Letter of Credit Payment definition

Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

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Letter of Credit Payment means any amount paid or required to be paid by the Issuing Bank in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

Letter of Credit Payment means, as applicable (i) all payments made by a Facing Agent pursuant to either a draft or demand for payment under a Letter of Credit or (ii) all payments by Revolving Lenders to a Facing Agent in respect thereof (whether or not in accordance with their Pro Rata Share).

Examples of Letter of Credit Payment in a sentence

No Lender’s obligation to participate in any Letter of Credit or to make available to the applicable Facing Agent such Revolving Lender’s Pro Rata Share of any Letter of Credit Payment made by the applicable Facing Agent shall be affected by any other Revolving Lender’s failure to participate in the same or any other Letter of Credit or by any other Revolving Lender’s failure to make available to the applicable Facing Agent such other Lender’s Pro Rata Share of any Letter of Credit Payment.
Upon receipt from the beneficiary of any Letter of Credit of any demand for payment under such Letter of Credit, the Issuer shall notify the Agent and the Agent shall promptly notify the applicable Borrower and each Lender as to the amount to be paid by the Issuer as a result of such demand and the proposed payment date (the "Letter of Credit Payment Date").
In consideration and in furtherance of the foregoing, each Revolving Credit Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Revolving Credit Percentage of each Letter of Credit Payment made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in clause (ii) below, or of any reimbursement payment required to be refunded to the Borrower for any reason.
In consideration and in furtherance of the foregoing, each Revolving Credit Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the applicable Issuing Bank, such Lender’s Applicable Revolving Credit Percentage of each Letter of Credit Payment made by such Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (ii) below, or of any reimbursement payment required to be refunded to the Borrower for any reason.
All such amounts paid by the L/C Issuer and remaining unpaid by the Borrower and any other applicable account party shall bear interest, payable on demand, for each day until paid at a rate per annum equal to (i) the applicable Adjusted Base Rate for such day if such day falls on or before the applicable Letter of Credit Payment Date and (ii) the sum of 2% plus the Adjusted Base Rate applicable for such day if such day falls after such Letter of Credit Payment Date.

More Definitions of Letter of Credit Payment

Letter of Credit Payment means any payment made by the Agent on behalf of the Lenders under a Letter of Credit, to the extent that such payment has not been repaid by the Borrower.

Letter of Credit Payment means as applicable (a) all payments made by the respective Facing Agent pursuant to either a draft or demand for payment under a Letter of Credit or (b) all payments by Lenders having Multicurrency Revolving Commitments to such Facing Agent in respect thereof (whether or not in accordance with their Multicurrency Revolver Pro Rata Share).

Letter of Credit Payment means the amount advanced by the Lender to the beneficiary of a Letter of Credit which is not evidenced by the Note and for which the Lender remains unreimbursed by the Borrower.

Letter of Credit Payment means any amount paid or required to be paid by the Issuing Agent in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

Letter of Credit Payment means any payment to the Trustee by the Agent with respect to a drawing by the Trustee under the Letter of Credit.

Letter of Credit Payment means any amount paid or required to be paid by an Issuing Bank in its capacity as issuer of a Letter of Credit as a result of a draw against any Letter of Credit.

Letter of Credit Payment. As to each Remittance Date and each Letter of Credit, the sum of: (1) the excess, if any, of (x) the aggregate Class Principal Balance of the Notes of the applicable Pool (after taking into account all distributions of principal to be made on such Remittance Date other than relating to the Letter of Credit) over (y) the aggregate principal balance of the Loans of such Pool as of the last day of the immediately preceding Due Period; and (2) the excess, if any, of (x) the aggregate Current Interest Requirements and Class Interest Shortfall Carryforward Amounts for the Notes of such Pool over (y) the Pool Available Remittance Amount for such Pool for such Remittance Date (other than the portion relating to payments under the Letter of Credit); provided, however, that in no event shall the Letter of Credit Payment for a Letter of Credit exceed the then applicable LOC Available Amount. LETTER OF CREDIT PROVIDER: FUNB, or its successors and assigns.