Examples of Letter of Credit Bank in a sentence
Prior to the issuance of each Letter of Credit, Bank shall have received a Letter of Credit Agreement, properly completed and duly executed by Borrower.
The Seller and the Servicer shall deposit or cause to be deposited in the Collection Account the aggregate Purchase Amount with respect to Purchased Receivables pursuant to Section 2.3, 3.7 or 9.1. The Indenture Trustee shall deposit in the Collection Account any amounts received pursuant to the Yield Supplement Agreement and any amounts received from the Letter of Credit Bank or the Yield Supplement Account pursuant to Article V on the date of receipt thereof.
If CLEC desires to replace any letter of credit issued to CenturyLink hereunder, whether due to non-renewal or otherwise, each such replacement letter of credit and the Letter of Credit Bank issuing such replacement letter of credit must meet the terms, conditions and requirements set forth in this Section.
If CLEC proposes that the letter of credit be issued by a bank that is not so rated by Standard & Poor’s or Moody’s, then CLEC must obtain the prior written approval by CenturyLink to use such bank as the Letter of Credit Bank.
If a demand for payment is made under any such Letter of Credit, Bank shall treat such demand as an Advance to Borrower of the Dollar Equivalent of the amount thereof (plus fees and charges in connection therewith such as wire, cable, SWIFT or similar charges).