Security Letter definition

Security Letter of Credit or the Letter of Credit means the Letter of Credit referred to in Section 20(i) hereof.
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Security Letter shall have the meaning set forth in Section 31.2.
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Security Letter means the letter dated the date of this Deed between the Borrower and the Agent attaching agreed forms of the Security Documents to be executed pursuant thereto.
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Examples of Security Letter in a sentence

  • Receipt or application of the Security Letter of Credit Proceeds to the Obligations in accordance with the foregoing shall constitute for all purposes of this Agreement (including reinstatement, if applicable, of amounts available to be drawn under any Credit) satisfaction of the Obligations to the extent of the amounts so applied.

  • The term of each such Security Letter shall be not less than one year and shall be automatically renewable from year to year as aforesaid.

  • For purposes of any rights or remedies authorized under this Agreement, Citibank will be deemed to continue to hold all Security Letter of Credit Proceeds, regardless of whether Citibank has exercised any rights with respect to any Security Letter of Credit Proceeds pursuant to the preceding sentence.

  • The term of each such Security Letter shall be not less than one (1) year and shall be automatically renewable from year to year as aforesaid.

  • In the event of a sale of the Building Landlord shall have the right to require Tenant to deliver a replacement Security Letter naming the new landlord as beneficiary and, if Tenant shall fail to timely deliver the same, to draw down the existing Security Letter and retain the proceeds as security hereunder until a replacement Security Letter is delivered.

  • Citibank shall have no duty to extend the expiration date or term of a Credit beyond the fifth Business Day prior to the stated expiration date of the Security Letter of Credit or to issue a replacement letter of credit with an expiration date later than the fifth Business Day prior to the expiration date of the Security Letter of Credit, subject in each case to the conditions set forth in Section 1.

  • The Security Letter of Credit shall remain in full force and effect during the Lease Term and for not less than ninety (90) days following the Scheduled Termination Date, shall permit partial and multiple draws without invalidating or terminating the remaining balance of the Security Letter of Credit, and shall be freely assignable and transferable by Lessor without restriction or condition.

  • In lieu of paying or maintaining the Security Deposit in cash, Lessee may deliver to Lessor a Security Letter of Credit in the amount of the Cash Security Deposit.

  • Citibank and the Applicant agree that, for the avoidance of doubt and notwithstanding Citibank’s obligations under this Section 15(e), (i) the Security Letter of Credit Proceeds are the property of Citibank and not of the Applicant, (ii) the Applicant has no interest in the Security Letter of Credit or any Security Letter of Credit Proceeds, and (iii) this Agreement does not constitute a transfer of the property of the Applicant.

  • The three million ($3,000,000) dollars is intended to help fund the five percent (5%) retirement contribution referenced in the Retirement Security Letter of Agreement.


More Definitions of Security Letter

Security Letter means a letter of credit that meets the requirements set forth in Section 11.03(b) hereof.
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Related to Security Letter

  • Security Limits means operating electricity system voltage limits, stability limits and thermal ratings.

  • Security Agreement With respect to a Cooperative Loan, the agreement creating a security interest in favor of the originator in the related Cooperative Stock.

  • Security Deed means the security deed dated on or about the Series Issue Date of the ETC Securities entered into as a deed by the Issuer, the Trustee and any other parties thereto by the execution of the Issue Deed and in the form of the Master Security Terms (as amended and/or supplemented by the Issue Deed) and as such Security Deed is amended, supplemented, novated or replaced from time to time.

  • Security Joinder Agreement means each Security Joinder Agreement, substantially in the form thereof attached to the Security Agreement, executed and delivered by a Guarantor or any other Person to the Administrative Agent pursuant to Section 7.12.

  • Security Agreement Collateral means all "Collateral" as defined in the Security Agreement.