Letter of Credit Period definition

Letter of Credit Period means the period commencing on the Effective Date and ending five (5) Business Days prior to the Termination Date.
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Letter of Credit Period means the period of time between the occurrence of a Letter of Credit Event and the earlier of (i) the end of the Remediation Period and (ii) the date which is one hundred eighty (180) days after the later of (x) expiration of this Agreement, and (y) sixty (60) days after the expiration of any credit promotional period relating to a purchase financed under the Program, unless Bank, in its sole discretion, determines to shorten such period.
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Letter of Credit Period means any time period between the occurrence of a Letter of Credit Event and the first day thereafter when the S&P Debt Rating is at or above BB+; or if the S&P Debt Rating is unavailable, the Alternate Debt Rating is at or above 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).
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Examples of Letter of Credit Period in a sentence

  • The Borrower agrees promptly to notify the Authority, the Trustee and, during the Letter of Credit Period, the Letter of Credit Issuer of the occurrence of an Act of Bankruptcy with respect to it or if it becomes aware of an Act of Bankruptcy with respect to the Authority.

  • The Borrower agrees that no amendment to any of the Basic Documents shall be effective without the prior written consent of the Trustee in accordance with the terms of the Indenture and, during the Letter of Credit Period, the Letter of Credit Issuer.

  • These amendments are the subject of a written Contract between NRB Group and the Contracting Party.

  • During any Letter of Credit Period, Bank shall have the right to re-calculate the Letter of Credit Amount at the end of every other calendar quarter; provided, that Bank may recalculate the Letter of Credit Amount more frequently if Bank reasonably determines that such recalculation is appropriate based on a material increase in Net Program Sales during any quarter (but in no event may Bank conduct any such recalculation more frequently than quarterly).

  • On or before the Closing Date, in order ---------------- to commence the Letter of Credit Period, the Borrower shall deliver to the Trustee an irrevocable Letter of Credit with a stated expiration date no earlier than April 15, 2001.

  • All references herein to the Bank, Letter of Credit, Reimbursement Agreement and all requirements imposed herein with respect thereto shall be of no force and effect after termination of the Letter of Credit Period and reimbursement to the Bank of all amounts owing to the Bank pursuant to the terms of the Reimbursement Agreement.

  • The Borrower shall continuously maintain or --------- shall cause to be maintained insurance against such risks as are customarily insured against by businesses similar in size and character to the Project, paying when due all premiums with respect thereto; provided, however, that during any Letter of Credit Period, compliance with the insurance requirements of the Letter of Credit Agreement then in effect shall be deemed compliance with this Section and Section 6.3.

  • Notwithstanding any other provision of this Indenture, a supplemental indenture under this Article shall not become effective until the Borrower, so long as it is not in default under the Bond Documents, and, if during the Letter of Credit Period, the Letter of Credit Issuer shall have consented to the execution and delivery of such supplemental indenture.

  • The Borrower shall continuously maintain such insurance (if any) for the Project as is customarily maintained by businesses for similar Projects, paying when due all premiums with respect thereto; provided, however, that during any Letter of Credit Period, compliance with the insurance requirements of the Reimbursement Agreement then in effect shall be deemed compliance with this Section and Section 6.3.

  • Notwithstanding any other provision of this Indenture, any amendment, change or modification of the Agreement and Remarketing Agreement, shall not become effective until consented to by the Borrower and, if during the Letter of Credit Period, the Letter of Credit Issuer.


More Definitions of Letter of Credit Period

Letter of Credit Period means the period from and including the Effective Date to but not including the ninth Domestic Business Day prior to the Termination Date.
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Letter of Credit Period means, with respect to any Letter of Credit, the period commencing on the Effective Date and ending upon the earlier of (a) the fifth day prior to the expiration of the Line of Credit Period or (b) one year after its issuance. Letter of Credit Request shall have the meaning ascribed thereto in Section 4.1(a).
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Letter of Credit Period means the period commencing on the Effective Date and ending five (5) Business Days prior to the Termination Date. “Letters of Credit” means, collectively, standby letters of credit issued for the account of Borrower pursuant to Section 2.1(b) and shall include the
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Letter of Credit Period means any time that Bonds Outstanding are secured by a Letter of Credit issued in favor of the Trustee by a Letter of Credit Issuer.
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Letter of Credit Period means any period prior to the time the Bonds bear a Fixed Rate to their maturity.
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Letter of Credit Period means the period from the Closing Date to and including the Letter of Credit Termination Date.
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Related to Letter of Credit Period

  • Letter of Credit Commitment means, with respect to any Issuing Bank at any time, the amount set forth opposite such Issuing Bank’s name on Schedule I hereto under the caption “Letter of Credit Commitment” or, if such Issuing Bank has entered into one or more Assignment and Acceptances, set forth for such Issuing Bank in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Issuing Bank’s “Letter of Credit Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

  • Letter of Credit Availability Period the period from and including the Closing Date to but excluding the Letter of Credit Maturity Date.

  • Letter of Credit Limit means $5,000,000.

  • Revolving Letter of Credit means any letter of credit issued pursuant to Section 2.05.

  • 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 Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

  • Facility Letter of Credit means a Letter of Credit issued by an Issuer pursuant to Section 2.15.

  • 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 Fees shall have the meaning set forth in Section 3.2.

  • Letter of Credit Obligation means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.

  • Letter of Credit Subfacility means, at any time, an amount equal to the lesser of (a) the aggregate amount of the L/C Issuers’ Letter of Credit Sublimits at such time and (b) the Revolving Credit Facility at such time. The Letter of Credit Subfacility is part of, and not in addition to, the Revolving Credit Facility. On the Closing Date, the amount of the Letter of Credit Subfacility is $60,000,000.

  • Letter of Credit Liability means, without duplication, at any time and in respect of any Letter of Credit, the sum of (a) the undrawn face amount of such Letter of Credit, plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of Borrower at such time due and payable in respect of all drawings made under such Letter of Credit.

  • 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.

  • Unused Letter of Credit Subfacility means an amount equal to the Letter of Credit Subfacility minus the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit plus, without duplication, (b) the aggregate Unpaid Drawings obligations with respect to a Letters of Credit.

  • Letter of Credit Termination Date means the tenth day preceding the Termination Date.

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • Letter of Credit Expiration Date means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

  • Letter of Credit Disbursement means a payment made by Issuing Bank pursuant to a Letter of Credit.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.

  • Letter of Credit Liabilities means, for any Bank and at any time, such Bank's ratable participation in the sum of (x) the amounts then owing by the Borrower in respect of amounts drawn under Letters of Credit and (y) the aggregate amount then available for drawing under all Letters of Credit.

  • Letter of Credit Commitment Amount means, on any date, a maximum amount of $10,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • 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.

  • Letter of Credit Fee has the meaning specified in Section 2.03(h).