Confirming Letter of Credit means a letter of credit issued by a Confirming Bank to the Trustee relating to the Bonds, including any Substitute Confirming Letter of Credit provided by the Company in accordance with Section 4.05 of the Agreement. “Cost” with respect to the Project shall be deemed to include all items permitted to be financed under the provisions of the Code and the Act.
Confirming Letter of Credit means an irrevocable confirmation of the Letter of Credit issued by the Confirming Bank under the terms of which the Trustee will be entitled to draw, upon the dishonor by the Bank of any request for payment under the Letter of Credit, an amount sufficient to pay (a) principal of the Project Bonds when due or the portion of the purchase price of Project Bonds corresponding to the principal amount thereof, and (b) interest on the Project Bonds or the portion of the purchase price of Project Bonds corresponding to accrued interest thereon. In the event of delivery of an Alternate Confirming Letter of Credit in substitution for Confirming Letter of Credit A pursuant to Section 2.12 of the Agreement, “Confirming Letter of Credit” shall include reference to such Alternate Confirming Letter of Credit.
Confirming Letter of Credit shall refer to the Confirming Letter of Credit and any Alternate Confirming Letter of Credit issued in substitution therefor. The Issuer has established a book-entry only system of registration for the Bonds. Except as specifically provided otherwise in the Indenture, a securities depository will be the Registered Owner and will hold this Bond on behalf of the beneficial owners hereof. By acceptance of a confirmation of purchase, delivery or transfer, the beneficial owners of this Bond shall be deemed to have agreed to this arrangement. The securities depository, as Registered Owner of this Bond, shall be treated as the owner hereof for all purposes. This Bond is transferable by the Registered Owner in person or by his attorney duly authorized in writing at the designated corporate trust office of the Trustee but only in the manner, subject to the limitations and upon payment of the charges provided in the Indenture, and upon surrender and cancellation of this Bond. Upon such transfer a new registered Bond or Bonds of Authorized Denomination or Authorized Denominations, for the same aggregate principal amount, will be issued to the transferee in exchange therefor. Subject to the limitations and upon payment of the charges provided in the Indenture, and upon surrender and cancellation thereof, Bonds may be exchanged for a like aggregate principal amount of Bonds of other Authorized Denomination or Authorized Denominations. The Trustee shall not be required to transfer or exchange any Bond during the period of fifteen days next preceding any Interest Payment Date nor to transfer or exchange any Bond after the mailing of notice calling such Bond or a portion thereof for redemption, nor during the period of fifteen days next preceding the giving of such notice of redemption. The Issuer and the Trustee may deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on account of principal hereof and premium, if any, hereon and interest due hereon and for all other purposes and neither the Issuer nor the Trustee shall be affected by any notice to the contrary. In addition to the words and terms defined elsewhere in this Bond, the following terms shall have the following meanings (with capitalized terms used and not defined herein having the same meanings as in the Indenture):
Examples of Confirming Letter of Credit in a sentence
Any Substitute Confirming Letter of Credit shall be delivered to the Trustee prior to such Mandatory Purchase Date and shall be effective on and after such Mandatory Purchase Date.
Subject to the conditions set forth in this Section 4.05, the Company may provide for the delivery to the Trustee of a Substitute Confirming Letter of Credit.
As of June 30, 2018, outstanding loans of this program amounted to $34,190.
The Owner of this Bond, by the acceptance hereof, is deemed to have agreed and consented to the terms and provisions of the Indenture, the Agreement, the Letter of Credit and the Confirming Letter of Credit.
The Borrower shall, simultaneously with the delivery of the Project Bonds and the Note, deliver or cause to be delivered the Letter of Credit and Confirming Letter of Credit to the Trustee.
More Definitions of Confirming Letter of Credit
Confirming Letter of Credit means any confirming letter of credit and, if an Alternate Confirming Credit Facility is issued, each Alternate Confirming Credit Facility, as extended or amended from time to time. All references to the "Confirming Letter of Credit" shall be of no effect at any time during the Bank Purchase Mode, or at any time that no Confirming Letter of Credit supports the Bonds and no obligations remain outstanding under the Confirming Reimbursement Agreement, except with respect to rights of any Confirming Bank created hereunder which do not, by their terms, expire upon the termination of the Confirming Letter of Credit issued by such Confirming Bank.
Confirming Letter of Credit means an irrevocable Letter of Credit issued by Confirming Bank under the terms of which the Trustee will be entitled to draw, upon the wrongful dishonor by the Bank of any request for payment under the Letter of Credit, an amount sufficient to pay (a) principal of the Project Bonds when due or the portion of the purchase price of Project Bonds corresponding to the principal amount thereof, and (b) interest on the Project Bonds or the portion of the purchase price of Project Bonds corresponding to accrued interest thereon. In the event of delivery of an Alternate Confirming Letter of Credit in substitution for Confirming Letter of Credit pursuant to Section 2.12 of the Agreement, “Confirming Letter of Credit” shall include reference to such Alternate Confirming Letter of Credit.
Confirming Letter of Credit means an irrevocable letter of credit issued by Bayerische Hypo- und Vereinsbank AG, New York Branch (the “Confirming Bank”) under the terms of which the Trustee will be entitled to draw, in accordance with its terms, an amount sufficient to pay (a) principal of the Bonds when due or the portion of the purchase price of Project Bonds corresponding to the principal amount thereof, and (b) interest on the Bonds or the portion of the purchase price of Bonds corresponding to accrued interest thereon.
Confirming Letter of Credit means the standby letter of credit issued by the Federal Home Loan Bank of San Francisco, dated the date of Bond Closing, including any extensions thereof.
Confirming Letter of Credit means the Letter of Credit or Letters of Credit issued by Wachovia Bank, N.A., (the “Confirming Bank”) which confirms the Letters of Credit, or any substitute confirming Letter(s) of Credit issued by any other financial institution.
Confirming Letter of Credit means the same as that term is defined in the Indenture.
Confirming Letter of Credit means an irrevocable direct pay letter of credit that satisfies the requirements of the Bond Series Certificate executed by the Authority in connection with issuance of the Series 2009 Bonds or a guaranty or other undertaking, in form and substance acceptable to the Authority, provided by any agency or instrumentality of the United States of America, which, in each case, obligates such bank, agency or instrumentality to advance money to pay the Purchase Price of Tendered Bonds or the principal and Sinking Fund Installments of and interest on Outstanding Series 2009 Bonds, or both, in the event the Bank fails to make payment under its Letter of Credit