Letter of Credit Loan definition

Letter of Credit Loan means a payment by an Issuing Bank of a draft drawn under any Letter of Credit pursuant to Section 3.04 or, without duplication, a payment by a Lender in respect thereof pursuant to Section 3.04.

Letter of Credit Loan a Loan made by a Lender to or for the account of the Company pursuant to Section 2.14.

Letter of Credit Loan means a funding made by the Revolving Issuing Bank or any Revolving Lender pursuant to Section 2.2(f)(ii).

Examples of Letter of Credit Loan in a sentence

• Each Issuing Bank shall give notice to the Company of the making of any Letter of Credit Loan by such Issuing Bank and of the sale or assignment of any Letter of Credit Loan by it pursuant to Section 3.04(b), and each Lender shall give notice to the Company of any sale or assignment of any Letter of Credit Loan by it, in each case on the date on which such transaction takes place.

• Upon the request of the Administrative Agent or an Issuing Bank, if such Issuing Bank has made a Letter of Credit Loan, the Company shall immediately Cash Collateralize such Letter of Credit Loan in an amount equal to 103% of the outstanding principal amount of such Letter of Credit Loan in the Currency of such Loan.

• If such Loan is either a Revolving Loan or a Letter of Credit Loan which, in each case, bears interest at the Base Rate, a rate per annum equal at all times to the Base Rate in effect from time to time plus the Applicable Margin, payable on (A) each Quarterly Date while such Base Rate Loan is outstanding or (B) the last day of each month during which such Letter of Credit Loan is outstanding, and in each case, on the date such Base Rate Loan or Letter of Credit Loan shall be paid in full.

• If such Lender shall pay to the Administrative Agent such amount for the account of the Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute a Letter of Credit Loan made by such Lender on such Business Day for purposes of this Agreement, and the outstanding principal amount of the Letter of Credit Loan made by the Issuing Bank shall be reduced by such amount on such Business Day.

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More Definitions of Letter of Credit Loan

Letter of Credit Loan has the meaning ascribed to such term in subsection 2.03(d) of this Agreement.

Letter of Credit Loan means a payment by an Issuing Bank of a draft drawn under any Letter of Credit pursuant to Section 3.04 or, without duplication, a payment by a Lender in respect thereof pursuant to Section 3.04. THIRD AMENDED AND RESTATED CREDIT AGREEMENT

Letter of Credit Loan means the maximum aggregate amount of the Letter of Credit or Letters of Credit that may be issued by Lender as provided in Paragraph 2 of Article IX below.

Letter of Credit Loan means a payment by the Issuing Bank of a draft

Letter of Credit Loan means a funding made by the Issuing Bank or any Revolving Lender pursuant to Section 2.2(f)(ii) or (iii).

Letter of Credit Loan a loan made by a Bank to or for the account of the Company pursuant to Section 2.13.

Letter of Credit Loan means a performing Construction Loan which is entirely owned by a Borrower and for which the indebtedness thereunder is also secured by a Letter of Credit, which loan includes, without limitation, (i) a Mortgage Note and related Mortgage, (ii) a Letter of Credit supporting payments under such loan, and (iii) all right, title and interest of a Borrower in and to the Mortgaged Property covered by such Mortgage.