Approved Letters of Credit definition

Approved Letters of Credit has the meaning provided in Item 9 of the Schedule.
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Approved Letters of Credit means one or more clean, irrevocable and unconditional letter of credit, each of which (A) is issued in favor of Noteholder, its successors and/or assigns as beneficiary, in the amount required by the applicable provision of this Agreement, (B) is issued by an issuer which is a United States bank acceptable to Noteholder, the long term unsecured debt obligations of which are rated at least “A” by Fitch and S&P and “A2” by Xxxxx’x or such other issuer as shall be approved by Noteholder in its sole and absolute discretion (the "Issuing Bank"), (C) is drawable (with partial draws permitted) by Noteholder solely upon the presentment to the issuer of a sight draft demanding such payment and accompanying draw certificate, each in form and substance satisfactory to Noteholder in its reasonable discretion, (D) has an initial expiration date of at least one (1) year from the date of delivery to Noteholder, provided, however, that such letter of credit shall bear an "evergreen clause" whereby the term is renewed automatically for successive one (1) year periods each thereafter during the term of the Loan through the earlier of the date which is forty-five (45) days following the end of the term of the Loan and the date on which either the provisions of Section 2(f)(ii) or Section 2(f)(iii) below have been satisfied, unless the Issuing Bank sends a notice to Noteholder by registered, return receipt requested, or by hand-delivered courier, not less than sixty (60) days prior to the then current expiration date of the Approved Letter of Credit, stating that the Issuing Bank has elected not to renew such Letter of Credit, (E) is issued subject to the International Standby Practices of 1998 or the most recent revision thereof or successor thereto, which shall be in effect from time-to-time (“ISP 1998”), and, as to matters not expressly covered by ISP 98, by the law of the State of New York (including, without limitation, Article 5 of the New York Uniform Commercial Code), (F) is assignable upon any assignment of the Loan to the transferee of the Loan, and (G) is secured by the assets of a Person other than Borrower. Notwithstanding the foregoing, Noteholder herby agrees that the letter of credit issued to Noteholder on or before the date hereof by JPMorgan Chase Bank, N.A. in the amount of $4,929,800.00 constitutes an Approved Letter of Credit in such amount. With respect to subsection (F) above, Borrower agrees to pay any transfer fees charged to Noteholder or its servi...
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Approved Letters of Credit means irrevocable letters of credit, issued by one (1) or more banks acceptable to TDSF in its business judgment for the account of TCP and/or Licensee Parent as account parties and for the benefit of TDS USA, that (i) provide that, for any purpose specified in Section 2(b) hereof and/or upon the occurrence of any Event of Default, TDSF shall be authorized to draw, as attorney-in-fact for, or otherwise on behalf of, TDS USA as beneficiary, under any such letter of credit and direct such bank(s) to pay the amount of any such draw solely and directly to TDS USA, and (ii) are otherwise in form and substance satisfactory to TDSF in its business judgment.
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Examples of Approved Letters of Credit in a sentence

  • That certain Approved Letter of Credit or Approved Letters of Credit in an amount not less than the Financial Covenant Curative Amount as provided in accordance with Section 5.22 hereof.

  • That certain Approved Letter of Credit or Approved Letters of Credit in an amount not less than the Extension Curative Amount as provided in accordance with Section 2.5 hereof.

Related to Approved Letters of Credit

  • Trade Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

  • Commercial Letters of Credit means those letters of credit subject to the UCP payable in Dollars and issued or caused to be issued by Lender on behalf of Borrower under a Loan Facility for the benefit of a supplier(s) of Borrower in connection with Borrower's purchase of goods or services from the supplier in support of the export of the Items.

  • Existing Letters of Credit means the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22.

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • 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.

  • Dollar Letters of Credit means Letters of Credit that utilize the Dollar Commitments.

  • 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.

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

  • Multicurrency Letters of Credit means Letters of Credit that utilize the Multicurrency Commitments.

  • Letters of Credit as defined in Section 3.1(a).

  • 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.

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

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

  • 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.

  • Existing Letter of Credit means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

  • 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.

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • Letter of Credit Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

  • Letter of Credit Accommodations means, collectively, the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Agent or any Lender for the account of any Borrower or Obligor or (b) with respect to which Agent or Lenders have agreed to indemnify the issuer or guaranteed to the issuer the performance by any Borrower or Obligor of its obligations to such issuer; sometimes being referred to herein individually as "Letter of Credit Accommodation".

  • 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.

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

  • Letter of Credit Liabilities means, for any Bank and at any time, such Bank'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 Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • 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).