Letter of Credit Event definition

Letter of Credit Event means any proceeding brought by or against Borrower, or any event, occurrence or circumstance in respect to a Letter of Credit, wherein the payment of such Letter of Credit is disputed, or the basis for such payment is disputed, or assertions with respect to any of the foregoing are made, including, without limitation, disputes between or involving the respective account party and/or beneficiary of such Letter of Credit, or the commencement of any injunctive action or relief by any Person in connection therewith.

Letter of Credit Event means with respect to an outstanding Letter of Credit, the occurrence of any of the following events (a) the issuer of such Letter of Credit shall fail to be a Qualified Institution; (b) the issuer of the Letter of Credit shall fail to comply with or perform its obligations under such Letter of Credit if such failure shall be continuing after the lapse of any applicable grace period; (c) the issuer of the Letter of Credit shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of, such Letter of Credit; or (d) the Letter of Credit shall expire or terminate or have a Value of $0 at any time the Party on whose account that Letter of Credit is issued is required to provide Credit Support hereunder and that Party has not Transferred replacement Credit Support meeting the requirements of this Agreement; provided, however, that no Letter of Credit Event shall occur in any event with respect to a Letter of Credit after the time such Letter of Credit is required to be cancelled or returned in accordance with the terms of this Agreement.

Letter of Credit Event means any of the following:

Examples of Letter of Credit Event in a sentence

• Whether before or after any Noteholder Letter of Credit Event, subject to the terms and conditions hereof, the Collateral Trustee shall follow the written instructions of the Required Holders with respect to the preservation, protection, collection or realization upon any Letter of Essendant Co. and Essendant Inc.

• Upon the occurrence of a Noteholder Letter of Credit Event, the Company shall, and the Required Holders may, deliver to the Collateral Trustee a notice of Noteholder Letter of Credit Event relating thereto.

• If Retailer fails to pay any amounts hereunder when due or a Letter of Credit Event shall occur, Bank may immediately, and without prior notice to Retailer, further draw on the Letter of Credit or, if applicable, debit any such unpaid amount from any amounts then remaining in the Collateral Account.

• The Collateral Trustee shall not be deemed to have notice of any Default, Event of Default, Noteholder Letter of Credit Event or transfer of Notes unless written notice of any event which is in fact such a Default, Event of Default, Noteholder Letter of Credit Event or transfer of Notes is received by the Collateral Trustee at the corporate trust office of the Collateral Trustee, and such notice references the Notes and this Agreement.

• However, within ten (10) days following a Par Letter of Credit Draw made after the occurrence and during the continuance of a Rating Letter of Credit Event, the Company shall pay the holder or holders with respect to which such Par Letter of Credit Draw is made an amount equal to the Make-Whole Amount due under such Notes as of the day of such Par Letter of Credit Draw.

More Definitions of Letter of Credit Event

Letter of Credit Event means Retailer’s breach of any of the financial covenants set forth in Schedule 9(j)(A).

Letter of Credit Event upon any failure of the Letter of Credit issuer to maintain an Investment Grade Rating, (ii) upon any Event of Default, (iii) upon any failure by Borrowers to comply with the covenant set forth in Section 11.4 hereof on or after May 1, 2017 or any failure by Hunter Mountain Borrowers to comply with Section 11.4 of the Hunter Mountain Credit Agreement on or after May 1, 2017, (iv) at any time within sixty (60) days prior to the expiration date of any Letter of Credit, or (v) the issuer of the Letter of Credit gives notice Lender notice of nonrenewal or any other similar document. The Initial Letter of Credit shall be in the amount (the “Initial Letter of Credit Amount”) of not less than the sum of one (1) month of Lease Payment Obligations and Debt Service Payments. Upon the occurrence of any Letter of Credit Event, Peak Resorts shall deliver to Lender in replacement of the One Month Interest Obligation either (the “Three Month's Interest Obligation”) (1) a Replacement Letter of Credit in the stated amount (the “Replacement Letter of Credit Amount”) of not less than the sum of three (3) months of Lease Payment Obligations and Debt Service Payments or (2) cash in the amount of the sum of three (3) months of Lease Payment Obligations and Debt Service Payments. For the avoidance of doubt, following the closing of a Summer Road Investment, Borrower shall at all times satisfy the One Month Interest Obligation or the Three Month's Interest Obligation as the case may be.” 

Letter of Credit Event means with respect to an outstanding Letter of Credit, the occurrence of any of the following events: (i) the issuer of such Letter of Credit shall fail to maintain a Credit Rating of at least A by S&P or A2 by Xxxxx’x; (ii) the issuer of such Letter of Credit shall fail to comply with or perform its obligations under such Letter of Credit if such failure shall be continuing after the lapse of any applicable grace period; (iii) the issuer of such Letter of Credit shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of, such Letter of Credit; (iv) such Letter of Credit shall expire or terminate, or shall fail or cease to be in full force and effect.

Letter of Credit Event means the Original Termination Date or any Additional Termination Date, where applicable, provided that the Borrowers have not obtained an alternate letter of credit replacing the Letter of Credit.

Letter of Credit Event means (a) an Expiration Date, or (b) the effective date of an Alternate Letter of Credit delivered to the Tender Agent pursuant to Section 14 of this Ordinance.

Letter of Credit Event means the failure of Retailer to satisfy and fully perform each financial covenant contained on the attached Schedule 6.7.

Letter of Credit Event means Retailer’s breach of any of the financial covenants set forth in Appendix D.