Buyer Letter of Credit definition

Buyer Letter of Credit shall have the meaning specified in the Consent and Agreement.
Sample 1Sample 2
Buyer Letter of Credit means an irrevocable stand-by letter of credit issued by Letter of Credit Bank on behalf of Customer and in favor of Buyer for two million U.S. Dollars ($2,000,000.00), in the form attached hereto as Exhibit B.
Sample 1
Buyer Letter of Credit shall have the meaning set forth in Section 3.1.1 hereof.
Sample 1

Examples of Buyer Letter of Credit in a sentence

  • After an Event of Default the Grantor hereby irrevocably authorizes the Agent to deposit into a cash collateral account any amounts received by the Agent with respect to any Buyer Letter of Credit of which the Grantor is the beneficiary (whether as the collecting or presenting bank or otherwise) or paid out by the Agent as the negotiating or paying bank therefor.

  • Any such amounts drawn on the Buyer Letter of Credit pursuant to this subparagraph (d) shall be (i) held by HELCO as security for Guarantor’s performance of its obligation to maintain and replace the Buyer Letter of Credit as aforesaid, until such time as a new Buyer Letter of Credit is issued and delivered to HELCO, and (ii) upon the issuance and delivery of a new Buyer Letter of Credit as aforesaid, paid over to Guarantor or its designee without interest.

  • On the Effective Date, Buyer has delivered to Seller either the Buyer Letter of Credit or the Deposit Escrow Amount in accordance with the Deposit Escrow Agreement.

  • The Buyer Letter of Credit is irrevocable prior to the earlier to occur of (i) the return of the Buyer Letter of Credit to Buyer pursuant to Section 7.03(a), Section 7.03(b) or Section 7.03(c), or (ii) Seller presenting the Buyer Letter of Credit for payment pursuant to Section 7.03(g).

  • Buyer shall have no obligation to remit to any person or entity any excess proceeds of any draw on the Buyer Letter of Credit until this Agreement has terminated and all obligations hereunder and other obligations of Customer to Buyer have been paid in full.

  • This Agreement including the exhibits, schedules, documents, certificates and instruments referred to herein or therein, including the Buyer Parent Guaranty, the Buyer Letter of Credit, the Technology Transfer Agreement, the Transition Services Agreement and other Contracts, agreements and instruments contemplated hereby or thereby, embody the entire agreement and understanding of Seller and Buyer in respect of the transactions contemplated by this Agreement.

  • Seller shall return the Buyer Letter of Credit to Buyer at the Closing.

  • Each Buyer Letter of Credit shall be in the amount of the original principal amount of the Installment Note it secures and shall be issued in favor of the applicable Seller Note Designee with respect to such Seller Note Designee’s Installment Note by either of the following (the “Issuing Bank”): (i) XX Xxxxxx Xxxxx Bank, N.A., or (ii) another financial institution acceptable to Seller in its reasonable discretion.

  • Any Buyer Letter of Credit shall be renewed, and continue in existence, until the corresponding Leucadia Letters of Credit has been replaced by the Buyer or has expired or terminated and all payment obligations under the Buyer Letter of Credit have been satisfied and all collateral in connection with the Leucadia Letters of Credit has been released or an equivalent amount has been drawn upon the Buyer Letter of Credit by Leucadia.

  • To the extent of any expiration, termination or reduction of Continuing Credit Support Obligations that are supported by a Buyer Letter of Credit pursuant to this clause, the face value of such Buyer Letter of Credit would be decreased by a corresponding amount, and Xxxxxx agrees to reasonably cooperate to facilitate such decrease in the Buyer Letter of Credit.


More Definitions of Buyer Letter of Credit

Buyer Letter of Credit means an irrevocable, nontransferable standby letter of credit issued by a U.S. commercial bank or a U.S. branch of a foreign bank with such bank having a credit rating of at least “A-” from Standard & Poor’s Rating Group (a division of XxXxxx-Xxxx, Inc.) and “A3” from Xxxxx’x Investor Services, Inc. (it being agreed by Seller that Xxxxx Fargo is an acceptable issuer) in form and substance acceptable to Seller in its reasonable discretion, in an amount equal to five percent (5%) of the Purchase Price, having an expiry date no earlier than December 31, 2007, and providing that Seller may draw upon the entire amount thereof in the event of a material breach by Buyer of its obligations under this Agreement, which letter of credit, upon delivery to Seller as contemplated by Section 8.1(f) hereof, shall secure all of Buyer’s obligations to Seller under this Agreement.
Sample 1
Buyer Letter of Credit means a letter of credit made or issued by or on behalf of Buyer or its Affiliates, as applicable, for the benefit of Seller, in substantially the form attached hereto as Exhibit G.
Sample 1
Buyer Letter of Credit has the meaning set forth in Section 6.8(b)(ii).
Sample 1
Buyer Letter of Credit has the meaning set forth in 0(iii).
Sample 1
Buyer Letter of Credit. See Section 9.7(b);
Sample 1

Related to Buyer Letter of Credit

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign 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.

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

  • 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 SUBI Collections into the 20[●]-[●] SUBI Collection Account by the related Deposit Date.

  • 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.

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

  • Facility Letter of Credit means a Letter of Credit issued by an Issuer pursuant to Section 2.15.

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

  • 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.

  • Revolving Letter of Credit means any letter of credit issued pursuant to Section 2.05.

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

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

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

  • 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.

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

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

  • Eligible Letter of Credit means, as of any date of determination thereof, a Commercial Letter of Credit which supports the purchase of Inventory, (a) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued; (b) which Inventory otherwise would constitute Eligible Inventory when purchased, (c) which Commercial Letter of Credit has an expiry within sixty (60) days of the date of initial issuance of such Commercial Letter of Credit, (d) which Commercial Letter of Credit provides that it may be drawn only after the Inventory is completed and after a document of title reasonably acceptable to the Agent has been issued for such Inventory reflecting a Borrower or the Agent as consignee of such Inventory, and (e) which will constitute Eligible In-Transit Inventory upon satisfaction of the requirements of clause (d) hereof.

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

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

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • 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 any Issuing Bank relating to any Letter of Credit issued by such Issuing Bank.

  • 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.

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • 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.

  • 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.

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