Examples of Confirming Letter of Credit in a sentence
Confirming Letter of Credit; Alternate Credit Facility; Alternate Confirming Credit Facility 40 Section 6.04.
So long as a Letter of Credit or a Confirming Letter of Credit is in effect, the Borrower shall not, directly or indirectly, purchase any Bonds with any funds that do not constitute Available Moneys, except as required by Section 8.01(b) of this Agreement.
Upon the payment of a portion of the principal amount of the Bonds, the Trustee shall take such steps as are permitted under the Letter of Credit or the Confirming Letter of Credit to reduce the stated amount of the Letter of Credit or the Confirming Letter of Credit to an amount equal to the principal amount of the Bonds then Outstanding plus Adequate Interest Coverage with respect to such Outstanding principal amount.
While the Bonds are in a Weekly Mode or Flexible Mode, the Bonds may also be supported by a Confirming Letter of Credit.
If at any time there shall have been delivered to the Trustee an Alternate Credit Facility or an Alternate Confirming Credit Facility, together with the other documents and opinions required by this Article VI, then the Trustee shall accept such Alternate Credit Facility or Alternate Confirming Credit Facility and promptly surrender the previously held Letter of Credit or Confirming Letter of Credit to the issuer thereof, in accordance with the terms thereof for cancellation.