Series A Letter of Credit definition

Series A Letter of Credit means the irrevocable letter of credit issued by the Bank to the Paying Agent on the Series Issue Date and any Alternate Letter of Credit, under which the Paying Agent is authorized, subject to the terms and conditions thereof, to draw up to (a) an amount equal to the principal amount of the outstanding Series A Notes (i) to enable the Paying Agent to pay the principal amount of the Series A Notes when due at maturity or upon redemption and (ii) to enable the Paying Agent to pay the portion of the purchase price of Series A Notes tendered to it and not remarketed corresponding to the principal amount of such Series A Notes, plus (b) while the Series A Notes bear interest at a Weekly Rate, an amount equal to interest to accrue at the Maximum Rate on the outstanding Series A Notes for [43] days and, while the Series A Notes bear interest at a Term Rate, an amount equal to interest to accrue at a rate not less than the Term Rate then in effect on the outstanding Series A Notes for
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Series A Letter of Credit means any letter of credit issued pursuant to Section 2.03(A) hereof.
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Series A Letter of Credit set forth in Section 1.01 of the Series A Note Agreement is amended by (a) deleting the words "State of North Carolina" in the third line thereof and replacing them with "Commonwealth of Pennsylvania" and (b) by deleting the word "Bank" in the fourteenth line thereof and replacing it with "L/C Issuer".
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Examples of Series A Letter of Credit in a sentence

  • For all purposes of this Article VII (other than receipt of payments), the Bank shall, so long as the Series A Letter of Credit shall not have been dishonored (other than for failure to receive a drawing in strict compliance with the terms thereof or other reason permitted by the Series A Letter of Credit), be deemed the holder and registered owner of all Series A Notes.

  • Thereafter, such Series A Notes shall not be remarketed by the Remarketing Agent unless the Series A Letter of Credit is reinstated or a Substitute Series A Letter of Credit is delivered to the Trustee pursuant to Section 5.03.

  • Company's obligations in connection with the Series A Letter of Credit shall be secured by the Security Documents (as defined in the Series A Reimbursement Agreement) and the cash collateral held in the Reserve Accounts.

  • By this transfer, all rights of the undersigned beneficiary in and to the Series A Letter of Credit are transferred to the transferee and the transferee shall have sole rights as beneficiary thereof, including sole rights relating to any amendments, whether increases or extensions or other amendments and whether now existing or hereafter made.

  • With respect to any C or D Drawing, the total amount of this Series A Letter of Credit shall be reduced by the amount of such Drawing, provided that Bank Shall reinstate the amount of such Drawing if such amount is paid to Bank by Company prior to default under that certain Series A Reimbursement Agreement dated as of November 1, 1985 (the "Series A Reimbursement Agreement"), by and between Company and Bank.

  • Neither Company nor Bank nor any successor or assign of either shall make any claim against the Federal Deposit Insurance Corporation in the event of any failure by Bank, in whole or in part, to fulfill its obligations with respect to any draw or draws under the Series A Letter of Credit.

  • The first letter of credit (the "Series A Letter of Credit") shall be substantially in the form attached hereto as Exhibit "A" and shall be issued in the face amount of $2,198,596.00, of which an amount not exceeding $2,150,000.00 shall be available to pay the principal amount or purchase price of the Series A Bonds, and an amount not exceeding $48,596.00 shall be available for interest accrued on the Series A Bonds, all as more particularly provided in the Series A Letter of Credit.

  • Upon the effectiveness of any issuance, amendment or extension by any L/C Issuer of a Credit that will constitute a Credit hereunder, the 5 Year Series A Letter of Credit and Term Loan Agreement Administrative Agent and the Lenders shall be entitled to assume that such L/C Issuer has obtained such L/C Issuer Documents as it shall have requested, executed by the relevant parties thereto (including by any Subsidiary or other Affiliates) to the extent required hereby.

