Acceptable Letter of Credit definition

Acceptable Letter of Credit means an on-first-demand irrevocable standby letter of credit naming the XXXXX Xxxxxx as beneficiary (a) issued by a Qualified Financial Institution, (b) the stated maturity date of which is at least one year from the date of issuance (except that for letters of credit issued as a replacement letter of credit with less than one year remaining until the stated expiration date of the original letter of credit, the term shall be for such shorter period), and (c) which allows drawing (i) during the ten (10) Business Day period prior to expiry (unless otherwise replaced or extended) and (ii) upon downgrade of the issuer thereof such that it is no longer a Qualified Financial Institution if not replaced within thirty (30) Business Days of such downgrade.

Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

Acceptable Letter of Credit means one or more direct-pay, irrevocable, standby letters of credit from a major U.S. commercial bank or a foreign bank with a U.S. branch office in either case having a credit rating of at least “A-” (or its equivalent successor rating) from Standard & Poor’s Corporation or “A3” (or its equivalent successor rating) from Xxxxx’x Investor Services, Inc.

Examples of Acceptable Letter of Credit in a sentence

• With respect to the TIFIA Reserve Account, any letter of credit, insurance policy or similar instrument shall be issued by a Qualified Financial Institution and, in the case of any letter of credit, such letter of credit shall be an Acceptable Letter of Credit.

• The terms of any letter of credit required by Company shall conform to the attached Exhibit , Letter of Credit Terms/Form of Acceptable Letter of Credit, Drawing Certificate and Transfer Certificate, as well as the requirements of this Contract and be issued by a bank acceptable to Company.

• Any such Acceptable Letter of Credit provided to fund the Handback Requirements Reserve Account must also satisfy the relevant requirements therefor under the Concession Agreement.

• Any new Acceptable Letter of Credit shall have the same terms and conditions (including expiration date and face amount) as the letter of credit being replaced, or such other terms and conditions as may be satisfactory to the TIFIA Lender.

• The terms of any letter of credit required by Company shall conform to the attached Exhibit __, Letter of Credit Terms/Form of Acceptable Letter of Credit, Drawing Certificate and Transfer Certificate, as well as the requirements of this Contract and be issued by a bank acceptable to Company.

More Definitions of Acceptable Letter of Credit

Acceptable Letter of Credit means a letter of credit that (a) is issued to Xxxxx by a commercial bank whose long-term debt, or whose parent holding company's long-term debt, is rated A (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act), (b) has a face amount not less than the outstanding principal amount of the Xxxxx Notes on the date of issuance of such letter of credit, (c) is in substantially the form of Exhibit N and (d) provides for drawing upon the earlier to occur of (i) the date on which Xxxxx is required by a judgment of a court of competent jurisdiction to pay amounts in respect of principal due under the Xxxxx Notes and (ii) 10 Business Days prior to the stated termination date of such letter of credit if such letter of credit has not been replaced with a substantially identical letter of credit.

Acceptable Letter of Credit means a letter of credit, in form and substance satisfactory to the TIFIA Lender, issued by a Qualified Issuer.

Acceptable Letter of Credit has the meaning given such term in the Depositary Agreement.

Acceptable Letter of Credit means an irrevocable, unconditional stand-by letter of credit in substantially the form set out in either Part A or Part B of Schedule 33 and issued for the account of a Person that is not an Obligor and in favour of the Security Trustee as beneficiary by an Acceptable Bank and in respect of which no Obligor has any actual or contingent obligation or liability at any time.

Acceptable Letter of Credit means an irrevocable standby letter of credit on customary terms issued by a bank or branch having a long term unsecured debt rating of at least [*] (or the equivalent) or better by S&P, Moody’s or Fitch and drawable by the Administrative Agent upon presentation in New York.

Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

Acceptable Letter of Credit means an irrevocable standby letter of credit reasonably acceptable to ETE and ETP, issued by an Acceptable Bank and drawable in New York, New York or Dallas, Texas.