrow Agreement.
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Supplemental Letter of Credit means each irrevocable standby letter of credit in favour of the Lessor issued in accordance with the provisions of any of clauses 22.1.1, 22.1.2, 22.1.3, 22.2, 22.3.3, 22.4 and 22.6.2 or, as the context may require, any other applicable provision of the Lease by a Supplemental L/C Bank in a form which is, in the Lessor's absolute discretion, acceptable to the Lessor (together the "Supplemental Letters of Credit");
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Supplemental Letter of Credit means an Acceptable Letter of Credit issued to Lessor on behalf of the Lessee having as of the date of issuance a stated amount of not less than $2,500,000.
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Examples of Supplemental Letter of Credit in a sentence

  • To the extent any provision of the Supplemental Letter of Credit Agreement is inconsistent with the terms of this Agreement, the terms of this Agreement shall control.

  • If Tenant fails to cause the issuance of any required Replacement or Supplemental Letter of Credit at the times and in the manner required hereunder, then in addition to all other rights and remedies available at law or equity, Beneficiary shall have the immediate right to draw the full amount of the then issued and outstanding Letters of Credit without any requirement of notice to Tenant or any right of Tenant to cure such default and Event of Default.

  • If Issuer does not issue to Beneficiary such Replacement or Supplemental Letter of Credit within the respective periods set forth in this Section 1, it shall be an immediate default by Tenant under this Agreement and an immediate Event of Default under the Lease without any requirement of notice to Tenant or any right of Tenant to cure such default and Event of Default.

  • If Issuer does not issue to Beneficiary such Supplemental Letter of Credit within seven (7) days after Beneficiary’s demand to LC Party, it shall be a default by LC Party under this Agreement and an Event of Default under the Lease.

  • If LC Party fails to cause the issuance of any Supplemental Letter of Credit as required pursuant to Section 1(d) hereof, then Beneficiary shall, in addition to all other rights and remedies available at law or equity, have the right to draw the full amount of the then issued and outstanding Letters of Credit.

  • If the Closing date occurs after December 15, 2023 (or, if later, the guaranteed placed in service date), the Purchase Price payable at the Closing will be reduced by the Supplemental Letter of Credit Amount that Buyer would have been entitled to draw under the supplemental letter of credit as of the Closing, that is, an amount that approximates and compensates Buyer for the unavailability of the ITC to Buyer on December 15, 2023, for estimated tax purposes.

  • Under the BOT Agreement, if the resource has not been “placed in service” under the federal investment tax credit laws by October 31, 2023, Seller will be required to provide to Buyer as supplemental credit support the Supplemental Letter of Credit Amount set forth in Table 3 on November 1, 2023.

  • Seller will be required to provide the Supplemental Letter of Credit Amount in the form of a separate letter of credit or an increase to an existing letter of credit.

  • The Supplemental Letter of Credit Amount is intended to secure Buyer against losses related to the federalinvestment tax credit (“ITC”) for the BOT resource if the project’s placed in-service date is delayed beyond December 15, 2023.

  • For BOT transactions, the Seller or Seller Parent Guarantor’s credit quality will not reduce or affect the Supplemental Letter of Credit Amount, which will be required to be provided to Buyer in the form of a letter of credit (or a purchase price reduction).


More Definitions of Supplemental Letter of Credit

Supplemental Letter of Credit is hereby added as a defined term in correct alphabetical order, the definition of which shall read in its entirety as follows:
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Supplemental Letter of Credit means a letter of credit in a stated amount of up to $1,000,000 which may be issued pursuant to the Letter of Credit Supplement to Credit Agreement or, in the alternative, an increase in the stated amount of the Initial Letter of Credit of up to $1,000,000.
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Supplemental Letter of Credit shall have the meaning provided in the Credit Agreement.
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Supplemental Letter of Credit means any standby letter of credit in form satisfactory to the Issuing Bank therefor, which is at any time Issued by such Issuing Bank pursuant to Article III hereof or which was issued after July 10, 2000 pursuant to Article III of the Existing Credit Agreement, in each case as amended, supplemented or otherwise modified from time to time.
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Supplemental Letter of Credit. Percentage of Annual Rent" contained in the Particulars. For the avoidance of doubt, in calculating the amount of any Supplemental Letters of Credit, "SLC" is read as a figure rather than a percentage (so that if "Supplemental Letter of Credit: Percentage of Annual Rent" is specified in the Particulars as 50 percent, SLC is read as "50" and not as "one half").
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Supplemental Letter of Credit. Percentage of Annual Rent" is not specified in the Particulars then this Clause 14 shall apply to this Guarantee and SLC shall be read as "50".
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Related to Supplemental Letter of Credit

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

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

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

  • 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.

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

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

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

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

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

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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

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

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company, or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies the Monthly Remittance Condition but fails to deposit Series Collections into the 20[•]-[•] Series Collection Account by the related Deposit Date.

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

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

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

  • 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.

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

  • 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.

  • 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.

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