Satisfactory Letter of Credit definition

Satisfactory Letter of Credit means a clean irrevocable letter of credit in form and substance reasonably satisfactory to HPT in an amount equal to the Outstanding Balance issued by a bank with a credit rating of not less than A2/A (or, if after the date hereof the system of ratings used by the Rating Agencies changes in a material way, their then equivalents of such credit rating in HPT’s reasonable judgment) from the Rating Agencies, having an expiration date of not earlier than one year after the date on which it was issued and which permits for partial draws.
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Satisfactory Letter of Credit means, for purposes of this Deed of Trust, a clean, irrevocable and unconditional letter of credit that satisfies all of the provisions in this Section 5.31.
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Satisfactory Letter of Credit means a letter of credit from a financial institution reasonably acceptable to the Issuing Bank and in a form reasonably acceptable to the Issuing Bank, other than any letter of credit issued under the Existing ABL Credit Agreement or any letter of credit that is recourse, directly or indirectly, to Holdings, any of the Borrowers or any of their respective Subsidiaries.
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Examples of Satisfactory Letter of Credit in a sentence

  • In the event Borrower has not delivered a Satisfactory Letter of Credit (as that term is defined in Section 5.31 hereof) to Lender on or before February 1, 2012, then commencing on February 1, 2012 (the “Sxxx Xxx Sweep Period”), all Excess Cash Flow (as defined below) shall be deposited (the “Excess Cash Flow Sweep”) into a reserve account (the “Sxxx Xxx Excess Cash Flow Reserve”) to be held by Lender as additional collateral for the Loan, and for payment of Leasing Costs.

  • In the event Borrower has not delivered a Satisfactory Letter of Credit (as that term is defined in Section 5.31 hereof) to Lender on or before June 30, 2010, then commencing on July 1, 2010 (the “SVMMC Sweep Period”), all Excess Cash Flow (as defined below) shall be deposited (the “Excess Cash Flow Sweep”) into a reserve account (the “SVMMC Excess Cash Flow Reserve”) to be held by Lender as additional collateral for the Loan, and for payment of Leasing Costs.

  • In the event Borrower has not delivered a Satisfactory Letter of Credit (as that term is defined in Section 5.31 hereof) to Lender on or before May 1, 2013, then commencing on May 1, 2013 (the “Corinthian College Sweep Period”), all Excess Cash Flow (as defined below) shall be deposited (the “Excess Cash Flow Sweep”) into a reserve account (the “Corinthian Colleges Excess Cash Flow Reserve”) to be held by Lxxxxx as additional collateral for the Loan, and for payment of Leasing Costs.

  • In the event Borrower has not delivered a Satisfactory Letter of Credit (as that term is defined in Section 5.31 hereof) to Lender on or before November 30, 2013, then commencing on December 1, 2013 (the “Telex Sweep Period”), all Excess Cash Flow (as defined below) shall be deposited (the “Excess Cash Flow Sweep”) into a reserve account (the “Telex Excess Cash Flow Reserve”) to be held by Lender as additional collateral for the Loan, and for payment of Leasing Costs.

  • In the event Borrower has not delivered a Satisfactory Letter of Credit (as that term is defined in Section 5.31 hereof) to Lender on or before October 31, 2011, then commencing on November 1, 2011 (the “HMBF Sweep Period”), all Excess Cash Flow (as defined below) shall be deposited (the “Excess Cash Flow Sweep”) into a reserve account (the “HMBF Excess Cash Flow Reserve”) to be held by Lender as additional collateral for the Loan, and for payment of Leasing Costs.

  • In the event Borrower has not delivered a Satisfactory Letter of Credit (as that term is defined in Section 5.31 hereof) to Lender on or before May 1, 2008, then commencing on May 1, 2008 (the “Oxxxx-Xxxxxxxx Sweep Period”), all Excess Cash Flow (as defined below) shall be deposited (the “Excess Cash Flow Sweep”) into a reserve account (the “Oxxxx-Xxxxxxxx Excess Cash Flow Reserve”) to be held by Lender as additional collateral for the Loan, and for payment of Leasing Costs.

Related to Satisfactory Letter of Credit

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by any Group Member in the ordinary course of its business.

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

  • 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.

  • U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

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

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

  • 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.

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

  • Letter of Credit Request shall have the meaning provided 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.

  • 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).

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

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

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

  • 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.

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

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

  • 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.

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

  • 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.

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

  • 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.

  • 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.

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

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

  • 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.