Series A Letter of Credit definition

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.
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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.
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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.

  • When the Series A Letter of Credit terminates or expires in accordance with its terms or a Substitute Series A Letter of Credit therefor is accepted hereunder, the Trustee shall immediately surrender the Series A Letter of Credit to the Bank.

  • Also, notwithstanding rights and remedies given to Bank in the Series A Pledge Agreement to dispose of Pledged Bonds, at any time the Series A Letter of Credit remains in effect, Bank shall not dispose of any Pledged Bonds other than by delivery to the Trustee for cancellation.

  • Upon the payment to you, as Trustee and Paying Agent, of the amount specified in a draft drawn hereunder, Bank will be fully discharged on its obligation under this Series A Letter of Credit with respect to such draft and shall not thereafter be obligated to make any further payments under this Series A Letter of Credit in respect to such draft to you or any other person who may have made to you or makes to you a demand for payment of principal of, purchase price of or interest on any Series A Bond.

  • 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 this Series A Letter of Credit, no person or entity shall have the right to make any claim against the Federal Deposit Insurance Corporation in connection with such Failure.

  • Bank shall not be obligated to enter into any such extension or to otherwise extend, modify or supplement the Series A Letter of Credit or any of the other Loan Documents.

  • As used in this Series A Letter of Credit, the term "business day" shall mean a day other than (i) a Saturday, (ii) a Sunday, (iii) a day upon which banking institutions in the State of California, the State of Texas or the City of New York are authorized or required by Law to close, or (iv) a day on which the New York Stock Exchange, Inc.

  • Flexible Term Notes Series A Letter of Credit Fund, in which the Trustee shall establish and maintain a Series A Principal Account and a Series A Interest Reserve Account.

  • If at any time, all Series A Notes shall cease to be Outstanding, the Trustee shall execute and deliver to the L/C Issuer the certificate in the form of Annex E to the Series A Letter of Credit and shall surrender the Series A Letter of Credit to the L/C Issuer for cancellation.

  • The Series A Letter of Credit, the Series B Letter of Credit and any successor or substitute letters of credit issued pursuant to this Agreement are sometimes collectively referred to herein as the "Letters of Credit," Bank is willing to issue the Series B Letter of Credit on the terms and conditions contained in this Agreement and the other Loan Documents.


More Definitions of Series A Letter of Credit

Series A Letter of Credit means any letter of credit issued pursuant to Section 2.03(A) hereof.
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 "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".
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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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 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
Sample 1

Related to Series A Letter of Credit

  • 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.

  • 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 each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

  • 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.

  • 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.

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

  • 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.

  • Supporting Letter of Credit has the meaning specified in Section 2.3(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 hereunder.

  • Existing Letter of Credit means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

  • 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.

  • 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 any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • 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.

  • 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 or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies the Monthly Remittance Condition but fails to deposit SUBI Collections into the 2019-B SUBI Collection Account by the related Deposit Date.

  • 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 hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.

  • 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 standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a nonfinancial or commercial obligation.