Interest Reserve Letter of Credit definition

Interest Reserve Letter of Credit means any letter of credit issued hereunder for the benefit of the Trustee and the Senior Noteholders or the Senior Subordinated Noteholders, as applicable.
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Interest Reserve Letter of Credit means any letter of credit for the benefit of the Trustee for the benefit of the Class A Noteholders, issued pursuant to any LC Facility and not an Ineligible Interest Reserve Letter of Credit.
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Interest Reserve Letter of Credit means any Letter of Credit issued under a Class A-1 Note Purchase Agreement that satisfies the conditions set forth in the third paragraph of Section 5.17 of this Base Indenture.
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Examples of Interest Reserve Letter of Credit in a sentence

  • Such Interest Reserve Letter of Credit shall satisfy the Co-Issuers’ requirement to maintain (i) funds in the Senior Notes Interest Reserve Accounts, or (ii) a letter of credit, or a combination thereof, in an aggregate amount equal to the Senior Notes Interest Reserve Amount, as calculated after giving effect to the issuance of the Series 2024-1 Class A-2 Notes.

  • On or after the Series 2024-1 Closing Date, the Co-Issuers shall arrange for the issuance of an Interest Reserve Letter of Credit under the Series 2024-1 Class A-1 Note Purchase Agreement.

  • Such Interest Reserve Letter of Credit shall replace any pre-existing deposits or Interest Reserve Letters of Credit in respect of required interest reserve amounts for the Series 2019-1 Notes, the Series 2019-2 Notes, the Series 2020-1 Notes, the Series 2020-2 Notes, the Series 2021-1 Notes and the Series 2022-1 Notes.


More Definitions of Interest Reserve Letter of Credit

Interest Reserve Letter of Credit as defined in Section 4.1(c).
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Interest Reserve Letter of Credit means any letter of credit issued under a Variable Funding Note Purchase Agreement for the benefit of the Trustee and the Senior Noteholders or the Senior Subordinated Noteholders, as applicable. “Interest Reserve Release Event” means, as of any date of determination, and with respect to each Series of Senior Notes or Senior Subordinated Notes Outstanding, as applicable, any reduction in (i) the Class A-1 Notes Maximum Principal Amount or (ii) the Outstanding Principal Amount of such Series of Notes, disregarding any Series of Class A-1 Notes. “Interim Allocation Date” means the fourth Business Day immediately following the last day of each Interim Collection Period. “Interim Collection Period” means each period commencing (i) at 12:00 a.m. (Eastern time) on and including the 14th day of each calendar month and ending at 11:59:59 p.m. (Eastern time) on and including the 23rd day of such calendar month, (ii) at 12:00 a.m. (Eastern time) on and including the 24th day of each calendar month and ending at 11:59:59 p.m. (Eastern time) on and including the 13th day of the following calendar month. “Interim Manager’s Certificate” has the meaning specified in Section 4.1(a) of the Base Indenture. “Interim Successor Manager” means, upon the resignation or termination of the Manager pursuant to the terms of the Management Agreement and prior to the appointment of any successor to the Manager by the Control Party (acting at the direction of the Controlling Class Representative), the Back-Up Manager. “International Franchise Stores” means all Stores that are located outside of the United States. “International Franchisor” means Planet Fitness International Franchise, LLC and its successors and assigns. “International Franchisor IP License” means the International Franchisor IP License, dated as of the Initial Closing Date, by and between the Franchisor, as licensor, and the International Franchisor, as licensee, as amended, supplemented or otherwise modified from time to time. “International IP License Fees” means the licensing fees paid by International Franchisor to the Franchisor pursuant to the International Franchise IP License. “Investment Income” means the investment income earned on a specified account during a specified period, in each case net of all losses and expenses allocable thereto. “Investments” means, with respect to any Person(s), all investments by such Person(s) in other Persons in the form of loans (including guarantees), advances or capital cont...
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Interest Reserve Letter of Credit means any letter of credit issued under any Class A-1 Note Purchase Agreement for the benefit of the Trustee, for the benefit of the Senior Noteholders or the Senior Subordinated Noteholders, as applicable. “Interest Reserve Release Amount” means, as of any Quarterly Calculation Date, with respect to a Co-Issuer, the excess, if any, of (i) the Available Senior Notes Interest Reserve Account Amount of such Co-Issuer over (ii) such Co-Issuer’s Allocable Share of the Senior Notes Interest Reserve Amount, in each case, for the immediately following Quarterly Payment Date. “Interest Reserve Release Event” means, with respect to any Series of Notes, an event allowing funds to be released from the Senior Notes Interest Reserve Accounts or the Senior Subordinated Notes Interest Reserve Accounts, as applicable, identified as an Interest Reserve Release Event with respect to such Series of Notes pursuant to the applicable Series Supplement. “Interim Successor Manager” means, upon the resignation or termination of a Manager pursuant to the terms of the applicable Management Agreement and prior to the appointment of any successor to the Manager by the Control Party (at the direction of the Controlling Class Representative), the Back-Up Manager. “Investment Company Act” means the Investment Company Act of 1940, as amended. “Investment Income” means the investment income earned on a specified account during a specified period, in each case net of all losses and expenses allocable thereto. “Investments” means, with respect to any Person(s), all investments by such Person(s) in other Persons in the form of loans (including guarantees), advances or capital contributions (excluding
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Related to Interest Reserve Letter of Credit

  • Interest Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.23 of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Interest Reserve Account” and which shall be an Eligible Account.

  • Letter of Credit Collateral Account has the meaning assigned to such term in Section 2.05(k).

  • Acceptable Letter of Credit means an on-first-demand irrevocable standby letter of credit naming the XXXXX Xxxxxx as beneficiary (a) issued by a Qualified Financial Institution, (b) the stated maturity date of which is at least one year from the date of issuance (except that for letters of credit issued as a replacement letter of credit with less than one year remaining until the stated expiration date of the original letter of credit, the term shall be for such shorter period), and (c) which allows drawing (i) during the ten (10) Business Day period prior to expiry (unless otherwise replaced or extended) and (ii) upon downgrade of the issuer thereof such that it is no longer a Qualified Financial Institution if not replaced within thirty (30) Business Days of such downgrade.

  • Letter of Credit Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

  • Existing Letter of Credit means any letter of credit that (a) was issued under the Existing Credit Agreement by an Issuing Bank, (b) is outstanding on the Effective Date and (c) is listed in Schedule 1.01.