  • Bank may accept documents in connection with the Series A Letter of Credit or any of the other Documents which appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.

  • For so long as any Series A Notes remain Outstanding, a Series A Letter of Credit (i) in an amount not less than the aggregate principal amount of Series A Notes Outstanding plus 35 days' interest on such amount computed at the Maximum Rate on the basis of actual number of days elapsed in a year of 360 days and (ii) otherwise with terms substantially conforming to those of the original Series A Letter of Credit, shall be in effect with respect to such Series A Notes.


More Definitions of Series A Letter of Credit

Series A Letter of Credit means the Series A Letter of Credit to be issued by Bank pursuant to Section 3 of this Agreement, either as originally executed or as it may from time to time be supplemented, modified or amended.
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Series A Letter of Credit means an irrevocable letter of credit having the characteristics of a "credit" or "letter of credit" set forth in Section 5-103 of the Uniform Commercial Code of the State of North Carolina (or, in the case of a Substitute Series A Letter of Credit, Section 5-103 of the Uniform Commercial Code of the state under whose laws such Substitute Series A Letter of Credit is governed) except that a Series A Letter of Credit (a) may not be revocable and (b) may only be issued by (i) a national bank, (ii) any banking institution organized under the laws of any state, territory or the District of Columbia, the business of which is substantially confined to banking and is supervised by the state or territorial banking commission or similar officials or (iii) a branch or agency of a foreign bank, provided that the nature and extent of federal and/or state regulation and the supervision of the particular branch or agency is substantially equivalent to that applicable to federal or state chartered domestic banks doing business in the same jurisdiction and which meets the requirements of Section 5.01. Initially, the term "Series A Letter of Credit" shall mean the irrevocable letter of credit issued by the Bank to the Trustee in accordance with Section 5.01, supporting the payment of the principal of, interest on and Purchase Price of the Series A Notes, including any permitted supplements or amendments and any renewals or extensions thereof, and, upon the expiration or termination of the Series A Letter of Credit and the issuance and delivery of a Substitute Series A Letter of Credit meeting the requirements set forth in this paragraph and in Sections 5.01 and 5.03, "Series A Letter of Credit" shall mean such Substitute Letter of Credit.
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Series A Letter of Credit means the irrevocable letter of credit issued by the Bank to the Trustee in accordance with Section 5.01, supporting the payment of the principal of, interest on and Purchase Price of the Series A Notes, including any permitted supplements or amendments and any renewals or extensions thereof, and, upon the expiration or termination of the Series A Letter of Credit and the issuance and delivery of a Substitute Series A Letter of Credit meeting the requirements set forth in this paragraph and in Sections 5.01 and 5.03, "Series A Letter of Credit" shall mean such Substitute Letter of Credit.
Sample 1
Series A Letter of Credit set forth in Section 1.01 of the Series A Note Agreement is amended by (a) deleting the words "Commonwealth of Pennsylvania" in the third line thereof and replacing them with "State of New York" and (b) by deleting the word "L/C Issuer" in the fourteenth line thereof and replacing it with "Bank".
Sample 1
Series A Letter of Credit means the letter of credit to be issued by Bank pursuant to the Series A Reimbursement Agreement.
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Related to Series A Letter of Credit

  • 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.

  • 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.

  • 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.

  • 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.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

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

  • 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.

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

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

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

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

  • 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).

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

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

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

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • 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.

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee may draw thereupon in the event the Servicer fails to deposit SUBI Collections into the 20[__]-[__] SUBI Collection Account on a monthly basis.

  • 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.

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

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

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

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Irrevocable letter of credit means an irrevocable letter on the financial institution’s standard form containing a request that the party to whom it is addressed pay the bearer or a person named therein money as a result of failure to perform or fulfill all the covenants, undertakings, terms, conditions and agreements contained in a contract.

  • 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 Maturity Date the date occurring 15 days prior to the Revolving Termination Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).