Bank Letter of Credit definition

Bank Letter of Credit means each letter of credit issued by a bank acceptable to and approved by Agent for the account of Borrower and supported by a Risk Participation Agreement.
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Bank Letter of Credit means a letter of credit issued under the Bank Credit Agreement.
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Bank Letter of Credit means a binding legal document from a banking institution issued to the Cooperative as beneficiary, guaranteeing payment for Electric Service or other obligations of the Member. The bank, form and amount shall be acceptable to the Cooperative. The Bank Letter of Credit shall be irrevocable and provide for advance written notice to the Cooperative in the event of non- renewal or termination.
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Examples of Bank Letter of Credit in a sentence

  • No contract resulting from this RFP will be valid until the required Performance Bond or Irrevocable Bank Letter of Credit has been received and found to be in proper form and amount.

  • Eligible CollateralWe will accept only approved securities as specified by the TEC, §45.201, as pledged collateral, voluntary pooled collateral (if available) or a Federal Home Loan Bank Letter of Credit.

  • The final decision as to the requirement for a Performance Bond or Irrevocable Bank Letter of Credit will be made upon contract award and is at the State’s sole discretion.

  • Payment must be in the form of cash, local check, out of state check accompanied by Bank Letter of Credit, MasterCard, Visa, or other tender accept- able to the Auctioneer in his sole discretion.

  • Payment must be in the form of cash, local check, out of state check accompanied by Bank Letter of Credit, MasterCard, Visa, or other tender acceptable to the Auctioneer in his sole discretion.

  • Further, Financial Institution acknowledges that if an IDC rating exception is granted to Financial Institution, Financial Institution must collateralize all deposits at 110% and in the form of Federal Home Loan Bank Letter of Credit (“FHLB LOC”) and Non-Mortgage-Backed (“NMB”) U.S. Treasury and U.S. Agency securities.

  • The Depository shall also deposit additional Eligible Collateral in the Securities Account maintained by the Custodian within three (3) business days (or five (5) business days in the case where the Depository intends to use a Federal Home Loan Bank Letter of Credit) of the date of noncompliance if necessary to reach and maintain the Required Collateral.

  • A $50,000 Bond or Bank Letter of Credit shall be provided to the Zoning Office.

  • In the event that the successful bidder is unable to obtain a Performance Bond, the County will accept an irrevocable Bank Letter of Credit, drawn on a Chartered Bank in Canada, satisfactory to the County of Prince Edward, in the amount of 100% of the total contract price.

  • Bank Letter of Credit If your guaranty of payment will be in the form of a Bank Letter of Credit, please instruct your agent to use the Town of Manchester’s required letter of credit format.


More Definitions of Bank Letter of Credit

Bank Letter of Credit means a -month (plus days or such lesser period required by the Permanent Lender for the rate lock) standby letter of credit issued by the Bond Owner, in the face amount of $[ _], to secure the forward rate lock provided by the Permanent Lender.
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Bank Letter of Credit means a letter of credit issued by the “Issuing Lender” (as such term is defined in the Bank Agreement) under and pursuant to the terms of the Bank Agreement.
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Bank Letter of Credit means an irrevocable standby letter of credit in favor of Buyer issued by a financial institution acceptable to Buyer in the form of Exhibit C.
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Related to Bank Letter of Credit

  • Trade Letter of Credit shall have the meaning provided in Section 2.01(a).

  • Existing Letter of Credit means each letter of credit previously issued for the account of the Borrower under the Existing Credit Agreement that (a) is outstanding on the Effective Date and (b) is listed on Schedule 1.02.

  • Commercial Letter of Credit means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan Party in the ordinary course of business of such Loan Party.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • 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.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.