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.
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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 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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Examples of Required Letter of Credit in a sentence

  • BOT Agreement Table 1 provides key Letter of Credit Milestones for the BOT Agreement and the associated Required Letter of Credit Amounts through the Closing.

  • In addition, one of the following tables for a BOT Agreement (Table 3) shows a contingent Letter of Credit Milestone, which could occur at or after the Closing, and the associated Required Letter of Credit Amount.

  • Accordingly, the Parties have agreed that Conergy will be required to deliver to MEMC, no later than the seventh Business Day of each Contract Year, an irrevocable Letter of Credit drawn on a bank that is requested by Conergy and approved by MEMC (the “LC Bank”), in an amount equal to the Required Letter of Credit Amount for such Contract Year as is set forth on Attachment C (the “Letter of Credit Amount”), and that expires on the eighth Business Day of the subsequent Contract Year.

  • 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.

  • Table 3 provides for a contingent Letter of Credit Milestone and the associated Required Letter of Credit Amount (the “Supplemental 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.

  • Accordingly, the Parties have agreed that Suntech will be required to deliver to MEMC, no later than the fifth Business Day of each Contract Year, an irrevocable Letter of Credit drawn on the New York, New York branch of the Bank of China (the “LC Bank”), in an amount equal to the Required Letter of Credit Amount for such Contract Year as is set forth on Attachment C (the “Letter of Credit Amount”), and that expires on the sixth Business Day of the subsequent Contract Year.

  • 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.

  • This Agreement shall be binding upon and inure to the benefit of the Partnership, the L/C Facility Agent and the Letter of Credit Banks and their respective successors, transferees and assigns, except that the Partnership may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the Required Letter of Credit Banks.

  • The Required Letter of Credit Amount shall be calculated based on the parcels that constitute Secured Transferred Parcels owned by such owner or Affiliates of such owner as of such August 1.


More Definitions of Required Letter of Credit

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
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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. Cash Liquid Enhancement Amount”, “Required Liquid Enhancement Amount” or “Required Reserve Account Amount”;
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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. 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

  • 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 by an Issuer pursuant to Section 2.15.

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

  • 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.

  • 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 a Letter of Credit that is issued pursuant to this Agreement 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 any letter of credit issued pursuant to Section 2.05.

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

  • 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.

  • 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 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.

  • 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 Commercial Letter of Credit which supports the purchase of Inventory, (a) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued; (b) which Inventory otherwise would constitute Eligible Inventory when purchased, (c) which Commercial Letter of Credit has an expiry within sixty (60) days of the date of initial issuance of such Commercial Letter of Credit, (d) which Commercial Letter of Credit provides that it may be drawn only after the Inventory is completed and after a document of title reasonably acceptable to the Agent has been issued for such Inventory reflecting a Borrower or the Agent as consignee of such Inventory, and (e) which will constitute Eligible In-Transit Inventory upon satisfaction of the requirements of clause (d) hereof.

  • 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 any Issuing Bank relating to any Letter of Credit issued by such Issuing Bank.

  • 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.