Insurance Letter of Credit definition

Insurance Letter of Credit has the meaning assigned in Section 5.4(b).
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Insurance Letter of Credit shall have the meaning assigned such term in Section 2A.01 hereof.
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Insurance Letter of Credit means that certain letter of credit number JS64132722, dated as of August 3, 2004, issued by Fleet National Bank (now known as Bank of America, N.A.) as an "Issuing Lender" (as defined in the Existing Credit Agreement) under the Existing Credit Agreement, for the benefit of Insurance Commissioner, State of Hawaii - Division of Insurance, as beneficiary, in an original stated amount of up to $4,500,000.
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Examples of Insurance Letter of Credit in a sentence

  • Notwithstanding the provisions of any Insurance Letter of Credit regarding automatic extension of its expiration date, Bank may, at its sole option, give notice to the beneficiary thereof in accordance with the terms of such Insurance Letter of Credit that Bank has elected not to renew such Insurance Letter of Credit beyond its current expiration date (or any other subsequent expiration date that may be agreed to by Bank at Bank’s sole discretion).

  • If Borrower does not at any time want any Insurance Letter of Credit to be renewed, Borrower will so notify Bank at least fifteen (15) calendar days before Bank is to notify the beneficiary thereof of such nonrenewal pursuant to the terms of such Insurance Letter of Credit.

  • All notices and other communications provided for hereunder shall be either (i) in writing (including telegraphic, telecopier or telex communication) and mailed, telegraphed, telecopied, telexed or otherwise delivered or (ii) by electronic mail (if electronic mail addresses are designated as provided below) confirmed immediately in writing, in the case of the Pledgee, addressed to the Insurance Letter of Credit Department, Citibank Europe Plc, 0 Xxxxx Xxxx Xxxx, XXXX, Xxxxxx 0, Xxxxxxx.

  • The Insurance Letter of Credit shall remain subject to the additional terms of the Letter of Credit Agreement, applications and any related documents required by Bank in connection with the issuance (and any renewal) thereof.

  • Borrower shall not be entitled to draw from such Static Cash Account or Insurance Letter of Credit.

  • The Valier School District provides the teacher for the Kingsbury center (grades Pre-Kindergarten through 8) and the Colony provides the land and building.

  • Borrower shall provide Lender with written notice of any increases in the Insurance Premiums thirty (30) days prior to the effective date of any such increase and the Static Cash Account or the Insurance Letter of Credit, as applicable, shall be increased to an amount equal to fifty percent (50%) of such increased annual Insurance Premiums at least ten (10) days prior to such increase in the Insurance Premiums.

  • Borrowers shall provide Lender with notice of any increases in the annual payments for Taxes or Insurance Premiums not less than thirty (30) days prior to the effective date of any such increase and the Tax and Insurance Letter of Credit shall be increased by such increased amount at least ten (10) Business Days prior to the effective date of such increase.

  • Each drawing paid under the Insurance Letter of Credit shall be repaid by Borrower in accordance with the provisions of the Letter of Credit Agreement.

  • At all times that the Tax and Insurance Letter of Credit is being held by Lender, Borrowers shall pay the Taxes and Insurance Premiums as the same become due and payable and furnish to Lender receipts for the payment thereof.


More Definitions of Insurance Letter of Credit

Insurance Letter of Credit means each of the following Letters of Credit: (i) Letter of Credit No. ASL-3009133-120MAT issued by the Issuing Bank for the account of MasTec and for the benefit of Fidelity and Deposit Company of Maryland, (ii) Letter of Credit No. 50061581 issued by the Issuing Bank for the account of MasTec and for the benefit of Xxxxxxxx and Company, (iii) Letter of Credit No. 50061585 issued by the Issuing Bank for the account of MasTec and for the benefit of Reliance Insurance Company, (iv) Letter of Credit No. 50061582 issued by the Issuing Bank for the account of MasTec and for the benefit of Insurance Company of North America, (v) Letter of Credit No. 50061586 issued by the Issuing Bank for the account of MasTec and for the benefit of Director of Industrial Relations, and (vi) the Liberty Letter of Credit, in each case as amended and in effect from time to time.
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Insurance Letter of Credit means each of the following Letters of Credit: (i) Letter of Credit No. ASL-3009133-120MAT issued by the Issuing Bank for the account of MasTec and for the benefit of Fidelity and Deposit Company of Maryland, (ii) Letter of Credit No. 50061581 issued by the Issuing Bank for the account of MasTec and for the benefit of Crawford and Company, (iii) Letter of Credit No. 50061585 issued by the Issuing Bank for the account of MasTec and for the benefit of Reliance Insurance Company,
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Insurance Letter of Credit means a Standby Letter of Credit which is used to satisfy bonding requirements which are applicable to the Company and the Consolidated Subsidiaries in the ordinary course of their business, or which is used to support performance obligations relating to insurance which are incurred by the Company and the Consolidated Subsidiaries in the ordinary course of their business.
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Insurance Letter of Credit means an evergreen Letter of Credit naming Lender as the sole beneficiary, in an amount equal to the sum of the (x) Property Insurance Amount, and (y)
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Insurance Letter of Credit means the Insurance Letter of Credit referred to in Section 5.15 of the Stock Purchase Agreement (together with any replacements thereof issued in accordance with the requirements of Section 5.16 of the Stock Purchase Agreement).
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Related to Insurance Letter of Credit

  • 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.

  • 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.

  • 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.

  • 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.

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

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

  • 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.

  • 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).

  • 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.

  • 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.

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

  • 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.

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

  • 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.

  • 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.

  • Standard Letter of Credit Practice means, for Issuing Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Issuing Bank issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.

  • Auto-Renewal Letter of Credit has the meaning specified in Section 2.03(b)(iii).

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

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

  • 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.

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

  • 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.

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company, or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies the Monthly Remittance Condition but fails to deposit SUBI Collections into the 2019-B SUBI Collection Account by the related Deposit Date.

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

  • 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.