Substitute Letter of Credit definition

Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

Substitute Letter of Credit means a letter of credit delivered to the Trustee, with the written consent of the Bank, in accordance with SECTION 4.4 of the Agreement, issued by the Bank or a Substitute Bank, replacing any existing Letter of Credit.

Substitute Letter of Credit means an irrevocable standby letter of credit in form, substance and amount acceptable to Lender in its sole discretion and issued by a Substitute Bank.

Examples of Substitute Letter of Credit in a sentence

• The Parties shall have thirty (30) Business Days from the LC Notice to negotiate a Substitute Letter of Credit (“Substitute Bank Period”).

• If the Parties have not agreed to a Substitute Letter of Credit and Buyer fails to provide a Notice during the Ineligible LC Bank Notice Period above, then Seller may continue providing the Letter of Credit posted immediately prior to the LC Notice.

• If Tenant fails timely to deliver to Landlord a Substitute Letter of Credit, then Landlord shall have the right, at any time thereafter, without giving any notice to Tenant, to draw down the Letter of Credit and to hold the proceeds thereof (“Security Proceeds”) in a bank account in the name of Landlord, which may be withdrawn and applied by Landlord under the same circumstances and for the same purposes as if the Security Proceeds were a Letter of Credit.

• If the issuer of the Letter of Credit gives written notice of its election not to renew such Letter of Credit for any additional period, Tenant shall be required to deliver a Substitute Letter of Credit at least thirty (30) days prior to the expiration of the term of such Letter of Credit.

• The Bonds are subject to mandatory tender for purchase to the Tender Agent on (a) the Conversion Date and (b) on the date of delivery of a Substitute Letter of Credit (as defined in the Indenture) to the Trustee (the “Substitution Date”), in each case at a purchase price equal to the principal amount thereof plus accrued interest.

More Definitions of Substitute Letter of Credit

Substitute Letter of Credit means a letter of credit issued to replace the Letter of Credit in accordance with the terms of the Indenture.

Substitute Letter of Credit means, with respect to a Series of Bonds, an irrevocable letter of credit delivered to the Trustee for the benefit of the owners of the Bonds (i) issued by a bank approved by the Corporation, provided that the approval by the Corporation shall not be unreasonably withheld, (ii) replacing any existing Letter of Credit, (iii) dated as of a date not later than the expiration date of the Letter of Credit for which the same is to be substituted, (iv) which shall expire on a date not earlier than fifteen (15) days after an Interest Payment Date for such Series of Bonds, and (v) issued on substantially identical terms and conditions with respect to the rights of the owners of such Series of Bonds (including, but not limited to, the Mandatory Purchase Provision) as the then existing Letter of Credit with respect to such Series of Bonds, except that the stated amount of the Substitute Letter of Credit shall equal the sum of (x) the aggregate principal amount of such Series of Bonds at the time Outstanding, plus (y) during a Weekly Rate Period, an amount equal to at least 35 days of interest (at the Maximum Rate) on all Bonds of such Series at the time Outstanding, or such other amount as the Corporation shall determine based on then current rating agency standards.

Substitute Letter of Credit is defined in Paragraph 3(b)(iv).

Substitute Letter of Credit shall have the meaning set forth in Section 5.10.

Substitute Letter of Credit means a letter of credit delivered in substitution for the letter of credit then held by the Trustee, as more particularly described in Section 15.2.

Substitute Letter of Credit is defined in Section 5.03.

Substitute Letter of Credit shall have the meaning set forth in Section 5.03.