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.
Irrevocable Letter of Credit means a letter of credit that meets the description in section 1105(c).
Irrevocable Letter of Credit means a financial institution’s letter of credit guaranteeing a Customer’s payment to EEA.
Examples of Irrevocable Letter of Credit in a sentence
Such Bonds may be in the following form: 1) a Cashier’s Check, made payable to the City of North Miami; 2) Bonds written by a surety company authorized to do business in the State of Florida, in accordance with Section 255.05, Florida Statutes; or 3) an Irrevocable Letter of Credit.
BONDING - $15,000 surety bond (Payable to NECA/IBEW 347) or (1) an Escrow deposit or (2) an Escrow C.D. or (3) a Standby Irrevocable Letter of Credit.
More Definitions of Irrevocable Letter of Credit
Irrevocable Letter of Credit means a written commitment by a federally insured financial institution to pay all or part of a stated amount of money, until the expiration date of the letter, upon the Government’s (the beneficiary) presentation of a written demand for payment. Neither the financial insti- tution nor the offeror/contractor can revoke or condition the letter of credit.
Irrevocable Letter of Credit means a written commitment by a federally insured financial institution to pay all or part of a stated amount of money, until the expiration date of the let- ter, upon the Government’s (the beneficiary) presentation of a written demand for payment. Neither the financial institu- tion nor the offeror/contractor can revoke or condition the let- ter of credit.
Irrevocable Letter of Credit means an irrevocable letter of credit issued in favor of every Participant in the Agreement by a bank whose commercial paper and other unsecured short-term debt obligations (or in the case of a bank that is the principal subsidiary of a holding company, whose holding company’s commercial paper and other unsecured short- term debt obligations) are rated in one of the three highest rating categories (based on the credit of such bank or holding company) by at least one nationally recognized statistical rating organization or by a bank that is in compliance with applicable Federal minimum risk-based capital requirements.
Irrevocable Letter of Credit means an alternative to a Surety Bond, and is an irreversible or unalterable commitment on the part of a Canadian Chartered Bank that is contained on the County’s standard credit form, to pay the County a sum of money on demand, in the event the Vendor in whose name the letter has been issued fails to supply goods or perform services in accordance with is contract with the County. Any Letter of Credit should be irrevocable, unconditional, have sufficient dollar value, be automatically renewable, allow the County’s Treasurer to draw on it at will, and insist that the bank provide 30 days written notice to the County if it will not be renewed.
Irrevocable Letter of Credit means a form of financial assurance whereby a bank authorized to do business in the State of California submits a letter granting credit on behalf of the mine operator.
Irrevocable Letter of Credit means an irreversible or unalterable commitment on the part of a Chartered Bank that is contained on the Town’s standard letter of credit form, to pay the Town a sum of money on demand.
Irrevocable Letter of Credit means a negotiated financial instrument that is used to pay a beneficiary issued by a banking institution to guarantee payment.