Competitive Letter of Credit definition

Competitive Letter of Credit means a Letter of Credit issued pursuant to Section 2.05(b)(ii).
Sample 1
Competitive Letter of Credit means a letter of credit issued by a Revolving Lender for the account of the Borrower or any Subsidiary Borrower pursuant to the bidding procedure described in Section 2.9.
Sample 1Sample 2
Competitive Letter of Credit means a letter of credit issued by a Lender for the account of the Borrower pursuant to the bidding procedure described in Section 2.4A.
Sample 1

Examples of Competitive Letter of Credit in a sentence

  • The Administrative Agent shall have received a notice with respect to such Borrowing, Letter of Credit or Competitive Letter of Credit as required by this Agreement.

  • Promptly after its receipt of a Competitive Bid Request for a Competitive Letter of Credit that is not rejected as aforesaid, the Administrative Agent shall invite by telecopier (in the form set forth in Exhibit E-2) the Lenders to bid, on the terms and subject to the conditions of this Agreement, to issue a Competitive Letter of Credit pursuant to the Competitive Bid Request for such Competitive Letter of Credit.

  • Each Borrowing and each issuance of a Letter of Credit or Competitive Letter of Credit shall be deemed to be a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (b) and (c) of this Section.

  • A Competitive Bid Request for a Competitive Letter of Credit that does not conform substantially to the format of Exhibit E-1 may be rejected in the Administrative Agent’s sole discretion, and the Administrative Agent shall promptly notify the Borrower or the relevant Subsidiary Borrower of such rejection by telecopier.

  • The applicable Requesting Borrower shall reimburse the applicable Competitive Letter of Credit Issuer in the currency in which such Competitive Letter of Credit was issued.

  • If ACS or the applicable Requesting Borrower (if different from ACS) fails to so reimburse the applicable Competitive Letter of Credit Issuer by such time, such Competitive Letter of Credit Issuer shall promptly notify the Administrative Agent thereof and of the amount of the unreimbursed drawing (the “Competitive LC Unreimbursed Amount”).

  • ACS and the applicable Requesting Borrower shall be conclusively deemed to have waived any such claim against the applicable Competitive Letter of Credit Issuer and its correspondents unless such notice is given as aforesaid.

  • Religious Institutions Nonprofit and Tax-Exempt Organizations Litigation and Dispute Resolution.

  • If as of any Revaluation Date, the amount held as Cash Collateral under this Section 2.6(k)(vii) exceeds the then Dollar Equivalent of the Outstanding Amount of all Competitive Letter of Credit Obligations, ACS may request that the Administrative Agent release such excess Cash Collateral, and, if upon such request no Default then exists, the Administrative Agent shall promptly release (and is hereby authorized by the Competitive Lenders to so release) such excess Cash Collateral to ACS.

  • Not later than 11:00 a.m. on the date of any payment by the applicable Competitive Letter of Credit Issuer under a Competitive Letter of Credit to be reimbursed (“Honor Date”), the Requesting Borrower shall reimburse such Competitive Letter of Credit Issuer directly in an amount equal to the amount of such drawing and in the applicable currency.


More Definitions of Competitive Letter of Credit

Competitive Letter of Credit means a letter of credit issued by a Lender for the account of the Borrower pursuant to the bidding procedure described in Section 2.
Sample 1

Related to Competitive Letter of Credit

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

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

  • 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.

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

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

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

  • 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.

  • Commercial Letter of Credit means any letter of credit which is a commercial letter of credit issued in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries.

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

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

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

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

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

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Letter of Credit Commitment means, with respect to the Issuer, the Issuer's obligation to issue Letters of Credit pursuant to Section 2.1.3 and, with respect to each of the other Lenders that has a Revolving Loan Commitment, the obligation of each such Lender to participate in such Letters of Credit pursuant to Section 2.6.1.

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

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

  • Existing Letter of Credit means a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

  • U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.

  • Letter of Credit Accommodations means the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Lender for the account of Borrower or any Obligor or (b) with respect to which Lender has agreed to indemnify the issuer or guaranteed to the issuer the performance by Borrower of its obligations to such issuer.

  • Alternative Currency Letter of Credit means a Letter of Credit denominated in an Alternative Currency.

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

  • 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.