Seller Letter of Credit definition

Seller Letter of Credit means an unconditional, irrevocable letter of credit issued by a Qualified Issuer on behalf of Seller either (a) substantially in the form of the letter of credit attached hereto as Exhibit W or (b) otherwise in form and substance satisfactory to Purchaser in Purchaser’s reasonable discretion.

Seller Letter of Credit. An unconditional, irrevocable, direct-pay, divisible, and transferable on demand standby letter of credit in favour of the Purchaser in the form set out in Schedule 9, issued or to be issued by a bank or other financial institution reasonably acceptable to the Purchaser, which provides for draws by the Purchaser in immediately available funds on a Monthly basis upon presentation at a bank in Lahore, Pakistan, which shall be delivered by the Seller to the Purchaser in the amount of $35.00 (Dollars thirty five) per kW of the Contract Capacity.

Seller Letter of Credit. The meaning ascribed thereto in the Energy Purchase Agreement.

Examples of Seller Letter of Credit in a sentence

• If the Seller Guarantor ceases to be an Acceptable Guarantor, then Seller shall be required to either (i) provide a replacement Seller Guaranty from a different Acceptable Guarantor, or (ii) replace the Seller Guaranty provided by the unqualified Seller Guarantor with a Seller Letter of Credit meeting the criteria set forth in this Article 16, in each case, no later than ten (10) Business Days after such the Guarantor ceases to be an Acceptable Guarantor.

• Seller shall have the right in its sole discretion to post a Seller Letter of Credit or a Seller Guaranty (or a combination thereof) for its security posting obligations under this Section 16.1 so long as such security meets the requirements for such security set out in this Article 16.

• Amounts drawn pursuant to Section 16.2(iii) and (iv) may be applied to amounts owed under Section 16.2(i) and (ii) and shall otherwise be held in an interest bearing escrow account and returned to Seller upon Seller’s replacement of such Seller Letter of Credit or Seller Guaranty with a replacement Seller Letter of Credit or Seller Guaranty meeting the requirements of Section 16.1.

More Definitions of Seller Letter of Credit

Seller Letter of Credit. An unconditional, irrevocable, direct-pay, divisible, and transferable on demand bank guarantee in favour of the Purchaser in the form of bank guarantee or letter of credit set out in Schedule 8, issued or to be issued by a bank or other financial institution reasonably acceptable to the Purchaser, that provides for draws by the Purchaser in immediately available funds on a Monthly basis upon presentation at a bank in Kabul, Afghanistan, which shall be delivered by the Seller to the Purchaser in the amount of US Dollars Six Hundred Thousand Dollars, only (US$ 600,000).

Seller Letter of Credit the Letter of Credit issued by First ----------------------- Union National Bank for the benefit of the Seller in the original amount of $2,372,175.

Seller Letter of Credit shall have the meaning set forth in Section 15.2 hereof.

Seller Letter of Credit means an irrevocable stand-by letter of credit (i) issued by Citibank N.A. or another FDIC-insured bank reasonably acceptable to Buyer, in a form that is reasonably acceptable to Buyer, (ii) having a stated amount equal to 10% of the Base Purchase Price, (iii) with a stated expiry of one year following the Closing Date, (iv) which may be drawn against a drawing certificate signed by Buyer and HEP (or its designee) or final, non-appealable judgment that Buyer is entitled to payment for indemnification from either Seller, and (v) and otherwise satisfying the provisions set forth in Section 6.6.

Seller Letter of Credit means that certain standby letter of credit issued by Bank of America, N.A. to the Escrow Agent as beneficiary on behalf of Willbros United States Holdings, Inc. on behalf of Sellers.

Seller Letter of Credit. An unconditional, irrevocable, divisible, and transferable on demand letter of credit in favour of the Purchaser in the form set out in Schedule 9, which is issued by a bank or other financial institution reasonably acceptable to the Purchaser, and which shall provide for draws by the Purchaser in immediately available funds on a Monthly basis upon presentation at a bank at Islamabad, Pakistan, and which, at the Effective Date, shall be delivered by the Seller to the Purchaser in the amount of thirty five (35) Dollars ($35) per kW of the Contract Capacity. ["Shortfall Energy" - The shortfall, if any, of the Monthly Energy in a given Month below the Monthly Benchmark Energy for that Month, where such shortfall is attributable to the Monthly Mean Flow being less than the Monthly Benchmark Flow, determined in accordance with Section 9.1(a)(iii).]13 ["Shortfall Energy Payment" - The payment for Shortfall Energy, determined subject to and in the manner provided in Section 9.1(a)(iv).]14

Seller Letter of Credit. The meaning ascribed thereto in the Energy Purchase Agreement. “Site” – The meaning ascribed thereto in the Site Sub-lease.