Primary Reserve Letter of Credit definition

Primary Reserve Letter of Credit means an irrevocable Approved Letter of Credit (as defined in the Trust Agreement) in the stated amount of the Original Deposit (or, if an amount of cash is to remain in the Primary Reserve Account after delivery of the Primary Reserve Letter of Credit, the difference between the amount of the Original Deposit and the aggregate amount of such cash), in form satisfactory to the Director and the Trustee, issued by the Primary Reserve Letter of Credit Issuer for the account of Tenant, which letter of credit may be drawn upon by the Trustee to provide funds for the Primary Reserve Account pursuant to Section 4.6 of the Loan Agreement. The Primary Reserve Letter of Credit must permit drawings thereunder for a period of not less than one year or until 15 days after the final maturity of the Bonds, whichever occurs first.
Sample 1
Primary Reserve Letter of Credit means an Approved Letter of Credit, as defined in the Trust Agreement, in the stated amount of $1,008,000 (or, if an amount of cash and one or more other Primary Reserve Letters of Credit are to remain in the Primary Reserve Account after delivery of the Primary Reserve Letter of Credit, the difference between $1,008,,000 and the aggregate amount of such cash and the stated value(s) of such other Primary Reserve Letter(s) of Credit), issued by the Letter of Credit Issuer, which letter of credit may be drawn upon by the Trustee to provide funds for the Primary Reserve Account pursuant to Section 4.5 of the Loan Agreement.
Sample 1
Primary Reserve Letter of Credit means an Approved Letter of Credit, as defined in the Trust Agreement, in the stated amount of $1,017,500 (or, if an amount of cash and one or more other Primary Reserve Letters of Credit are to remain in the Primary Reserve Account after delivery of the Primary Reserve
Sample 1

Examples of Primary Reserve Letter of Credit in a sentence

  • The Director will have a first security interest in the Project.Payments for the OEBF Loan due under the Loan Agreement will be secured by the Loan Agreement, which grants a first security interest in the personal property portion of the Project in favor of the Director under the Loan Agreement.The Borrower will deliver to the Trustee a Primary Reserve Letter of Credit or cash in the amount of$704,000 to fund the Primary Reserve Account requirement.

  • Isofoton S.A., an early mover in solar technologies that has been in this business since 1981, is the majority shareholder of the Borrower, and is a corporation formed and existing under the laws of the Kingdom of Spain.The Borrower will deliver to the Trustee a Primary Reserve Letter of Credit in the amount of$1,008,000 to fund the Primary Reserve Account requirement.

Related to Primary Reserve Letter of Credit

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.

  • Facility LC Collateral Account is defined in Section 2.19.11.

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

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

  • 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 Collateral Account has the meaning assigned to such term in Section 2.05(k).

  • 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.

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

  • 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.

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

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

  • Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

  • 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.

  • Existing Letter of Credit means a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

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

  • 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.

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

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee may draw thereupon in the event the Servicer fails to deposit SUBI Collections into the 20[__]-[__] SUBI Collection Account on a monthly basis.

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

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

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

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