Lease Letter of Credit definition

Lease Letter of Credit means any letter of credit provided to Borrower by any Lessee under or guarantor of any Lease as security or otherwise.
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Lease Letter of Credit has the meaning set forth in Section 5.12.
Sample 1
Lease Letter of Credit means that certain irrevocable standby letter of credit issued by Bank in favor of the Utah State Retirement Investment Fund as security for Borrower’s lease at 5900 Xxxxx Xxxx, Suite 475, Minnetonka, Minnesota 55345.
Sample 1

Examples of Lease Letter of Credit in a sentence

  • Seller’s obligations will also be secured by the Master Lease Letter of Credit.

  • Lessee Guarantor defaults on its payment obligations under the [***] Guarantee, or to the extent a Master Lease Letter of Credit is issued or delivered pursuant to Section 6.8 of the Master Lease, such Master Lease Letter of Credit ceases to be in full force and effect or is terminated or expires without being replaced.

  • The [***] Guarantee is in full force and effect or (B) to the extent a Master Lease Letter of Credit is issued or delivered pursuant to Section 6.8 of the Master Lease, such Master Lease Letter of Credit is in full force and effect and has not terminated and expired without being replaced.

  • The parties acknowledge that, pursuant to Section 5.3 of the Offer to Lease, Tenant is obligated in each of the first 5 years of the Term, to deliver to Landlord’s solicitors the Lease Letter of Credit, as defined in the Offer to Lease, all on such terms as are set out in said Section 5.3. Tenant hereby accepts this Lease of the Premises, to be held by it as Tenant subject to the covenants, conditions, and restrictions set forth herein and implied.

  • From and after the Expansion Space Commencement Date, Landlord shall hold the Current Lease Letter of Credit and the MaPs Letter of Credit (in the aggregate amount of $1,661,171.45) as security for the performance of the obligations of Tenant under the Lease, and shall be entitled to draw upon such Letters of Credit, in each case subject to and in accordance with the terms and conditions of the Lease, including, without limitation, Section 2.05 of the Original Lease.

  • Tenant hereby acknowledges that Lender shall have no obligation to invest the Cash Security held as a result of a partial drawing of the Instinet Lease Letter of Credit.

  • If Borrower is required by the terms of the applicable Leases or applicable Legal Requirements to return any Lease Letter of Credit previously delivered to Agent to the Lessee, Agent shall, at Borrower’s sole cost and expense, re-assign and transfer and deliver possession of such original Lease Letter of Credit to Borrower provided Borrower delivers to Agent a written request for same, certifying the foregoing and indicating the applicable Lease and Letter of Credit and the reasons for such return.

  • Borrowers have requested that Lenders and Administrative Agent consent to the Office Lease and the Office Lease Letter of Credit.

  • Within fifteen (15) days after the Effective Date, Seller will submit to Purchaser the proposed Master Leases, Master Lease Guaranty and Master Lease Letter of Credit.

  • As a result of the allegedly negligent valuations Webb had sustained loss.


More Definitions of Lease Letter of Credit

Lease Letter of Credit means any letter of credit provided to Borrower by any Lessee under or guarantor of any Lease as security or otherwise. ________________________________________________________________________________________________________________________
Sample 1

Related to Lease 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.

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

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

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

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

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

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

  • 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 1.3(g).

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

  • 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 obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • 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.

  • 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 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 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.

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

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

  • 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.

  • 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.

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • 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 Limit means $5,000,000.

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