Project Letter of Credit definition

Project Letter of Credit has the meaning given to such term in Section 2.03(a).
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Project Letter of Credit means any irrevocable standby letter of credit, substantially in the form of Exhibit N-1 or such other form reasonably acceptable to the applicable L/C Issuer and the Borrower, issued pursuant to Section 2.03(a)(ii)(A).
Sample 1
Project Letter of Credit means a letter of credit in the initial amount of [Confidential Treatment Requested] securing the payment of the Term Loan A issued for the account of Xxxx Xxxxxxx Brands Inc. in favor of Lender by a bank and in form and substance satisfactory to Lender, in its sole discretion, or any replacement letter of credit issued in favor of Lender by a bank and in form and substance satisfactory to Lender, in its sole discretion.
Sample 1

Examples of Project Letter of Credit in a sentence

  • No Project Letter of Credit shall be issued, renewed, replaced or extended by the LC Bank until such time (or a reasonable period before such time) as required under the applicable LC Eligible Project Document pursuant to which such Letter of Credit is being issued, as certified to the LC Bank in a duly completed Notice of LC Activity.

  • The Expiration Date of each Letter of Credit shall be no later than the earliest of (a) 15 Banking Days following the expiration of the applicable Approved Project Company's letter of credit obligations under the applicable LC Eligible Project Document in connection with which any Project Letter of Credit is issued (as notified by Borrower to the LC Bank), (b) cancellation of such Letter of Credit pursuant to Section 2.2.7(b) or (c) or (c) the Final Maturity Date.

  • Based on the requests, the DPA in the MOF will release funds to the Project Letter of Credit (PLC)/Letter of Credits (LCs) of the participating agencies.

  • To the extent provided in Section 2.2.8, each Bank severally agrees to advance to the LC Bank, for the account of Borrower, such Bank's Proportionate Share of the full amount of any Drawing Payment under any Project Letter of Credit.

  • On October 15, 2021, the Company executed the Fourth ARCA, replacing the TARCA, with a maturity date of October 15, 2025 and an option to increase the available credit by $100 million through an accordion feature.In September 2022, the Fourth ARCA was amended to permit the revolving credit facility to be used to provide the Project Letter of Credit in favour of the lenders under the Term Facility and to introduce Euro availability for the Project Letter of Credit.

  • Upon release request by the Project Office, the fund is then transmitted to the Project Letter of Credit maintained with the Bank of Bhutan.

  • This Project Account is maintained as Project Letter of Credit Account in the name of the MOWHS.

  • The DPA will open Letter of Credit and/or Project Letter of Credit (PLC) accounts10 based on the request of MOLHR and MOE, having distinct project components and budgetary heads, after considering their organisational, structural, location and regional requirements for the execution of their budgets.

  • Such request shall set forth the proposed issuance date of such Project Letter of Credit (which shall be a Business Day) and the stated amount of such Project Letter of Credit.

  • Based on the requests, the DPA in the MOF will release funds to the Project Letter of Credit (PLC) account of WCD.


More Definitions of Project Letter of Credit

Project Letter of Credit means any Letter of Credit issued in support of Project Related Debt.
Sample 1
Project Letter of Credit means, with respect to any Project, an irrevocable letter of credit issued by the Project Letter of Credit Issuer for the benefit of a Trustee under a Project Bond pursuant to a Project Loan Agreement together any substitutes therefor or replacements thereof, as the same may be amended, modified or supplemented from time to time to the extent permitted hereby, in a face amount which is equal to the face amount of the Project Bond (plus certain accrued interest thereon), less the dollar amount of any related Project Owner Equity Funds.
Sample 1
Project Letter of Credit means an unconditional irrevocable standby letter of credit in the amount of One Hundred Thousand Dollars ($100,000) issued for the benefit of the Bank by a financial institution reasonably acceptable to the Bank, which letter of credit shall have an expiry of no earlier than seven (7) days after the Project Loan Maturity Date for the Project Loan for which such Project Letter of Credit was issued. Such letter of credit shall serve a security for the Borrower's obligation under such Project Loan.
Sample 1
Project Letter of Credit means each irrevocable standby letter of credit to be issued pursuant to Section 2.16, for the account of the Borrower by the Project LC Issuing Bank for the benefit of a Material Project Participant, acceptable to the Lenders, in respect of a Borrower Party’s obligations under the Material Project Document that such Material Project Participant is a party to, in form and substance acceptable to the Administrative Agent and the Lenders and in a maximum stated amount not to exceed the (i) Project LC Commitment of such Project LC Issuing Bank and (ii) the Project LC Commitment allocated to such Project (as set forth on Annex 2).
Sample 1
Project Letter of Credit means a letter of credit issued to the Trust by a financial institution (such letter of credit and financial institution to comply with the applicable requirements in the Applicable Project Agreement or Project Collateral Account Agreement and to be reasonably satisfactory to Administrative Agent and the Applicable Contractor) with a face amount equal to 89.9% of the Applicable Termination Payment Amounts arising under the Applicable Project Agreement and for which Lessee shall be solely liable for all reimbursement obligations in the event such Project Letter of Credit is drawn upon.
Sample 1

Related to Project Letter of Credit

  • 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.

  • 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.

  • 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.

  • 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.

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

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

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

  • 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.

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

  • 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.

  • 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.

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

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

  • 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.

  • 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.

  • 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.

  • 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).

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

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

  • 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.

  • 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.

  • Auto-Renewal Letter of Credit has the meaning specified in Section 2.03(b)(iii).