Construction Letters of Credit definition

Construction Letters of Credit shall have the meaning specified in Section 7(b).
Sample 1Sample 2
Construction Letters of Credit has the meaning given to such term in Section 2.13 of this Agreement.
Sample 1

Examples of Construction Letters of Credit in a sentence

  • For purposes of making the calculation of the amount of Senior Indebtedness in this Section 7.5, the amount of the Obligations included with respect to Construction Letters of Credit shall be the Risk Amount.

  • On the terms and conditions set forth in this Construction Credit Agreement, the Syndication Parties agree, each as to their Syndication Share and as to their Syndication Share and to the extent of their Maximum Syndication Amount, to make a loan to Borrower (the "Loan") in an amount up to the Aggregate Commitment less the undrawn face amount of any Construction Letters of Credit then outstanding.

  • On the terms and conditions set forth in this Construction Credit Agreement, the Agent agrees to issue its letters of credit for the benefit of an Underlying Construction Loan Borrower ("Construction Letter of Credit"), up to an aggregate undrawn face amount of all such Construction Letters of Credit outstanding at any one time of the Aggregate Commitment less the principal amount committed under all Underlying Construction Loans then outstanding ("Letter of Credit Cap").

  • In excess of an amount, which when added to: (a) all prior Advances; and (b) the undrawn face amount of all Construction Letters of Credit, would exceed the Aggregate Commitment.

  • Without limiting the foregoing, the issuer of the Construction Letters of Credit as well as the Leasing Letters of Credit (as defined below) must be and continue to be from issuers rated at least "A" by DCR and at least "Aa2" by Moody's, or, if not rated by DCR and Moody's, correspondingly by at least two (2) Rating Agencies, or otherwise acceptable to DCR and Moody's.

Related to Construction Letters of Credit

  • 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.

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

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

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

  • 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.

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

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

  • 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.

  • 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.

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

  • 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.

  • 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.

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

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

  • 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.

  • 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.

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

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

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

  • 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.

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

  • 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.

  • 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.