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 shall have the meaning ascribed thereto in Section 3.01(a)(ii).
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DSRA Letter of Credit has the meaning set forth in the Term Loan Agreement.
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Examples of DSRA Letter of Credit in a sentence

  • Any such moneys withdrawn from the Debt Service Reserve Account shall be paid into the Distribution Account in the case of the transfer pursuant to the issuance of a DSRA Letter of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.

  • The requested DSRA Letter of Credit (the “ Proposed Letter of Credit”) is to be issued for the benefit of [__________], as Common Security Trustee (“Beneficiary”) and shall be used to secure Borrower’s obligations under Section 5.06 of the Accounts Agreement, which use is consistent with Sections 2.03(b) and 7.04(b)(iii) of the Credit Agreement.

  • The aggregate Stated Amount of the Proposed Letter of Credit and each other DSRA Letter of Credit requested on the date hereof is being requested pro-rata across all DSRA LC Issuing Banks.

  • 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”).

  • If the Collateral Agent receives notice from the issuer of a DSRA Letter of Credit that such issuer has elected not to renew such DSRA Letter of Credit and the Collateral Agent thereafter receives payment from such issuer of the stated amount of such DSRA Letter of Credit on the expiration date thereof in accordance with the terms of such DSRA Letter of Credit, the Collateral Agent shall promptly deposit such payment into the Debt Service Reserve Account.

  • 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”).

  • After giving effect to the Proposed Letter of Credit and each other DSRA Letter of Credit requested as of the date hereof, no more than twenty (20) DSRA Letters of Credit have been issued this calendar month.

  • The Borrowers shall cause, in each calendar year, a period of not less than five consecutive days where there are no Working Capital Advances, Swingline Advances, L/C Advances or unreimbursed Drawing Payments outstanding (other than L/C Advances and unreimbursed Drawing Payments with respect to any MMRA Letter of Credit and any DSRA Letter of Credit).


More Definitions of DSRA Letter of Credit

DSRA Letter of Credit has the meaning given in the Collateral Agency and Depositary Agreement.
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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 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 has the meaning given to such term in the Project Accounts Agreement.
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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

  • 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.

  • 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).

  • 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.

  • 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).

  • 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.

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

  • 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 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 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.

  • 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 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.

  • 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.

  • 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).

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