P&P Letter of Credit definition

P&P Letter of Credit has the meaning set forth in Section 3.2.1.
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P&P Letter of Credit has the meaning set forth in Section 7.2 of the Capital Maintenance Agreement.
Sample 1

Examples of P&P Letter of Credit in a sentence

  • If DB Contractor elects to provide a P&P Letter of Credit, DB Contractor also shall deliver to TxDOT a Guaranty satisfying the requirements of Section 4.2 of the CMA at the same time the P&P Letter of Credit is provided to TxDOT.

  • Rather, for the purpose of determining whether the P&P Letter of Credit is subject to draw, the beneficiary may, without liability, conclusively assume eligibility of the person making a claim as a Claimant and timely notice of a claim, and may conclusively assume the truthfulness and validity of, and may rely on, the claim, notice of contest of claim, settlement agreement, court order or any other information submitted under this Section 7.2.

  • If DB Contractor elects to provide a P&P Letter of Credit, DB Contractor also shall deliver to TxDOT a Guaranty satisfying the requirements of Section 7.6 at the same time the P&P Letter of Credit is provided to TxDOT.

  • No beneficiary of a P&P Letter of Credit shall have any obligation to investigate, verify or ascertain the eligibility of the person making a claim as a Claimant, the validity of any claim, notice of contest of claim, settlement agreement or court order or whether the Claimant has timely provided notice of claim.

  • No beneficiary of an P&P Letter of Credit shall have any obligation to investigate, verify or ascertain the eligibility of the person making a claim as a Claimant, the validity of any claim, notice of contest of claim, settlement agreement or court order or whether the Claimant has timely provided notice of claim.

  • Any cash collateral not otherwise utilized by TxDOT with respect to DB Contractor’s obligations under the CMA Documents shall be returned to DB Contractor upon the earlier of (i) delivery by DB Contractor of replacement P&P Bonds meeting the requirements of this Section 7.4 or the P&P Letter of Credit and Guaranty (if required) in accordance with Sections 7.2, 7.3 and 7.6 and (ii) one year after the end of the Maintenance Period.

  • Notwithstanding the foregoing, Maintenance Contractor may deliver to TxDOT the P&P Letter of Credit in an amount less than the Maximum P&P LC Amount so long as (i) the amount of the P&P Letter of Credit is not less than $40,000,000 (as such amount shall be adjusted in accordance with Section 7.2.2.2) and (ii) Maintenance Contractor delivers to TxDOT a Guaranty satisfying the requirements of Section 7.6 at the same time the P&P Letter of Credit is provided to TxDOT.

  • Notwithstanding the foregoing, DB Contractor may deliver to TxDOT the P&P Letter of Credit in an amount less than the Maximum P&P LC Amount so long as (i) the amount of the P&P Letter of Credit is not less than $40,000,000 (as such amount shall be adjusted in accordance with Section 7.2.2.2) and (ii) DB Contractor delivers to TxDOT a Guaranty satisfying the requirements of Section 7.6 at the same time the P&P Letter of Credit is provided to TxDOT.

  • Any cash collateral not otherwise utilized by TxDOT with respect to DB Contractor’s obligations under the CMC Documents shall be returned to DB Contractor upon the earlier of (i) delivery by DB Contractor of replacement P&P Bonds meeting the requirements of this Section 3.3.3 or the P&P Letter of Credit and Guaranty (if required) in accordance with Sections 3.3.1 and 3.3.2 hereof and Section 4.2 of the CMA and (ii) one year after the end of the Maintenance Period.

  • Any cash collateral not otherwise utilized by TxDOT with respect to DB Contractor’s obligations under the COMA Documents shall be returned to DB Contractor upon the earlier of (i) delivery by DB Contractor of replacement P&P Bonds meeting the requirements of this Section 7.4 or the P&P Letter of Credit and Guaranty (if required) in accordance with Sections 7.2, 7.3 and 7.6 and (ii) the date on which the P&P Bonds would otherwise be released in accordance with this Section 7.4.

Related to P&P Letter of Credit

  • 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.

  • 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.

  • 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.

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

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

  • 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.

  • 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.

  • 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).

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

  • 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.

  • Letter of Credit means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.

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

  • Performance Letter of Credit means any standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a nonfinancial or commercial obligation.

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

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

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

  • 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.

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

  • 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 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.

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

  • 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.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.

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

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