Required Letter of Credit definition

Required Letter of Credit means the letters of credit (if any) required to be issued as of any date of determination pursuant to Section 6.1 of the Avenue Term Loan Credit Agreement.
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Required Letter of Credit shall have the meaning specified in Section 2(k)(i) of the Funding Agreement.
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Required Letter of Credit. Cash Liquid Enhancement Amount”, “Required Liquid Enhancement Amount” or “Required Reserve Account Amount”;
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Examples of Required Letter of Credit in a sentence

  • The Borrower may, in lieu of delivering a Letter of Credit or Letters of Credit to the Agent, establish a Cash Collateral Account in the name of the Agent for the benefit of the Lenders and deposit, or cause to be deposited, in the Cash Collateral Account an amount equal to the Required Letter of Credit Amount.

  • Notwithstanding the foregoing, on the Closing Date and for a period of ten (10) Business Days thereafter, the Credit Parties may satisfy the Required Letter of Credit requirement by reserving an additional $2,000,000 of Revolving Loan Availability (which reserve shall be in addition and not duplicative of any amount similarly reserved for a similar purposes under the Revolving Loan Agreement) in addition to and above the Minimum Liquidity Threshold.

  • The Letter of Credit, together with the Stated Amount of all other outstanding Letters of Credit issued to the Agent, shall have a Stated Amount equal to the Required Letter of Credit Amount.

  • The Letter of Credit Agent shall in all cases be fully protected as to any liability to any Letter of Credit Bank in acting, or in refraining from acting, hereunder in accordance with written instructions signed by the Required Letter of Credit Banks, and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Letter of Credit Banks.

  • The undersigned, constituting Required Letter of Credit Lenders, hereby waive the notice requirement contained in Section 2.10(b) with respect to such reduction.

  • Upon any such resignation or removal, the Required Letter of Credit Banks shall have the right, with the consent of the Partnership (such consent not to be unreasonably withheld or delayed) to appoint a successor the L/C Facility Agent.

  • The Letter of Credit Agent may resign at any time by giving written notice thereof to the Letter of Credit Banks, the Company and the Liquidity Agent, and the Letter of Credit Agent may be removed at any time with or without cause by written notice received by the Letter of Credit Agent from the Required Letter of Credit Banks.

  • If Landlord shall have so drawn upon the Letter of Credit (or the proceeds thereof), Tenant shall promptly upon demand deliver to Landlord a replacement Letter of Credit or an amendment to the Letter of Credit such that the Letter of Credit shall be in the amount of the Required Letter of Credit Amount, as such Required Letter of Credit Amount may be decreased pursuant to clause (c) below.

  • Notwithstanding the foregoing, on the Closing Date and for a period of ten (10) Business Days thereafter, the Credit Parties may satisfy the Required Letter of Credit requirement by requesting Agent institute a reserve against the Borrowing Base in an amount equal to $2,000,000 (which reserve shall be in addition and not duplicative of any amount similarly reserved for a similar purposes under this Agreement) in addition to and above the Minimum Liquidity Threshold.

  • Upon any such resignation or removal, the Required Letter of Credit Banks shall have the right to appoint, on behalf of the Company and the Letter of Credit Banks, a successor Letter of Credit Agent.


More Definitions of Required Letter of Credit

Required Letter of Credit means any letter of credit posted by ESCO or any of its Subsidiaries as required by any Applicable Market, any state utility commission, any transmission or transportation provider or distribution company or any other similar utility or otherwise funded pursuant to Section 3.4.
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Required Letter of Credit means any letter of credit posted by ESCO or any of its Subsidiaries as required by any Applicable Market, any state utility commission, any transmission or transportation provider or distribution company or any other similar utility or otherwise funded pursuant to Section 3.4. Requirements of Law means, with respect to any Person, the charter and by laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or directive or determination (including, without limitation, any judgment, injunction, order, award or decree) of any Governmental Authority, in each case applicable to or binding upon such Person or any of its property or assets or to which such Person or any of its property or assets is subject. Retail Gas Business means (i) the business of providing natural gas to commercial and industrial Customers, and any business incidental or related thereto, and (ii) performing under the Transaction Documents and any activities incidental or related thereto to the extent not prohibited under the Transaction Documents. Retail Power Business means (i) the business of providing retail power to commercial and industrial Customers, and any business incidental or related thereto, and (ii) performing under the Transaction Documents and any activities incidental or related thereto to the extent not prohibited under the Transaction Documents.
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Required Letter of Credit means an irrevocable direct pay letter of credit for the benefit of the Special Account Trustee from a Letter of Credit Provider rated at least the Minimum Rating (a) in substantially the forms attached as Exhibit B hereto (appropriately completed), and (b) if obtained subsequent to the Closing Date pursuant to Sections 1.3(d)(i) or 1.3(d)(ii), in such forms and otherwise subject to a Ratings Confirmation by DCR; in the case of each of (a) and (b), with a stated amount not less than the applicable Maximum Section 1.3
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Required Letter of Credit has the meaning set forth in Section 6.3.
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Required Letter of Credit. Amount" in the Loan Agreement is hereby deleted in its entirety and replaced with the following:
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Related to Required Letter of Credit

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

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

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

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

  • 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.

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

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

  • 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.

  • 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.

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

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

  • 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.

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

  • 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.

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

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

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • 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.

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

  • 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.

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit H, signed by a Responsible Official of Borrower, and properly completed to provide all information required to be included therein.

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

  • 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.

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • 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.