Warranty Letter of Credit definition

Warranty Letter of Credit means a Standby Letter of Credit which is issued or caused to be issued by Lender to support the obligations of Borrower with respect to a Warranty or a Standby Letter of Credit which by its terms becomes a Warranty Letter of Credit.

Warranty Letter of Credit shall have the meaning set forth in the Borrower Agreement.

Warranty Letter of Credit means a Standby Letter of Credit which is issued or cased to be issued by the Bank to support the obligations of Borrower with respect to a Warranty or a Standby Letter of Credit which by its terms becomes a Warranty Letter of Credit.

Examples of Warranty Letter of Credit in a sentence

• Upon the delivery of a replacement Warranty Letter of Credit by Project Co to Contracting Authority, all remaining cash proceeds and all accrued interest thereon from such segregated bank account shall be returned to Project Co or as Project Co may direct within five Business Days after the delivery of such replacement Warranty Letter of Credit by Project Co to Contracting Authority.

• All interest earned on such cash proceeds shall be for the benefit of Project Co. Contracting Authority shall be entitled to withdraw such cash proceeds in the same manner that it is permitted to draw upon the Warranty Letter of Credit under Section 11.18(d).

• The Warranty Letter of Credit shall be in the amount equal to [REDACTED] ($[REDACTED]) (the “Required Amount”).

• No Letter of Credit may be a Warranty Letter of Credit; provided, however, a performance Letter of Credit that converts to a Warranty Letter of Credit at the end of the performance period may be issued so long as the Bank’s liability thereunder and therefor is eliminated (in a manner satisfactory to the Bank in its sole discretion) not later than the date when the warranty period commences.

• If no warranty claims are made pursuant to Sections 11.16 and 11.17 within the first year of the any Warranty Period, the value of the applicable Warranty Letter of Credit shall be reduced by [REDACTED]% for the remainder of the initial two year term of such Warranty Period.

More Definitions of Warranty Letter of Credit

Warranty Letter of Credit means a Standby Letter of Credit which is issued or caused to be issued by Lender to support the obligations of

Warranty Letter of Credit has the meaning given in Section 11.18(a) of the Project Agreement.

Warranty Letter of Credit means (x) a Letter of Credit which is a “Standby Letter of Credit” (as defined in the Ex-Im Borrower Agreement) which is issued or caused to be issued by Issuer to support the obligations of a Borrower with respect to a Warranty or (y) Letter of Credit which is a “Standby Letter of Credit” (as defined in the Ex-Im Borrower Agreement) which by its terms becomes a Warranty Letter of Credit; provided that, the parties hereto acknowledge that (x) as of the Closing Date, the Ex-Im Bank has not approved the issuance of any Warranty Letters of Credit under the Ex-Im Subfacility provided for under this Agreement, and (y) no Warranty Letters of Credit may be issued hereunder (and Issuer shall have no obligation to issue any such Warranty Letter of Credit and no Loan Party shall have any right to request any such Warranty Letter of Credit or to have any such Warranty Letter of Credit issued hereunder) unless and until the Ex-Im Bank shall approve the issuance of Warranty Letters of Credit hereunder in writing pursuant to an Ex-Im Waiver issued by the Ex-Im Bank in its sole discretion following the Closing Date.

Warranty Letter of Credit means a Letter of Credit that may only be drawn upon to satisfy contractual warranty claims of beneficiaries against the Borrower and its Subsidiaries.

Warranty Letter of Credit means a Standby Letter of Credit which is issued by the Bank to secure the obligations of ASI to guarantee to the Account Debtor that goods or services will function as intended for a specified period.

Warranty Letter of Credit means any Standby Letter of Credit which is issued or caused to be issued by Lender to support the obligations of Borrower with respect to a Warranty, provided the maximum term for such Standby Letter of Credit shall not exceed thirteen (13) calendar months from the date of export of the underlying goods.

Warranty Letter of Credit means standby letter of credit which is issued or caused to be issued by Bank to support the obligations of Borrower with respect to a Warranty or a standby letter of credit which by its terms becomes a Warranty Letter of Credit, which Warranty Letter of Credit shall be secured by cash collateral in an amount not less than such Letter of Credit Obligation. Any and all terms used in the foregoing definitions and elsewhere in this Agreement shall be construed and defined in accordance with the meaning and definition of such terms under and pursuant to the California Uniform Commercial Code (hereinafter referred to as the “Uniform Commercial Code”) as amended, revised or replaced from time to time. Notwithstanding the foregoing, the parties intend that the terms used herein which are defined in the Uniform Commercial Code have, at all times, the broadest and most inclusive meanings possible. Accordingly, if the Uniform Commercial Code shall in the future be amended or held by a court to define any term used herein more broadly or inclusively than the Uniform Commercial Code in effect on the date of this Agreement, then such term, as used herein, shall be given such broadened meaning. If the Uniform Commercial Code shall in the future be amended or held by a court to define any term used herein more narrowly, or less inclusively, than the Uniform Commercial Code in effect on the date of this Agreement, such amendment or holding shall be disregarded in defining terms used in this Agreement.