Replacement LC definition

Replacement LC has the meaning set forth in Section 7.3(c).
Sample 1Sample 2
Replacement LC shall be defined as an irrevocable letter of credit, which shall: (a) be in the amount of One Million and 00/100 ($1,000,000.00) Dollars; (b) be in the form attached hereto as Exhibit A, Tenth Amendment, or in the form of the Third Amendment LC or the Original LC; (c) name Landlord as its beneficiary; (d) be drawn on an FDIC insured financial institution reasonably satisfactory to the Landlord; and (e) be renewable automatically on an annual basis and expire no earlier than sixty (60) days after the Termination Date of the Lease. If Landlord intends to assign Landlord's interest in the Lease, Tenant shall, upon notice from Landlord, deliver to Landlord an amendment to the Replacement LC naming Landlord's assignee as the beneficiary thereof. If Tenant fails to deliver such amendment within fifteen (15) days after notice from Landlord, Landlord shall have the right to draw down the entire amount of the Replacement LC and hold the proceeds thereof as a security deposit in accordance with this Paragraph 4.
Sample 1
Replacement LC means a new letter of credit -------------- from a national or international banking institution with a credit standing substantially similar to Bank One's, which new letter of credit shall have terms substantially the same as the Letter of Credit, subject to the following modifications: (A) the Replacement LC shall have a term that extends from the date of issuance of the Replacement LC through the earlier to occur of (x) the four-year anniversary of the Closing Date and (y) if applicable, the expiration of Parents' then-existing credit facility with the issuer of the Replacement LC, (B) during each year of the Replacement LC's term through the three-year anniversary of the Closing Date, the maximum annual draw under the Replacement LC shall not be greater than $1,000,000, and (C) after the three-year anniversary of the Closing Date and until the Replacement LC's expiration thereafter, the maximum annual draw thereunder shall not be greater than $750,000; provided, however, that -------- ------- the Replacement LC shall provide that if it terminates in accordance with clause (A) above and Parents fail to replace the Replacement LC at least thirty (30) days prior to its termination under clause (A) above with a new letter of credit from a national or international banking institution with a credit standing substantially similar to Bank One's, which new letter of credit shall have terms substantially the same as the Replacement LC, then Buyer shall be entitled to draw the full amount of the Replacement LC and deposit such amount in an escrow with Bank One (or other suitable escrow agent) pursuant to the form of Escrow Agreement attached hereto as Exhibit 2.
Sample 1

More Definitions of Replacement LC

Replacement LC means an irrevocable standby letter of credit issued by Fleet Boston Financial or an affiliate thereof for the benefit of Seller or its designated Affiliate, which letter of credit shall permit the beneficiary to draw thereon in the amount of any and all loss, cost or expense incurred or suffered by Seller or its Affiliate as a result of or associated with any draws on or payments under the Letters of Credit from and after the Closing Date. Buyer agrees that it will not cancel the Replacement Insurance Policy or Replacement LC or allow any such policy or letter of credit to lapse while any of the Letters of Credit remain outstanding and that, in the event the Replacement Insurance Policy or Replacement LC lapses or is otherwise rendered ineffective during such period, Buyer will promptly deliver to Seller a replacement insurance policy, letter of credit or similar instrument reasonably acceptable to Seller, which policy, letter of credit or other instrument will provide indemnification or draw rights to Seller on substantially the same terms as the canceled or lapsed policy or letter of credit (as the case may be). It is the intention of the parties that each Letter of Credit will be the subject of Seller's or its Affilate's rights under one, but not both, of the Replacement Insurance Policy or the Replacement LC. Seller shall have no obligation to renew or extend the term of any Letter of Credit, it being the intention of the parties that the Letters of Credit will expire pursuant to their terms if not previously surrendered by the beneficiary thereof. The Seller covenants and agrees that it shall not and shall cause the beneficiary under the Replacement LC to not draw on the Replacement LC (or any replacement thereof) except with respect to a Letter of Credit listed on Schedule 7.8 attached hereto.
Sample 1
Replacement LC has the meaning set forth in Section 5.6(c).
Sample 1

Related to Replacement LC

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

  • Replacement Liquidity Facility has the meaning set forth in the Intercreditor Agreement.

  • Replacement Facility means 1 of the following:

  • Replacement Loans has the meaning specified in Section 10.01.

  • Replacement Liquidity Provider has the meaning set forth in the Intercreditor Agreement.

  • Replacement Reserve Agreement means a Replacement Reserve and Security Agreement, reasonably required by the Lender, and completed in accordance with the requirements of the DUS Guide.

  • Replacement Date has the meaning set forth in Section 2.08(b).

  • Replacement Provider has the meaning set forth in Section II.D.1.

  • Replacement unit means a landfill, surface impoundment, or waste pile unit (1) from which all or substantially all of the waste is removed, and (2) that is subsequently reused to treat, store, or dispose of hazardous waste. “Replacement unit” does not apply to a unit from which waste is removed during closure, if the subsequent reuse solely involves the disposal of waste from that unit and other closing units or corrective action areas at the facility, in accordance with an approved closure plan or EPA or State approved corrective action.

  • Replacement Agreement means an agreement entered into as a replacement for any Relevant Agreement;

  • Replacement Lender shall have the meaning provided in Section 2.13.

  • Replacement Aircraft means the Aircraft of which a Replacement Airframe is part.

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • Replacement Reserve As defined in Section 9.5.1.

  • Replacement Card means a renewal or replacement Card issued to you by us;

  • Replacement Notes means Notes issued to the Beneficial Owners of the Notes in accordance with Article II hereof.

  • Replacement Bonds means Bonds issued to the Beneficial Owners of the Bonds in accordance with Section 210 hereof.

  • Replacement Airframe means an Airbus A321 aircraft or a comparable or improved model of Manufacturer (except (a) Engines or engines from time to time installed thereon and any and all Parts related to such Engine or engines and (b) Excluded Equipment), that shall have been made subject to the Lien of the Indenture pursuant to Section 7.05 thereof, together with all Parts relating to such aircraft.

  • Replacement Revolving Facility has the meaning assigned to such term in Section 9.02(c)(ii).

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Replacement Interest Rate Cap Agreement means an interest rate cap agreement from an Acceptable Counterparty with terms identical to the Interest Rate Cap Agreement except that the same shall be effective in connection with replacement of the Interest Rate Cap Agreement following a downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty; provided that to the extent any such interest rate cap agreement does not meet the foregoing requirements, a “Replacement Interest Rate Cap Agreement” shall be such interest rate cap agreement approved in writing by each of the Rating Agencies and Lender with respect thereto.

  • Liquidity Facility “Liquidity Obligations”, “Loan Trustee”, “Non-Extended Facility”, “Note Purchase Agreement”, “Operative Agreements”, “Participation Agreement”, “Performing Equipment Note”, “Person”, “Pool Balance”, “Rating Agencies”, “Regular Distribution Date”, “Replacement Liquidity Facility”, “Responsible Officer”, “Scheduled Payment”, “Special Payment”, “Stated Interest Rate”, “Subordination Agent”, “Taxes”, “Threshold Rating”, “Transfer”, “Trust Agreement”, “Trustee”, “Underwriters”, and “Underwriting Agreement”.

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

  • Liquidity Facility Provider means a Person that is a party to a Liquidity Facility with the Authority with respect to specified Bonds and whose credit rating by each nationally recognized Rating Agency then rating the Class I Bonds is sufficiently high to maintain the then current rating on such Bonds by such Rating Agency or the equivalent of such rating by virtue of guarantees or insurance arrangements.