Qualifying Letter of Credit means any legally enforceable and irrevocable letter of credit that is —
Qualifying Letter of Credit means an irrevocable unconditional stand by letter of credit substantially in the form of Exhibit I to the Participation Agreement, issued by a Qualifying Letter of Credit Bank.
Qualifying Letter of Credit means an irrevocable standby letter of credit, substantially in the form of Exhibit D hereto (or in such other form as may be acceptable to, and approved in writing by, the Initial Member), duly issued by an Issuing Bank that is, as of the date of issuance thereof, a Qualified Issuer and delivered to the Initial Member, drawable at such Issuing Bank’s offices in New York City, NY or Washington, D.C., and having an initial term of one year with automatic renewals thereafter (without amendment except for extension of the then current expiry date by an additional year) until the Initial Member has delivered written notice to the Issuing Bank to the effect that such Qualifying Letter of Credit is being released in its entirety.
Examples of Qualifying Letter of Credit in a sentence
The term " Qualifying Letter of Credit" has the meaning given to the term "qualifying letter of credit" in Regulation 2 of the SF(FMR)R.
A Letter of Credit shall be a Qualifying Letter of Credit hereunder only if it is irrevocable.
A Qualifying Letter of Credit shall contain no other conditions for payment excepting only the presentation of a Draft by the Town.
Any form of security including cash deposit, surety bond, collateral, property, Qualifying Letter of Credit, or instrument of credit in an amount and form satisfactory to the Planning Board.
The Planning Board shall set the amount of the performance surety, to include winter maintenance, (in the form of a bond, passbook, Qualifying Letter of Credit, or cash only) prior to the final approval of the subdivision plat.
More Definitions of Qualifying Letter of Credit
Qualifying Letter of Credit as defined in the Participation Agreement (P2) or other collateral substituting or replacing any of the foregoing instruments.
Qualifying Letter of Credit means an irrevocable standby letter of credit with an initial term of at least one year for the benefit of Authority, issued by a U.S. commercial bank or a U.S. branch of a foreign bank with such bank having (a) a Credit Rating of at least “A-” from S&P or Fitch or “A3” from Xxxxx’x, and (b) total assets (determined in accordance with generally accepted accounting principles in the United States of America as in effect from time to time) of at least $ (XXX Dollars), and which letter of credit (i) is substantially in the form of Exhibit ## or another form of letter of credit reasonably satisfactory to the Authority, (ii) permits automatic renewal of the relevant Qualifying Letter of Credit for (which may be subject to an outside stated expiration date), and (iii) may be utilized by the beneficiary Party to satisfy all present and future payment obligations of the other Party under this Agreement when due.
Qualifying Letter of Credit has the meaning given in the LLC Operating Agreement. “Rating Agencies” means each of Standard and Poor’s Ratings Service, a division of The XxXxxx-Xxxx Companies, Inc., Fitch, Inc., or Xxxxx’x Investors Service and such other rating agencies as are nationally recognized.
Qualifying Letter of Credit means a Letter of Credit (a) for which the related Underlying Instruments require the Issuer to fully collateralize the Issuer's obligations to the related LOC Agent Bank or obligate the Issuer to make a deposit into a trust in an aggregate amount equal to the related LC Commitment Amount and (b)(1) the collateral posted by the Issuer to the LOC Agent Bank is in the form of, or the proceeds of the deposit made by the Issuer with the LOC Agent Bank are required to be invested in, Eligible Investments (or investments substantially similar to Eligible Investments) and (2) the collateral posted by the Issuer is held by, or the Issuer's deposit is made in a qualifying depository institution meeting the requirements set forth in Section 10.1.
Qualifying Letter of Credit means a letter of credit in the form of letter of credit set forth in the Master Netting Agreement and issued by a financial institution whose (a) short-term senior unsecured debt rating is “Prime-1” and its long-term, unsecured and unsubordinated debt obligations are rated “Aa2” or above by Moody’s, and (b) short-term senior unsecured debt rating is “A-1” or above and its long-term senior unsecured debt rating is “AA” or above. Table of Contents CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT IS INDICATED BY AN ASTERISK (*)
Qualifying Letter of Credit means an irrevocable standby letter of credit, duly issued by an Issuing Bank that is, as of the date of issuance thereof, a Qualified Issuer and deliver to the Initial Member, drawable at such Issuing Bank’s offices in New York City, New York or Washington, D.C., and having an initial term of one (1) year with automatic renewals thereafter (without amendment except for extension of the then current expiry date by an additional year) until the Initial Member has delivered written notice to the Issuing Bank to the effect that such Qualifying Letter of Credit is being released in its entirety.
Qualifying Letter of Credit means an irrevocable and transferable letter of credit in favor of and delivered to the Town which (i) is issued by Citizens Bank, National Association or such other banking association, bank or trust company or branch thereof whose letters of credit result in the rating of municipal obligations secured by such letters of credit in either of the two highest long-term rating categories (without qualification by the symbols “+” or “-” or a numerical notation) of Xxxxx’x Investors Service Inc. and Standard & Poor’s Rating Services, (ii) permits drawings by the Town based only on the submission of a customary sight draft and a statement signed by the First Selectman to the effect that a drawing in the amount of the sight draft is then authorized and permitted under this Agreement, specifying the provision of this Agreement and the circumstances under which such drawing is authorized, and MTGA has failed, for thirty (30) days after written demand by the Town pursuant to Section 5.11 of this Agreement, to make payment to the Town of the like amount, or in the alternative that such demand was not required as a result of a Bankruptcy Event, (iii) either (A) has an initial term which extends at least ninety (90) days beyond the latest due date of the obligations which such letter of credit secures or (B) is an “evergreen” letter of credit as hereafter defined, and (iv) is subject to the Uniform Customs and Practices for Documentary Credits (UCP 600). For purposes hereof, an “evergreen” letter of credit is a letter of credit with an initial term no less than one (1) year which letter of credit automatically renews and is extended for subsequent and successive periods of no less than one (1) year (or in the case of the last such renewal and extension a period less than one (1) year that nevertheless extends at least ninety (90) days beyond the latest due date of the obligations such letter of credit secures) unless written notice of non-renewal is delivered to the Town no later than forty-five (45) days prior to the expiration of the term of such letter of credit as then in effect and which, in the event of delivery of such notice of non-renewal, permits the Town immediately to draw upon and receive the full amount available under such letter of credit.