Acceptable Letter of Credit definition

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.

Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

Acceptable Letter of Credit means one or more direct-pay, irrevocable, standby letters of credit from a major U.S. commercial bank or a foreign bank with a U.S. branch office in either case having a credit rating of at least “A-” (or its equivalent successor rating) from Standard & Poor’s Corporation or “A3” (or its equivalent successor rating) from Xxxxx’x Investor Services, Inc.

Examples of Acceptable Letter of Credit in a sentence

• In the event that any Letter of Credit shall be outstanding or shall be drawn and not reimbursed on or prior to the Acceptable Letter of Credit Maturity Date, the Borrower shall pay to the Administrative Agent an amount equal to 103% of the Letter of Credit Exposure allocable to such Letter of Credit, such amount to be due and payable on the Acceptable Letter of Credit Maturity Date, and to be held in the Cash Collateral Account and applied in accordance with paragraph (h) below.

• In the event that any Letter of Credit shall be outstanding or shall be drawn and not reimbursed on or prior to the Acceptable Letter of Credit Maturity Date, the Borrower shall pay to the Administrative Agent an amount equal to 105% of the Letter of Credit Exposure allocable to such Letter of Credit, such amount to be due and payable on the Acceptable Letter of Credit Maturity Date, and to be held in the Cash Collateral Account and applied in accordance with paragraph (h) below.

• Any such replacement Acceptable Letter of Credit shall be provided by Buyer within ten (10) Business Days of such requirement arising.

• With respect to any Acceptable Letter of Credit provided by Buyer hereunder, if at any time the issuing institution no longer satisfies the definition of Financial Institution, Buyer shall provide a replacement Acceptable Letter of Credit.

• With respect to the TIFIA Reserve Account, any letter of credit, insurance policy or similar instrument shall be issued by a Qualified Financial Institution and, in the case of any letter of credit, such letter of credit shall be an Acceptable Letter of Credit.

More Definitions of Acceptable Letter of Credit

Acceptable Letter of Credit means a letter of credit, in form and substance satisfactory to the TIFIA Lender, issued by a Qualified Issuer.

Acceptable Letter of Credit means a letter of credit that (a) is issued to Xxxxx by a commercial bank whose long-term debt, or whose parent holding company's long-term debt, is rated A (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act), (b) has a face amount not less than the outstanding principal amount of the Xxxxx Notes on the date of issuance of such letter of credit, (c) is in substantially the form of Exhibit N and (d) provides for drawing upon the earlier to occur of (i) the date on which Xxxxx is required by a judgment of a court of competent jurisdiction to pay amounts in respect of principal due under the Xxxxx Notes and (ii) 10 Business Days prior to the stated termination date of such letter of credit if such letter of credit has not been replaced with a substantially identical letter of credit.

Acceptable Letter of Credit has the meaning given such term in the Depositary Agreement.

Acceptable Letter of Credit means one or more original irrevocable standby letters of credit that satisfies the following criteria: (a) such letter of credit is issued by an Acceptable Letter of Credit Provider in favor of the Collateral Agent for the benefit of the Secured Parties, (b) such letter of credit by its terms has an initial expiration date at least three hundred sixty-four (364) days from the date of issuance thereof, (c) if such letter of credit provides for automatic renewal or extension thereof, such letter of credit requires the issuer thereof to provide at least thirty (30) days’ notice to the Administrative Agent or the Collateral Agent, as applicable, of the nonrenewal thereof and provides that the beneficiary may draw the full amount of the letter of credit if such letter of credit is not renewed or extended, (d) such letter of credit permits a drawing on such letter of credit (i) no later than ten (10) Business Days following the issuer thereof ceasing to be an Acceptable Letter of Credit Provider or (ii) if such letter of credit has not been renewed or extended within thirty (30) days of its stated termination or expiration date, (e) such letter of credit is non-recourse to Guarantor, any Loan Party or any of their Subsidiaries, (f) the principal office of such Acceptable Letter of Credit Provider, the location for the submittal of documents required for draws under such letter of credit and the location for disbursements under such letter of credit being New York, New York, (g) is payable in Dollars in immediately available funds and (h) is governed by the International Standby Practices (ISP 98), and, to the extent not governed by the foregoing, the laws of the State of the New York.

Acceptable Letter of Credit means an on first demand irrevocable standby letter of credit naming the TIFIA Lender as beneficiary (a) issued by a Qualified Financial Institution, (b) the stated maturity date of which is at least one year from the date of issuance (except that for letters of credit issued as a replacement letter of credit with less than one year remaining until the stated expiration date of the original letter of credit, the term shall be for such shorter period), and (c) which allows drawing (i) during the ten (10) Business Day period prior to expiry (unless otherwise replaced or extended) and (ii) upon downgrade of the issuer thereof such that it is no longer a Qualified Financial Institution if not replaced within thirty (30) Business Days of such downgrade.

Acceptable Letter of Credit means an irrevocable standby letter of credit reasonably acceptable to ETE and ETP, issued by an Acceptable Bank and drawable in New York, New York or Dallas, Texas.

Acceptable Letter of Credit means an irrevocable standby letter of credit on customary terms issued by a U.S. bank or branch having a long term unsecured debt rating of at least A (or the equivalent) or better by S&P, Moody’s or Fitch and drawable by the Administrative Agent upon presentation in New York.