Direct Pay Letter of Credit definition

Direct Pay Letter of Credit means that certain letter of credit issued pursuant to the Reimbursement Agreement.
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Direct Pay Letter of Credit means any direct pay letter of credit Issued for the account of Borrower under this Agreement or the Existing Agreement.
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Direct Pay Letter of Credit means a letter of credit issued by a financial institution chosen by IRC providing for the direct payment to a Manufacturer of the cost of IRC Inventory.
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Examples of Direct Pay Letter of Credit in a sentence

  • The Company shall bear the cost of the Direct Pay Letter of Credit.

  • To the extent the Direct Pay Letter of Credit is not adequate to cover the amount owed to you under this Agreement, is not submitted by you or is not paid by the issuing bank, the Company shall remain liable to you for any amounts owed to you pursuant to the terms of this Agreement.

  • There shall be no other requirements (including no requirement that you first make demand upon the Company) with regard to payment of the Direct Pay Letter of Credit.

  • To the extent any amount is paid under the Direct Pay Letter of Credit it shall be a credit against any amount the Company then or thereafter would owe to you under Section 4 of this Agreement.

  • The Borrower assumes all risks of the acts or omissions of any beneficiary of any Letter of Credit or the Direct Pay Letter of Credit or any transferee thereof with respect to its use of such Letter of Credit or the Direct Pay Letter of Credit.

  • The Direct Pay Letter of Credit shall be in an amount equal to the aggregate amount you would be entitled to receive under Sections 4(A)(i) and (ii) hereof if you were terminated without Cause immediately upon the Change in Control and shall have an expiration date of no less than two (2) years after the date of such Change in Control.

  • The Issuing Bank and its correspondents may accept certificates or other documents that appear on their face to comply with the terms of the applicable Letter of Credit or the Direct Pay Letter of Credit, without responsibility for further investigation of any matter contained therein regardless of any notice or information to the contrary.

  • The Direct Pay Letter of Credit shall be issued by a national money center bank with a rating of at least A by Standard and Poor's.

  • In the event that any one or more of the provisions contained in any of the Loan Documents or the Letters of Credit or Direct Pay Letter of Credit, or the Letter of Credit Agreements shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of the Notes, this Agreement or any other Loan Document.

  • The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loans made by other Lenders (or in interest due thereon, as the case may be) may exercise all rights of set-off, banker's lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans (or Letters of Credit or the Direct Pay Letter of Credit) in the amount of such participation.


More Definitions of Direct Pay Letter of Credit

Direct Pay Letter of Credit means one or more Direct Pay Letters of --------------------------- Credit issued in accordance with the terms of this Agreement by LaSalle at the request of Borrower and having a term not to exceed the shorter of (i) one (1) year or (ii) the time remaining from date of issuance to the expiration date of the Commitment set forth in Section 2.6 hereof.
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Related to Direct Pay Letter of Credit

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

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

  • 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.

  • 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.

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

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

  • 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.

  • 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.

  • 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 Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

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

  • 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.

  • 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 2019-B SUBI Collection Account by the related Deposit Date.

  • Performance Letter of Credit means any standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a nonfinancial or commercial obligation.

  • 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.

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

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

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

  • Standby Letter of Credit means any Letter of Credit other than a Commercial Letter of Credit.

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or a Guarantor in the ordinary course of its business.

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • 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.

  • 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.

  • 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.

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