Liquidity Reserve Letter of Credit definition

Liquidity Reserve Letter of Credit means an outstanding letter of credit issued by an Eligible L/C Provider for the benefit of the Servicer and the Indenture Trustee for the benefit of the Noteholders and the other Secured Parties from either (i) a portion of the commitment with respect to any Variable Funding Note Purchase Agreement or (ii) a portion of the commitment with respect to any credit facility entered into by one or more Non-Securitization Entities, which letter of credit is then contributed to the Issuer.
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Liquidity Reserve Letter of Credit means an outstanding letter of credit issued by an Eligible L/C Provider for the benefit of the Servicer and the Indenture Trustee for the benefit of the Noteholders and the other Secured Parties from either (i) a portion of the commitment with respect to any Variable Funding Note Purchase Agreement or (ii) a portion of the commitment with respect to any credit facility entered into by one or more Non- Securitization Entities, which letter of credit is then contributed to the Issuer.
Sample 1

Examples of Liquidity Reserve Letter of Credit in a sentence

  • In the event that a Liquidity Reserve Letter of Credit has been issued in full or partial satisfaction of the Required Liquidity Amount, the Issuer shall be entitled to submit an amendment to such Liquidity Reserve Letter of Credit and/or the excess amount of the related Liquidity Reserve Letter of Credit may be reduced by delivering a replacement or amended Liquidity Reserve Letter of Credit to the Servicer reflecting such reduced amount.

  • In accordance with Section 3.02(b), the Manager, acting on behalf of the Obligors, will direct the Indenture Trustee in a Direction Letter to distribute to the Manager amounts on deposit in the Liquidity Reserve Account (or direct the Servicer to distribute amounts available under any Liquidity Reserve Letter of Credit) in order for the Manager to pay any due and unpaid Reserved Fixed Costs.

Related to Liquidity Reserve Letter of Credit

  • Existing Letter of Credit means any letter of credit previously issued that (a) will remain outstanding on and after the Closing Date and (b) is listed on Schedule 1.01(d).

  • Commercial Letter of Credit means any letter of credit which is a commercial letter of credit issued in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries.