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 limitations 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 Retailer’s breach of any of the financial covenants set forth in Schedule 9(j)(A).
Examples of Letter of Credit Event in a sentence
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More Definitions of Letter of Credit Event
Letter of Credit Event means any of the following:
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 Mxxxx’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 Company has not obtained an alternate letter of credit issuer.
Letter of Credit Event. (i) 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 2014 Borrowers to comply with Section 11.4 of the 2014 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 Retailer’s breach of any of the financial covenants set forth in Appendix D.
Letter of Credit Event means the first day when the S&P Debt Rating has been at or below BB for 270 consecutive days; or if the S&P Debt Rating is unavailable, then the first day when the Alternate Debt Rating has been more than three (3) rating levels below its level as of the date hereof (or the most nearly equivalent rating level in the Alternate Debt Rating then employed by Bank) for 270 consecutive days.
Letter of Credit Event means the failure of Retailer to satisfy and fully perform each financial covenant contained on the attached Schedule 6.7.