Guaranty Letter of Credit definition

Guaranty Letter of Credit means an irrevocable and unconditional letter of credit (and any renewals, replacements and amendments thereof), issued by KeyBank (so long as KeyBank’s long-term unsecured debt is rated at least “BBB+” (or the equivalent) or better by S&P, Mxxxx’x or Fitch), or another issuer whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by S&P, Mxxxx’x or Fitch, or which is otherwise reasonably acceptable to Agent, for the account of one or more Borrowers or Sponsor to and for the benefit of Agent, which shall (a) be expressly transferable and assignable one or more times (and shall provide that any fees required to be paid in connection with a transfer or assignment shall be paid by Borrowers or Sponsor and not Agent), (b) be payable at sight upon presentment to a New York, New York area branch of the issuer of a sight draft accompanied by a signed statement that Agent is permitted to draw on said letter of credit pursuant to the terms of this Agreement or the other Financing Documents, (c) permit Agent to make multiple draws at Agent’s election, (d) have an expiration date no earlier than one (1) year from the date of issuance and provide that it shall automatically be renewed from year to year without further action on the part of any Person unless the issuer thereof notifies Agent in writing no less than forty-five (45) days prior to the expiration date, and (e) be otherwise in form and content reasonably acceptable to Agent.
Sample 1
Guaranty Letter of Credit means an irrevocable letter of credit naming GECC as beneficiary and permitting GECC to make drawings thereunder from time to time, in an aggregate principal amount not less than 2% of the Outstanding Principal Receivables as of the earlier of (x) the Settlement Date in the calendar month preceding the date of the related payment under the Guaranty and (y) the Wind-Down Date, for any amounts required to be reimbursed to GECC under the Guaranty which are not so reimbursed on the date due; provided that such letter of credit must be in form and substance satisfactory to GECC and must be issued by The Fifth Third Bank, NBD Bank, N.A. or another banking institution approved by GECC.
Sample 1
Guaranty Letter of Credit means has the meaning assigned to it in that certain Amended and Restated Guaranty of Letter of Credit Agreement, dated of even date herewith, among Fund III, Capital and Administrator LLC for itself and as agent for the Selling Group as acknowledged and agreed to by Finco, as amended, restated, supplemented or otherwise modified from xxxx to time.
Sample 1

Examples of Guaranty Letter of Credit in a sentence

  • Within five (5) Business Days following Xxxxx’s written request for replacement of the Guaranty, Seller shall deliver to Buyer replacement Performance Assurance in the form of a replacement Guaranty, Letter of Credit or cash in an amount equal to the applicable amount of the Guaranty issued pursuant to this Agreement.

  • Within five (5) Business Days following Buyer’s written request for replacement of the Guaranty, Seller shall deliver to Buyer replacement Performance Assurance in the form of a replacement Guaranty, Letter of Credit or cash in an amount equal to the applicable amount of the Guaranty issued pursuant to this Agreement.

  • The Development Agreement is collateralized by a Guaranty Letter of Credit issued by Deutsche Bank Trust Company, NA in the amount of $1,958,000 maturing on August 15, 2022, to be renewed annually.

  • If Buyer is unable to effect such a substitution and release with respect to any Guaranty, Letter of Credit or Other Guaranty after using commercially reasonable efforts to do so, Buyer shall indemnify Seller from any Loss arising from such Guaranty, Letter of Credit or Other Guaranty.

  • In the event that the Developer fails to close a Building lease in accordance with the foregoing schedule, except if due to RIOC, RIOC may draw the entire balance of the Guaranty Letter of Credit and apply same at its sole discretion, and in addition thereto, at its sole option, de-designate the Developer for each such Building and for the remainder of the Building.

  • From time to time, at Gulf Power’s written request, Shell shall provide Gulf Power with such evidence as Gulf Power may reasonably request that Shell and any Shell Guarantor, Shell Guaranty, Letter of Credit or Security Account is in full compliance with this Agreement.

  • The Siebel Note Letter of Credit and the Guaranty Letter of Credit are referred to collectively as the "Letters of Credit." The Siebel Note Letter of Credit shall be held by Owner as security for the faithful performance by Siebel of all the terms, covenants, and conditions of the Siebel Note, to be kept and performed by Siebel.

  • In the event that Developer fails to close a Building lease in accordance with the foregoing schedule, except if due to Owner, Owner may draw the entire balance of the Guaranty Letter of Credit and apply same at its sole discretion, and in addition thereto, at its sole option, de-designate Developer for each such Building and for the remainder of the Buildings (such remedies collectively "Owner's DeDesignation Remedies").

  • The aggregate amount of any Reserve Guaranty, Letter of Credit and/or cash on deposit with respect to the Reserve Accounts shall at all times be at least equal to the aggregate amount which Borrower is required to have on deposit in such Reserve Accounts pursuant to this Agreement.

  • Agent may also draw on any such Guaranty Letter of Credit in the event that the issuer thereof notifies Agent that such Guaranty Letter of Credit shall be not renewed, or shall be revoked or otherwise terminated, in which event the proceeds thereof shall be deposited into the Guaranty Collateral Account and held and applied in accordance with this Section 2.22.


More Definitions of Guaranty Letter of Credit

Guaranty Letter of Credit means an irrevocable letter of credit naming GECC as beneficiary and permitting GECC to make drawings thereunder from time to time, in an aggregate principal amount not less than 2% of the Outstanding Principal Receivables as of the earlier of (x) the Settlement Date in the calendar month preceding the date of the related
Sample 1
Guaranty Letter of Credit shall have the definition set forth in the Guaranty attached as EXHIBIT "J".
Sample 1

Related to Guaranty Letter of Credit

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

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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

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

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

  • 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.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

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

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • 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.

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

  • 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).

  • 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.

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

  • 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 the Borrower or a Guarantor in the ordinary course of its business.

  • 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.

  • 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.

  • 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.

  • 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.