Letter of Credit Requirements definition

Letter of Credit Requirements. As defined in Section 21.3.
Sample 1Sample 2
Letter of Credit Requirements means the requirement that any Buyer L/C and any Break-up L/C be an irrevocable, standby letter of credit issued by a major U.S. commercial bank or the U.S. branch office of a foreign bank, which, in either case, has counters for presentment and payment located in the City of New York and a Credit Rating of at least (a) “A” by S&P and “A2” by Xxxxx’x, if such entity is rated by both S&P and Xxxxx’x or (b) “A” by S&P or “A2” by Xxxxx’x, if such entity is rated by either S&P or Xxxxx’x, but not both, and which letter of credit is in a form reasonably acceptable to Seller, including, but not limited to, drawings being permitted solely upon a signed statement from an officer of the beneficiary of the letter of credit that the amount of the drawing is owed to the beneficiary pursuant to this Agreement, and the requirement that any Buyer L/C and any Break-up L/C be transferable by Seller, on a one-time basis, to a single Affiliate of Seller, which Affiliate shall be prohibited from subsequently transferring any such Buyer L/C or Break-up L/C without the prior written consent of Buyer or one of its Affiliates.
Sample 1Sample 2
Letter of Credit Requirements. As defined in Section 21.3. Manager: Cxxxxx XX. Management Agreement: Collectively, that certain Management Agreement dated ______________ between THP and Cxxxxx XX and that certain Management Agreement dated ______________ between Carrus Rehab and Cxxxxx XX. Minimum Net Worth: Four Million Dollars ($4,000,000.00), consisting of any combination of demonstrable tangible and fixed assets of Tenant and Guarantors collectively, including without limitation impounds and reserves required by Landlord, the Capital Reserve Fund and the Rent Reserve Fund, all as determined in accordance with GAAP.
Sample 1

Examples of Letter of Credit Requirements in a sentence

  • If a Reinsurer's choice of funding is or includes a letter of credit, the Reinsurer agrees to ensure that the line of credit complies with the provisions of the Letter of Credit Requirements Clause attached hereto as Exhibit B.

  • When funding by an LOC, the Reinsurer agrees to ensure that the LOC complies with the provisions of the "Letter of Credit Requirements Clause" attached hereto.

  • Xxxxx Senior Executive Vice President TENANT: HOUGHTON MIFFLIN COMPANY By: Name: Title: Exhibit A to Fourth Amendment to Lease (Adjacent Spaces and Additional Adjacent Spaces) Schedule 1 to Fourth Amendment to Lease (Letter of Credit Requirements) Capitalized terms used but not defined in this Schedule 1 shall have the meanings ascribed to them in the Amendment to which this Schedule is attached.


More Definitions of Letter of Credit Requirements

Letter of Credit Requirements means the requirements set forth on Schedule II.
Sample 1
Letter of Credit Requirements means the requirement that any Buyer L/C and any Break-up L/C be an irrevocable, standby letter of credit issued by a major U.S. commercial bank or the U.S. branch office of a foreign bank, which, in either case, has counters for presentment and payment located in the City of New York and a Credit Rating of at least (a) “A” by S&P and “A2” by Moody’s, if such entity is rated by both S&P and Moody’s or (b) “A” by S&P or “A2” by Moody’s, if such entity is rated by either S&P or Moody’s, but not both, and which letter of credit is in a form reasonably acceptable to Seller, including, but not limited to, drawings being permitted solely upon a signed statement from an officer of the beneficiary of the letter of credit that the amount of the drawing is
Sample 1
Letter of Credit Requirements means the requirement that any Break-up L/C be an irrevocable, standby letter of credit issued by a major U.S. commercial bank or the U.S. branch office of a foreign bank, which, in either case, has counters for presentment and payment located in the City of New York and a Credit Rating of at least (i) "A" by S&P and "A2" by Mxxxx'x, if such entity is rated by both S&P and Mxxxx'x or (ii) "A" by S&P or "A2" by Mxxxx'x, if such entity is rated by either S&P or Mxxxx'x, but not both, and which letter of credit is in a form reasonably acceptable to the Seller.
Sample 1

Related to Letter of Credit Requirements

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • Letter of Credit Report means a certificate substantially the form of Exhibit H or any other form approved by the Administrative Agent.

  • Letter of Credit Reserve has the meaning set forth in Section 2.1.2(d).

  • Credit Requirements means a long-term credit rating (corporate or long-term senior unsecured debt) of (1) “Baa3” or greater by Xxxxx’x, or (2) “BBB-” or greater by S&P, or such other indicia of creditworthiness acceptable to PacifiCorp in its reasonable judgment.

  • FTR Credit Requirement means the amount of credit that a Participant must provide in order to support the FTR positions that it holds and/or for which it is bidding. The FTR Credit Requirement shall not include months for which the invoicing has already been completed, provided that PJMSettlement shall have up to two Business Days following the date of the invoice completion to make such adjustments in its credit systems. FTR Credit Requirements are calculated and applied separately for each separate customer account. FTR Flow Undiversified:

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

  • 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 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 Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

  • Letter of Credit Collateralization means either (a) providing cash collateral (pursuant to documentation reasonably satisfactory to Agent, including provisions that specify that the Letter of Credit Fees and all commissions, fees, charges and expenses provided for in Section 2.11(k) of the Agreement (including any fronting fees) will continue to accrue while the Letters of Credit are outstanding) to be held by Agent for the benefit of the Revolving Lenders in an amount equal to 105% of the then existing Letter of Credit Usage, (b) delivering to Agent documentation executed by all beneficiaries under the Letters of Credit, in form and substance reasonably satisfactory to Agent and Issuing Bank, terminating all of such beneficiaries’ rights under the Letters of Credit, or (c) providing Agent with a standby letter of credit, in form and substance reasonably satisfactory to Agent, from a commercial bank acceptable to Agent (in its sole discretion) in an amount equal to 105% of the then existing Letter of Credit Usage (it being understood that the Letter of Credit Fee and all fronting fees set forth in the Agreement will continue to accrue while the Letters of Credit are outstanding and that any such fees that accrue must be an amount that can be drawn under any such standby letter of credit).

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • 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 Limit means $5,000,000.

  • U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

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

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Letter of Credit Undrawn Amounts means, at any time, the aggregate undrawn face amount of all Letters of Credit outstanding at such time.

  • 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 Right means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. The term does not include the right of a beneficiary to demand payment or performance under a letter of credit.

  • Trade Letter of Credit shall have the meaning provided in Section 2.01(a).

  • Letter of Credit Maximum Amount means $5,000,000; provided that, on and after the Maturity Date, the Letter of Credit Maximum Amount shall be zero.

  • 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.