LOC Payment definition

LOC Payment means any payment made by the Bank under the Letter of Credit.
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LOC Payment means the $16,100,000.00 proceeds of a drawing on the Letter of Credit as defined in Section 6.12 hereof.
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LOC Payment means the proceeds of a drawing on the Letter of Credit as defined in Section 8.6.
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Examples of LOC Payment in a sentence

  • Not later than 1:00 P.M., New York City time, on the Business Day after the date notified by the Bank, each Lender shall make available to the Bank in immediately available funds at the office of the Bank in New York City an amount equal to its Pro Rata Share of such LOC Payment.

  • If the Company shall fail to reimburse the Bank in an amount equal to the amount of any LOC Payment, then the Bank shall promptly notify each Lender of the unreimbursed amount of such LOC Payment and of such Lender's participation therein.

  • The Bank shall promptly forward to each Lender copies, or notify each Lender as to the contents, of all notices received from the Company pursuant to the terms of this Agreement and, in the event that the Company fails to timely reimburse any LOC Payment or to pay when due the principal of or interest on any Loan, the Bank shall promptly give notice thereof to the Lenders.

  • In the event that any Lender fails to make available to the Bank on such Business Day the amount of such Lender's participation in such LOC Payment as provided in this Section 3.01, the Bank shall be entitled to recover such amount on demand from such Lender, together with interest thereon at a rate per annum equal to (A) from (and including) such Business Day to (and including) the third Business Day thereafter, the Federal Funds Rate, and (B) from (but excluding) such third Business Day, the Base Rate.

  • Subject to the terms and conditions hereof, each Lender shall be deemed, and hereby agrees, to have an undivided percentage interest in each LOC Payment for which the Bank is not immediately reimbursed by the Company and in the Bank's rights to reimbursement with respect to such LOC Payment, equal to its Pro Rata Share.

  • Not later than 1:00 P.M., New York time, on the Business Day after the date notified by the Bank, each Lender shall make available to the Bank in immediately available funds at the office of the Bank in New York City an amount equal to its Pro Rata Share of such LOC Payment.

  • Subject to the terms and conditions hereof, each Lender shall be deemed, and hereby agrees, to have an undivided percentage interest in each LOC Payment for which the Bank is not immediately reimbursed by the Trust and in the Bank's rights to reimbursement with respect to such LOC Payment, equal to its Pro Rata Share.

  • The Bank shall promptly forward to each Lender copies, or notify each Lender as to the contents, of all notices received from the Trust pursuant to the terms of this Agreement and, in the event that the Trust fails to timely reimburse any LOC Payment or to pay when due the principal of or interest on any Loan, the Bank shall promptly give notice thereof to the Lenders.

  • If the Trust shall fail to reimburse the Bank in an amount equal to the amount of any LOC Payment, then the Bank shall promptly notify each Lender of the unreimbursed amount of such LOC Payment and of such Lender's participation therein.

  • In the event that any Lender fails to make available to the Bank on such Business Day the amount of such Lender's participation in such LOC Payment as provided in this Section 3.01, the Bank shall be entitled to recover such amount on demand from such Lender, together with interest thereon at a rate per annum equal to (A) from (and including) such Business Day to (and including) the third Business Day thereafter, the Federal Funds rate, and (B) from (but excluding) such third Business Day, the Base Rate.


More Definitions of LOC Payment

LOC Payment means any payment made by the Bank under the Letter of Credit. "Moody's" means Moody's Investors Service, Inc., or any successor thereto. "Note" means any Commercial Paper Note or B Note.
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Related to LOC Payment

  • LC Payment Date is defined in Section 2.20.5.

  • PAGA Payment means the penalties pursuant to PAGA that the Parties have agreed is a

  • Loan Payment means any amount payable by the Loan Parties to the Bank pursuant to the Legal Agreements or these General Conditions, including (but not limited to) any amount of the Withdrawn Loan Balance, interest, the Front-end Fee, interest at the Default Interest Rate (if any), any prepayment premium, any transaction fee for a Conversion or early termination of a Conversion, any premium payable upon the establishment of an Interest Rate Cap or Interest Rate Collar, and any Unwinding Amount payable by the Borrower.”

