The Letter of Credit definition

The Letter of Credit. The Loan Agreement," "The Trust Indenture," "The Reimbursement Agreement," and "The Pledge and Security Agreement," or the omission or alleged omission to state therein a material fact necessary to make the statements therein with respect to the Obligor or under such headings not misleading. This indemnity agreement will not be construed as a limitation on any other liability which the Obligor may otherwise have to any Indemnified Party, but in no event shall the Obligor be obligated for double indemnification. The duty of the Obligor to indemnify and hold the Issuer and its directors, officers, employees and agents harmless shall be governed by Section 5.4 of the Loan Agreement, the provisions of which are incorporated herein by this reference.
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The Letter of Credit. The Reimbursement Agreement," "The Loan Agreement," "The Pledge and Security Agreement," and "The Trust Indenture" (such descriptions and information are referred to herein as the "Obligor's Portion of the Preliminary Private Placement Memorandum" and the "Obligor's Portion of the Private Placement Memorandum," respectively) are true and correct in all material respects and do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.
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The Letter of Credit shall provide: (i) that the expiration of the Letter of Credit shall be on the earlier of the Termination Date of this Lease or upon the date on which drawing is permitted pursuant to the Letter of Credit; (ii) that the amount of the Letter of Credit may decrease according to the terms and conditions contained in (c) below; (iii) that, in the event of a Tenant default pursuant to Article 12 of the Lease, Landlord may draw upon such Letter of Credit, without any additional action by Landlord, by presenting a certificate of such default to the institution which issued the Letter of Credit, a sight draft and the original Letter of Credit.
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Examples of The Letter of Credit in a sentence

  • The Letter of Credit Fee shall be computed on the basis of a 360-day year for the actual number of days elapsed.

  • The Letter of Credit Fee shall be payable quarterly in arrears on the 15th day following the last day of each calendar quarter for the prior calendar quarter.

  • The Letter of Credit Fee shall be payable monthly in arrears on the first day of each month following any month in which a Letter of Credit is outstanding and on the Termination Date.

  • The Letter of Credit will be established only on receipt of the Security Deposit as per Chapter 2 Clause No. 3.

  • The Letter of Credit Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter.

  • The Letter of Credit Fee will be payable quarterly in arrears on the last Business Day of each March, June, September and December for the immediately preceding quarter (or a portion thereof).

  • The Letter of Credit Fee shall accrue from and including the Effective Date to but excluding the last day of the Availability Period on the aggregate amount available for drawing under any Letters of Credit outstanding on such day and shall be payable for the account of the Lenders ratably in proportion to their participations in such Letter(s) of Credit.

  • The Letter of Credit (L/C) shall not be transferable, divisible and assignable.

  • The Letter of Credit will be honored by the Bank regardless of whether Tenant disputes Landlord’s right to draw upon the Letter of Credit.

  • The Letter of Credit charges will be borne by the purchaser as specified in clause 14.5 of the Bidding Document.


More Definitions of The Letter of Credit

The Letter of Credit. The Loan Agreement" and "The Trust Indenture", insofar as the statements contained under such captions purport to summarize certain provisions of the Bonds, the Letter of Credit, the Loan Agreement and the Indenture, are accurate and fairly present the information purported to be shown with respect thereto. EXHIBIT H --------- CERTIFICATE AND AGREEMENT OF BANK Pursuant to Section 8(c)(vii) of the Bond Purchase Agreement dated August __, 2000 among Xxxxxxx County Industrial Development Authority (the "Issuer"), Innovative Solutions and Support, LLC (the "Borrower"), and PNC Capital Markets, Inc., as Underwriter, relating to the issuance by the Issuer of $4,335,000 Industrial Development Revenue Bonds, 2000 Series A (Innovative Solutions and Support, LLC Project) (the "Bonds"), the undersigned, PNC Bank, National Association (the "Bank"), hereby certifies that the information concerning the Bank set forth in Appendix B to the Final Official Statement dated August __, 2000 relating to the Bonds (the "Official Statement") is accurate in all material respects. Since March 31, 2000, there has been no material adverse change in financial condition of the Bank taken as a whole except as disclosed in or otherwise contemplated by the Private Official Statement or the documents incorporated therein by reference. The Bank hereby agrees that it will, upon request of any registered or beneficial owners of the Bonds pursuant to the last paragraph of Appendix B to the Final Official Statement, cause to be provided to such owners copies of the documents incorporated by reference in such Appendix B.
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The Letter of Credit shall serve as a means of payment for the Ceiling Restoration Costs. In accordance with the terms hereof, Tenant shall deliver the Letter of Credit to Landlord upon the execution of this First Amendment. The Letter of Credit shall be in a form reasonably acceptable to Landlord and issued by a bank selected by Tenant and reasonably acceptable to Landlord. Without limiting the generality of the foregoing, any bank issuing the Letter of Credit shall be a bank that accepts deposits, maintains accounts, has a local San Francisco office that will negotiate a letter of credit, and the deposits of which are insured by the Federal Deposit Insurance Corporation. Without limiting the generality of the foregoing, the Letter of Credit shall provide: (i) that Landlord shall have the right to draw upon such letter of credit immediately following the expiration or earlier termination of the Lease, and (ii) that the issuing bank shall deliver to Landlord at least sixty (60) days prior written notice of the termination or expiration of any such Letter of Credit. Tenant shall pay all expenses, points, or fees incurred by Tenant in obtaining and maintaining the Letter of Credit. Tenant agrees, upon termination of the Lease, that Landlord shall have the right to draw upon all of the Letter of Credit to compensate Landlord for the Ceiling Restoration Cost. The failure by Tenant to provide Landlord with the Letter of Credit or the failure by Tenant to provide a substitute Letter of Credit meeting all of the criteria set forth herein on or before thirty (30) days prior to the expiration or termination of any prior Letter of Credit shall constitute a material breach of the Lease and be deemed a Default thereunder.
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The Letter of Credit. The Loan Agreement" and "The Reimbursement Agreement" insofar as the aforesaid Sections provide summary descriptions of the matters contained therein in the Private Placement Memorandum or any amendment or supplement thereto, or the omission or alleged omission to state therein facts necessary to make such statements, in the light of the circumstances under which they were made, not misleading; provided, however, that, the Obligor shall not be required to indemnify the Bank with respect to information concerning the Bank in the Appendix to the Private Placement Memorandum (the "Bank Information") which is finally determined to contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements in the Bank Information, in the light of the circumstances under which they were made, not misleading; or
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The Letter of Credit shall also contain provisions in substantially the following form: This Letter of Credit will be duly honored by us (the issuer) at sight upon delivery of the applicable statement set forth above without inquiry as to the accuracy of such statement and regardless of whether Applicant disputes the contents or accuracy of such statement. Partial drawings are permitted. If Tenant fails to provide Landlord the above-described Letter of Credit within thirty (30) days of the execution of this Lease, this Lease shall automatically and without notice terminate and Tenant shall be liable to Landlord for any and all actual out-of-pocket costs incurred by Landlord in connection with this Lease, including, without limitation, any deposits and costs incurred in connection with the Purchase and Sale Agreement referenced in Section 28 of this Lease and any legal fees, design fees and other costs incurred in connection with this Lease.
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Related to The Letter of Credit

  • 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.

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

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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).

  • 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.

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

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

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

  • 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.

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

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

  • 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.

  • 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.

  • 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 the Borrower or a Guarantor in the ordinary course of its business.

  • 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.

  • 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.

  • 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.

  • 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.

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

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

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).