Eligible Letters of Credit definition

Eligible Letters of Credit means (a) the Eligible Chinese Letters of Credit and (b) the Eligible Non-Chinese Letters of Credit.
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Eligible Letters of Credit means Documentary Letters of Credit issued to support the purchase of Inventory by any Borrower for shipment to the United States of America.
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Eligible Letters of Credit and "Eligible Institutions" shall have the meanings ascribed to them in the Pledge and Security Agreement;
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Examples of Eligible Letters of Credit in a sentence

  • Any Collateral posted or Eligible Letters of Credit provided in contravention of the immediately preceding sentence shall not constitute Acceptable Collateral or, in the case of Eligible Letters of Credit, be taken into account in calculating the Net Obligations.

  • Such collateral shall be provided in the form of Eligible Letters of Credit or an Eligible Trust Account or any combination thereof.

  • In the event that one or more Liquidity Reserve Eligible Letters of Credit are so issued, on each Payment Date, the Collateral Agent shall, at the direction (and at the election) of the Borrower, transfer from the Liquidity Reserve Account to the Collection Account up to an amount equal to the amounts available under any such Liquidity Reserve Eligible Letters of Credit.

  • The Issuer may, at its option, deliver to the Indenture Trustee on any Business Day after the Restatement Date, one or more Eligible Letters of Credit in order to satisfy a portion of the Restricted Cash Target Amount provided that all such Eligible Letters of Credit may not in aggregate represent more than eighty percent (80%) of the Restricted Cash Target Amount.

  • Following the delivery of an Event of Default Notice or following the occurrence, and during the continuance, of an Event of Default of the type set forth in Section 7.01(g), each Lender agrees with, and solely for the benefit of, each other Lender that it will draw the full amount available to be drawn under any Eligible Letters of Credit that have been provided to such Lender and will cause the proceeds thereof to be applied in accordance with Section 2.11.

  • For the avoidance of doubt, on at least two (2) Business Days’ notice, Borrower may post Cash or Cash Equivalents constituting Acceptable Collateral to the Collateral Accounts, or provide Eligible Letters of Credit to the Applicable Lenders, at any time, in each case in a minimum amount of $15,000,000; provided that each type of Collateral shall be posted to the Collateral Accounts, and any Eligible Letters of Credit shall be provided to the Applicable Lenders, on a Pro Rata Basis.

  • Promptly following termination of this Agreement and payment of the full amount due the Cedent and the Reinsurer, as applicable, the Cedent shall return to the Reinsurer all Eligible Letters of Credit posted hereunder.

  • Eligible Letters of Credit and Eligible Surety Bonds provided pursuant to this paragraph shall be subject to the prior approval of the Local Government unless the Local Government has approved in writing the form of an Eligible Letter of Credit or Eligible Surety Bond to be issued by a specific entity or the form of such Eligible Letter of Credit or Eligible Surety Bond is attached hereto as an Exhibit.

  • In lieu of or in substitution for moneys or Permitted Investments otherwise required to be deposited in the Reserve Account, the Issuer may deliver to or cause to be delivered to the Trustee one or more Eligible Letters of Credit.

  • The terms and conditions of this Agreement will survive termination of your Account and will continue to apply to any disputed or other remaining matters arising from our relationship.


More Definitions of Eligible Letters of Credit

Eligible Letters of Credit means at any date commercial letters of credit issued for the account of any of the US Borrowers or Consoltex in connection with the purchase of raw materials and finished goods, which raw materials and finished goods have not been received as Inventory as of such date, and each of which commercial letters of credit has an expiration date not later than the earlier of (i) the date that is 120 days after its issuance, or (ii) the date that is ninety (90) days beyond the Stated Termination Date.
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Eligible Letters of Credit means an irrevocable letter of credit issued in favor of the local government for a term not to exceed ninety days by a bank (other than the bank with which the money is being deposited or invested) whose commercial paper and other unsecured short-term debt obligations (or, in the case of a bank which is the principal subsidiary of a holding company, whose holding company’s commercial paper and other unsecured short-term debt obligations) are rated in one of the three highest rating categories (based on the credit of such bank or holding company) by at least one nationally recognized statistical rating organization or by a bank (other than the bank with which the money is being deposited or invested) that is incompliance with applicable federal minimum risk-based capital requirements.
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Eligible Letters of Credit means, at any date, the aggregate undrawn portion of the face amount of any Letters of Credit issued hereunder for the account of the Company or a Guarantor solely for the purpose of purchasing inventory, as to which: (a) the expiration date has not occurred and (b) as of the date of inclusion of such Letters of Credit in the most recently delivered Borrowing Base Certificate, by virtue of the terms of such Letters of Credit it is not possible to have arisen any liability of the Letter of Credit Issuer with respect to drawings under such Letters of Credit.
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Eligible Letters of Credit means any outstanding Letter of Credit issued by the Issuing Bank on behalf of the Company in connection with Inventory purchased from a vendor outside of the United States of America by the Company in the ordinary course of business.
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Related to Eligible Letters of Credit

  • Trade Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

  • Existing Letters of Credit means the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22.

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • Commercial Letters of Credit means those letters of credit subject to the UCP payable in Dollars and issued or caused to be issued by Lender on behalf of Borrower under a Loan Facility for the benefit of a supplier(s) of Borrower in connection with Borrower's purchase of goods or services from the supplier in support of the export of the Items.

  • Dollar Letters of Credit means Letters of Credit that utilize the Dollar Commitments.

  • Letters of Credit as defined in Section 3.1(a).

  • Multicurrency Letters of Credit means Letters of Credit that utilize the Multicurrency Commitments.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • 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.

  • Letter of Credit Accommodations means, collectively, the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Agent or any Lender for the account of any Borrower or Obligor or (b) with respect to which Agent or Lenders have agreed to indemnify the issuer or guaranteed to the issuer the performance by any Borrower or Obligor of its obligations to such issuer; sometimes being referred to herein individually as "Letter of Credit Accommodation".

  • 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 Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

  • Standby Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

  • Letters of Credit Outstanding means, at any time, the sum of, without duplication, (a) the aggregate Stated Amount of all outstanding Letters of Credit and (b) the aggregate principal amount of all Unpaid Drawings in respect of all Letters of Credit.

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

  • Letter of Credit Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

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

  • Letter of Credit Undrawn Amounts means, at any time, the aggregate undrawn face amount of all Letters of Credit outstanding at such time.

  • Letter of Credit Liabilities means, for any Bank and at any time, such Bank's ratable participation in the sum of (x) the amounts then owing by the Borrower in respect of amounts drawn under Letters of Credit and (y) the aggregate amount then available for drawing under all Letters of Credit.

  • 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).

  • Revolving Extensions of Credit as to any Revolving Lender at any time, an amount equal to the sum of (a) the aggregate principal amount of all Revolving Loans held by such Lender then outstanding, (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding and (c) such Lender’s Revolving Percentage of the aggregate principal amount of Swingline Loans then outstanding.

  • Total Revolving Extensions of Credit at any time, the aggregate amount of the Revolving Extensions of Credit of the Revolving Lenders outstanding at such time.

  • Extensions of Credit means, as to any Lender at any time, (a) an amount equal to the sum of (i) the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding, (ii) such Lender’s Commitment Percentage of the L/C Obligations then outstanding and (iii) such Lender’s Commitment Percentage of the Swingline Loans then outstanding, or (b) the making of any Loan or participation in any Letter of Credit by such Lender, as the context requires.

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

  • 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 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.