Confirming Letter of Credit definition

Confirming Letter of Credit means a letter of credit issued by a Confirming Bank to the Trustee relating to the Bonds, including any Substitute Confirming Letter of Credit provided by the Company in accordance with Section 4.05 of the Agreement. “Cost” with respect to the Project shall be deemed to include all items permitted to be financed under the provisions of the Code and the Act.
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Confirming Letter of Credit means an irrevocable confirmation of the Letter of Credit issued by the Confirming Bank under the terms of which the Trustee will be entitled to draw, upon the dishonor by the Bank of any request for payment under the Letter of Credit, an amount sufficient to pay (a) principal of the Project Bonds when due or the portion of the purchase price of Project Bonds corresponding to the principal amount thereof, and (b) interest on the Project Bonds or the portion of the purchase price of Project Bonds corresponding to accrued interest thereon. In the event of delivery of an Alternate Confirming Letter of Credit in substitution for Confirming Letter of Credit A pursuant to Section 2.12 of the Agreement, “Confirming Letter of Credit” shall include reference to such Alternate Confirming Letter of Credit.
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Confirming Letter of Credit shall refer to the Confirming Letter of Credit and any Alternate Confirming Letter of Credit issued in substitution therefor. The Issuer has established a book-entry only system of registration for the Bonds. Except as specifically provided otherwise in the Indenture, a securities depository will be the Registered Owner and will hold this Bond on behalf of the beneficial owners hereof. By acceptance of a confirmation of purchase, delivery or transfer, the beneficial owners of this Bond shall be deemed to have agreed to this arrangement. The securities depository, as Registered Owner of this Bond, shall be treated as the owner hereof for all purposes. This Bond is transferable by the Registered Owner in person or by his attorney duly authorized in writing at the designated corporate trust office of the Trustee but only in the manner, subject to the limitations and upon payment of the charges provided in the Indenture, and upon surrender and cancellation of this Bond. Upon such transfer a new registered Bond or Bonds of Authorized Denomination or Authorized Denominations, for the same aggregate principal amount, will be issued to the transferee in exchange therefor. Subject to the limitations and upon payment of the charges provided in the Indenture, and upon surrender and cancellation thereof, Bonds may be exchanged for a like aggregate principal amount of Bonds of other Authorized Denomination or Authorized Denominations. The Trustee shall not be required to transfer or exchange any Bond during the period of fifteen days next preceding any Interest Payment Date nor to transfer or exchange any Bond after the mailing of notice calling such Bond or a portion thereof for redemption, nor during the period of fifteen days next preceding the giving of such notice of redemption. The Issuer and the Trustee may deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on account of principal hereof and premium, if any, hereon and interest due hereon and for all other purposes and neither the Issuer nor the Trustee shall be affected by any notice to the contrary. In addition to the words and terms defined elsewhere in this Bond, the following terms shall have the following meanings (with capitalized terms used and not defined herein having the same meanings as in the Indenture):
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Examples of Confirming Letter of Credit in a sentence

  • Any Substitute Confirming Letter of Credit shall be delivered to the Trustee prior to such Mandatory Purchase Date and shall be effective on and after such Mandatory Purchase Date.

  • Subject to the conditions set forth in this Section 4.05, the Company may provide for the delivery to the Trustee of a Substitute Confirming Letter of Credit.

  • Reference is hereby made to the Indenture and the Agreement, copies of which are on file with the Trustee, and to the Letter of Credit and the Confirming Letter of Credit which are held by the Trustee, for the provisions, among others, with respect to the nature and extent of the rights, duties and obligations of the Issuer, the Borrower, the Trustee, the Registrar, the Paying Agent, the Tender Agent, the Remarketing Agent, the Bank and the Confirming Bank.

  • Notwithstanding anything elsewhere in this Indenture regarding a loss of rights by the Bank upon any failure by the Bank to honor a proper drawing by the Trustee under the Letter of Credit, all rights available to the Bank under Article IX and XII hereof shall continue, be effective and be exercisable by the Confirming Bank if the Confirming Bank has honored a drawing by the Trustee on the Confirming Letter of Credit.

