Approved Letter of Credit means an irrevocable, unconditional, transferable, clean sight draft letter of credit in favor of Lender and its successors and/or assigns, the obligation to reimburse draws made in connection with which are those of a Person other than Borrower, with a term of not less than one (1) year and which is drawable in whole or in part by sight draft in New York City, issued by a bank having a long-term unsecured debt rating of not less than “AA” (or its equivalent) and a short-term unsecured debt rating of not less than “A-1” (or its equivalent) by each Rating Agency and otherwise reasonably acceptable to Lender.
Approved Letter of Credit means a letter of credit (including any amendments), all in a form satisfactory to Transporter, issued to Transporter as beneficiary by a financial institution with a credit rating of “A” or better by Standard & Poor’s Financial Services LLC, “A2”or better by Moody’s Investors Service, Inc., or “A” or better by DBRS Limited for the unenhanced long term senior unsecured debt of the financial institution providing the letter of credit and otherwise subject to the Uniform Customs and Practice for Documentary Credits 2007 Revision ICC Publication No. 600 or International Standby Practices ISP98 International Chamber of Commerce; provided that if the issuing financial institution is not listed in Schedule 1 of the Bank Act (Canada), the applicable letter of credit will: (i) be advised by a financial institution listed in Schedule 1 of the Bank Act (Canada); and (ii) specify that payment under it shall be available at the advisory financial institution;
Approved Letter of Credit. A freely assignable, unconditional and irrevocable letter of credit issued by an Approved Letter of Credit Bank, all in a form approved by Administrative Agent in Administrative Agent’s sole and absolute discretion.
Examples of Approved Letter of Credit in a sentence
Such credit requirements may include the requirement for an Approved Letter of Credit not to exceed Shipper’s pro rata share of the cost of the required additional facilities.
The Issuer may substitute an Approved Letter of Credit for all or a portion of the cash deposited in the Common Reserve Account at the Bond Closing by providing an Approved Letter of Credit for deposit therein in the amount of such withdrawal.
Any amounts drawn under an Approved Letter of Credit shall be deposited in the Common Reserve Account.
In accordance with Sections 202 and 402(d) of the Basic Resolution, at or prior to the Bond Closing for the Bonds, cash in the amount, or an Approved Letter of Credit drawable in the amount, of the Minimum Deposit shall be delivered to or by the Issuer as required for the Bonds and further, all other conditions required to be met under Section 202 of the Basic Resolution shall have been met as have the conditions specified herein.
For clarity, if the provider of any Approved Letter of Credit or Guarantee for Credit Support ceases to meet the applicable requirements therefor, Seller may demand new or replacement Credit Support, as the case may be.
More Definitions of Approved Letter of Credit
Approved Letter of Credit means (i) any Initial Letter of Credit or (ii) any Letter of Credit that (A) conforms to the requirements in Section 4(e)(i) hereof and (B) has been approved in writing by the Indemnitees' Agent (which approval shall not be unreasonably withheld).
Approved Letter of Credit means an irrevocable letter of credit, in form satisfactory to the Trustee, issued by a commercial bank organized under the laws of the United States of America or any state thereof and acceptable to the Director, which letter of credit may be drawn upon by the Trustee to provide funds for the Primary Reserve Account pursuant to Section 4.5 of this Lease. An Approved Letter of Credit must permit drawings thereunder for a period of not less than one (1) year or until fifteen (15) days after the final maturity of the Bonds, whichever first occurs.
Approved Letter of Credit means a freely assignable, unconditional and irrevocable letter of credit issued by an Approved Letter of Credit Bank, all in a form approved by Lender in Lender's reasonable discretion.
Approved Letter of Credit means an irrevocable, unconditional standby letter of credit issued by a domestic commercial bank having capital and surplus in excess of $100,000,000. The letter of credit must be issued for the account of Parent to the Agent for the benefit of the Lenders, as additional security and as an additional source of repayment of the Obligations, in the form of E xhibit F, and in an amount not less than $3,500,000."
Approved Letter of Credit means any irrevocable letter of credit issued to the Lender, in form and substance reasonably acceptable to the Lender which (a) is issued by any Permitted Financial Institution other than the Lender or any Affiliate thereof, (b) has an expiration date that is not earlier than the date falling twelve (12) months after the date of issuance of such letter of credit, (c) is drawable by the Lender if not renewed or replaced on or before thirty (30) days prior to its effective expiry date (if such expiration date is not at least ten (10) Business Days after the Maturity Date), (d) does not require reimbursement by any Borrower of any draw thereunder or payment by any Borrower of any fee or expense related thereto or have any recourse to any Collateral and (e) is drawable by the Lender if the Permitted Financial Institution that has issued any such letter of credit ceases to be a Permitted Financial Institution as determined in accordance with this Agreement, and the Borrowers have not replaced such letter of credit by the date that is thirty (30) days after the date on which the issuing bank thereof ceased to be a Permitted Financial Institution.
Approved Letter of Credit means in respect of a series of Common Fund Bonds a letter of credit delivered pursuant to Section 402(d) of the Basic Resolution to the Trustee at or prior to the applicable Bond Closing for compliance with the Minimum Deposit requirement of Section 202 of the Basic Resolution, which letter of credit may be drawn upon by the Trustee to obtain funds (a) promptly in accordance with the applicable Supplemental Bond Resolution or Revenue Agreement upon the occurrence of any failure to pay any Net Revenues when due under the applicable Revenue Agreement, (b) during a period of at least one (1) year following the Bond Closing at any time that the Reserve Deposit in respect of such series may be withdrawn from the Common Reserve Account only for (i) the last payments of the principal or Redemption Price of or interest on the applicable series of Common Fund Bonds; and (ii) any purpose for which funds in the Debt Service Account may be withdrawn, but only after exhaustion of the Administrative Fee Account, the Debt Service Account (as determined before any transfers thereto pursuant to Section 404(a) of the Basic Resolution for the specific purpose for which such withdrawal is required) and the Deficiency Account and the applicable Supplemental Bond Resolution; and (c) within forty-five (45) days prior to the expiration of such letter of credit (“Expiring Letter”) at any time, provided that Common Fund Bonds of such series are then Outstanding (and not scheduled to finally mature on or prior to such expiration), and provided there has not been delivered to the Trustee prior to such time cash sums for deposit in the applicable Reserve Deposit subaccount in the Common Reserve Account, Subsequent Approved Letters of Credit or any combination of such sums and such Subsequent Approved Letters of Credit, whereby any such sums, together with any amounts drawable under such Subsequent Approved Letters of Credit for at least one (1) continuous year immediately following such expiration, equal the maximum amount drawable under such Expiring Letter; an Approved Letter of Credit shall be in form and substance and issued by a financial institution satisfactory to the Issuer in its sole discretion;