Purchaser Letter of Credit definition

Purchaser Letter of Credit means an unconditional, irrevocable letter of credit issued by a Qualified Issuer on behalf of Purchaser in form and substance satisfactory to Seller in Seller’s reasonable discretion.
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Purchaser Letter of Credit means the letter of credit in the form of Annex III to this Agreement
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Purchaser Letter of Credit means an irrevocable, standby letter of credit issued by a major U.S. commercial bank or the U.S. branch office of a foreign bank, which, in either case, has a Credit Rating of at least (i) “A-” by S&P and “A3” by Moody’s, if such entity is rated by both S&P and Moody’s or (ii) “A-” by S&P or “A3” by Moody’s, if such entity is rated by either S&P or Moody’s, but not both, and which letter of credit is in a form and substance reasonably acceptable to Parent.
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Examples of Purchaser Letter of Credit in a sentence

  • Purchaser shall have the right in its sole discretion to post a Purchaser Letter of Credit or a Purchaser Guaranty (or a combination thereof) for its security posting obligations under this Section so long as such security meets the requirements for such security set out in this Article 17.

  • If the Purchaser Guarantor ceases to be an Acceptable Guarantor, then Purchaser shall be required to either (i) provide a replacement Purchaser Guaranty from a different Acceptable Guarantor, or (ii) replace the Purchaser Guaranty provided by the unqualified Purchaser Guarantor with a Purchaser Letter of Credit meeting the criteria set forth in this Article 17, in each case, no later than ten (10) Business Days after such the Purchaser Guarantor ceases to be an Acceptable Guarantor.


More Definitions of Purchaser Letter of Credit

Purchaser Letter of Credit means the letter of credit to be issued to the Contractor by an international first class bank on behalf of the Purchaser for an amount equal to the Contract Price less the Advance Payment and less the Deposit, have validity as provided in Appendix 2 hereunder and, to be issued within 10 (ten) days of the payment of Advance Payment which is to be in the form provided in Appendix 15.
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Purchaser Letter of Credit. A letter of credit issued by the Purchaser in favor of the Seller guaranteeing the obligations of the Purchaser, a true and correct copy of which is attached as Schedule 11.
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Related to Purchaser Letter of Credit

  • Existing Letter of Credit means any letter of credit previously issued for the account of the Company or any other Loan Party by a Lender or an Affiliate of a Lender that is (a) outstanding on the Effective Date and (b) listed on Schedule 1.01(a).

  • Facility Letter of Credit means a Letter of Credit issued by an Issuer pursuant to Section 2.15.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Commercial Letter of Credit means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan Party in the ordinary course of business of such Loan Party.

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit F, signed by a Responsible Official of Borrower and properly completed to provide all information required to be included therein.

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Letter of Credit Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.