Operating Letter of Credit definition

Operating Letter of Credit means a Letter of Credit issued by the Issuing Bank under the Operating Facility.
Sample 1Sample 2
Operating Letter of Credit in Section 1.1 of the Credit Agreement is amended by deleting the reference to “Operating” and replacing same with “Cdn.” and each reference to each such term in the Credit Agreement is amended accordingly.
Sample 1

Examples of Operating Letter of Credit in a sentence

  • If the Operating Lender notifies the Borrower of such payment prior to 12:00 noon (Toronto time) on the date of any payment by the Operating Lender under an Operating Letter of Credit (each such date in this Section 6.3(b), an “Honor Date”), the Borrower shall reimburse the Operating Lender in an amount equal to the amount of such drawing by no later than the next succeeding Banking Day and such extension of time shall be reflected in computing fees in respect of any such Operating Letter of Credit.

  • The LC Fee for each Operating Letter of Credit shall be payable quarterly in arrears, on the basis of the number of days such Operating Letter of Credit was outstanding in a year of 365 days, on the fifth Banking Day of each Fiscal Quarter following the issuance of such Operating Letter of Credit and upon termination or cancellation of the Operating Commitment and following receipt of a written notice from the Operating Lender setting out the amount of such fee.

  • The detailed relations can be found in (Januszewski, 2010), (Kaplan, Hegarty, 2006).

  • The Company's obligations under this Section 7 shall be absolute and unconditional under any and all circumstances and irrespective of any set-off, counterclaim or defense to payment which the Company may have or have had against the relevant Issuing Lender, any beneficiary of an Operating Letter of Credit, any Lender or any other Person.

  • In the event that the Administrative Agent is able to designate an Issuing Lender with respect to such Operating Letter of Credit, the Company shall request that such Issuing Lender issue an Operating Letter of Credit by delivering to such Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender reasonably may request.

  • The Company agrees that any action taken or omitted by any Issuing Lender under or in connection with any Operating Letter of Credit issued by such Issuing Lender or the related drafts or documents, if done in the absence of gross negligence or willful misconduct and in accordance with the standards of care specified in the Uniform Commercial Code of the State of New York, shall be binding on the Company and shall not result in any liability of such Issuing Lender to the Company.

  • No Issuing Lender shall be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Operating Letter of Credit issued by it, except for errors or omissions caused by such Issuing Lender's gross negligence or willful misconduct.

  • The responsibility of such Issuing Lender to the Company in connection with any draft presented for payment under any Operating Letter of Credit issued by it shall, in addition to any payment obligation expressly provided for in such Operating Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Operating Letter of Credit in connection with such presentment are in conformity with such Operating Letter of Credit.

  • The Company shall pay to the Administrative Agent, for the accounts of the relevant Issuing Lender and Operating L/C Participants, the fees and commissions described in subsection 10.7 with respect to each such Operating Letter of Credit.

  • In January 2000, Foshan adjusted the income-distribution system in government institutes that fully relied on public finance, according to the principles of standardisation, unification and monetarisation.

Related to Operating Letter of Credit

  • Existing Letter of Credit means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

  • 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.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • Performance Letter of Credit means any standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a nonfinancial or commercial obligation.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

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

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • 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.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • 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 means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.

  • Letter of Credit Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

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

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