Initial Letter of Credit definition

Initial Letter of Credit means the initial Letter of Credit in the form attached to the Reimbursement Agreement as Schedule I and delivered to the Trustee on or prior to the Issue Date.

Initial Letter of Credit means the irrevocable, transferable, stand-by letter of credit, issued by the Initial Letter of Credit Issuer in favor of the Trustee in the aggregate principal amount of outstanding Bonds plus one hundred' ninety-five (195) days' interest thereon.

Initial Letter of Credit means the irrevocable direct pay Letter of Credit dated the Issue Date, in the form of Annex A attached to the Reimbursement Agreement (as herein defined), issued by the Bank;

Examples of Initial Letter of Credit in a sentence

• If, from time to time, the Beneficiary and the Borrower desire to reduce the amount of an Initial Letter of Credit, the Borrower and the Beneficiary shall send a written notice to the Issuing Bank requesting that such Initial Letter of Credit be amended and specifying the amount by which the face amount of such Initial Letter of Credit shall be reduced and the date on which such amendment shall be effective.

• If the requested amendment reduces an Initial Letter of Credit to zero, such original Initial Letter of Credit shall be returned to the Issuing Bank and shall be canceled.

• The Initial Letter of Credit amount shall be based upon the Wireless Provider’s good faith projection of the number of sites to be constructed within the City of South Tucson during the current calendar year.

• Upon receipt of such written notice, the Issuing Bank shall amend such Initial Letter of Credit to reduce its face amount.

More Definitions of Initial Letter of Credit

Initial Letter of Credit means the Letter of Credit issued by the Initial Letter of Credit Bank on the Bond Closing.

Initial Letter of Credit means the irrevocable Letter of Credit delivered on the Closing Date by the Bank for the purpose of securing the Bonds, as extended or amended from time to time.

Initial Letter of Credit means the letter of credit issued by the Initial L/C Bank in favour of the Lessor as a condition precedent to the payment by the Lessor of the Contract Price, in form and substance acceptable to the Lessor in its absolute discretion;

Initial Letter of Credit means the Irrevocable Standby Letter of Credit issued by Bank One, Indiana, N.A. dated December 29, 2000 in the original principal amount of $7,770,000, as such amount has been subsequently increased to $21,345,000 and the term extended from time to time.

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

Initial Letter of Credit means the irrevocable, direct-pay Letter of Credit, in the stated amount of $50,591,781, issued by JPMorgan Chase Bank, N.A. and effective as of the date of delivery of the Bonds.

Initial Letter of Credit the irrevocable standby letter of credit, in the face amount of $600,000, issued for the account of the Lessee by a commercial bank acceptable to the Administrative Agent in its sole discretion and naming the Administrative Agent on behalf of the Lessor beneficiary thereof, and under which the Administrative Agent may draw, upon the occurrence and during the continuation of an Event of Default, substantially in the form and substance satisfactory to the Administrative Agent in its sole discretion. Any draws on the Initial Letter of Credit due to an Event of Default caused by a failure of the Lessee to make a Scheduled Rent payment shall be applied to outstanding Rent in inverse order of maturity and shall not cure the Event of Default caused by a failure of the Lessee to make a Scheduled Rent payment.