  • At any time prior to the Trustee’s giving of notice of mandatory redemption of Bonds pursuant to Section 3.07C of the Indenture, the Borrower may provide for the delivery of an Alternate Letter of Credit or Alternate Confirming Letter of Credit, provided that the Borrower must furnish to the Trustee the opinion of Bond Counsel required under Section 6.08B(ii) of the Indenture.

  • The Borrower shall, simultaneously with the delivery of the Project Bonds and the Note, deliver or cause to be delivered the Letter of Credit and Confirming Letter of Credit to the Trustee.

  • The Borrower shall receive a credit against its obligation to make Loan Payments hereunder to the extent that there are amounts already on deposit in the Bond Fund created by the Indenture (except for moneys drawn on the Letter of Credit or the Confirming Letter of Credit), and available to pay principal or purchase price of and premium, if any, and interest on the Bonds pursuant to the Indenture, and to the extent that Loan Payments are made by the Borrower directly to the Bank pursuant to the Agreement.

  • The Borrower agrees that it will not, either by its action or inaction, in any way adversely affect the continuation or effectiveness of either the Letter of Credit or the Confirming Letter of Credit.

  • Notwithstanding anything to the contrary contained herein or in the Indenture, the Borrower shall have the right to secure an Alternate Letter of Credit or Alternate Confirming Letter of Credit at any time prior to the issuance of a notice of redemption of the Bonds due to a termination of the Letter of Credit or the Confirming Letter of Credit.

  • The Owner of this Bond, by the acceptance hereof, is deemed to have agreed and consented to the terms and provisions of the Indenture, the Agreement, the Letter of Credit and the Confirming Letter of Credit.


More Definitions of Confirming Letter of Credit

Confirming Letter of Credit means any confirming letter of credit and, if an Alternate Confirming Credit Facility is issued, each Alternate Confirming Credit Facility, as extended or amended from time to time. All references to the "Confirming Letter of Credit" shall be of no effect at any time during the Bank Purchase Mode, or at any time that no Confirming Letter of Credit supports the Bonds and no obligations remain outstanding under the Confirming Reimbursement Agreement, except with respect to rights of any Confirming Bank created hereunder which do not, by their terms, expire upon the termination of the Confirming Letter of Credit issued by such Confirming Bank.
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Confirming Letter of Credit means an irrevocable letter of credit issued by the Confirming Bank under the terms of which the Trustee will be entitled to draw, upon the dishonor or repudiation by the Bank of any request for payment under the Letter of Credit or rescission, withdrawal or repudiation of the Letter of Credit, an amount sufficient to pay (a) principal of the Bonds when due and (b) interest on the Bonds in an aggregate amount not to exceed one hundred nine (109) days' accrued interest on the outstanding Bonds at the Maximum Rate. In the event of delivery of an Alternate Confirming Letter of Credit in substitution for Confirming Letter of Credit pursuant to Article V of the Lease, "Confirming Letter of Credit" shall include reference to such Alternate Confirming Letter of Credit.
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Confirming Letter of Credit means the Letter of Credit or Letters of Credit issued by Wachovia Bank, N.A., (the “Confirming Bank”) which confirms the Letters of Credit, or any substitute confirming Letter(s) of Credit issued by any other financial institution.
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Confirming Letter of Credit means the same as that term is defined in the Indenture.
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Confirming Letter of Credit means the standby letter of credit issued by the Federal Home Loan Bank of San Francisco, dated the date of Bond Closing, including any extensions thereof.
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Confirming Letter of Credit means an irrevocable direct pay letter of credit that satisfies the requirements of the Bond Series Certificate executed by the Authority in connection with issuance of the Series 2009 Bonds or a guaranty or other undertaking, in form and substance acceptable to the Authority, provided by any agency or instrumentality of the United States of America, which, in each case, obligates such bank, agency or instrumentality to advance money to pay the Purchase Price of Tendered Bonds or the principal and Sinking Fund Installments of and interest on Outstanding Series 2009 Bonds, or both, in the event the Bank fails to make payment under its Letter of Credit
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Related to Confirming Letter of Credit

  • Existing Letter of Credit means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

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

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

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

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

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

  • 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.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

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

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • 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.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or a Guarantor in the ordinary course of its business.