Direct Pay Letter of Credit definition

Direct Pay Letter of Credit means that certain letter of credit issued pursuant to the Reimbursement Agreement.
Sample 1Sample 2Sample 3
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.
Sample 1Sample 2Sample 3
Direct Pay Letter of Credit means any direct pay letter of credit Issued for the account of Borrower under this Agreement or the Prior Agreement.
Sample 1

Examples of Direct Pay Letter of Credit in a sentence

  • 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.

  • 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 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.

  • 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.

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

  • 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.

  • 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.

  • 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 Administrative Agent hereby irrevocably appoints and authorizes the Issuing Bank to act as its agent (for the benefit of itself, the Administrative Agent and the other Lenders) under the Security Instruments and the other Related Documents with such other powers as are reasonably incidental thereto for purposes of holding maintaining, or taking any action with respect to the collateral securing the Obligations, including without limitation, the Direct Pay Letter of Credit.

  • 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.


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.
Sample 1

Related to Direct Pay 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).

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

  • 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 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 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.

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

  • Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

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

  • 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 may draw thereupon in the event the Servicer fails to deposit SUBI Collections into the 20[__]-[__] SUBI Collection Account on a monthly basis.

  • 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.

  • 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).

  • 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 any Group Member 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 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.

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

  • 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.