Acceptable Credit Support means (i) cash collateral in U.S. Dollars, (ii) a letter of credit issued by an Acceptable Letter of Credit Issuer or (iii) any other cash collateral or credit support reasonably acceptable to Xxxx.
Acceptable Credit Support has the meaning given in Clause 3.2(a) of Appendix A (General Terms and Conditions);
Acceptable Credit Support means, with respect to any Permitted Commodity Agreement, as of any Business Day during which such Permitted Commodity Agreement shall remain in full force and effect, cash, Permitted Investments of the type described in clause (a) of the definition thereof and/or letters of credit from a commercial bank that has the rating set forth in clause (a)(ii)(A) of the definition of Permitted Hedge Counterparty in an aggregate amount equal to the Required Support Amount, calculated in accordance with the terms of the relevant “credit support annex”.
Examples of Acceptable Credit Support in a sentence
On the Closing Date and on any date on which a payment is made pursuant to Section 6.9 of the Participation Agreement, the Debt Service Reserve Amount on such date of determination will be 100% of the projected debt service on the Lessor Notes for the succeeding six-month period, and may be satisfied by one or a combination of the following: (i) cash or (ii) a letter of credit issued by a bank or trust company that constitutes Acceptable Credit Support.
Maintain in full force for any Secured Counterparty without an Investment Grade Rating, a Secured Counterparty Parent Guaranty or Acceptable Credit Support.
Promptly notify the Agent of (i) the entry by any Borrower Group Member into a PPA Document and any issuance of Acceptable Credit Support in favor of a Borrower Group Member; and (ii) the termination of any PPA Document prior to its stated expiration.
Notwithstanding anything to the contrary herein or in any other Loan Document the Equity Investor shall cause its Equity Commitment to be supported at all times by Acceptable Credit Support.
If Tenaska fails to make timely payment and PECO draws upon the Acceptable Credit Support, Tenaska will be required to post Replacement Acceptable Credit Support within fifteen (15) days.
More Definitions of Acceptable Credit Support
Acceptable Credit Support is one of or a combination of the following:
(i) a guarantee executed by a company or an entity that is acceptable to IUK with a Rating at least equal to the Ratings Test in the form of IUK’s standard published form of guarantee or such other form that is acceptable to IUK;
(ii) an irrevocable standby letter of credit issued in favour of IUK opened or confirmed by an international bank that is acceptable to IUK and has a Rating at least equal to the Ratings Test and is in the form of IUK ’s standard published letter of credit or in such other form that is acceptable to IUK; or
(iii) cash cover in Pounds Sterling.
Acceptable Credit Support means an irrevocable letter of credit from an Acceptable Credit Provider. In the event that (a) such letter of credit will expire or otherwise terminate, substitute Acceptable Credit Support must be provided at least 30 days prior to the applicable expiration or termination date or (b) a downgrade of any Acceptable Credit Provider by Moody's or S&P to below the minimum criteria specified in the definition thereof, substitute Acceptable Credit Support must be provided within 30 days of such event. Otherwise, in either such case above the Security Agent shall draw down the then outstanding amount of the Acceptable Credit Support and deposit such monies into the Debt Service Reserve Account.
Acceptable Credit Support means one or more letters of credit payable in Dollars for the benefit of a Borrower or one of its Subsidiaries to support payment of an Eligible Exchange Account or Eligible Account of such Loan Party, which letter of credit is in form and substance acceptable to the Administrative Agent and issued by a bank or other financial institution approved by the Administrative Agent, each in its sole discretion, and for which an Acceptable Security Interest exists on all letter-of-credit rights associated with such letter of credit.
Acceptable Credit Support is one of or a combination of the following:
(i) a guarantee executed by a company or an entity that is acceptable to Interconnector with a Rating at least equal to the Ratings Test in the form of Interconnector’s standard published form of guarantee or such other form that is acceptable to Interconnector;
(ii) an irrevocable standby letter of credit issued in favour of Interconnector opened or confirmed by an international bank that is acceptable to Interconnector and has a Rating at least equal to the Ratings Test and is in the form of Interconnector ’s standard published letter of credit or in such other form that is acceptable to Interconnector; or
(iii) cash cover in Pounds Sterling.
Acceptable Credit Support means (a) a credit insurance policy satisfactory to the Administrative Agent in its Reasonable Credit Judgment (including, without limitation, as to the creditworthiness of the insurance company issuing such policy, the scope and amount of coverage, any deductibles and any other terms and conditions applicable thereto), so long as the limits and terms of such credit insurance policy are being complied with and for which the Administrative Agent is named as the beneficiary, loss payee or additional insured so as to insure that the Administrative Agent has the right to receive payments thereunder (it being understood that the existing credit insurance policies issued by AIG and XL Specialty Insurance Company are satisfactory to the Administrative Agent) or (b) (i) an irrevocable letter of credit from BMO or U.S. Bank, National Association or (ii) an irrevocable letter of credit satisfactory to the Administrative Agent in its Reasonable Credit Judgment (including, without limitation, as to the issuer or domestic confirming bank with respect thereto, and the form and substance thereof), in each case, that has been delivered to the Administrative Agent.
Acceptable Credit Support means an irrevocable, unconditional, stand-by letter of credit or guarantee in customary form, issued by a bank, trust company or other entity whose long-term debt is rated "A2" or higher by Moody's and "A" or higher by S&P which may be secured by any or all of the Collateral.
Acceptable Credit Support with respect to any Capital Contribution (as defined in the Company LLC Agreement) committed to by ETC III or ETC II in accordance with Section 5.8(b) or (c), shall mean any of the following, in each case upon terms and conditions, and pursuant to documentation in form and substance reasonably satisfactory to ETE: (a) cash or Cash Equivalents in an amount equal to ETC III’s or ETC II’s obligations in respect of such Capital Contribution, to be held in a segregated deposit account and/or securities account with an Acceptable Bank, which accounts are subject to a first priority perfected security interest in favor of, at the election of ETE, ETE or ETP; (b) an Acceptable Letter of Credit, in a face amount equal to ETC III’s or ETC II’s obligations in respect of such Capital Contribution on the date Acceptable Credit Support is to be provided pursuant to Sections 5.8(b) or (c); or (c) guaranty of the Regency Parties’ obligations under Section 8.2(c) with respect to ETC III’s or ETC II’s obligations in respect of such Capital Contribution provided by an Affiliate of Regency that has a senior unsecured long-term debt rating of BBB- or better from S&P and Baa3 or better from Moody’s.