Initial Letter of Credit definition

Initial Letter of Credit means the initial Letter of Credit in the form attached to the Reimbursement Agreement as Schedule I and delivered to the Trustee on or prior to the Issue Date.

Initial Letter of Credit means the irrevocable direct pay Letter of Credit dated the Issue Date, in the form of Annex A attached to the Reimbursement Agreement (as herein defined), issued by the Bank;

Initial Letter of Credit means the irrevocable, transferable, stand-by letter of credit, issued by the Initial Letter of Credit Issuer in favor of the Trustee in the aggregate principal amount of outstanding Bonds plus one hundred' ninety-five (195) days' interest thereon.

Examples of Initial Letter of Credit in a sentence

• Section 5.1 Conditions to the Initial Advance and Initial Letter of Credit.

• Subtenant shall deliver to Sublandlord a new letter of credit (a “Replacement Letter of Credit”) (the Initial Letter of Credit and/or any Replacement Letter of Credit being referred to herein as a “Letter of Credit”) at least thirty (30) days prior to the expiry date of the Initial Letter of Credit or of any Replacement Letter of Credit held by Sublandlord.

• The Board of Education welcomes public participation at its meetings.

• If, from time to time, the Beneficiary and the Borrower desire to reduce the amount of an Initial Letter of Credit, the Borrower and the Beneficiary shall send a written notice to the Issuing Bank requesting that such Initial Letter of Credit be amended and specifying the amount by which the face amount of such Initial Letter of Credit shall be reduced and the date on which such amendment shall be effective.

• If the requested amendment reduces an Initial Letter of Credit to zero, such original Initial Letter of Credit shall be returned to the Issuing Bank and shall be canceled.

More Definitions of Initial Letter of Credit

Initial Letter of Credit means the Letter of Credit issued by the Initial Letter of Credit Bank on the Bond Closing.

Initial Letter of Credit means the irrevocable, direct-pay Letter of Credit, in the stated amount of $50,591,781, issued by JPMorgan Chase Bank, N.A. and effective as of the date of delivery of the Bonds.

Initial Letter of Credit the irrevocable standby letter of credit, in the face amount of $600,000, issued for the account of the Lessee by a commercial bank acceptable to the Administrative Agent in its sole discretion and naming the Administrative Agent on behalf of the Lessor beneficiary thereof, and under which the Administrative Agent may draw, upon the occurrence and during the continuation of an Event of Default, substantially in the form and substance satisfactory to the Administrative Agent in its sole discretion. Any draws on the Initial Letter of Credit due to an Event of Default caused by a failure of the Lessee to make a Scheduled Rent payment shall be applied to outstanding Rent in inverse order of maturity and shall not cure the Event of Default caused by a failure of the Lessee to make a Scheduled Rent payment.

Initial Letter of Credit means the letter of credit issued by the Initial L/C Bank in favour of the Lessor as a condition precedent to the payment by the Lessor of the Contract Price, in form and substance acceptable to the Lessor in its absolute discretion;

Initial Letter of Credit has the meaning set forth in the preamble.

Initial Letter of Credit means the Letter of Credit issued by the Bank and delivered to the Trustee on December 20, 1996, as the same has been modified in connection with the issuance of the Series 1997 Bonds.

Initial Letter of Credit means the Irrevocable Standby Letter of Credit issued by Bank One, Indiana, N.A. dated December 29, 2000 in the original principal amount of $7,770,000, as such amount has been subsequently increased to $21,345,000 and the term extended from time to time.