Secured Letter of Credit definition

Secured Letter of Credit has the meaning ascribed to it in the Recitals. ------------------------

Secured Letter of Credit means a Letter of Credit issued at the request of a Borrower which has been designated as a “Secured Letter of Credit” in the applicable Letter of Credit Application.

Secured Letter of Credit means a Letter of Credit designated as such by the Company as provided in Section 2.06(q).

Examples of Secured Letter of Credit in a sentence

• Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Secured Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each commercial Letter of Credit.

• Each Loan Party may from time to time, in its sole discretion, but subject to the provisions of this Section, elect to redesignate as an Unsecured Letter of Credit a Letter of Credit which was initially issued as a Secured Letter of Credit issued for such Loan Party’s account.

• Such Collateral shall be required in addition to any other Collateral that may be on deposit with respect to any Secured Letter of Credit or otherwise.

• In the event that any Secured Letter of Credit is cash collateralized as required by the last sentence of Section 2.06(c), then any non-cash Collateral provided for such Secured Letter of Credit under this paragraph (q) shall be released by the Administrative Agent to the applicable Subsidiary and such Secured Letter of Credit shall thenceforth be a Standard Letter of Credit.

• Upon any drawing under any Secured Letter of Credit, to the extent cash is on deposit in the Secured L/C Account, such cash shall, at the Borrower’s option, be applied to reimburse the applicable Issuing Bank to the extent permitted by applicable law and to the extent the Borrower elects not to reimburse such drawing as provided in Section 2.03(c).

More Definitions of Secured Letter of Credit

Secured Letter of Credit any Letter of Credit designated as a “Secured Letter of Credit” by a Borrower in the Application therefor.

Secured Letter of Credit is defined in the Collateral Agreement.

Secured Letter of Credit means any letter of credit that is entered into by and between Parent or any Subsidiary and any Letter of Credit Issuer and the applicable Letter of Credit Issuer; provided that any letter of credit may at any time be designated in writing by the Borrower to the Administrative Agent not to be included as a Secured Letter of Credit.

Secured Letter of Credit means a Letter of Credit irrevocably designated by the Borrower for which the Borrower maintains on deposit in the Secured L/C Account cash in an amount equal to the Available Amount of such Letter of Credit. The Borrower may by notice to the Agent from time to time pursuant to Section 2.03(g) designate which outstanding Letters of Credit at such time shall be “Secured Letters of Credit.”

Secured Letter of Credit means a standby, revolving or irrevocable letter of credit issued by a bank or other state or federally chartered financial institution that provides for the Department of Consumer Protection to be named beneficiary in the event of a default by a dealer in the promise of delivery of heating oil or propane under contract to consumers; and

Secured Letter of Credit means any Letter of Credit Issued hereunder secured by Collateral.

Secured Letter of Credit means a Letter of Credit in respect of which the Company has deposited an amount in cash equal to 100% of the face amount of such Letter of Credit prior to the issuance thereof in the manner described in Section 2.06(j) and otherwise on terms and conditions reasonably acceptable to the applicable Issuing Bank and the Administrative Agent.