Eligible Chinese Letter of Credit definition

Eligible Chinese Letter of Credit means an irrevocable letter of credit issued to an Applicable Lender by a Person that is an Acceptable Chinese Letter of Credit Issuer (i) in a Stated Amount of any amount, provided that, when aggregated with all other outstanding Eligible Letters of Credit issued for the benefit of the Lenders on or around the same date, in respect of a single Collateral Call Notice, the aggregate Stated Amount of all such Eligible Letters of Credit shall not be less than $50 million or, if provided pursuant to Section 2.06(e), when aggregated with all other outstanding Eligible Letters of Credit issued for the benefit of the Lenders on the same date, shall not be less than $100 million, (ii) which has an initial expiration date at least 364 days after its issue date; (iii) which permits drawing thereunder if not renewed, extended or replaced within 30 days of its expiry date; (iv) the account party for which is a Person other than any Loan Party; and (v) which is in the form of Exhibit J-1 (or with immaterial changes thereto, as determined by the relevant Applicable Lender); provided that no such letter of credit shall be an Eligible Chinese Letter of Credit if, after giving effect thereto, (A) the aggregate Stated Amount of all Eligible Chinese Letters of Credit issued by the relevant Acceptable Chinese Letter of Credit Issuer would exceed $250 million (or, in the case of Bank of Communication Limited, $100 million), (B) the aggregate Stated Amount of all Eligible Letters of Credit would exceed $1 billion or (C) the aggregate Stated Amount of all Eligible Chinese Letters of Credit would exceed $500 million; and provided further that a letter of credit will cease to be an Eligible Chinese Letter of Credit (x) on the 90th day following the date of issuance thereof (or the 180th day following the date of issuance if the condition in paragraph (B)(i) of the definition of “Acceptable Chinese Letter of Credit Issuer” continues to be satisfied at all times during the initial 90-day period and such letter of credit is renewed, extended or replaced for an additional 90 days pursuant to the terms hereof) and/or (y) on the second Business Day following the date of issuance thereof, if originally issued by an “on-shore” office of an Acceptable Chinese Letter of Credit Issuer and not replaced with an Eligible Letter of Credit issued by the New York branch of such Acceptable Chinese Letter of Credit Issuer on or prior to 5:00 p.m. on such second Business Day. For the avoidance of dou...
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Eligible Chinese Letter of Credit means an irrevocable letter of credit issued to an Applicable Lender by a Person that is an Acceptable Chinese Letter of Credit Issuer (i) in a Stated Amount of not less than $10 million, provided that, when aggregated with all other outstanding Eligible Letters of Credit issued for the benefit of the Lenders on or around the same date, in respect of a single Collateral Call Notice, the aggregate Stated Amount of all such Eligible Letters of Credit shall not be less than $20 million or, if provided pursuant to Section 2.06(e), when aggregated with all other outstanding Eligible Letters of Credit issued for the benefit of the Lenders on the same date, shall not be less than $20 million, (ii) which has an initial expiration date at least 364 days after its issue date, (iii) which permits drawing thereunder if not renewed, extended or replaced within 30 days of its expiry date, (iv) the account party for which is a Person other than Borrower, and (v) which is in the form of Exhibit G-1 (or with immaterial changes thereto, as determined by the relevant Applicable Lender); provided that no such letter of credit shall be an Eligible Chinese Letter of Credit if, after giving effect thereto, (A) the aggregate Stated Amount of all Eligible Letters of Credit would exceed $100 million or(B) the aggregate Stated Amount of all Eligible Chinese Letters of Credit would exceed $50 million; and provided further that a letter of credit will cease to be an Eligible Chinese Letter of Credit (x) on the 90 th day following the date of issuance thereof (or the 180 th day following the date of issuance if the condition in paragraph (B)(i) of the definition of “Acceptable Chinese Letter of Credit Issuer” continues to be satisfied at all times during the initial 90-day period and such letter of credit is renewed, extended or replaced for an additional 90 days pursuant to the terms hereof) and/or (y) on the second Business Day following the date of issuance thereof, if originally issued by an “on-shore” office of an Acceptable Chinese Letter of Credit Issuer and not replaced with an Eligible Letter of Credit issued by the New York branch of such Acceptable Chinese Letter of Credit Issuer on or prior to 5:00 p.m. on such second Business Day; and provided further that no such letter of credit shall be an Eligible Chinese Letter of Credit unless Administrative Agent and each Lender shall have received each of the following documents, duly executed, in each case, in form and substance r...
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Examples of Eligible Chinese Letter of Credit in a sentence

  • Borrower agrees to pay to the Administrative Agent for the account of each Lender a letter of credit fee (the “Eligible Chinese Letter of Credit Fee”) equal to the product of (x) the Stated Amount of any Eligible Chinese Letter of Credit, (y) the applicable Acceptable Chinese Letter of Credit Issuer Spread and (z) a fraction, the numerator of which is the number of days for which such Eligible Chinese Letter of Credit is outstanding and the denominator of which is 360.

Related to Eligible Chinese Letter of Credit

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

  • 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.

  • 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.

  • 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.

  • 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.

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

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

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

  • 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.

  • 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).

  • Facility Letter of Credit Fee is defined in Section 2A.8.

  • 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).

  • 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.

  • 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.

  • 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.

  • 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.

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

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

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

  • 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 Liability means, all reimbursement and other liabilities of Borrower or any of its Subsidiaries with respect to each Lender Letter of Credit, whether contingent or otherwise, including: (a) the amount available to be drawn or which may become available to be drawn; (b) all amounts which have been paid or made available by any Lender issuing a Lender Letter of Credit or any bank issuing a Bank Letter of Credit to the extent not reimbursed; and (c) all unpaid interest, fees and expenses related thereto.

  • Letter of Credit Limit means $5,000,000.

  • 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.