Substitute Letter of Credit definition

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

Substitute Letter of Credit means an irrevocable letter of credit delivered to the Trustee in substitution for the Existing Letter of Credit, in compliance with the requirements of Section 5.8 of the Lease Agreement and accompanied by the Related Documentation.

Substitute Letter of Credit means, with respect to a Series of Bonds an irrevocable letter of credit delivered to the Trustee for the benefit of the owners of the 2008 Bonds (i) issued by a bank approved by the Corporation, provided that the approval by the Corporation shall not be unreasonably withheld, (ii) replacing any existing Letter of Credit, (iii) dated as of a date not later than the expiration date of the Letter of Credit for which the same is to be substituted, (iv) which shall expire on a date not earlier than 15 days after an Interest Payment Date for such Series of Bonds, and (v) issued on substantially identical terms and conditions with respect to the rights of the owners of the 2008 Bonds (including, but not limited to, the Mandatory Purchase Provision) as the then existing Letter of Credit with respect to such Series of Bonds, except that the stated amount of the Substitute Letter of Credit shall equal the sum of (x) the aggregate principal amount of such Series of Bonds at the time Outstanding, plus (y) during a Weekly Rate Period, an amount equal to at least 34 days of interest (at the Maximum Rate) on all Bonds of such Series at the time Outstanding, or such other amount as the Corporation shall determine based on then current rating agency standards. The term “Substitute Letter of Credit” shall not include any replacement, amendment or modification of an existing Letter of Credit provided by the then-existing Credit Issuer in connection with the issuance of the 2009/2010 Bonds.

Examples of Substitute Letter of Credit in a sentence

• The Parties shall have thirty (30) Business Days from the LC Notice to negotiate a Substitute Letter of Credit (“Substitute Bank Period”).

• If the Parties have not agreed to a Substitute Letter of Credit and Buyer fails to provide a Notice during the Ineligible LC Bank Notice Period above, then Seller may continue providing the Letter of Credit posted immediately prior to the LC Notice.

• No other "Letter of Credit," "Substitute Letter of Credit" or "Alternate Credit Facility" (as all are defined in the Indenture) has become effective with respect to the Bonds.

• But Pelet’s fury subsided; a fortnight sufficed for its rise, progress, and extinction: in that space of time the dismissal of the obnoxious teacher had been effected in the neighbouring house, and in the same interval I had declared my resolution to follow and find out my pupil, and upon my application for her address being refused, I had summarily resigned my own post.

• In September 2010, government announced it would consult with Nova Scotians, pharmacists, pharmacy owners, doctors, seniors, drug manufacturers and other interest groups to get input on how best to get fair drug prices for Nova Scotians.

More Definitions of Substitute Letter of Credit

Substitute Letter of Credit is defined in Paragraph 3(b)(iv).

Substitute Letter of Credit shall have the meaning set forth in Section 5.10.

Substitute Letter of Credit means an irrevocable standby letter of credit in form, substance and amount acceptable to Lender in its sole discretion and issued by a Substitute Bank.

Substitute Letter of Credit means a letter of credit issued to replace the Letter of Credit in accordance with the terms of the Indenture.

Substitute Letter of Credit means a letter of credit delivered in substitution for the letter of credit then held by the Trustee, as more particularly described in Section 15.2.

Substitute Letter of Credit shall have the meaning set forth in Section 5.03.

Substitute Letter of Credit is defined in Section 5.03.