  • Drawing Fee means, with respect to each Draft drawn by TCCI and purchased by any Person on any Drawing Date and subject to the provisions of Section 2.15, an amount equal to the product of (i) the Applicable Rate times the aggregate Face Amount of the Draft, multiplied by (ii) a fraction the numerator of which is the number of days in the term to maturity of such Draft and the denominator of which is 365 or 366, as applicable.

  • Maturity Payment Amount shall have the meaning set forth in Section 2 of this Annex A.

  • Delta Payment means as it is described in this Agreement.

  • Prepayment Fee is, with respect to any Term Loan subject to prepayment prior to the Maturity Date, whether by mandatory or voluntary prepayment, acceleration or otherwise, an additional fee payable to the Lenders in amount equal to:

  • Upfront Payment has the meaning set forth in Section 4.1.

  • Undrawn Fee a fee payable pursuant to Section 3.2 for each day of the related Collection Period equal to the product of (x) the aggregate Commitments on such day minus the aggregate principal amount of outstanding Advances on such day times (y) the Undrawn Fee Rate times (z) 1/360.

  • Additional Amount Payment means a payment to a Holder of MuniFund Term Preferred Shares of an amount which, when taken together with the aggregate amount of Taxable Allocations made to such Holder to which such Additional Amount Payment relates, would cause such Holder’s dividends in dollars (after federal income tax consequences) from the aggregate of such Taxable Allocations and the related Additional Amount Payment to be equal to the dollar amount of the dividends that would have been received by such Holder if the amount of such aggregate Taxable Allocations would have been excludable (for federal income tax purposes) from the gross income of such Holder. Such Additional Amount Payment shall be calculated (i) without A-1 consideration being given to the time value of money; (ii) assuming that no Holder of MuniFund Term Preferred Shares is subject to the federal alternative minimum tax with respect to dividends received from the Fund; and (iii) assuming that each Taxable Allocation and each Additional Amount Payment (except to the extent such Additional Amount Payment is designated as an exempt-interest dividend under Section 852(b)(5) of the Code) would be taxable in the hands of each Holder of MuniFund Term Preferred Shares at the maximum marginal regular federal individual income tax rate applicable to ordinary income or net capital gains, as applicable, or the maximum marginal regular federal corporate income tax rate applicable to ordinary income or net capital gains, as applicable, whichever is greater, in effect at the time such Additional Amount Payment is paid.

  • Reimbursement Payment shall have the meaning given to that term in Subparagraph 2.02(c).

  • Funding Amount has the meaning specified in Section 3.2(a).

  • LC Payment Notice has the meaning specified in Section 2.04(e).

  • PRE-PAYMENT The Tenant shall: (check one)

  • Default Fee means with respect to any amount due and payable by Seller in respect of any Aggregate Unpaids, an amount equal to the greater of (i) $1000 and (ii) interest on any such unpaid Aggregate Unpaids at a rate per annum equal to 2% above the Prime Rate.

  • Facing Fee shall have the meaning provided in Section 3.01(c).

  • Loan Fee shall have the meaning assigned in Section 5.1.

  • Default Excess means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s Pro Rata Share of the aggregate outstanding principal amount of Loans of all Lenders (calculated as if all Defaulting Lenders (other than such Defaulting Lender) had funded all of their respective Defaulted Loans) over the aggregate outstanding principal amount of all Loans of such Defaulting Lender.

  • Excess Funding Amount means the amount on deposit in the Excess Funding Account.

  • Maximum Revolving Advance Amount means $25,000,000.

  • Overdue Payment shall have the meaning specified in Section 4.03(a).

  • Advance Payment shall have the meaning set forth in Clause 19.2; “Affected Party” shall have the meaning set forth in Clause 21.1;

  • Prepayment Interest Excess Amount With respect to any Principal Prepayment in full which is applied to the related Mortgage Loan from the first day of the month of any Remittance Date through the sixteenth day of the month of such Remittance Date, all amounts paid in respect of interest on such Principal Prepayment in full. A Prepayment Interest Excess Amount cannot result from a Principal Prepayment in part, but only from a Principal Prepayment in full.

  • Undrawn Amount means, with respect to any Letter of Credit, at any time, the maximum amount available to be drawn under such Letter of Credit at such time and “Undrawn Amounts” means, at any time, the sum of all Undrawn Amounts at such time.

  • Special Payment Means any payment (other than a Scheduled Payment) in respect of, or any proceeds of, any Equipment Note or Collateral (as defined in each Indenture).

  • 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.