Wachovia Letter of Credit definition

Wachovia Letter of Credit means any letter of credit issued or to be issued by Wachovia.
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Wachovia Letter of Credit means that certain irrevocable direct-pay letter of credit issued by Wachovia, on behalf of Aladdin, successor by merger to Galaxy, as Applicant, dated as of January 13, 1995, designated with I.D. Number LC870-007339, for the benefit of NationsBank of Georgia, N.A., as trustee under the Industrial Revenue Bond referenced therein.
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Wachovia Letter of Credit means that irrevocable letter of credit no. LC 968-044594 dated May 17, 1994 issued by Wachovia Bank of North Carolina, National Association in favor of First Citizens Bank & Trust Company, as Trustee under those $7,200,000 South Carolina Jobs-Economic Development Authority Tax-Exempt Adjustable Mode Economic Development Revenue Bonds (Galey & Lord Industries, Inc. Project) Series 1994, for the account of Industries in the original maximum amount of $7,830,000, as such letter of credit may be modified, supplemented, extended and replaced from time to time.
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Examples of Wachovia Letter of Credit in a sentence

  • The discharge and injunction provisions of this Plan shall not impact or otherwise affect the Wachovia Letter of Credit Claims.

  • Without limiting the provisions of the Wachovia Letter of Credit, the portion of the Wachovia Letter of Credit Amount allocated to interest shall be reduced in an amount equal to each draw for interest on the Bonds, but shall be reinstated automatically ten (10) calendar days after drawing unless the Bank shall have notified the Trustee that the Bank has not been reimbursed for said drawing or that an Event of Default has occurred and is continuing.

  • The maximum face amount of each Reimbursement Note equals the maximum amount payable with respect to the corresponding Wachovia Letter of Credit.

  • Of such fee, the Bank shall retain for its own account without sharing by the other Lenders one-eighth of one percent (1/8%) per annum on the average daily maximum amount available to be drawn under the Wachovia Letter of Credit and shall promptly pay over to the Agent for the ratable benefit of the Lenders (including the Bank) the remainder thereof.

  • If the Bank sells any of the Collateral pursuant to this Section 8.2, the Bank agrees that it will reinstate the Wachovia Letter of Credit in an amount sufficient to cover all principal and accrued interest on the Bonds so sold for up to 210 days at 15% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

  • The Letter of Credit Fee with respect to the Wachovia Letter of Credit shall be payable quarterly in arrears on each Payment Date and on the Termination Date.

  • Each of the following was a condition precedent to the obligation of the Bank to issue the Wachovia Letter of Credit.

  • Subject to the terms and conditions hereinafter set forth, the Bank hereby agrees to maintain in effect the Wachovia Letter of Credit.

  • Pledged Bonds shall be released from the security interest created hereunder upon satisfaction of the Obligations with respect to such Pledged Bonds and receipt by the Trustee of notification from the Bank of the reinstatement of the Wachovia Letter of Credit as provided in Section 2.08 of the Indenture.

  • The Borrower agrees to assume all risk of the acts or omissions of the Trustee and transferee of the Wachovia Letter of Credit with respect to its use of the Wachovia Letter of Credit.


More Definitions of Wachovia Letter of Credit

Wachovia Letter of Credit means that certain Irrevocable Standby Letter of Credit Number SM202194W in the amount of $2,850,000.00 issued on behalf of Caplease Inc. by Wachovia on February 26, 2003 and expiring on February 18, 2009, listing LaSalle Bank National Association as beneficiary thereunder, and all documents and agreements which govern or otherwise control such Irrevocable Standby Letter of Credit or upon which such Irrevocable Standby Letter of Credit is drawn, as each of the foregoing is amended, restated, modified or supplemented from time to time.
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Wachovia Letter of Credit means the letter of credit identified on SCHEDULE 1.1(B) hereto.
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Wachovia Letter of Credit. That certain Irrevocable Standby Letter of Credit Number SM202194W issued on behalf of Caplease by Wachovia Bank, National Association, on February 26, 2003 and expiring on February 18, 2009, listing LaSalle Bank National Association as Beneficiary thereunder, and any related documents or agreements that evidence, govern or otherwise control such Irrevocable Standby Letter of Credit and any draws thereunder.
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Wachovia Letter of Credit means that certain letter of credit issued by Wachovia in favor of Debtor's landlord, having a current maximum amount available for drawing thereunder as of the Closing Date equal to $1,091,952.
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Wachovia Letter of Credit means that irrevocable letter of credit no. LC 968-044594 dated May 17, 1994, issued by Wachovia Bank of North Carolina, National Association in favor of First Citizens Bank & Trust Company, as trustee under those $7,200,000 South Carolina Jobs-Economic Development Authority Tax-Exempt Adjustable Mode Economic Development Revenue Bonds (Xxxxx & Lord Industries, Inc. Project) Series 1994, for the account of Xxxxx & Lord Industries, Inc. in the original maximum amount of $7,830,000, as such letter of credit may be modified, supplemented, extended and replaced from time to time.
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Related to Wachovia 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.

  • 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.

  • 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.

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

  • 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.

  • 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.

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

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

  • 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.

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

  • 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.

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

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

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

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

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

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of 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.

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

  • 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.

  • 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.

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

  • 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.

  • 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.

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit H, signed by a Responsible Official of Borrower, and properly completed to provide all information required to be included therein.