DSRA Letter of Credit definition

DSRA Letter of Credit means an irrevocable letter of credit in a form and substance acceptable in all respects to the Agent which, if issued, shall be issued by an L/C Issuer for an original amount determined by the Agent to be equal whether alone or in aggregate to 6 Months principal and interest repayments under this Agreement or such other amounts as referred to in clause 9.1.18 and for a period of not less than 1 year or, during the final year before the Maturity Date, such other period of less than 1 year with the prior written consent of the Agent.
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DSRA Letter of Credit has the meaning set forth in the Term Loan Agreement.
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DSRA Letter of Credit shall have the meaning ascribed thereto in Section 3.01(a)(ii).
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Examples of DSRA Letter of Credit in a sentence

  • If the Borrower fails to so renew or replace the DSRA Letter of Credit, the Borrower agrees that the Security Trustee shall have the right upon written notice to the Borrower to draw the entire amount available under such DSRA Letter of Credit and deposit such amount in the Debt Service Reserve Account for application in accordance with the provisions of this Agreement.

  • Any such moneys withdrawn from the Debt Service Reserve Account shall be paid into the Distribution Account in the case of the transfer pursuant to the issuance of a DSRA Letter of Credit or the Offshore Revenue Account in the case of a withdrawal due to the DSRA Balance exceeding the Debt Service Reserve other than due to the issue of a DSRA Letter of Credit.

  • If not replaced as required pursuant to this paragraph (b), the Security Agent shall be entitled to claim under the existing DSRA Letter of Credit an amount equal to the applicable Debt Service Reserve less the cash balance on the Debt Service Reserve Account and such amount shall be credited to the Debt Service Reserve Account.

  • Each DSRA Letter of Credit shall be renewed and/or replaced by the Borrower with a new DSRA Letter of Credit one month prior to the expiry of the then current DSRA Letter of Credit, provided that the Borrower shall not be obliged to ensure such renewal or replacement if the cash balance on the Debt Service Reserve Account is then equal to the Debt Service Reserve.

  • DSRA Letters of Credit issued hereunder shall constitute utilization of each of the aggregate Revolving Commitments and aggregate L/C Commitments, each in an amount equal to the Available Amount of such DSRA Letter of Credit.

  • No DSRA L/C Issuer shall be entitled to share in the security constituted by the Security Documents with the Finance Parties by reason of provision of the DSRA Letter of Credit.

  • Upon assignment of the Issuing Bank’s rights and obligations under the Credit Agreement in accordance with Section 11.04 thereof, the Issuing Bank may replace this Letter of Credit with a replacement DSRA Letter of Credit issued by the applicable Eligible Assignee with a stated amount equal to the Stated Amount as of the effective date of such assignment (an “Assignee Letter of Credit”).

  • Details of the year-end balance are as follows: 20192018 $$ Student tuition fees40,458,81028,667,604 Grant and reimbursements1,861,6362,849,243 Contract education services2,426,0893,200,231 Student aid1,188,1831,277,632 Miscellaneous projects4,498,7613,714,746 50,433,47939,709,456 Student tuition fees are for academic courses which extend beyond the fiscal year of the College.

  • Issuer who is the issuer of an outstanding DSRA Letter of Credit falls below the Approved Credit Rating.

  • This Letter of Credit is effective immediately and expires at the close of banking business at our office location in New York, New York set forth in Section 10 below on the earlier to occur of (i) the expiration of the DSRA Letter of Credit Availability Period and (ii) [insert a date in compliance with Section 2.03(d)(i) of the Credit Agreement] (such date, the “Expiration Date”).


More Definitions of DSRA Letter of Credit

DSRA Letter of Credit shall have the meaning assigned to such term in the Collateral Agency and Depositary Agreement.
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DSRA Letter of Credit has the meaning given to such term in the Project Accounts Agreement.
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DSRA Letter of Credit means each letter of credit issued by each DSRA LC Issuing Bank pursuant to Section 2.03 (DSRA Letters of Credit).
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DSRA Letter of Credit means an Acceptable Letter of Credit which is callable by the Administrative Agent in the manner described in Section 17.1(b) (DSRA Letters of Credit and Payments to DSRA Account) and Section 17.3 (Payments from DSRA Account).
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DSRA Letter of Credit means an irrevocable standby letter of credit, substantially in the form of Exhibit C attached hereto (or such other form as the Administrative Agent shall agree), containing a one-year term with an automatic renewal clause (except if such Acceptable LC Provider is prohibited from issuing standby letters of credit containing automatic renewal clauses pursuant to internal or Government Rules) naming the Offshore Collateral Agent (for the benefit of the Secured Parties), as the beneficiary and otherwise issued by an Acceptable LC Provider in form, scope and substance satisfactory to the Administrative Agent. Any such letter of credit must be drawable prior to its stated maturity if, (a) it is not renewed or replaced, at least thirty (30) days prior to its stated maturity date or (b) a Negative Credit Event occurs with respect to the issuer and a replacement letter of credit has not been obtained from an Acceptable LC Provider within the earlier of (x) thirty (30) days after the downgrade giving rise to such Negative Credit Event and (y) two (2) Business Days prior to its stated maturity date. The Borrower shall not be the applicant in respect of any such letter of credit, and any such letter of credit shall not otherwise constitute Indebtedness of the Borrower or be secured by a Lien on any of the property of the Borrower that is subject to the Lien intended to be created by the Security Documents. For the avoidance of doubt, in the event the DSRA Letter of Credit is issued without an automatic renewal clause, the beneficiary shall not be required to provide the Borrower or the applicant with any notice prior to drawing thereunder.
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DSRA Letter of Credit shall have the meaning provided in Section 5.1(a) of the Account Agreement.
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Related to DSRA Letter of Credit

  • 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.

  • 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.

  • 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.

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

  • 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.

  • 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.

  • Letter of Credit means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter 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.

  • 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.

  • 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.

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

  • 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.

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

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

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

  • 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.

  • 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.

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

  • 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 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.

  • 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.

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

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